Apr
11
2014

If you're thinking about selling all or part of your veterinary practice and moving toward co-ownership or retirement, now is the time to start planning your transition. A well-thought-out transition plan includes an outline of your exit strategy, a professional assessment of current practice value, and a detailed overview of necessary upgrades. To ensure a smooth transition that ends your career on a high note, start planning your exit strategy three to five years in advance. Key steps include:

Assembling a transition team
A professional practice transition team will help you define and develop your retirement strategy, keeping you focused on long-term goals and disciplined choices that support your plan.

Choosing your transition model
Plan in advance for the type of transition you wish to make, being careful not to force-fit your strategy to increase financial gain. Sacrificing your current lifestyle for an additional $20,000 or so in profit is not a worthy tradeoff.

Positioning your practice for optimal sale
Many buyers look for a practice that allows them to immediately step in and generate cash flow. Practices that do not meet this standard may receive a lower practice valuation and sale price, or find it more difficult to secure a buyer. Hire a professional practice appraiser several years before your planned exit to give yourself adequate time for needed modifications to bring your practice up to par.

Learn more about these important steps by joining our free Practice Transitions: Selling a Veterinary Practice webinar on Wednesday, April 30. Co-sponsored by Wells Fargo Practice Finance and AAHA, the 1-hour webinar is designed especially for veterinarians, and is packed with valuable information about how to successfully transition from your current practice.

Practice Transitions: Selling a Veterinary Practice
Wednesday, April 30, 2014
9:00 a.m. PT (10:00 a.m. MT, 12:00 p.m. ET)
If you're thinking about or planning to see your hospital, we encourage you to participate in this webinar. Exploring the seller's side of the acquisition process, we'll examine the key factors of a hospital sale, including business and financial preparations, how to increase practice value, and which professionals can help you work through the process.

Registration is now open, so sign up for this 1-hour webinar today. To learn how Wells Fargo Practice Finance can help you achieve your practice goals, contact a financing specialist at 866-4MY-PAWS (866-469-7297) or visit wellsfargo.com/veterinarians.

We look forward to your participation!

 

All financing is subject to credit approval.
©2014 Wells Fargo Bank, N.A. All rights reserved. Wells Fargo Practice Finance is a division of Wells Fargo Bank, N.A.

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