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Articles

Internal Sale - who owns the goodwill?

23 Apr 2019 - Simon Palmer - Practice Sales Vet Practice Sales

For many contracted veterinarians, their planned path to ownership involves the buy-in or buy-out of the practice they are already working in. It should be the ideal buy-in scenario… They have effectively taken the practice for the equivalent of a test drive and know it inside-out, so the purchase involves far less risk than buying any other practice. They already know, hopefully get on with, and are accepted by clients and staff; they know the quality of the equipment, and there is a mutual respect with the vendor.

There is nothing more expensive than a cheap lawyer

01 Apr 2019 - Simon Palmer and Julian Whitehead - Business Broker Vet Practice Sales

The stakes are high in practice sale transactions.  You are possibly selling a practice with clients of long standing, who you have nurtured for many years, or you are purchasing a practice which you hope will provide the best opportunity for you, so that you can enhance its potential and your income, in your own comfort zone.

Second practice: second entity?

22 Jan 2019 - Simon Palmer - Practice Sales Business Broker Vet Practice Sales

There comes a time in every successful veterinary practice owner’s career when they consider opening another branch or buying another practice. This juncture represents a possible turning point in their personal fortune. It introduces an opportunity to grow their wealth by expanding the scale and scope of their business interests and, at the same time, it also introduces new complexities and risks into their life, which have the potential to bring down what they have built thus far.

Retirement: is it better to jump out or fade away?

17 Jan 2019 - Simon Palmer - Vet Practice Sales

Retirement is often thought of as an event, a date on the calendar, a threshold that you cross one day into a new phase of life. Making a person’s profession or retirement an “all in or all out” proposition like this makes it a big deal. It means that people looking at retirement need to:

Tips for working with lawyers in a veterinary practice sale

10 Dec 2018 - Simon Palmer&Harry Nicolaidis - Business Broker Vet Practice Sales Practice Sale Legals

Once a buyer and seller have agreed to the price and terms of a practice sale, their lawyers’ roles should be straightforward. It should be a matter of documenting pre-negotiated elements of the deal, in a way that both protects their clients’ interests and minimises any potential exposure to risk.

“The fish was this big!” and other valuation distortions

09 Nov 2018 - Simon Palmer&Paolo Lencioni - Practice Sales

When someone is looking to buy or sell a practice, they are often presented with an appraisal of the practice that has been prepared by the other party in the transaction. While the results of the practice’s trading may be clear, there are numerous appraisal techniques to choose from, and often some creativity applied when using them.

The internal sale- the right of first…… and last refusal

09 Nov 2018 - Simon Palmer - Practice Sales

When a practice owner begins to think about selling their business, it often seems that the natural choice for the purchaser is close at hand, in the form of a trusted employee or contractor. They will often offer that trusted employee the ”right of first refusal” to purchase the practice, before they put it on the market.

More than money

09 Jun 2018 - Simon Palmer - Business Broker

Many people think that that the purchase of a veterinary practice is solely a financial transaction, and that the highest dollar offer will always win the day.

Goodwill Transfer In Practice Sales

06 Jul 2017 - Simon Palmer - Business Broker Vet Practice Sales

One of the greatest fears buyers of veterinary practices have is that they will pay significant money for goodwill and there will be a mass exodus of clients when they take over. To mitigate this risk, any buyer needs to seriously look at the reasons why a client frequents the practice, and give them no reason to want to change their behaviour. 

Emotionally Compromised DIY Practice Sales

23 May 2017 - Simon Palmer - Vet Practice Sales

Most people would acknowledge that it is inappropriate for a judge to preside over a case involving a family member. If they did, their decision could be influenced by their personal relationship with the person involved in case, rather than the facts. Any ruling would not be deemed fair and just to those who sought judgement (and it probably wouldn’t be).

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