Considering selling your veterinary practice? Discover helpful tips to prepare for a practice sale.  

As a founder-led organization, Blue River PetCare fully understands how important it is to ensure that when the time comes to step away from ownership, the business you’ve worked so hard to build continues to thrive. Whether you are an owner who is nearing retirement or an owner who wants to focus more on patient care, there is a common thread — a deep desire to ensure the success and bright future of your practice.

The thought of selling your practice may stir up a variety of emotions; so making a strategic, thoughtful and logical plan when preparing to sell your practice to a veterinary acquisition company is key. To help you prepare, here is a list of things to keep top of mind as you begin the process.

1. Ensure the time is right for YOU

Timing really is everything, but only you can decide when it feels right. Ask yourself…are you ready to get rid of the burden of ownership? Are business operations becoming too much to manage? Do you miss being able to focus solely on the medicine? These are all important to consider, but the very first step is ensuring YOU feel ready to take the leap.

2. Think about the preservation of your culture and brand

Every veterinary clinic has an identity and brand that is unique. When considering a practice sale, take the time to ask questions about how the brand and culture you’ve worked so hard to build will be protected. Will your clinic’s name remain the same? Will your clients notice a difference in your brand? Will your clinic be able to carry on the unique traditions that bring your team together each year? At Blue River, we are committed to honoring the strong connection that each practice has with its community, which is why we never rebrand or change the culture of our clinics.

3. Be mindful of medical autonomy

Most veterinary clinics have spent years creating best-in-class medical processes and protocols, which is why we strongly believe it is in everyone’s best interest to allow practices to maintain complete medical autonomy. We realize that a one-size-fits-all approach is not something most practice owners are looking for, and we believe that medical decisions should be left to those who know their patients best.

4. Keep client and patient care at the core

​​​Veterinary practitioners take a great amount of pride in serving the unique needs of patients and clients who rely on their knowledge, skill, and dedication. Oftentimes, owners think that selling their practices may negatively impact that care, but in fact, it should be just the opposite. Make sure the organization you are joining has a track record of providing resources and assistance for your clinic, so client and patient care can remain your team’s top priority.

5. Look for efficiencies

Selling your practice should usher in a new and enhanced level of support. It’s important to find a partner that creates a personalized plan to provide help where it’s needed most. Blue River PetCare ensures a smooth transition for you and your staff through back-office support including accounting, HR, and payroll. In addition, Blue River has professionals who have worked at veterinary practices that can provide additional guidance to help your practice continue to grow, including field-level operations support, marketing, clinical development resources for your hospital teams, and experts in procuring advantaged pricing from vendors. These dedicated resources allow clinicians to focus on what matters – providing the best care possible.

6. Understand your involvement post-sale

The most successful transitions are ones that ensure continuity. Most owners understand this and plan to work for a few years after selling their practice and assist with recruiting their replacements, so they can make a graceful exit when the time is right. Some owners make this transition before the sale and walk away from the practice more quickly. Owners who create a smooth transition process will have an easier time selling their practice and ensuring their legacy endures.

7. Build rapport with buyers

​​​It’s pretty easy to spot buyers who are authentic, trustworthy, and have your best interests at heart. Blue River PetCare dedicates a lot of time to getting to know the owners on the front end of the sale process to make sure we understand the key ingredients to the practice’s success. We also take the time to meet with all staff members to allay concerns about the transition and explain the positives of becoming part of a larger organization, not only for them but also for their clients and patients. This collaborative process ensures a smooth transition and lays the foundation for a successful partnership.

8. Know the facts

If you’ve ever sold a house, you know that sharing all the details is important – updated photos, square footage, the number of bedrooms and bathrooms, school district boundaries, and more. Selling a veterinary practice is no different – just as much as a buyer needs to impress you, you must also impress the buyer. Come to the table with all the facts – the number of DVMs, profitability, practice appearance, management and hiring strategies, and anything else that will give buyers better insight into your practice. This will help to ensure you get the best and most fair offer.

9. Ask your peers

Word-of-mouth from trusted resources is a powerful tool. Check in with your veterinary network and industry friends who have owned and sold practices. Ask them about their experiences, which can help you make an informed decision.

10. Trust your gut

​​​At the end of the day, it’s important to find a buyer that feels right. Make sure to spend time with a potential partner who listens to your needs and has honest, straightforward, and easy-to-understand answers to your questions. Chemistry is just as important (if not more important) than the monetary benefits of your sale. If you trust your gut, you can’t go wrong.