Entries by Simon Palmer

Overcoming the Business Ownership Stockholm Syndrome

“Stockholm Syndrome” is a term that is used to explain a psychological phenomenon where hostages can sometimes develop positive feelings and a bond with their captors. Strangely enough, it is possible for the phenomenon to extend its grip into aspects of our lives, like business ownership. Initially, business owners talk about their business like it […]

“What’s the formula?”

One of the most common questions that we get from people when they hear what we do is: “What’s the formula that people use to work out the price of practices nowadays?” Sometimes, they follow up with a half-remembered formula that someone once told them, like: • “30 years ago, when I bought my practice, […]

Why buy the practice premises?

Every vet practice has a premises to operate out of that they either lease from the premises owner or own themselves. Occasionally, a practice owner that is leasing is given the opportunity to buy their premises at a reasonable/fair price… If you, as a business owner, have this opportunity: – What are the relevant considerations […]

Practice Purchase Deposit FAQs

There are many misconceptions about the role that a deposit plays in a practice purchase transaction. Is it negotiable? Is it refundable? Who holds the deposit? How is it released? To provide some clarity in this regard, we thought we would answer some deposit FAQs. 1. What is the usual amount of a deposit in […]

What’s your Escape Velocity?

What would happen if a terrible misfortune (health or financial) happened to you or a loved one? A misfortune that resulted in you needing to sell your practice in a hurry… Your practice may provide a great income for you and your family while you are working in it. It may be worth a significant […]

How to minimise selling “subject to…”

When you are selling your practice, signing the sale contracts is certainly a milestone to be celebrated. It means that you’ve agreed with a buyer on all the variables involved in the price and terms of the deal. What many people will be surprised to hear, is that even though you have the signatures on […]

When “it’s not that bad”…makes it worse

All too often, veterinary practice owners only make the decision to sell their practice after several years of declining revenue and profit. Why is it that so many vet practice owners wait so long? They know that the declining revenue and profit will be depreciating their asset…Why is it that when they see this happening, […]

Insurance for practice purchase FAQs

There are many misconceptions about the role that insurance plays in your practice purchase. Often, buyers will be too busy with business plans, arranging finance, renovation or reinvestment to spend much time thinking about insurance… When insurance is thought about during the purchase process, it is often dismissed as discretionary, optional and overly pessimistic…that is, […]

The emotional decision to sell

In order to effectively negotiate any deal, you need to be able to understand the person on the other side of the negotiation. You need to know what their fears and motivators are. Somehow though, buyers often misjudge the emotional journey that a seller is going through towards the end of their career. Most buyers […]