Why the staff will stay

18 Nov 2021 - Simon Palmer - Practice Sales

It is quite common for practice owners to be fearful of how the staff will react if they learn that their practice is for sale.

Confidentiality Agreement FAQS

11 Nov 2021 - Harry Nicolaidis&Simon Palmer - Practice Sale Legals Practice Sales Vet practice buying

If you are looking at buying a veterinary practice, it is likely that you will be asked to sign a Confidentiality Agreement or Non-Disclosure Agreement at some stage. 

Practice Ownership: Should you Buy or Set up?

11 Oct 2021 - Simon Palmer - Vet Practice Sales Vet practice buying

Once a Vet has decided that they want to be their own boss and own a vet practice, the next question that they face is “should I buy an existing practice or set one up from scratch?”

Stock Valuation FAQs

23 Aug 2021 - Simon Palmer - Vet Practice Valuations

When a practice is valued, it is often for goodwill and equipment, “plus stock”. That is to say, the stock levels will be determined closer to settlement and an amount added to the valuation to compensate the vendor for the stock that will be onsite at the date of transfer.

What the world’s best Whisky can teach us about exit planning

29 Jun 2021 - Simon Palmer - Practice Sales

In October 2019, a bottle of The Macallan Fine and Rare whisky sold at auction for $US1.9 million, becoming the most expensive bottle of wine or spirit ever auctioned. This whisky was bottled in 1986, after maturing for six decades in European Oak at Macallan's distillery near the River Spey in Scotland. The cask this bottle was from has produced six record-setting bottles, beginning in 1986 when the first one was sold in New York, winning the Guinness Record at the time for "The World's Most Expensive Spirit".

When Profit isn’t Profit: How to boost your practice valuation by understanding addbacks

20 Apr 2021 - Simon Palmer - Vet Practice Valuations

So, you’ve decided to sell your practice and after years of blood, sweat and tears, doing whatever’s necessary to build it into the success it has become, you want to make sure you get top dollar for it.

Equipment Valuation FAQs

26 Nov 2020 - Simon Palmer - Vet Practice Valuations

Any business is made up of both tangible assets (those that you can see and touch, like equipment, fit-out and furniture) and intangible assets (like goodwill, brand recognition and intellectual property).

Protecting yourself from a bad valuation

11 Feb 2021 - Simon Palmer - Vet Practice Valuations

A practice or real estate sale is usually a high-stakes transaction involving hundreds of thousands, or millions, of dollars changing hands. Quite often, the buyer and seller will base the price paid for a practice on an appraisal or valuation that has been done by an accountant.

Flattery is the infantry of negotiation in business sales

28 Jan 2021 - Simon Palmer - Practice Sales

There is a school of thought that in a price negotiation, the buyer should point out every fault, weaknesses, minor flaw and imperfection of the acquisition and talk down any strengths in order to justify giving the vendor a lower than expected price.

The Tortoise, The Hare and the Sins of Success

28 Jan 2021 - Simon Palmer - Vet Practice Sales

There is a famous Aesop’s fable about a race between a tortoise and a hare. The race starts and the hare races ahead and soon leaves the tortoise far behind. Confident of winning, the hare takes a nap towards the end of the race and when he awakens, he finds that he has lost the race.