Are you thinking about opening a new practice?

Let us help you fully understand the unique characteristics of the area(s) you are considering.  Summit offers:

• Access to detailed professional demographics reports not available on the Internet
• Reports for any radius or geographic areas that interest you
• Detailed analysis of demographics and data by experts in veterinary practice

We evaluate data relative to factors that correlate with pet ownership and spending. This means you’ll understand the general demographic trends of the specific area(s) that interest you and the factors that contribute to the potential success of a veterinary hospital.

Questions? Call or Click here

Striking a balance between what is fair compensation for employees and what is reasonable for your veterinary practice can be a challenge.  A doctor’s reluctance to negotiate financial matters, either for themselves or for their practice, can compound the problem. As a result, doctors or staff can be significantly over- or underpaid for their services, and benefit packages can vary widely from practice to practice.

We have worked with many veterinary hospitals to help both employers and employees negotiate compensation issues. Our experience can help you understand trends in the profession as well as design packages that will motivate behavior consistent with your core values. We can also help you deal with income and payroll tax rules surrounding compensation and benefits, which will keep the practice’s bottom line healthy.

Along the way, we can help you answer questions like these:

• What are the pros and cons of paying doctors a straight salary, straight production, or a pro-sal combination of both?
• Should all your doctors be paid under the same method?
• Should long-term team members continue to get raises when they are doing the same job as when they started?
• What’s the “normal” percentage of production that specialists are paid in today’s environment?
• How are practices dealing with health insurance and retirement plan costs?
• Is there a bonus system that allows receptionists, veterinary technicians, and assistants to share in the practice’s growth and success?
• How do you get from your current compensation system to one that is fairer to all parties?

The best time to plan is today.

Get started now by contacting Summit Veterinary Advisors.

Every business needs help maintaining and managing “the books” at one time or another. Summit is here to fill that role on a temporary basis when you are between bookkeepers, or on an ongoing basis when you want another set of eyes to review the numbers.

Because we work with practices at every stage of the practice ownership lifecycle, we know where to look and what to watch to ensure accuracy and completeness. At Summit, we will work collaboratively with you to ensure you have the best financial information to manage your practice.

We can help your practice with:

• Reconciliation of bank accounts and credit cards
• Month-end review of income and expenses
• Payroll transaction entries

Are you contemplating a partial or complete purchase of an existing veterinary practice?

In many cases, the asking price of the business has been set by the current owner or by a broker who stands to profit from the sale of the business.  Therefore, it is critical that you have the value of the business determined by an impartial third party.  This is where Summit Veterinary Advisors can help.

Our accredited valuation analysts abide by the standards of the National Association of Certified Valuators & Analysts (NACVA), the Institute of Business Appraisers (IBA) and the American Institute of Certified Public Accountants (AICPA).  These standards require us to perform an in-depth analysis of the business in order to determine the most reasonable and unbiased opinion of value possible.

Our valuation process includes a detailed analysis of the historical financial performance of the business as well as a wide variety of factors that can impact the long-term financial success of a veterinary practice.

Factors considered include:

• Location and quality of the facility;
• Local demographics;
• Competition in the practice area;
• Quality of the staff and the management systems in place;
• Long-term stability of the practice;
• Quality of the existing lease;
• Service/product mix, and many more.

Our reports not only give you our fair and unbiased opinion of value, they give you a much better understanding of the business you want to purchase.

Questions? Call or Click here to get started now.

It is the seller’s responsibility to set an asking price for the veterinary practice. As a buyer, your job is to determine if the asking price is worth the reward that ownership provides.

Summit has a strong reputation for practice valuation; however, a full valuation is more than a buyer really needs in order to make a decision. Instead, we conduct a Summit Affordability Analysis based on historical information from the practice and on the factors that will likely change once you become the owner of the business.

If you are buying a piece of a veterinary practice, it’s possible that very little will change. The current owner or owners will likely continue to draw salaries similar to what they do now, keep the same benefits, and operations will continue as usual.

If you own a minority share, you may not have an opportunity to implement many organizational changes. Our review will ensure that the seller’s valuation reflects that fact in the asking price. If it does not, we will give you specific points to negotiate a reasonable reduction of the list price.

When you purchase 100% of a veterinary practice, you may have the opportunity to quickly make many changes to the operations. We will help you consider your budget and proposed changes in order to determine whether payment of the asking price leaves room for you to invest in the equipment or other improvements you desire. This helps you to avoid paying the seller now for the future growth opportunities that you will create.

In addition to analyzing the asking price, Summit’s Affordability Analysis will identify areas that may need more research, such as exploring facility lease terms and determining reasonable compensation for a seller who will exit the practice in the next few months. The fewer surprises in store when you become a practice owner, the better!

Questions? Call or Click here to get started now.

For many people, the word “budget” brings to mind strict spending limits, and concern for the future. At Summit, we believe that budgets are less about restricting spending and more about investing wisely to promote business growth.

A well-planned budget is a powerful planning tool. Think of it as a master spending plan or your practice’s customized decision-making guide. A budget helps you see future commitments so you know whether you can spend that “extra” cash now, or keep it to cover upcoming expenses.

A budget is also a great way to open a discussion among business partners about practice goals and what it will take to achieve them. Without a budget, you run the risk of overspending or failing to invest enough to grow your practice.

Summit will help you create a budget to:

• Align your spending with industry standards, where appropriate;
• Define goals and measure progress toward achieving them;
• Keep the right amount of cash on hand;
• Build up an emergency fund;
• Plan for short-term borrowing, if needed;
• Identify and address potential problems before they arise.

Learn more by contacting us today.

Summits experienced team of accountants specializes in financial management and record-keeping specific to veterinary practices. Like any other business, veterinary clinics need to maintain accurate financial records, adhere to accounting principles, and make informed financial decisions to ensure the success and sustainability of their operations.  Our team manages accurate and up-to-date records of income, expenses, payroll, managing cash flow, reconciliation of accounts and working closely with your tax preparer.

We offer several different package levels that can be customized to fit your practice needs.

Summit can help you:

• Set up your chart of accounts according to AAHA or AAEP;
• Understand which numbers are most important to track and why;
• Establish policy for consistent recording of all financial transactions, including deposits, bills and payroll information;
• Understand what reports will help you assess the financial health of your veterinary practice and how to interpret them;
• Determine the difference between assets and equity;
• Provide recommendations and give you tips on protecting your assets.

The proper setup of your accounting systems ensures that you can extract the most meaningful information when you need it, and it helps you to compare your practice results with industry standards.

Questions? Call or Click here to get started now.