Selling a veterinary practice can be tiresome and time consuming for the seller. Below are tips to help you reduce the burden of selling and what you should consider to fully prepare yourself for the transaction:

Due diligence - Ensure you have the relevant documentations of your business. This is the time where you would need to promote your business across to the buyer as much as possible and key aspects you feel the Buyer should know about your business
Premises – Ability to provide information on your ownership of the premises and basis of this ownership to the Buyer’s legal representatives. Supplementary information would also be required in relation to disputes, party walls, boundaries, planning and building regulation compliance, utilities, service contracts, charges, rent, health and safety, tax etc
Company – Consider the option of either transferring assets of your company to the Buyer and / or its company, or whether you will be selling the entire company along with the business and assets to the Buyer. Make sure you have the completed company accounts available for at least last 3 years
RCVS - Research into RCVS, utilise their resources and advice, and ensure that you are following best practice and the Code
CPD - Ensure that all staff CPD is recorded and kept on file, to show a Buyer that you invest in the continuing training of your staff
Statutory Compliance – Review your practice’s internal procedures and knowledge to ensure you and your practice are compliant prior to transaction
Staff – Ensure all your staff have written contracts in place, which are reviewed from time to time
Finances - Talk to your accountant prior to the transaction, and ensure your management and annual accounts are up to date. Discuss any additional cost-saving strategies with the accountant
Warrantees and Indemnities – Ensure you have all documentations leading up to the sale and that everything you tell the Buyer can be backed-up by your practice’s paperwork

This article has been written by Lockhart solicitors