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3 Things I bet you didn't know about...Practice Sale Search

Posted in Guest Blogger @ Dec 12th 2017 - By Simon Palmer, Practice Sale Search
Practice Sales Search Veterinary 3 Things Blog

Practice Sale Search is the leading vet brokerage in Australia, with the country's largest database of vet practice buyers and sellers. 

1. They are absolute experts at... 

Selling practices.

Practice Sale Search has sold hundreds of vet and dental practices in the last 5 years -  more than 80 of which were in 2017 alone.

People think that it is all about finding a buyer and, if they can do that by themselves, by putting a classified in a magazine or on a website, why would they bother paying a broker? While putting a classified out there is easy, finding a buyer only represents a fraction of the work done in a sale. Ask yourself, “What happens when someone replies to that classified…?”

  • Do you have all the financials, reports, information regarding staff, fees, equipment and post-sale commitment at the ready? Or are you going to gather these on the fly?
  • Do you have confidentiality or non-disclosure agreements, to ensure that your private information doesn’t end up in the wrong hands?
  • Is the above information collated in a way that will help show the practice in the best possible light?
  • Do you have the time to respond to what can often be 10 buyers asking the same questions regarding your practice, over and over again at the end of a long day of seeing clients? Do you have the time to show them through the practice? What is the opportunity cost of all of these interactions?
  • Do you feel confident in your negotiating skills, utilising competitive tension to ensure the best possible price and terms?
  • When a buyer proposes a price or their lawyers propose terms of sale, are you confident in your knowledge of what is reasonable and industry standard?

2. The one thing that makes them different from their competitors is....

The greatest competitor for Practice Sale Search is vets trying to handle their sale themselves, and turning it into a DIY project. Many vets have an independent streak and look to do many complex tasks themselves, rather than outsource. While this trait is admirable, it is also dangerous when you are talking about selling your business. The stakes are high and should make a significant difference to your life post-sale; there is no redo possible if you do a bad job, and it’s hard for vets to be objective about selling something that has defined them for decades.

With any high stakes professional service that has a lot of moving parts, it is always better to entrust it to someone who has done that task a hundred times. Someone with this level of experience knows best practice and will be far more able to give you the best outcomes, through their involvement in many similar iterations of potential problems, than someone who is doing the task for the first time.

3. They can make your life easier by....

Practice Sales Search can make your life easier by:

Getting a better result, by uncovering hidden wealth and presenting your practice in the best possible light.

Saving you time, by answering questions, chasing documentation and answers from accountants, lawyers, financiers and landlords…while you see clients.

Saving you stress, by ensuring that buyers, landlords and lawyers are attending to your paperwork in a timely manner.

Giving you peace of mind that the price and terms that you get are of the highest possible calibre. 

If you have any questions about how Practice Sale Search can help you - ask Simon in the Comments section below.

Click here to visit the Practice Sale Search Page in the Vetanswers Business Directory

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