What would the sale process look like for your Practice? While this may at first appear like a daunting endeavor, we would like to assure you that it can be quite straight-forward and efficient:
Good communication is essential to the sale process. So we start with a simple conversation for us to learn more about one another. What is the story and history of your Practice? How would you describe its philosophy? What is motivating thoughts about Transition? What questions do you have about VetCare?
Moving on from our opening conversation, we begin to define your specific goals in regards to the sale. By defining your goals upfront, we can set ourselves on the right path for achieving a successful arrangement. What would an ideal outcome look like for you? What do you envision for yourself following the sale? What is important from the perspective of patients, clients and staff?
In order to assess your Practice’s value, we obtain an understanding of your Practice and review its historical financial information. The value is tied to both the cash flow it currently generates as well as its stability and opportunities for growth.
We encapsulate your Practice value and key Transition objectives in the Offer Letter. This offer later forms the basis for the final, definitive agreement. Once the offer is accepted, we move on to Due Diligence.
By the time you’ve received an offer in step 4, we have formed a positive hypothesis about your Practice. In due diligence, we test that hypothesis to ensure it is accurate. Due diligence should be neither intimidating nor confrontational, but rather a collaborative effort to obtain needed information and advance to the next step.
With due diligence complete, it is time to finalize the purchase agreement known either as a Share Purchase Agreement (SPA) or an Asset Purchase Agreement (APA) depending on the nature of the sale. Your accountant and lawyer will advise you through this stage ensuring your financial and legal interests are well taken care of.
Once the deal is signed, it’s the official start of your Transition!
What happens from here depends on your Goals (see step 2). Perhaps, it is the start of a reduced schedule to allow yourself more time for your personal pursuits. Perhaps, your schedule stays the same but you now don’t have the additional burden of managing your Practice. Or perhaps, it is the beginning of a complete career change!
While ownership has changed, your practice keeps running as usual. If your workload is reducing, we take care of recruiting the new veterinarians who will continue serving your patients and clients.