As experienced vet practice brokers in Australia, my team and I are always amazed at the misconceptions that some vets have about the process of buying and selling a practice. In this series of articles, we thought we would address some of the more commonly heard and persistent misconceptions that we hear from sellers:
My team and I are always amazed at the misconceptions that some veterinarians have about the process of buying and selling a practice. In this article, we thought we would address some of the more commonly heard and persistent misconceptions that practice buyers have:
When your practice has been stable, or on a growth trajectory for the past few years, it’s easy to start believing that it will always be like this. That tomorrow will always be the same as today and next year will be like this year. It is easy to start believing that the strength of your practice, and its valuation if put to market, is secure into the future.
You’ve asked around and you know how much it would cost to build your practice from scratch.
When purchasers put forward offers to buy a practice, they will sometimes make a request like the following with their offer:
Understanding the tax implications of a practice sale is essential in determining the net proceeds you’ll take home. We frequently receive inquiries about the taxes payable on the purchase and sale of a business.
One of the most common questions that we get from people when they hear what we do is:
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…