How to Prepare for the Sale of Your Practice to an Individual Acquirer

Joseph Hruban, transition broker at Omni Practice Group, discusses how veterinarians can prepare to sell their practice.

Interview Transcript (slightly modified for readability)

“One way to look at things is from the perspective of the individual acquirer coming into the practice. What would you like to see if you were in their shoes? You would like to see three years of growth in terms of top-line collections. You would like to see the latest and greatest equipment, [which] is of course not always practical for a doctor who sees themselves exiting in the next one to five years. From an individual doctor’s perspective, they are going to want to see systems in place [and] a team. At the end of the day, they are really acquiring at goodwill and so you want to have things dialed in so that they are off and running when they step in. Maybe you want to stick around for the transition for a period of time; whether that is 3 months or 9 months or some other period of time. That will help.

At the end of the day, the team is so important because they interface with the clients and the patients, and that is the goodwill that the individual is acquiring.”