As experienced 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 seller misconceptions that we hear:

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. 

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.

For those of you unfamiliar with vet practice financials, you may be forgiven for thinking that if you’ve seen one, you’ve seen them all. That they all follow a similar structure or template, and that the practice’s income and expenses will always be labelled somewhat consistently from practice to practice. The truth of it is that the structure and quality of vet practice financials can vary enormously.

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.