Veterinary Practice Broker: A Guide to Why You Need One
Are you looking for veterinary practice brokers to help you purchase or sell your clinic? At BSF, our team is dedicated to helping you take the next step in your business, whether you’re starting a new business for the first time or expanding into multiple practices.
Learn more about the process and how a broker can help you in this handy guide below.
What is the Purpose of Veterinary Practice Brokers?
A veterinary practice broker is essential when changing ownership of an established clinic, helping mediate the discussion between seller and buyer, as well as valuate the business or assist in the transition of a business in the case where a sale does not occur.
Your broker can also help connect you to a veterinary practice for sale that meets your criteria or help connect you with buyers when you are selling. They may also act as an advisor when necessary, providing you with invaluable expertise in the industry.
During or after the sale or transition, the veterinary practice brokers at BSF can also help you secure financing and establish rapport with lenders, recommending programs that are best suited to your business’ individual circumstances.
Overall, your broker is there to ensure the buying, selling, or transitory period of your veterinary practice goes smoothly, and to help you find the resources necessary to take the next step with your business and set yourself up for success.
Veterinary Practice Transitions
A veterinary practice transition is often the best choice for owners who want to pass the clinic down to an esteemed employee, family member, or trusted friend.
These transitions might seem simple at the beginning, but they are often just as complex as selling the business. The correct paperwork must be filed to the right places, and a sale – though smaller – may still occur.
To ensure the recipient of the business has proper legal ownership, the mediation of a broker and assurance of an attorney can help. These professionals will help you take the right steps to ensure all the paperwork is in order, and the business is safely transferred with the necessary procedures to provide a proper handover to the new owner.
Buying Veterinary Practices
For veterinarians or entrepreneurs that don’t want to go through the years of struggle that many startups face and would rather improve a pre-existing business with established processes and staff, then buying a veterinary practice is the best choice.
The veterinary practice brokers at BSF can help you connect with sellers and find the right practice based on your budget and business criteria, as well as refer you to the right financing options to help you make a smooth transaction once you find the right fit.
While proper due diligence should be done on the business, a broker helps remove a lot of the extra, unnecessary steps that come with finding the business in the first place, or making the initial outreach to businesses that are not yet listed on the market.
Selling Veterinary Clinics
For a lot of business owners, a change of business can be necessary when life changes occur, whether it’s a change in your personal life, a desire to retire, or even to change career paths.
With the right veterinary brokers, you can ensure that the change comes smoothly, with as little hassle or frustration as possible. By connecting you with potential buyers for your business, you can help give your business listing the boost it deserves on the market by utilizing industry connections and expertise.
A broker may mediate discussions between you and the buyer, can valuate the business, or assist in the next steps of getting your business ready for sale.
What is the Difference Between an Advisor and a Broker?
An advisor and a broker can sound like the same role, but they have differences that can affect the way you run your business.
An advisor is only allowed, in most cases, to provide advice on a situation or make a recommendation for certain products, but their payment comes from you. An advisor is typically paid by the hour, meaning you are paying them out of pocket right from the very beginning, even before you buy or sell your practice. Likewise, an advisor is not likely to help you find veterinary clinics and match you with the right buyer or seller.
A broker, on the other hand, does not earn an hourly fee, but may earn commissions based on referrals they make when providing advice. A broker can also help connect the dots between buyer and seller, or mediate transitory negotiations so they go smoothly. The more industry experience, the better, as they will understand the nuance of these negotiations as well.
Overall, a broker is the common choice for those who are looking to buy or sell their veterinary practice. If you are looking for a broker to help you take the next steps in your business, get in touch with the team at BSF today to learn more.
Can a Vet Own Their Own Practice?
Yes, a veterinarian can own their own practice. In fact, it’s often recommended that you have some level of experience in the veterinary field before you own your own practice, as it will help you establish a line of communication with your staff, as well was enable you to better serve clients with the expected experience.
If you want to begin working on your own business as soon as possible, it is usually recommended that your utilize brokerage services to find a pre-existing business to purchase.
Starting a new business from the ground up can take years to establish and begin providing the kind of patient care that many vets and clients alike look for, leaving many veterinarians to burn out before they can make a difference in their community, whereas an established business allows them to utilize a pre-existing client list, as well as standard operating procedures and a full staff right from the start.
What Does a Veterinary Practice Broker Do?
A veterinary practice broker wears many hats on the job, but much of our responsibility comes down to connecting the right dots together and recommending the right solutions.
- Find the Best Price
Finding a business for the right price to fit your budget is only half the battle. (1) The other half is finding the right loan program to finance the purchase, especially if you don’t have a relationship already established with a lender
“If you’re in decent financial shape and have a tight business plan, you have numerous options to get money for a new company […]”
– Forbes.com
Fortunately, the veterinary practice brokers at BSF can help you find the best price for businesses on the market and help you establish that initial rapport with lenders, referring you to the right loan or financing programs for your needs.
- Get the Right Terms
Are you struggling to find the right loan or financing terms for your business? Once you establish a relationship with a lender, terms may be open to negotiation.
If you find yourself working with inflexible terms, however, or are new to the business and have not yet established a relationship with a lender, it can be difficult to navigate without a referral.
A veterinary practice broker has many industry connections and can help connect you with the right programs for your needs.
- Discover the Best Fit
In this business, it’s all about helping you find the right solutions so you can take the next steps with your business. Get in touch with BSF today via phone or email to talk with a broker.
Here to Simplify a Complicated Process
Owning a veterinary practice can be complex and frustrating. As a business in the medical space, it can be difficult to ensure all your paperwork is in order and follow every lengthy regulation on the market.
Fortunately, an industry-specific business broker can help you make those complex changes to your business, helping you ensure your paperwork is in order and that you find the right candidate for your needs whether you’re looking to sell a pre-existing business, or buy an established business.
At BSF, we are dedicated to simplifying an often-complicated process, helping you achieve your clinic goals faster and easier.
Our team of veterinary practice brokers can help mediate negotiations, connect you with a buyer or seller, or refer you to financing and loan programs, all making the jump into a new chapter of life that much easier.
Helping People Buy or Sell Veterinary Practices
Are you looking for an advisor who can help you buy or sell your veterinary practice, or help secure business financing and other loan programs?
Providing brokerage services across the United States, the team at BSF is ready to talk to you and learn about your business. Share your current situation and future goals with us, and we’ll help you connect the dots to get there.
Give our veterinary practice brokers a call or send an email today and see how we can help you take the next step in your business.
References:
- Forbes.com, How to Get Money to Start a Business
https://www.forbes.com/sites/nextavenue/2021/10/29/how-to-get-money-to-start-a-business/?sh=d1d655a66fea