A practice or real estate sale is usually a high-stakes transaction involving hundreds of thousands, or millions, of dollars changing hands. Quite often, the buyer and seller will base the price paid for a practice on an appraisal or valuation that has been done by an accountant. …And yet, if a business or real estate […]
About Simon Palmer
With more than 15 years of experience in recruitment and practice sales, Simon has extensive knowledge of, and insight into, the practice sales industry.
A regular contributor to publications and journals, he is regarded as an leading expert on practice purchases and sales. Simon runs seminars on Exit Planning and Buying a Practice, which teaches veterinarians to avoid the many pitfalls of buying or selling a practice, and gives them the necessary tools for a successful transaction.
Simon has a deep understanding of the complexities and sensitivities involved in buying and selling practices, and is committed to ensuring his clients get the price, terms and compatibility they are looking for.
Simon is a licenced real estate agent and business broker, and has conducted hundreds of transactions for sellers and buyers. He oversees the entire process, from information and documentation gathering to negotiations, contracts and transitions. He is committed to delivering best practice service at all times, and is dedicated to ensuring that his clients receive the best possible return for their business.
Entries by Simon Palmer
A valuation can be one of the most important tools in a business. It can help you with business strategy and planning, it can guide the decision to sell your practice and retirement planning. Somehow though, there is little understanding among vet practice owners surrounding: When should a practice owner get a valuation? Where they should go […]
For every good practice that Practice Sale Search has for sale in one of the state capitals, we have many buyers competing with each other to submit a winning bid… and yet… when the practice is located in a regional or rural centre, the demand often dwindles… Why is this? There are many reasons that […]
COVID19 and Vet Practice Values Since the introduction of the COVID-19 pandemic restrictions in Australia, many industries have been severely impacted, and the road to recovery for many of them is still uncertain. While there are some chicken littles out there, running around saying that the sky is falling and hoarding enough toilet paper to […]
Veterinary practice sales involve large sums of money changing hands. Hundreds of thousands (if not millions) of dollars being paid in compensation for goodwill. But how does the buyer know that he/she will get that goodwill? The success of this transfer will depend largely upon how the vendor behaves post sale. • Will they endorse […]
There comes a time in every successful dental practice owner’s career when they consider opening another branch, or buying another practice. This juncture represents a possible turning point in their personal fortune. It introduces an opportunity to grow their wealth by expanding the scale and scope of their business interests and, at the same time, […]
When someone is looking to buy or sell a practice, they are often presented with an appraisal of the practice that has been prepared by the other party in the transaction. While the results of the practice’s trading may be clear, there are numerous appraisal techniques to choose from, and often some creativity applied when using them.
Terms like “Production/Revenue”, “profit”, “EBIT” and “expenses” are of course fundamental to any valuation technique, and there should be an objective universal definition of what they mean. Unfortunately, as you will see, they can be manipulated by people who are self-taught or trying to push their own agenda.
Here are some of the creative approaches to valuations that can distort value.
If given the option of selling to two or three parties, each offering a similar price and terms for a practice, then of course a vendor can factor in compatibility, personality and gut instinct, to determine who would be a good successor. However, starting off with a specific profile in mind for who the right buyer is, is to put the cart before the horse. Selling your practice needs to be a commercial decision at its core.
Practice Valuations, Exit Consultancy and Practice sales
Valuvet has been providing appraisals to the veterinary profession since 1996. Our appraisals are formualted by a veterinarian, accountant and practice sales expert, representing the perfect combination of perspectives. We understand your practice like no one else can.
Give us a call on (07) 5292 5162 or get in touch online!
2 Genoa Court
Cleveland, QLD 4163
PO Box 245
P (07) 5292 5162