When selling a sell a veterinary practice careful planning is essential. Taking the time to prepare in advance will result in a more successful and rewarding outcome for both parties. However, it is also easy to make mistakes that can cost you dearly. Here are a few of the most common mistakes to avoid when selling your veterinary practice:

From Healing to Handover: A Step-by-Step Guide to Successfully Sell Your Veterinary Practice

Many veterinarians who are considering retirement or simply moving on from the business do not plan ahead. This can cause them to miss the best window of opportunity to sell their practice. It is important to start the planning process well in advance, which includes establishing a network of potential buyers and optimizing your practice for sale.

Not engaging a lawyer

It is tempting to save money by eschewing legal assistance in the process of selling your practice. However, it is critical to engage competent legal counsel to manage the timeline and process of the sale. This will minimize the risk of costly pitfalls that can derail the entire transaction.

Not understanding the value of your practice

It is vital for veterinary owners to understand the true value of their practice. This requires evaluating the market conditions and demand for veterinary practices in their specific area, as well as assessing their own financial records and existing contracts. The best way to assess a veterinary practice’s value is by hiring a reputable appraiser or broker who is familiar with the industry.