How we helped two vets acquire, transform and grow an established vet clinic.
Altitude Advisory has been working with Modbury Veterinary Clinic for many years. Initially working as vets in the business, Tegan and Chelsea pulled the trigger and acquired the business 2 years ago.
Facing the complexities of legalities, business structures and cost management, the new owners required advice and guidance from Altitude Advisory to navigate these challenges to avoid financial consequences and to future proof their business.
Altitude Advisory advised the new owners through business acquisition process. This involved conducting:
- a business appraisal to ensure the new owners were paying the right price for the business.
- due diligence on the business to assess viability
- a detailed review of the purchase contract
Once the business acquisition was finalised, Altitude Advisory continued to provide advice and assistance to Tegan and Chelsea by supporting them to:
- identify their future goals and targets for the business that supports their financial and life goals
- develop and implement a rhythm of accountability through regular financial reporting and analysis to measure profitability and optimal resourcing so the team is operating at peak performance
- negotiate lease agreements to ensure they had the right premises for their business
- undertake financial analysis including establishing forecasts and budgets
- gain back-office efficiencies by utilising technology to create more capacity
- foster a positive team culture
Faced with the option of buying a book of clients and retaining the status quo, or taking the business to the next level, Altitude Advisory supported Tegan and Chelsea to realise their goals, including upgrading to new premises to better meet the needs of their clients.
While this was a challenging task initially it has led to tens of thousands of savings in rent and has better positioned the business for the future.
The business has now been running independently for 6 months and the vital signs and insights are showing great improvements and success.
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Arrange a no-obligation consultation with our directors now to get you on a path to business success.Get in touch