Selling your veterinary practice will be one of the most pivotal and vital moments of your career as a veterinarian. However, understanding hospice brokers why you’re selling it, how much it’s going to be sold for, and who is buying it, all factor into making this the best day of your life or an absolute nightmare. How exactly should you sell your veterinary practice, especially if you intend to keep working afterwards?
When learning how to sell a veterinary practice, you must begin by asking the right questions. For example, do you have a preferred buyer in mind? Are you looking to get out of your practice entirely or still maintain a role?
The answer will be different for everyone, so it’s vital that you articulate your motivations for considering a sale, and once you decide to go through with it, how are you going to structure the deal?
Today, we will answer all of these questions and discuss the various ways you can sell your veterinary practice and be happy with the result.
Why Do Veterinarians Sell Their Practices?
As mentioned above, there are numerous reasons why veterinarians decide to sell their practice.
The most common reasons include:
Reasons Why Veterinarians Sell Their Practices
Career change (43%). When you went through veterinary school, your goal was to treat animals, not run a business. Many veterinarians find themselves burned-out and frustrated by the demands of managing their practice. The high levels of stress, long hours, and the obvious emotional toll can push you to the breaking point. At that stage, many veterinarians decide to change careers and perhaps go into academia or consulting. Many go on to find rewarding careers in the animal health industry.
Retirement (33%). There comes a time when everybody retires. You’ve worked hard throughout your career and now it’s time to relax. If you discover that a quiet life isn’t for you, you can always do relief work, consulting, or teaching.
Personal (24%). There are many personal reasons why a veterinary practice may need to be sold. Among them are incapacitation, poor health, change in life circumstances (divorce, substance abuse, finances), and death.
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