In the latest episode of 360 Half Seconds, 360 Vet Sales CEO Matt Arena shares valuable insights into assembling the ideal team to guide veterinary practice owners through the complex process of selling their business. If you’re considering going to market, here’s what you need to know about building your “dream team” to ensure a smooth and successful transaction.
Why You Need the Right Team
Selling your practice is a significant milestone, requiring expertise, efficiency, and strategic planning. According to Matt, having a solid team in place not only streamlines the process but also ensures you achieve the best possible outcome.
Key Team Members for Success
- A Point Person: Whether it’s a trusted hospital manager, a spouse, or even yourself, you’ll need someone organized and responsive to handle reports, answer questions, and communicate with all parties involved. This role is critical to keeping the process on track, as quick turnarounds on requests are essential. (As your quarterback, they will communicate with the team and ensure the offense runs smoothly.)
- M&A Attorney: A mergers and acquisitions (M&A) attorney is a non-negotiable, and it is important to choose one experienced in veterinary-specific deals. That way, they’ll be familiar with industry contracts, buyer expectations, and negotiation nuances, ultimately saving you time and money. (This is your left tackle, blocking opponents and ensuring your team can execute plays without interference.)
- Tax Advisor: Understanding the tax implications of your transaction is crucial. A tax advisor, likely your existing CPA, can review deal documents and outline your tax liability, helping you plan effectively for the financial aspects of the sale. (He or she is your kicker, often called upon to score critical points in high-stakes situations.)
- Financial Advisor: Selling your practice will likely result in a significant financial windfall. A financial advisor can help you make informed decisions about how to invest or allocate those funds to maximize long-term benefits. (This is your running back, strategically advancing the ball, navigating obstacles and finding the best path forward.)
- A Broker: Having a broker on your side is key to maximizing your practice’s market value. While you could handle negotiations yourself, Matt warns that you risk leaving money on the table. Brokers create demand by introducing multiple buyers, fostering competition, and ensuring you receive the best deal—financially and in terms of contract terms. (Think of your broker as your coach, seeing the big picture, developing strategies, and ensuring the team is positioned to win.)
The Importance of Competition
Matt explains that working directly with a single buyer often leads to lower offers, as buyers assume they face little competition. A broker’s ability to generate multiple offers and raise demand significantly boosts the final value of your practice.
If you’re ready to explore your options or want to discuss a valuation, email Kia at 360 Vet Sales. And if you’re attending VMX in Orlando, don’t miss the chance to meet the 360 Vet Sales team in person to discuss your goals. Your successful sale starts with the right team—build it now.