Selling your veterinary practice marks a significant milestone, offering both financial gain and potential work-life balance improvements. However, relinquishing control can impact your compensation and professional satisfaction. Negotiating post-sale employment terms is crucial to safeguarding your interests. In their latest article for Today’s Veterinary Business, Peter Tanella, Esq., Chair of the National Veterinary Law Group and Brent Pohlman, Esq., Partner at Mandelbaum Barrett PC discuss key considerations to not overlook:

  1. Noncompetition: Ensure agreements don’t hinder your ability to practice if the employment relationship ends.
  2. Guaranteed Hours: Secure minimum work hours to protect against potential reductions by the new owner.
  3. Staffing: Agree on hiring commitments to maintain clinic efficiency and revenue generation.
  4. Office Hours and Services: Clarify the continuation of essential services to meet income goals.

By addressing these factors in the sales agreement, you mitigate uncertainty and foster a smoother transition post-closing.

Read the full article here.