Many veterinarians will only sell a practice once in their life. When it’s time to sell their practice, they often make mistakes, due to a lack of knowledge or understanding of the impact of the many decisions that need to be made. Many would-be sellers delay putting their practice on the market as they don’t know what to do next, and are afraid of a loss of identity that selling might bring.
This workshop will cover:
- Exit planning - how to get your practice ready to sell
- Understanding what you are selling
- The selling process - what to expect
- Various exit strategies, including walk-in walk-out, the incremental sale, sell-and-stay-on and grandfather
- Succession Planning – does your current structure provide for succession? What you need to do now to prepare for a new owner to take over the reigns (and how will you manage the transition?)
- Valuing Veterinary Practices – what is the potential value in your veterinary practice and methods for quantifying it?
- Legal agreements
- Effective strategies for the successful transfer of patients from seller to buyer
- The human element – which advisors will you need, who might be a potential buyer/successor and who will be impacted by your decisions?
- The Elephant in the Room: corporatisation and acquisition – what can it mean for you and your practice, post-sale?
- What to do next - work part-time, do locum work or simply retire?
- Tax implications and strategies on sale.
- Superannuation strategies on the sale of your business.
- Preparation work - how do you get your practice ready in order to sell?
- Learn which exit strategy option is right for your practice, and why.
- What to do if you plan to sell your practice in the next few years - how to increase its value, and what not to do.
- Understanding the different accounting considerations.