Biz Essentials: Buying or Selling a Veterinary Practice

Biz Essentials: Buying or Selling a Veterinary Practice

Tools, tips and plans to inspire you to buy a veterinary practice, help you sell a practice or get your deal with the right buyer and sell through.
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Oct 06, 2017
By dvm360.com staff

Cool Cat thinks you're cool for looking into practice ownership and sales. (If you don't feel cool, give him a paw bump. You'll thank us later.)

Whether you're a veterinary practice owner hungry for retirement, a curious associate wondering about the benefits of owning, or an intrepid practice manager or team member who might want to work out a special deal for a share of the action, this is the Biz Essential for you.

Below, in this extensive list, you'll find new and timeless inspiration, tools and in-the-trenches advice to avoid the worst mistakes of veterinary hospital buying and selling.

And a big, big thanks to Fetch dvm360 speaker and online contributor Karen Felsted, CPA, MS, DVM, CVPM, CVA (click for all her great work), who provided us a framework for comprehensive research into the topic as well as some of the best pieces below.

Future owner? Ask the hard questions before you start

Practice ownership? Dream on!

No, we mean that in a good way! Your first little inkling, a fleeting thought, a dream of future wishes that you want to own a practice? Read this. ...

Buying a veterinary practice: Dream big, but buy smart

Skip the startup nightmares with this guide to buying someone else’s dream practice--and making it your own. ...

5 reasons women give for not owning veterinary practices

And why you shouldn't let them stop you. ...

Practice ownership is not a cage

You can make time for life and family and hobbies and healthy priorities and healthy boundaries as a practice owner. Let your team help. ...

Own it: Take the lead on a path to financial freedom

Crippling debt + more debt = less debt? We promise there’s method to this math madness, but it requires veterinary graduates to pull their heads out of their debt and consider practice ownership. ...

9 tips for a successful veterinary practice purchase or sale

Follow these tips for future financial success in practice ownership. ...

Practice seller? Figure out the right path

3 reasons to start your exit plan today

This author is sick of hearing, ‘I want to sell my practice ASAP’—just like you’re sick of hearing, ‘I knew I should have brought Max in sooner.’ ...

6 reasons to mentor associates before you sell your practice to them

"Here are the keys; see ya!" doesn't cut it as a transition plan. ...

Stock vs. asset practice sale: Who cares?

Turns out, maybe everybody—eager veterinary associate and practice owner veteran alike. It's just not usually a big fight, says veterinary practice management guru Dr. Karen Felsted.
...

Diving into a veterinary partnership? Check out these 9 FAQs first

Templates make the business paperwork easy, but the catch is knowing where to look for problems. ...

The C corp that will get you double taxed

With changes in the tax code over the years, S corporation status is more attractive than C corporations for veterinary hospitals these days. Here's why. ...

17 differences between selling to a corporation and an associate

Is a corporate cat or a lone wolf the right buyer for your practice? Use this chart to weigh whether an associate or a corporation is the right buyer for you. ...

Found your right match? Dig in and do the deal!

Checklist for buying a practice

Don't buy—or buy into—a veterinary hospital before you work through this checklist. ...

How to sell to an associate for a corporate price

A veterinary practice owner who wants more than "fair market value" and an associate veterinarian who wants to buy in slowly and receive mentorship will want to consider this plan. ...

5 things that can go wrong in a veterinary practice sale

In years of evaluating no-value, low-value veterinary hospitals and practice sales that have fallen through, I've seen my share of these problems. Don't make them yours. ...

Buying a veterinary practice as an employed associate

Here are some basic guidelines to make sure an associate buy-in will work at your veterinary hospital. ...

My clients are worth what? Determining the value of your veterinary hospital's customers

Your veterinary clients have surprisingly little worth when it comes to selling your practice, but they're absolutely priceless on a personal level. ...

3 veterinary practice sale slowdowns

A few things are certain: Death, taxes—and the countless ways a practice sale can be brought to a screeching halt. ...

But wait! What about partnering with, or selling to, a nonveterinarian? It can happen!

Forge your own path

Associates do it. Corporations do it. Even educated managers do it. Let's do it. Let's talk about buying a veterinary practice (when you're NOT the doctor). ...

Associates: Is your perfect partner in plain sight?

If you want to own a veterinary practice but don't want to manage, a practice manager might be your perfect co-owner. ...

Better business: Is nonveterinary corporate ownership the answer?

Would veterinary clinics do better—by patients, and by the team members who staff them—if they were run like businesses, by businesspeople? ...

A national look at nonveterinary ownership

This interactive map collects information on laws governing nonveterinarians owning or partly owning veterinary practices as relatively traditional corporations. Remember that laws are always changing, some attorneys have new ways to allow nonveterinary ownership, and your success will be based on the appropriate practice agreement you craft with your own lawyer. Now dive in! ...