Get the Best Offer When Selling A Veterinary Practice
Selling your practice can be a stressful process, especially with so many unknowns involved. Practice valuations, finding buyers, and managing contracts is a complicated and convoluted process. The chance of blowing the biggest deal of your life and starting retirement off on the wrong foot is a genuine fear of many sellers. No veterinarian should have to feel this way or settle for any less than they deserve. Save time, money and stress by partnering with Praxis.
We understand how frustrating it is to not know if you’re getting the best deal, but when you work with Praxis, you can rest easy knowing we are working hard for your deal. Your Praxis advisor puts your interests above all else, focusing on the details and timeline, so you can focus on practicing veterinary medicine until the sale is final. Our history proves our dedication to our sellers:
Together we will analyze your goals, your practice, and your facility, and discuss the critical steps necessary for success in today’s market. This information lays the foundation for a detailed sales plan that is in line with your goals.
After your strategy is defined, our team will work with you to provide us with the financials and reports necessary to perform a historical analysis, determine your true practice profit and calculate the price of your practice.
Calculating a price is awesome, but finding a buyer that will pay that price is where the real magic happens. To find the right fit we will create a profile summarizing the opportunity, present it to individuals and consolidators in our buyer database and confidentially market your practice to prospects outside of our database.
Your closing is where the rubber meets the road. After you accept an offer, the buyer and the bank will examine your financials, confirm the valuation, verify the buyer can support the debt service, require legal documentation of ownership, agreements will be drafted and signed.
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Cost if Closed: 8% of Price
Cost if Closed: 6% of Price
Praxis provides veterinary contracts for: buy-sell agreements, associateship agreements, partnership agreements, merger agreements, shareholder agreements or limited liability agreements. Praxis uses its bilateral contracting approach to assist veterinarians in reaching a mutually beneficial contractual agreement. Praxis addresses potential problems in advance and provides equitable solutions that keep tempers calm and relationships strong. This win-win approach results in a savings of money, time, and relationships. Let Praxis put its win-win philosophy to work for you.
Many veterinary practice brokers suggest that you get what you pay for and feel justified in charging $5K -$10K for a practice valuation. We believe that determining the value of a practice during a sale should be included, so we include it in our contingent fee – resulting in a free appraisal for both parties. We take the time to perform a thorough and detailed valuation but believe that determining the price is a means to an end. If you need an appraisal for management purposes, not as part of a sale, we will perform a practice valuation for a competitive fee.
Praxis supplied time-tested documents that gave me confidence in the closing process. Whether it was the Asset Purchase Agreement, Employment Agreement, Real Estate Sales Agreement, Escrow Agreement, all documents were clear and comprehensive.The agreements supplied by Praxis turned my intent into words and reflected my understanding. Praxis left nothing to chance in marketing my practice. They used both traditional and modern methodologies.
Praxis listened to my objectives, targeted the right buyers and advised me on how to make my practice more attractive to those buyers. We received multiple offers and sold my practice for over 120% of revenue. This was more than I had expected. The brokerage fee was the lowest in the industry and included the appraisal and the contract. There was no out of pocket cost because I paid the fee with the proceeds from the sale. They were not only knowledgeable and attentive but also communicative and accessible.
Praxis knew all of the corporate buyers and how they think. They targeted the right consolidators for my practice and guided me every step of the way through each buyer’s complex due dilligence process. Praxis emphasized our recent success and justified our explosive growth to the prospective buyers. They got us a fantastic offer and sold my practice for more than I had expected. They were not only professional and confidential but also insightful and detail oreiented.
After being told by two other national brokerage firms that my practice was a “No-Low Practice”, Praxis looked at the same financials and three months later my practice has now been sold for more than one year’s gross. Praxis was not only professional and dillgent but also personal, down to earth and very understanding of the many issues involved with a family business. Not only was the price that I recieved approximately three times what I had previously been quoted by other brokerage firms but within three months of my initial conversation with Praxis, my practice was sold! I truly can’t say enough positive things about the Praxis team. They not only looked at my financial numbers but also asked questions and were able to recapitalize my practice numbers and in turn increase the value of my practice which others were not willing or able to do.
Praxis sold my practice for 57% more than I had been offered 2 years prior. We received multiple offers and sold my practice for over 100% of revenue. Their expertise in law, finance, valuation, tax, and real estate gave them the unique perspective to succeed in selling my practice when others had previously failed. My broker negotiated and achieved my desired work schedule within my retirement timetable. We favorably allocated the sales price which provided me with as much of the sales proceeds as possible. Praxis is a company that I would recommend to my colleagues and a comprehensive service that more than pays for itself.
