Are you contemplating buying or selling your veterinary clinic?
There’s so much at stake through the process of purchasing/selling a practice. Prior to completing your purchase or sale, it’s important to have the office lease properly reviewed for risks and hindrances, and that the ‘Assignment of Lease’ occurs properly, protecting the interests of both parties along the way.
Cirrus offers veterinarians assignment (transitions) and lease acquisition consulting services to ensure that you are well prepared and protected through this critical and detail-sensitive step in your career as an animal health professional.
Buying or Selling a Veterinary Practice: Key Lease Terms
When a veterinary practice changes ownership, so must the office lease agreement; it needs to move from the name and control of the selling tenant, to the name and control of the buying tenant.
Some of the key issues we highlight include:
Liability: Will you be liable for the property rent after selling or transferring the clinic?
Personal Guarantee: Has the office lease been signed under your personal name or your incorporated entity?
Transfer of Lease: Is there anything in your lease that directly affects your ability to transfer or sell your practice?
Options to Renew: Does the new lease have enough term and options to renew left for you to use after you buy the practice? Are you sure those options to renew are available to you? Often these options disappear as soon as one tenant assigns the lease to another.
Practice Growth: Is the lease set up with enough flexibility to bring in associates or eventually sell the veterinary practice?
Unexpected Relocations: Does the landlord have the right to relocate your clinic?
For a smooth and risk-free veterinary practice assignment or lease acquisition, it’s critical that your lease agreement, and the terms and clauses within it, are set up to protect your investment well into the future.
Why Choose Cirrus?
We’ve successfully negotiated and reviewed over 10,000 office lease agreements across North America for doctors.
We’ve helped thousands of veterinarians save hundreds of thousands of dollars, while improving the value of their practice.
We’ve been negotiating leases for 20 years.
We were founded by doctors, for doctors; who better to represent you?
Cirrus offers our clients the full package, inclusive of an in-house legal team, professional Lease Negotiators, real estate analysts, and ex-landlords; we’ve got you covered!