Occasionally, a practice owner that is leasing is given the opportunity to buy their premises at a reasonable/fair price…

“Stockholm Syndrome” is a term that is used to explain a psychological phenomenon where hostages can sometimes develop positive feelings and a bond with their captors. Strangely enough, it is possible for the phenomenon to extend its grip into aspects of our lives, like business ownership. 

What would happen if a terrible misfortune (health or financial) happened to you or a loved one? A misfortune that resulted in you needing to sell your practice in a hurry…

When you are selling your practice, signing the sale contracts is certainly a milestone to be celebrated. It means that you’ve agreed with a buyer on all the variables involved in the price and terms of the deal.

All too often, veterinary practice owners only make the decision to put their practice for sale after several years of declining revenue and profit.

There are many misconceptions about the role that insurance plays in your practice purchase. Often, buyers will be too busy with business plans, arranging finance, renovation or reinvestment to spend much time thinking about insurance… 

For those of you who are unfamiliar with poker, I will recap how the game works:

In order to effectively negotiate any deal, you need to be able to understand the person on the other side of the negotiation. You need to know what their fears and motivators are. Somehow though, buyers often misjudge the emotional journey that a seller is going through towards the end of their career. 

We are often told that the secret to a successful career is hard work, determination, persistence and resilience. What we aren’t told is that another crucial skill in determining the success of your overall career is the exact opposite…knowing when and how to quit. 

It is no exaggeration to say that your premises lease can make a massive impact on the profitability and sellability of your veterinary practice. While many landlords will issue their tenants with a proposed lease saying that what is proposed is “standard” and imply that there is little to be negotiated or concerned about it is important to seek advice as not all commercial leases are created equal.