October 12, 2023
by omniadmin
Practice Sales, Practice Transtions, Seller Articles, Selling a Practice
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PREPARING FOR THE EMOTIONAL ROLLER COASTER IN YOUR VETERINARY PRACTICE TRANSITION
As you get nearer and nearer to retirement and are preparing to sell your veterinary practice, there is something you need to ponder that many doctors do not think about. That is the emotions you will go through during and after you sell your practice.
Selling pet food or even charts is easy. It’s just an object that you are giving to another doctor to own. But, I’ve had many doctors who realize their life will be different going forward after their transition. They may have staff they have worked with for 25 years or more. They have seen patients grow from being a child to being a parent and some even become grandparents. Now their children and grandchildren are patients of the office. You have vendors and your CPA that you have gotten to know personally and confide in. Staff, patients and the vendors have all become family and you will not be seeing them as often as you have in the past.
You will also be changing your life in that you no longer are the owner, manager and decision maker with people relying on you to lead them. You may no longer have to wake up and go to work every day. Believe it or not, you may even have “spare” time and have to find new hobbies, rekindle old ones or maybe even find take care of the honey-do list.
The good, if not great news, is that the staff, patients and vendors are thankful for the years of service you have provided them in addition to your friendship. They want you to enjoy life and spend time with your real family – spouse, your parents, kids, and grandkids. Preparing for this emotional aspect of your veterinary practice sale will help make your veterinary practice transition into retired life a much smoother process.
Selling pet food or even charts is easy. It’s just an object that you are giving to another doctor to own. But, I’ve had many doctors who realize their life will be different going forward after their transition. They may have staff they have worked with for 25 years or more. They have seen patients grow from being a child to being a parent and some even become grandparents. Now their children and grandchildren are patients of the office. You have vendors and your CPA that you have gotten to know personally and confide in. Staff, patients and the vendors have all become family and you will not be seeing them as often as you have in the past.
You will also be changing your life in that you no longer are the owner, manager and decision maker with people relying on you to lead them. You may no longer have to wake up and go to work every day. Believe it or not, you may even have “spare” time and have to find new hobbies, rekindle old ones or maybe even find take care of the honey-do list.
The good, if not great news, is that the staff, patients and vendors are thankful for the years of service you have provided them in addition to your friendship. They want you to enjoy life and spend time with your real family – spouse, your parents, kids, and grandkids. Preparing for this emotional aspect of your veterinary practice sale will help make your veterinary practice transition into retired life a much smoother process.