Common Reasons for Veterinary Practice Valuations
There are several reasons doctors need to know the value of their Veterinary practice. The most common reason is for Veterinary practice transitions or sales. Valuations help to determine if the asking price is reasonable, to figure out a reasonable asking price to begin with, and to ensure the practice is profitable enough to invest in; this is also important to know when considering a merger. Doctors should also get their practice valuated within ten years of retirement and every two years after for estate planning purposes. Therefore, it is important to make sure the valuation is not a cookie cutter process.
Rule of Thumb Should Not Apply
No two Veterinary practices are the same, so no two valuations should be the same. Often veterinary practice valuation are conducted using a rule of thumb method. The method does a major disservice to both the seller and the buyer, as it often does not highlight the practice’s uniqueness and how that influences the actual value of the practice in question. For a true valuation, many aspects of the practice must be taken into account and evaluated by experts with extensive formal training and resulting certifications, such as the experts at OMNI Veterinary Practice Group.
When looking into Veterinary practice valuations, it is important to make sure the professionals have extensive experience performing said valuations. The team at Omni Veterinary Practice Group; example, have helped hundreds of doctors buy and sell their practices using accurate valuations based on the practice itself and are considered Veterinary industry experts in practice valuations. As members of the Institute of Business Appraisers and the Practice Valuation Study Club, OMNI Veterinary Practice Group offers accurate and individualized valuations for Veterinary practices in Washington, Oregon, and California.
To learn more about why and how Veterinary practice valuations are conducted, or to request a free consultation in the Washington, Oregon, or California areas, please contact the expert staff at OMNI Veterinary Practice Group. OMNI’s team of experts are dedicated to ensuring each client’s success through transitions, valuations, consulting and other real estate services in the Veterinary field.
What is Veterinary Practice Consulting?
Running a successful Veterinary practice takes a lot of work, much of which may not be immediately apparent. Expert consultants, such as those at OMNI Veterinary Practice Group, will evaluate each practice to determine the best course of action necessary to take that practice and turn it into a profitable endeavor. A detailed analysis is performed and a plan is developed to increase practice production and collections, as well as developing prospectus, compiling management reports, helping with financing and lease assignments, and more. For those looking to sell their practice, or those who already have a buyer, OMNI Veterinary Practice Group can act as a transitions consultant as well.
How Can Veterinarians Benefit?
Through Veterinary practice consulting, a detailed analysis looks at all aspects of the practice in question, from which suppliers are used, to the management team, and everything in between. An expert team then evaluates the Veterinary practice’s needs and goals to find out where the practice may need assistance. The information is used to develop a plan of action that will ultimately improve the overall success of the practice. The coaching experts at OMNI Veterinary Practice Group have averaged a 20% increase in practice production and collections for their clients.
OMNI Veterinary Practice Group has helped hundreds of doctors not only buy and sell their Veterinary practices, but they have also helped to grow practices into profitable businesses through their Veterinary practice consulting services in Washington, Oregon, and California. OMNI Veterinary Practice Group are a leading provider of practice transitions and sales, valuations, consulting and real estate services, specializing in creative Veterinary practice Transitions and consulting.
For more information on how OMNI Veterinary Practice Group can help to grow your Veterinary practice through their consulting services, or to request a free consultation, please contact our team of highly trained and dedicated professionals. OMNI strives to ensure each clients’ success, through detailed formal training and certification.