Acquisitions
Greencross is expanding our network of quality veterinary practices. We are seeking practices that generate revenue in excess of $850,000 (Ex gst) and with two or more veterinarians on the team.
Payments
Greencross is willing to pay up to five times net earnings (EBIT), which represents in some cases more than $1.00 per $1.00 of revenue, but generally somewhere between 50cents and $1.00 per $1.00 of revenue.
Greencross is willing to pay higher multiples of net earnings (EBIT) for vendor employment commitments to ensure smooth transition for clients, team members and the practice. Vendors also able to participate in our profit share incentive program.
Other options:
Mergers
Practice owners of smaller practices located near Greencross practices may be interested in discussing our merger program that provides an exit strategy for “single” veterinarian practices, and improves lifestyle for the working clinician.
Joint ventures
Greencross has a number of joint venture companies in Specialty and Emergency Centres. Greencross uses its management expertise, access to capital, and supplier relationships to help deliver profitable and sustainable businesses in partnership with Veterinary Specialists and Emergency Clinicians. Our Specialty and Emergency centres are run by an independent local management board.
Franchise
Greencross has developed a franchise program that allows practice owners to access the Greencross brand, marketing, corporate support services, benchmarking, business coaching, and supplier agreements which ultimately leads to increased business efficiency, better lifestyle for practice owners and improved profitability.
Business Associates
For our employed veterinarians, Greencross has developed an exciting “business associate” plan that allows wealth creation and leadership opportunities in the practice in which they work. Remuneration strategies for all team members link practice production and remuneration.
Contact:
For further information on selling your practice to Greencross or any of the business options outlined above, please contact Dr Glen Richards, 5/28 Balaclava St, Woolloongabba Qld 4102 T. 07 3435 3535 E. glen.richards@greencrossvet.com.au
Practice Acquisition Program
Complete the online form or print and mail to Greencross Corporate Support Office. (PO Box 8366, Woolloongabba Q 4102)
We will telephone you within three working days
We will request that you send the following information:
- Last 2 years financial accounts
- Last 2 years tax returns
- List of employees including salary, wages, and benefits
- Pictures of the hospital
We will schedule a short non-intrusive visit at a time and date that is suitable and convenient to you.
Assuming your practice fits our guidelines, we will submit a non-binding offer to purchase, joint venture or merge your practice with Greencross.
If you accept our offer, Greencross solicitors will send you legal documents to consummate the sale of your practice for you and your advisors to review.
Real Estate: Greencross does not wish to acquire real estate but does wish to have first right of refusal if the property is up for sale. Greencross primarily leases real estate from practice owners or independent landlords. Lease terms are 5 years with three 5-year options.
The entire process should take between 90 to 120 days to complete.
If you are interested please complete this form.
