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5 Tips to Remember When Buying Vet Practice
Starting a new career chapter is a big step. Veterinary practice ownership gives you the freedom to make decisions, build your team, and organize your practice as you see fit. However, it carries an immense responsibility when it comes to your employees and clients. Being a practice owner means that you need to pay attention to administrative, hiring, financial, and budgeting tasks, next to the usual everyday obligations that come with running a business.
Before you start leafing through veterinary practice ads, here are a couple of tips that can help you prepare for your new business venture.
1. Review Your Financial Records
Talking about money is always hard, but understanding your finances before planning a real estate purchase is important. We strongly recommend finding a financial advisor who can help you make sense of your potential earnings from the practice, and how that correlates with running your business.
Other financial obligations, such as student loans, also come into play. That is why it’s advisable to review all finances and get a detailed picture of your monetary obligations when it comes to funding your veterinary practice.
Keep in mind that you’ll also have to invest at least some amount into refurbishment and update of equipment. Modest or all-in, it’ll mainly depend on your resources and vision.
2. Consider the Location
Choosing the location of your practice can make or break your business. Not only does the location impact the number of current and potential clients, but the surrounding competition can also dictate your success.
Exploring the local market and potential for business growth is key when making predictions and creating your business plan. Depending on your ambitions, you may want to expand your practice or keep it on a smaller scale.
PS Broker can be your broker partner – with our nationwide presence, we help clients from all over the U.S. find their perfect vet practice. Our team of experts consists of licensed real estate brokers to certified valuation analysts and we can assist veterinary professionals in buying, evaluating, and selling all types and sizes of veterinary practices across the country.
[READ MORE: Why Veterinary Practice Ownership Might Be for You]
3. Visit Vet Practices on Your Short-List
While Matterport 3D is extremely helpful in vetting potential practices, seeing the practices on your shortlist in person is ideal. To accurately evaluate the condition of the facilities and equipment, visiting the practice is always advised. You will get a better sense of the layout of the practice, including its surroundings. This is also a good opportunity to get acquainted with the staff and learn about their experience first-hand.
4. Communicate with Staff
In case you’re buying a veterinary practice with an intact team, it’s time to have important conversations. Transitions can be uncomfortable, but having an open and honest conversation from the get-go is crucial.
Learn everything about each team member; ask questions about their roles and responsibilities, how they approach work, and what skills they possess. Through this casual conversation, you’ll be able to do a preliminary evaluation of their strengths and weaknesses, and gauge their expectations when it comes to future plans and compensation.
You should have an idea of what you are looking for from your future employees. By reviewing previous performance evaluations, you’ll get a better picture when it comes to forming your own team. Think about improving their skills by providing feedback, support, and additional training.
5. Negotiate and Sign Contract
At this stage, it’s crucial to have the right broker by your side. As a firm founded by, and for, veterinary professionals, PS Broker will carefully negotiate and facilitate your closing, while drafting a contract specific to the veterinary real estate needs.
With a realistic valuation of a prospective practice in place, we’ll advise you and negotiate on your behalf to get the best price and terms possible. Our experience has helped us become one of the top veterinary brokerage firms in the country, while at the same time preserving our boutique approach.
Each client has individual needs and we take the time to understand them.
The PS Broker team can assist you in each segment of the purchasing process – from evaluating the property to negotiating with the owner. Keeping your best interests in mind, we will reach the best terms without overwhelming you with documentation and legal jargon.
Have a practice in mind? Contact us today!
Starting your veterinary practice? Read on:
- How to Improve Your Veterinary Practice Efficiency in 2023
- 6 Trends the Veterinary Industry Should Watch in 2023
- How to Hire the Right Veterinary Technician
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