There are many misconceptions about the role that a deposit plays in a practice purchase transaction. 

In May 2000, a relatively unknown chef called Anthony Bourdain decided that he was going to change careers and not run kitchens in New York City anymore. As a final goodbye to his previous career, he wrote a book revealing some things that he felt restaurant patrons should know. The book was called “Kitchen Confidential”; it would become a worldwide best seller and launch his second career as a famous food and travel journalist.

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.