7 must-do’s before you sell
Potential hospital buyers want to see everything, from contracts to liens. Your advisers will play key roles in the process.
When the time comes to sell your veterinary practice, the most important part, of course, is finding a buyer who is willing to pay the right price. But before the “For Sale” sign even goes up, follow these seven steps to position yourself for a smooth sales process. 1. Get Tax and Legal Advice One […]
It’s your move
Employee noncompete agreements aren’t always enforceable, especially if time and geographic limits are too broad.
Have you ever recruited the perfect job candidate only to find he had a noncompete agreement with a current or former employer? At a time when unemployment rates are low, the situation can be particularly frustrating. A common assumption is that legal liability for breaching a noncompete falls on the employee. Unfortunately, that’s not always […]
The devil’s in the details
Not understanding common contract terms and failing to renegotiate certain provisions when appropriate can cause unnecessary risk and liability.
Reading the fine print in a business contract is probably not your idea of a good time. You have a busy practice and negotiating contracts is clearly not why you became a veterinarian or hospital administrator. That said, every business owner or manager should have a firm understanding of which contract provisions require careful review. […]
Seal the deal
Negotiating the purchase or sale of a veterinary practice requires a firm understanding of all the documents.
The number of mergers and acquisitions occurring in the veterinary industry is unquestionably at an all-time high. Corporate chains and aggregators own as much as 15 percent of general companion animal practices, according to estimates, and the percentage is even higher for specialty practices. This means an increasing number of veterinarians are entering the deal […]
Noncompete agreements protect the practice when a veterinarian leaves, but they are not always enforceable, so choosing an alternative measure could be a smart move.
Nearly every industry uses employee noncompete agreements, and veterinary practices are no exception. Whether you’re a veterinarian or an administrative professional who has been presented with a noncompete agreement as a condition of employment, or a practice owner considering how to protect your business, you need to know the types of agreements in play, the […]