Selling your clinic can be extremely rewarding if you take the right approach.
Galaxy Vets prepared a list of questions to ask yourself before selling a clinic.
You probably have loads of questions, and we’re happy to answer them.
We’d love to talk to you and learn more about your practice!
You have decided to sell your clinic. Why? That’s one of the first questions a potential buyer may ask.
There are plenty of different methods and timeframes for exiting the business after it’s sold. Do you want to keep working? Are you looking for a larger role in the industry? Do you want to retire? You should envision your goals for yourself and be ready to describe them.
Finding the right buyer can be a challenge. When choosing a buyer, focus on whether your practice’s core values and philosophy align with the buyer’s vision and mission. Discover what business support is offered (employee ownership, compensation model, future plans for your practice, etc.)
Valuing your business is essential to understanding how the sale will impact you financially. A major part of the valuation includes what you’re paying yourself now and how much you want to be paid if you continue working. Galaxy Vets prepared a separate Practice Value Calculator for owners to get a potential exit value. Sign up now to try it out.
Get your business finances in order. Prepare financial reports for the last few years. Here is a list of financial information that you might need:
– Profit and loss statements (monthly; annually; year-to-date)
– Balance Sheets
– Production reports reflecting all DVMs
– Payroll reports (monthly; annual)
– General Ledger
The average time to sell a veterinary practice varies depending on the size, location, equipment, and other factors. Usually takes from three-to-seven months after you’ve found the right buyer.
You next question is who is your ideal partner?
We think that’s us, and here’s why.
Our primary mission is to give veterinary medicine back to veterinarians and provide the best care for pets.
Founded and run by vets, we created Galaxy Vets as an employee-owned company because we understand the profession’s challenges — we have experienced them ourselves.
By partnering with us, you become a co-owner of our entire healthcare system, and all your employees also receive equity.
Together with us, continue improving your practice and become a part of a community of like-minded individuals who share the purpose of reducing burnout in the veterinary profession.
Our primary mission is to give veterinary medicine back to veterinarians and provide the best care for pets.
