Exit Planning Advice By Market
Selling an Animal Health Practice
You've heard the naysayers - now isn't the time to sell a animal health practice. But what they don't know is that many entrepreneurs see animal health practices as a smart business investment.
The buzz in the marketplace is that now isn't the right time to sell an animal health practice. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
Eventually, it will the time will come to exit your business. As a consequence, you have a substantial stake in knowing how to receive maximum price for your animal health practice.
Family Issues
Since your business was a family affair, your family members should also be involved in its sale Whether you realize it or not, your animal health practice has been an important part of your family life. The sale of the business will likely result in new family dynamics. Subsequently, selling an animal health practice has to include ample communication and shared decision-making.
Finding Animal Health Practice Buyers
Buyers of animal health practices run the gamut. Some are seasoned animal health practice veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. Avoid pigeon-holing your search to a single buyer category. That means listing your animal health practice in trade-specific directories as well as general business-for-sale databases. Networking is another useful tool in locating buyers. It might surprise you to learn how many animal health practice buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
Post-Sale Details
Due diligence has ended and you're ready to close on the sale of your animal health practice. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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