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 - Harry Nicolaidis&Simon Palmer - 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 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.

“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.

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).

Vet Practice Mergers

30 Jan 2017 - Tony Thelander - Vet Practice Sales

The practice scene in Australia is changing rapidly, therefore practice owners need to be aware of strategic opportunities, so that the practice can continue to move forward with the industry (if you are not going forward, you are going backwards!). One of the options open to some practices is a practice merger with a near neighbour. So, when is a merger a good way to go, and what are the advantages of the strategy?

For Sale By Owner: DIY Practice Sales

24 Oct 2016 - Simon Palmer - Business Broker Practice Sales Vet Practice Sales

Do-It-Yourself (DIY) projects are usually a great source of pride for the person undertaking the project. It is a way of putting your unique touch on something, creating a personal vision or an ideal, from formless raw materials, often saving yourself money at the same time.

Just a few more years....What Muhammad Ali can teach us about exit planning!

10 Sep 2016 - Simon Palmer - Practice Sales

On June 3rd 2016 the world lost one of its most admired sports heroes, when Muhammad Ali passed away. Ali will no-doubt go down in history as an inspiring figure. As an athlete, he was an Olympic Gold Medallist and ranked by most (and most notably by himself) as boxing’s greatest of all time. As an activist, he was probably the most high-profile and well-known conscientious objector to the Vietnam War. As a sports personality, he was renowned for his eloquence, and was near-universally loved.