You’re ready to sell your veterinary business. You wanted a corporate buyer, but have made the painful discovery that they’re not interested. What do you do now?
The good news is you have other options. Here are some choices to consider.
Start Early
The biggest mistake veterinary business owners make in their exit planning is to start too late. The best time to begin preparing for your eventual exit from your veterinary practice is about five years ahead of your target date. Not only can it take that long to find the right buyer, but the long arc gives you time to maximize your practice’s value in advance of a sale.
Sell to or Merge with a Competitor
Another option as a small veterinary practice is to sell to or merge with a local competitor who is looking to expand. This allows multiple practices to maximize equipment, staff, and flexibility.
Invest in an Associate
Selling a solo practice can be especially challenging in the current unpredictable market. Buyers worry that established clients will leave the practice when you do, making revenues fall. One answer to this problem is to invest in building your client base to support a second veterinarian. Bringing an associate on board gives you greater flexibility and options in your veterinary business.
An associate may also be interested in purchasing the business eventually, allowing you time to train them and hand over the reins of the practice when you’re ready to close the sale. A corporate buyer may also become interested in the larger practice, allowing you to consider that option again as well.
Get Personalized Help Preparing Your Exit Strategy
The first step in preparing to sell your veterinary business is to have a practice valuation to understand how much your practice is worth and how to increase the future market value of your practice. Contact us today to set up a valuation consultation with one of our accredited specialists.