Each of these factors could affect the overall success of your new business as well as your financial future. It pays to remain objective when you do this, even if you have your heart set on a particular veterinary practice
To help, we’ve created a checklist that contains numerous questions you should consider when carrying out your evaluation. For ease of reference, we’ve divided it into the following categories:
Buying a veterinary practice is an investment, so reviewing the finances in depth before making an offer is always a first step. You’ll want some expert guidance from a professional to help. Your CPA/financial advisor can help you consider the following:
Although you can usually make significant changes and improvements to the veterinary practice after purchasing, it can drive up the cost of your investment. You should consider the current condition of the building including the physical layout and state of repair. It’s good to have a clear picture of what you will need – and want – to change before acquisition. Ask yourself the following questions:
Assessing the customer base and demographics can help you understand who your veterinary practice will be serving and your potential for generating business revenue. Consider the following:
To provide the best professional service to your clients and ensure optimal level of care, you should consider:
When buying a veterinary practice, the community will play a role in who your customers are, what animals you will potentially treat, how much they can afford to pay and the type of treatment you can offer. Consider the following:
The current owners’ compliance with accepted ethics and practices for veterinary medicine can help you assess the overall quality of the veterinary practice. Consider the following:
With an effective veterinary practice marketing plan, you can reach new customers, maximize your revenue, and grow your business. Before making an offer, it’s worth considering the strength of the current marketing strategy. Consider factors such as:
There are many questions to ask and information to uncover, but the more you learn now, the less likely to get unpleasant surprises later. Work with your financial adviser to help you evaluate. They can help assess whether the practice is a worthwhile investment – and whether you should consider making an offer on that practice you’ve had your eye on.
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