If there’s anything worse than buying a practice that can’t earn the money you thought it could when you bought it, it’s watching your retirement plans go up in smoke because you sold your practice for less than it was worth.
No matter which you’re considering – buying or selling – it’s important to get a proper veterinary practice appraisal or valuation before making any moves.
If you’re selling, you could lose a lot of money.
If you’re buying, and probably going into debt to pull it off, you could be paying that debt forever instead of making the profits you need to have the life you envisioned for you and your family.
To determine the real value of a practice
Doing it the right way could prevent disaster!
There are rules of thumb that allow you to guestimate, but if you want to be sure, you need to dig into all the fine details. It can get pretty complex.
A buyer doesn’t just want to know how much the practice has made in the past – although that is, of course, important – they also need to know how much it’s likely to make in the future.
So … in addition to a thorough evaluation of profit and loss, you also have to determine the value of your client base, whatever goodwill the practice has garnered, and figure out its future value.
Selling a veterinary practice can be difficult without this information. To get a buyer, get a good price, and close the deal fairly quickly, you want to have all your ducks in a row so you can make a convincing presentation to a potential buyer.
Without that, it might seem like it takes forever to sell your practice. Unfortunately, practices that stay up for sale for too long also tend to decline. So, you could wind up losing a lot of money.
To get a good veterinary practice valuation so you can sell your practice for a good price, and quickly
Call us now at 888-675-9765
Paying too much for a practice can be a disaster, especially if buying it put you into debt.
There you are, trying to get a new (to you) practice under control, learning the ropes, and servicing a debt larger than you ever have in the past. And if you’re recently out of school, you might even be servicing student loans at the same time.
So … it’s important to pay the right price.
Starting with an accurate veterinary practice appraisal will give you the data you need to be able to predict how the practice will probably be doing next month, six months from now, a year from now, and so on.
And that’s exactly what you need to know.
If you’re buying a veterinary practice, go in with your eyes wide open.
Call us at 888-675-9765
We’ll help ensure that you make a wise investment, and that it pays off!