To strengthen the veterinary profession through a nonprofit which acts to preserve the independently owned private practice. The nonprofit will provide a financial-friendly process whereby the younger practitioner may locate and purchase an established veterinary practice and whereby the older practitioner may gain access to a viable and profitable exit strategy.
To fulfill this mission, both the seller and the buyer must see value in the nonprofit’s ability to connect both parties.
The seller:
- may request 100% of the practice sale price at the time of sale.
- is offered a new option to consider for financing the sale of the practice where previous attempts and paths have failed, or are just not feasible.
- is not charged a sales commission .
- pays a one time membership fee of $595 and receives a fully detailed website listing, a simplified and reasonable practice valuation by a CPA, and a model contract of sale prepared by an attorney, or just $95 if no practice valuation is requested. Additionally, the membership fee will provide a buyer’s personal credit report, veterinarian references (2), proof of veterinary school graduation, proof of current veterinary state licenses, and any veterinary association memberships.
The buyer:
- will have free access to the website listings.
- will receive a private loan from the seller (i.e. no bank involved) contingent upon the seller’s agreement. The terms for this loan would offer an interest rate below the prime rate, would only require 5% down at closing, and would offer a choice of 10,15, or 20 years to pay off the loan
- will pay only 90% of the practice valuation.
- will not be charged any fees.
- will be required to provide a personal credit report (not older than 90 days) from TransUnion, Experion, or Equifax.
- will be required to provide 2 references from veterinarians, proof of veterinary school graduation, proof of current veterinary state licenses, and any veterinary association memberships.
It goes without saying that there are more traditional paths for selling and buying a veterinary practice, and they should be considered. Veterinary Practice Transition is structured to serve as one more option for both parties, especially when the other choices have failed or are just not feasible. The format is simple and it is straightforward.
Sadly, veterinary practices are closing the doors and the owners are walking away without a buyer and without anything to show other than the memories and the devoted years of practice. The community also suffers as it has now lost a true asset to its well being and its livelihood. Regrettably, if only given the right format and financial incentives, a younger veterinarian might have found one of these practices and perhaps might have embarked on their own unique journey for many years to come. And….there would now be a buyer for the practice!