It’s easy to make a mistake when selling a veterinary practice that ends up costing you dearly. Many veterinary veterinary clinic brokers practices for sale never lure in the right buyer and remain on the market for lengthy periods of time. Review these common pitfalls before selling your practice to ensure the process is as smooth and successful as possible.
Failing to Consider Real Estate
Your practice is valuable, and so is the physical land it’s resting upon. When selling your veterinary practice, are you also selling the land? Veterinary practices that lease the land they reside upon may find it difficult to locate an eager buyer. You may have to cut a deal with the new owner of the practice depending upon your real estate situation.
Not Reassuring Your Workforce
It’s incredibly stressful to sell your practice – after all, it could represent the culmination of your life’s work. What many veterinary leaders fail to remember is that this can also be a pressing time for your workforce. Ensure your veterinary professionals are being listened to during the sales process to keep morale high across the practice.
Inadequate Retirement Preparation
Selling your practice doesn’t necessarily mean that retirement is around the corner. Nevertheless, many experienced veterinary leaders who decide to sell do so because they’re ready to finally settle down for good.
Failing to adequately plan for retirement, which involves not only financial planning but also serious changes to one’s personal life, is a costly mistake to make.
Failing to Adjust to the New Status Quo
Some veterinary practice owners sell their business to a third-party but continue to work at the practice afterwards. This can generate some serious stress, especially if a former practice owner continues to act like they’re in charge in the aftermath of the sale.
When selling the practice, always come to clear terms regarding future employment. Make sure that both sides of the agreement understand the terms of a contract before it’s signed.
Trying to Save on Attorney’s Fees
Lawyers are expensive for a reason – they provide a valuable service. Trying to save money by eschewing legal assistance when you sell your veterinary practice is a terrible mistake. Invest in excellent legal counsel to ensure your deal is held up in the long run if you want to avoid financial calamity.
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