I was the owner of three veterinary practices in the San Francisco Bay Area since 1970. I had no intention of selling my practices when I got a call from an old friend of mine, Dr. Jeff Brant. During our conversation Jeff caught me up with his current business venture and was wondering if I would be interested in discussing the possibility of his company, LegacyVet, purchasing my practices.
Throughout my career, I have always been willing to listen to the possibility of embarking on a new business venture, selling my practices was not one of them yet. I told Jeff to "come on down". So, the following week he flew from Portland to San Francisco and we spent 2 days visiting my hospitals and discussing the possibility of a sale.
The next week he sent a form for me to complete, providing LegacyVet, all the vital information about my practices and my hospital Teams that he would need to evaluate my practices in-order for him to make an offer. LegacyVet quickly evaluated what I sent and within 10 days I had an offer. It was at this stage of the negotiation that I met Kelly Orfield the CEO of LegacyVet. Kelly was a great addition to the process. He is very bright, sincere and wants to put together a deal where all parties wins.
It took three long distance phone calls of about one hour each, for LegacyVet and me to agree on the price, leases of the buildings and other terms of the purchase. At that point we turned the process over to our attorney's and the practices changed hands in four and a half months from when we commenced.
Everything that I was told that would occur whether it be with the Teams transition, hospital leases, or payments did occur. The transition from our computer system to theirs went very smoothly in a large part because of the system that LegacyVet used to implement the process.
I was very happy when Jeff told me that he would not put their computer system into operation until six to eight weeks after his transition team arrived. The transition team is comprised of a DVM that has previously owned a Banfield franchised hospital and a nurse or receptionist with 15 to 20 years of experience. The Transition Team arrived the day after closing the sale. They are there after present in the hospital, four days a week, for three to six months, working with the Team by leading them through the transition process. This is a very special process. No other cooperate practice has a transition program of this length and training depth.
Believe me, my Teams appreciated the time LegacyVet has given them to digest the necessary changes they were going to make in their new job with LegacyVet. I am very glad I decided to sell my three practices to LegacyVet and my friend Jeff Brant.