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How to Find Top Veterinary Practice Brokers (2023)
It’s the moment you’ve been dreaming of: You’re ready to sell or buy a veterinary practice. Should you dive in and take a blind leap of faith? Of course not!
So, where do you turn?
Why not let a vet broker help you sell your practice?
When finding the right employee for your company, you don’t have just one person’s opinion on who is best for the job. You consult with multiple experts in the field to ensure you’re getting the best candidate possible. So why not let an expert in veterinary practice brokerage help you sell your practice?
Here is the thing:
While it may seem counterintuitive to hire someone to help you sell your practice, veterinary practice brokers are trained in how to present a veterinary practice for sale. They know what prospective buyers are looking for, and they can tell if a practice is worth buying based on their personal experience as well as research into that market.
In short, they know exactly what needs to happen for you to sell your practice quickly and easily. And most importantly for you, the seller, veterinary practice brokers make a veterinary clinic/hospital’s selling or buying process smoother and less stressful.
Of course, there are many other benefits of using a veterinarian practice broker than simply speed and ease of sale. Since they have experience working with numerous other veterinarians and their practices over their careers as brokers, they can give you valuable insight into what makes certain practices more or less attractive to buyers. And which ones might be suitable matches for yours based on demographics and location.
The long and short of it is
If you want maximum value on the sale of your practice i.e. more money (in many cases more than the listing price you imagined), then using a broker will almost always be in your best interest.
With that said, we’ll let you in on a few of the best practices when snagging yourself a great vet practice broker.
Let’s get started!
Just in case you’re not sure:
What Is A Veterinary Practice Broker?
Veterinary practice brokers help buy/sell vet clinics. They assist with financial, legal and market analysis, provide vet practice valuations, and assist with ownership transition.
When Should You Hire A Vet Practice Broker?
There are many reasons why people hire vet practice brokers, but there are some situations where it is particularly beneficial:
- You want to know what price range your clinic will sell for in its current condition – i.e., a vet practice’s worth.
- You want to command the highest price for your practice: Perhaps the most crucial reason to hire a vet practice broker is to get top dollar for your practice. A broker will have access to many more buyers than you could ever find on your own, which means they can help get you the best deal.
- You don’t want to waste unnecessary time selling. If you’re not interested in spending hours on end meeting with potential buyers and negotiating terms and conditions, then hiring a vet practice broker might be right for you.
- You’re not confident enough in your marketing skills to reach out on your own and find potential buyers/investors/partners.
- You want confidentiality: If you don’t want other people to know that you’re selling your practice, this might be an advantage of hiring a broker to handle the transaction. Vet practice brokers understand the need for anonymity when buying or selling a veterinary practice. They will not disclose any information they obtain while helping you sell your clinic. The broker will work with interested buyers and keep everything under wrap until it’s time to make an announcement.
- You want someone that knows what they’re doing to do all the legwork. Selling a practice takes time and effort on both sides of the deal, so if you feel like this is more than you can handle on top of running your operation every day, then hiring a broker may be worth considering for this reason alone!
Steps to Find the Best Vet Practice Broker
Phase 1: Knowing What to Look For In A Vet Broker
The best way to find the best practice broker is to know what to look for – keep in mind these simple elements when choosing a veterinary practice broker:
Look For Experience
Veterinary practice brokers should have years of experience selling practices and working with owners like you. The more experience they have, the better they’ll be able to advise you on every aspect of selling your practice- from pricing it correctly to marketing it effectively.
You should also ensure that the broker has experience with large and small practices. It means that they can give you recommendations on how much money you need to invest or how much they could make from selling an existing one.
Another critical factor you should keep in mind is whether or not they have sold any veterinary practices; if they haven’t, it’s advisable to look elsewhere.
Check out Their Track Record And References Before Hiring Anyone
Vet practice brokers work with many different clients over time, so it’s essential to know if they’ve had previous success with other people in similar situations as yours. A good vet practice broker will have plenty of happy customers willing to vouch for them!
Access To A Vast Network Of Potential Buyers/Sellers
An excellent veterinary practice broker has access to a list of “pre-qualified” potential buyers/sellers who may be interested in purchasing your practice or selling theirs. This quality makes it easier for them to promote your practice and reach out to potential buyers/sellers right off the jump who might be interested.
Are They Flexible?
Do they offer different services? Some brokers specialize in specific types of businesses, while others provide various services at various price points. Ensure your potential broker offers all the benefits necessary, whether finding potential buyers or helping you negotiate on price or contract terms.
Be sure you know precisely what fees the broker will charge for their services, and make sure they are outlined clearly in writing as part of your contract. Knowing how much money you will receive from selling your practice is also vital. Make sure that there are no hidden fees or surprises at closing.
Do you know that we have no monthly or upfront fees? The pricing is straightforward. We only earn a fee when we have delivered a positive outcome for our client.
Customer Service and Support
It goes without saying that your broker should be available when needed – whether answering questions via phone or email or meeting face-to-face to discuss the details.
Phase 2: Where To Look?
Now that you have the elements of what makes a good broker, it’s time to look for them.
Here are some places where you might find them:
- Word-of-mouth referral – If you know vets who’ve used a vet practice broker before, ask whom they used and why they liked using them.
- LinkedIn – many vets use LinkedIn as their primary social media platform, and it’s also a great place to find vet practice brokers as they often advertise their services there.
- Google – there are so many websites that can help you buy or sell a vet practice, so just google selling vet practice, vet practice buyer, or may be vet practice brokers + location ( example, Vet practice brokers California, New York, Texas etc.) and see what comes up!
- Conferences, events, and webinars – The veterinary industry is very tight-knit, and many vets attend meetings and vet conferences to learn more about their industry.
- Industry publications include veterinary trade magazines, the national veterinary association newsletter, and similar publications.
Ensure you do your due diligence – use the elements in the first phase as a checklist.
Well, we can help!
Whether you are looking to buy or sell a vet practice, we will “go to bat” for your best interests. We have access to the most qualified buyers and sellers ready to make a deal with YOU. We’ll ensure you get the right price, terms, and conditions for your vet practice.