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Listed by:

Core Corporate Advisors

Broker license number: SL3280549

Veterinary Practice In Southwest Florida For Sale

Sarasota County, Florida, US
Asking Price:
$465,000 Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
$550,206
Cash Flow:
$138,609

Established Veterinary Practice For Sale.

Revenue is trending up year after year with revenue for the year ended 12/31/20 being $550,206. The projected Yr. end 2021 revenue, is $600,895. This was derived by annualizing the six month P & L numbers ended June 30, 2021.

Strong Cash flow. The projected Owners Benefit/Free Cash Flow annualized for the year ending 12/31/2021 is $178,899. This is also based on the six month interim P & L ended June 30, 2021. The three year weighted average cash flow is $138,609. It should be noted, that the last six months of each year is typically stronger than the first six months due to the seasonal influx of northerners coming to Florida.

This listing includes $100,000+ of inventory and all Equipment to include Medical tools/devices and Furniture, Fixtures and Office Equipment. The historical cost of this equipment is $106,163, but it has been discounted by 56%, to reflect a fair market value of $60,000.

The veterinarian who owns the business also owns the real estate and is open to either selling it to a buyer, or leasing it back to a buyer. The owner has ordered an appraisal to determine the value of the real estate.

The business is visa ready and has been pre-approved for an SBA loan. A loan on the business only has been pre-approved for 10 years. If a buyer is interested in the real estate, the SBA loan for the business + the R/E is pre-approved for an amortization of 25 years.

Property Information

Real Estate:

Lease

Lease Terms:

Building is owned by the Veterinarian/Practitioner. Rent to be Negotiated with buyer of business.

Leasehold Rent:

1,500 Monthly per annum

Location:

Located on the Southwest Coast of Florida in Sarasota County

Premises Details:

The practice is housed in a 2,400 sq. ft. facility and consists of a waiting room/reception area, two exam rooms, a treatment room, a laboratory, and X-Ray room, a surgery room, two offices (1 for the Dr. and one for his Admin Assistant), a back room for bathing and a kennel area used for boarding. There is plenty of land surrounding the building allowing for expansion. Also, the Admin Office could be turned into another exam room.

Size in square feet:
2,400

Business Operation

Expansion Potential:

There is a tremendous upside for a new owner of this practice for several reasons. First, there is over 1,000 new residents moving into Florida daily and this area is surrounded by areas of rapid residential growth. In addition, this is a solo practice that could be expanded by adding another veterinarian, the office is currently closed on Thursdays and could be opened to increase revenue substantially, the current veterinarian by his own admission does not charge enough for his services. His ATC is between $120 & $140, which is below the industry average of $160 to $180. Services offered could be expanded, the current veterinarian does not push the sale of pills and shampoo which could add a whole new income stream to this practice, and lastly, the seller does not actively market and advertise his practice in the community, because he is happy with the volume of business that he currently has.

Competition / Market:

Although there are many competitors in the area, this Animal hospital has an advantage in that it is able to effectively compete by targeting its services directly to its loyal customer base, keeping prices competitive, offering superior service of accounts, and building additional business through it excellent reputation and resultant referrals. Currently, this clinic's prices are below market, so competition is not an issue. A new owner could raise the ATC and still remain very competitive in the community.

Reasons for selling:

After 30 years, owner wishes to retire and pursue other interests in life.

Trading hours:

Monday, Tuesday, Thursday & Friday 8:30 A.M. to 5:00 P.M. Open Saturday from 8:30 A.M. to 12:00 P.M.; Closed Sunday

Employees:
3
Years established:
30

Other Information

Support & training:

Owner will remain on for 14 Business days to assist with a smooth transition and will consider staying of for an extended period of time subject to negotiation a satisfactory compensation/consulting fee.

Financing available:

Listing Broker will be getting this Listing pre-qualified for an SBA Loan.

Furniture / Fixtures value:
$110,000 - included in the asking price
Inventory / Stock value:
$100,000 - included in the asking price

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