Poteau, Oklahoma — Meet Dr. Phil Chitwood. He started his veterinary practice in Poteau nearly five decades ago and grew his reputation for taking excellent care of small animals, especially bulldogs.

His practice soon developed into a full veterinary hospital, including emergency and extended care and became known to Eastern Oklahomans as the premier veterinary care destination.

At the end of 2018 after nearly 50 years in business, Dr. Chitwood knew it was time to sell Poteau Valley Veterinary Hospital (PVVH) to a veterinarian whose career was in front of them. He turned to CBI’s Fort Smith/River Valley team to ensure his business legacy would continue to thrive. Mark Kincannon and his team went to work to guide the sale of his life’s work.

Dr. Kristy Tackett, a practicing Oklahoma veterinarian, had aspired to own her own practice one day.  She obtained her veterinary degree from Oklahoma State in 2012 and has since been working as a small animal veterinarian at Oklahoma’s Enid Pet Hospital.  Dr. Tackett grew up in Seiling where her family farms and raises cattle. An OSU alum, she received her bachelor’s degree in 2008 with a major in Animal Science.

“I had always intended to be a large animal veterinarian, but by chance, have fallen in love with the small ones,” Dr. Tackett explained in a prepared letter to new clients. “I enjoy internal medicine, wound care and soft tissue surgery.”

Her husband Kody grew up in Bokoshe. There were lots of trips to the region to visit family and friends which afforded her an opportunity to meet Dr. Chitwood.

News of his retirement created the opportunity for she, her husband, two daughters and two furry family members (two dogs – a chocolate Labrador and a three-legged Pomeranian) to make their goal of life in Eastern Oklahoma and ownership of her own practice a reality.

“We wanted to live and work in a place we could raise our family,” she said.

She felt the time was right to take steps toward owning PVVH. Dr Chitwood agreed, and CBI Team Fort Smith-River Valley intermediary Chad Dickinson became a crucial part of this transaction as he communicated with seller, buyer, attorneys, and accountants to execute the sale.

Dr. Tackett looks forward to continuing to provide excellent service for those across LeFlore County, OK, and will be working with Dr. Chitwood as they transition ownership of the business. If you find yourself in LeFlore County and in need of veterinary care, be sure to contact PVVH. Tell them CBI Team sent you!

By: Aspen Grams, Marketing Strategist

The baby boomer generation continues to age. As a result, we’re seeing a steady increase in the number of business owners choosing to exit their business and enter retirement. If you’re planning to sell your business, knowing the value of your business is key. It ensures you receive top dollar for the company you’ve put your heart and soul into over the years. If you aren’t sure where you stand, keep reading to learn how to add value to your business!

Over-valuing the business results in a stagnant listing. Buyers pass by your listing in favor of an option with higher-perceived ROI. Under-valuing results in a sale that leaves you with less money than you deserve. Therefore, it’s important to have a valuation completed by a professional. Working with a business intermediary, such as the ones at CBI TEAM, ensures the valuation is accurate and timely. In addition to valuations, these intermediaries work on your behalf to secure qualified buyers.

If the valuation presented is less than desirable, you can enhance your growth track and reduce risks to your business before you list it. In this article, we identify three key value drivers for both growth and risk reduction. These will position your business as a sound investment to a qualified buyer.

Risk Reduction

1. Stable, reliable financial information

Buyers look for cash flow that’s predictable and on a growth track; therefore, keeping comprehensive books is crucial. Buyers look at your financial statements to decide if their investment is solid. If you have recurring contracts and solid sales reports, it reassures buyers that they will receive stable return.

2. Diversity

Buyers want to know their investment is safe, so diversity among products, customers and suppliers is a great way to deliver assurance. Firstly, diversified products reduce competition within the market and provide barriers to entry. Secondly, a diversified customer base provides proof of company satisfaction as well as a cushion for any surprise account losses. Lastly, a diverse range of suppliers provides more stability in the face of potential market disruption, changes in quality or availability, and supply catastrophes.

3. Reliable operations

Buyers want to know the business can succeed without you. Having well-documented and functioning operating systems ensures the ship won’t capsize once you leave. Similarly, a company dependent on you will not succeed under new ownership. A quality workforce and a loyal management team are vital to a smooth transition and continued operation.

Growth

1. Documented growth strategy

A solid strategy shows buyers that the seller has a vision for the company and has implemented efforts throughout the years. In addition, it shows the buyer the value of future opportunities within the market.

2. Scalable business model

Buyers look for companies with strong growth potential. They want to see a sustainable product that can increase profits over time. In other words, a model that can multiply revenue with minimal incremental costs.

3. Unique fulfillment

If the way your company meets customers’ needs differentiates you from the competition, buyers will recognize the potential for higher profit margins and market domination. As a result, they’ll be more likely to invest.

In conclusion, your business is an investment. A buyer’s willingness to pay top dollar is dependent on their view of its potential. You can shape that view by presenting values that drive growth and reduce risk. If you want to transition into a new life phase in the near future, a valuation is the first step in the selling process. Contact CBI TEAM to connect with a confidential business intermediary and start securing your financial future today.