Exit Planning Advice By Market
Selling an Animal Hospital
Is the economy still a little shaky for a business sale? Sure it is. Yet animal hospitals haven't been deterred. In fact, we think this economy is a ripe environment for a animal hospital sale.
If you plan on selling your animal hospital quickly, prepare to be disappointed.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your animal hospital.
What to Expect in an Animal Hospital Sale
Prepare yourself to feel a broad range of emotions when you sell an animal hospital. From hopefulness to remorse, it's all part of exiting of your company. Many sellers experience discouragement during a long sale process. Although it isn't easy, you can mitigate the emotional impact of an animal hospital sale by setting realistic expectations before you list your business.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
How Much Does It Cost to Sell an animal hospital?
In an animal hospital sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of an animal hospital sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
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