Buying or selling a vet practice: Part 4

For the acquired business – and those involved in it (whether employees or sellers with a continuing role) – the period immediately following completion will inevitably result in change of some sort, and require a degree of adaptation.

Business as usual

If you are a seller with a continuing role, clear communication with employees, suppliers and customers to avoid undue worry and disruption to operations, along with reassurance it is “business as usual” (if your role permits that), will go a long way to ensuring a smooth transition.

For the buyer, managing reactions to that change in a positive manner in the period immediately following completion will be key to the long-term success of the acquisition or merger.

It’s often said the first 100 days following an acquisition or merger is the most critical period, during which time the confidence of staff should be won, customers contacted and reassured, and systems integrated.

Hands on or off?

Generally, if former management have a retained role in the business (even if only for a few months), the integration phase will, of course, be much easier.

Otherwise, a hands-off approach from a buyer, without a physical presence within the business for the first few months, could have a negative effect on the business, from which it could be difficult to recover.

It’s often said the first 100 days following an acquisition or merger is the most critical period.

Large consolidators will very likely have a well-tested integration plan, which can be rolled out, but others should carefully plan for integration in advance of completion.

Given concerns customers might have following a sale, some integration plans of consolidators will involve not informing customers of the sale until some later.

It can often be easier to allay fears of change when people realise the change occurred six months ago and they haven’t noticed any difference in service.

Secret to your success

In short – and this may sound cliché – but success comes down to the people in the business – particularly for a veterinary practice – and how they integrate in to the new model immediately post-completion could be what makes a transaction successful.

As a final thought, two top tips to keep in mind include:

Buyers: have a plan prepared in advance of completion for the integration.

Sellers with an ongoing role: enjoy your new position as either an employee or consultant without the burden of being a business owner. Otherwise, enjoy retirement.

Also featured in Vet Times

Latest updates from @MacRoberts

  • To celebrate the Olympic Games in Tokyo, we're delighted to launch our latest sporting challenge in support of our… 23/07/2021
  • MacRoberts is recruiting! We are currently looking for a Real Estate Planning Solicitor to join the MacRoberts tea… 23/07/2021
  • The countdown is on! With just 100 days to go, we’re looking forward to #COP26 in Glasgow! ♻️ As a firm accredite… 22/07/2021
  • Has lockdown led you to consider a move to the countryside? From discussing a possible purchase to obtaining the… 22/07/2021
  • Have you seen our latest vacancies? 💼 We currently have opportunities in various departments across the firm. Fin… 21/07/2021
  • Acas has published new guidance for employers with helpful information on #flexibleworking & #hybridworking. With t… 20/07/2021
  • Busting the myth that a career in law is only for the privileged few: @marikaflawyer is speaking at this morning’s… 19/07/2021
  • MacRoberts is recruiting! We are currently looking for a Support Services Assistant to join our team in Edinburgh.… 16/07/2021
  • MacRoberts is pleased to have been part of the team advising @HV_Systems in its £5m capital boost from Beehive Equi… 15/07/2021
  • MacRoberts is recruiting! We are currently looking for a NQ Solicitor to join our Conveyancing & Private Client te… 14/07/2021
  • For the last of our IGTV mini-series, we hear from Katie MacLeod. She will be giving an insight into what it’s like… 14/07/2021
  • RT @marikaflawyer: Exciting opportunity for Associate in our award winning Family Law team #familylaw #LegalCareer 14/07/2021
  • MacRoberts is recruiting! We are currently looking for an Associate to join our Family Law team in Edinburgh or Gl… 14/07/2021
  • Last week, the UK Government took the decision to relax the rules on the length of time lorry drivers can work as a… 13/07/2021
  • Did you know that we are on Instagram?😜 Follow our page for all the latest legal updates, exclusive IGTV’s and mor… 09/07/2021