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Practice Valuation for Strategic Planning Purposes
Have you been contributing to a retirement plan over the years? If so, chances are you have checked the balance on a regular basis as part of your long-term financial planning. Ironically, most veterinary practice owners rely on the sale of their practice to fund a large portion of their retirement, but they don’t have a practice valuation done until they are ready to sell/retire. Unfortunately, many owners depend on outdated rules of thumb to guide their financial planning and then are left in a difficult situation if their practice is not as valuable as they had anticipated.
At Summit, our goal is to help you fully understand the value of your practice as well as the factors that contribute to that value. Armed with this information, you can more realistically plan for the future. Also, if your practice value is not where you need it to be, we will give you a road map to improve that value BEFORE it is time to sell, so that you can realize the best return when the time comes. If you are contemplating a sale within the next 5-10 years, NOW is the time to have your practice value determined, so that you can plan effectively. Summit can give you the tools to either maintain or increase the value well before the time to sell arrives.
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