What advisors bring to your veterinary hospital sale

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Bill Murray, CEO, Wicklow Healthcare Advisory, explains the value of having a veterinary business advisor for your practice sale

ARMMY PICCA / stock.adobe.com

ARMMY PICCA / stock.adobe.com

Selling your veterinary hospital is a major decision—one fraught with intricacies beyond the emotional ties to your establishment. While veterinarians excel in animal care, navigating the complexities of business sales might not be their forte. Enter the veterinary-focused sell-side advisor, a key ally in this transition. A veterinary advisor specializes in understanding market trends, valuation methodologies, negotiation techniques, and the legal aspects of business sales. Their expertise becomes your guiding light, simplifying the labyrinth of selling your practice and saving you time, money, and headaches.

Before you sign with a sell-side advisor, it’s important to understand what they should bring to the table. Below are a few things your sell-side advisor should be offering and what they should accomplish for you.

They can maximize your valuation

Determining the fair market value of your veterinary practice is no easy feat. Veterinary business advisors possess the experience to accurately value tangible assets, key performance indicators, goodwill, and other intangible factors. This ensures your practice is optimally priced, maximizing its sale potential and bringing you the best value.

They have access to a vast network

Engaging a veterinary sell-side advisor means tapping into their extensive network of potential buyers actively seeking ownership opportunities. This widened reach expedites the selling process, connecting you with vetted and well-qualified buyers, whether for a corporate or private sale.

They can assemble a strong team

An experienced broker facilitates introductions to vital professionals, including transactional attorneys, accountants, and investment advisors, all with experience in transitioning veterinary hospitals. They help fill any team gaps, ensuring a smooth transaction and helping you navigate post-sale considerations.

They have expert negotiation skills

Negotiating the sale of a veterinary practice requires finesse and strategic prowess. An advisor, acting on your behalf, leverages their negotiation skills to secure the most favorable terms beyond the selling price, encompassing contingencies and transition periods, and other critical aspects that safeguard your interests. Experience in reviewing offers and letters of intent is paramount at the offer phase of your sale to ensure no detail is missed.

They streamline the process

Selling a business involves many varied tasks, from legal documentation to due diligence. A sell-side advisor takes charge of these complexities, streamlining the process and allowing you to focus on day-to-day operations, ensuring minimal disruption.

They mitigate risks

Unexpected challenges can arise during the sale of a veterinary practice. Business advisors anticipate potential hurdles, mitigating risks by structuring deals that protect your interests. Their expertise ensures a smooth transition for both parties.

In essence, engaging a veterinary advisor isn't just pragmatic; it's a strategic advantage. Their expertise, extensive networks, and negotiation skills simplify the selling process, enhancing the likelihood of a successful and profitable transaction. Utilizing their services empowers veterinarians to transition out of their practice seamlessly, lucratively, and with peace of mind.

Bill Murray, CEO, Wicklow Healthcare Advisory.

Bill Murray, CEO, Wicklow Healthcare Advisory.

Bill Murray is the founder and CEO of Wicklow Healthcare Advisory. Prior to founding Wicklow, Murray spent more than 20 years at Bank of America, most recently as senior vice president of the veterinary lending division. Bill started Wicklow after seeing a gap in the current model where many independent practice owners were not getting the attention and specific expertise needed to help them grow, scale, and exit their businesses.

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