Summit Articles

How to Account for your COGS by Leslie A. Mamalis, MBA, MSIT, CVA

June 2021/July 2021 – Today’s Veterinary Business Magazine

A list of codes can be as complex or as straightforward as you want. In the end, it will help you monitor and adjust your expenses and prices.

Ownership is a great idea by Leslie Mamalis, MBA, MSIT, CVA

April 2021/May 2021 – Today’s Veterinary Business Magazine

Nothing is guaranteed, but investing in and running a veterinary hospital can be a win-win financially and for your career.

Know When to Walk Away by Leslie A. Mamalis, MBA, MSIT, CVA

February 2021/March 2021 – Today’s Veterinary Business Magazine

If you’re an independent practice owner, don’t rush into a sale to a consolidator. Here’s what to watch for.

How much is enough? by Leslie A. Mamalis, MBA, MSIT, CVA

December 2020/January 2021 – Today’s Veterinary Business Magazine

How you spend excess money is your decision, not your adviser’s, but make sure you set goals and have a path to attain them.

The whole picture by Leslie A. Mamalis, MBA, MSIT, CVA

October 2020/November 2020 – Today’s Veterinary Business Magazine

When a client presents a patient, how do you assess the animal’s health? Before touching the cat or dog, you might get a feel for its well-being based on coat quality, general body condition and demeanor. Do you stop there? Of course not. If we instead substitute a veterinary practice for the patient, the owners and managers might assess the hospital’s health based on the quantity of cash in the bank and skip a complete examination. That’s the wrong approach.

Who ya gonna call? Selling a practice isn’t a do-it-yourself endeavor by Leslie A. Mamalis, MBA, MSIT, CVA

August 2020/September 2020 – Today’s Veterinary Business Magazine

Are you thinking about selling your veterinary practice? Are you ready for retirement? In a perfect world, your hospital would be appraised three to five years before you plan to sell so that you know what your practice is worth at that moment and to give you sufficient time to make changes that could increase the value of the business and the selling price. You also would meet with an accountant to put in place structures designed to minimize taxes paid on the sales proceeds.

 

How uncertainty affects valuations by Leslie A. Mamalis, MBA, MSIT, CVA

June 2020/July 2020 – Today’s Veterinary Business Magazine

What is the impact on a practice’s valuation during a crisis like COVID-19 when hospitals change how they manage clients and patients and when the usual daily grind is anything but usual? Honestly, not much — at least not yet.

Aspire to hire by Leslie A. Mamalis, MBA, MSIT, CVA

April 2020/May 2020 – Today’s Veterinary Business Magazine

How do you know when your hospital is ready to bring on another veterinarian?  Maybe your current doctors are working more hours than they want.  Or perhaps an associate veterinarian is planning a life change such as semi-retirement or the birth of a child.  Possibly, you want to spend less time on the medicine and take a more active role in the business side.  Or maybe you want to work less, spend time with your grandkid or mentor residents.  If any of these situations apply to you or your practice, hiring another doctor is a critical step.

The value of waiting by Leslie A. Mamalis, MBA, MSIT, CVA

February 2020/March 2020 – Today’s Veterinary Business Magazine

Should you sell your veterinary practice while prices are high, or does a better option exist?  Then years ago, the US economy was beginning to recover from the Great Recession.  If you wanted to sell your veterinary practice back then, finding a buyer was time-consuming and sales prices were stagnant.  Today, the market has changed entirely.  Hospital owners are inundated with inquiries from consolidators large and small offering higher prices than we ever could have imagined in 2010.

Should you buy a no-lo practice? by Leslie A. Mamalis, MBA, MSIT, CVA

December 2019/January 2020 – Today’s Veterinary Business Magazine

Don’t automatically rule out a profit-challenged hospital.  The problems, from a less-involved owner to poor inventory controls, might be easily correctable.  With so many practices being sold to corporate consolidators, private practice veterinarians might have a harder time finding a hospital to buy, if the asking price for the “best” hospitals are out of your comfort zone, should you consider purchasing a no-low practice?