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.
- is offered a new option to consider when the time comes to sell the practice and all 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 contract of sale prepared by an attorney.
- will have free access to the website listings.
- will receive a private loan from the seller (i.e. no bank involved).
- will be offered an interest rate below the prime rate.
- will pay only 90% of the practice valuation.
- will only pay 5% down at the closing.
- will have a choice of 10,15, or 20 years to pay off the loan( with the agreement of the seller).
- will not be charged any fees.
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!