In life, there are a few rules everyone should live by.
Never cut your own hair. It may be okay, but it’s much more likely you will end up stuck with unflattering results until it grows out.
In the business world, don’t do your own taxes. Corporate taxes are challenging to file and a minefield of missed deductions and bad calculations. The results of an inaccurate return could cost you way more than you saved on an accountant’s fees.
As with any rule, there are exceptions. Maybe you’re a hairstylist who feels completely confident cutting your own bangs. Or you’re a chartered accountant who knows tax codes inside and out. But for most of us, we can avoid missteps and disaster DIYs by engaging an expert.
Even Experts Need Experts
Selling your own veterinary practice is no different. A major transition like selling a practice needs to be done properly. The stakes are high — The results of a poorly conducted sale can set you back both emotionally and in your finances. It can take years to recover from a mishandled sale.
Often our emotions and attachment dictate the value we assign to an asset. And for many, our homes are seen as our most valued asset. Knowing our emotions can get the better of us, we rely on real estate agents and experts to value, market, and navigate the negotiation and sale process. Your practice is no different.
You have worked hard to build your practice, and you want to ensure stepping away does not involve leaving money on the examining table. That’s why you need an objective eye to evaluate your assets and coordinate a transfer. It’s very difficult to fairly assess the value of your own practice. It’s your baby, after all.
It’s possible you may think your practice is worth more than the market will bear and have a sale fail to materialize as a result. But it’s just as likely you are undervaluing your practice by not having a complete perspective on the broader market picture.
Conducting a veterinary clinic sale takes a lot of work. On average it takes a total of 1000 person-hours, or six months of work, to evaluate, market, and close on a clinic sale. Preparing the company financials to present an attractive acquisition can take upwards of 80 hours alone.
Veterinary professionals are an intelligent breed, but the sale of a veterinary practice takes a very different skill set than clinical care or the day-to-day management of a clinic. Knowledge is just as important as intellect. If they were not a trained vet, you wouldn’t let a Rhodes Scholar spay your cat, right?
Expert Advice Makes Everything Look Better
Should you sell your own clinic? For some people, the answer might be yes!
Do you have enough time to rebuild from a sale that’s less than ideal? Can you let go of the sting of having made a backward step? Are you wealthy enough to afford leaving money on the table? Can you remain objective about the process? Most importantly, do you have expertise in veterinary sales and transitions? Because the buyer sitting across the table from you, certainly does!
For the rest of us, engaging an expert in veterinary practice transitions is the sensible choice. Your quality of life will look much better at the end of the process, and so will you.
Reach out to myVETgroup anytime to learn more about how to stay ahead of the pack.