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.
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.
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.
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?
October 2019/November 2019 – Today’s Veterinary Business Magazine
If you’re considering practice ownership, learn the differences between an equity purchase and an asset purchase. One of the most important aspects to understanding when you buy a veterinary practice is when you are getting business’s assets or equity in the existing company.
August 2019/September 2019 – Today’s Veterinary Business Magazine
Sharing details about your practice’s performance builds trust in your employees and can help make your business even more successful. Open book management (OBM) has been part of the business vernacular since the mid-1980’s, yet it continues to be viewed with healthy skepticism. A 2017 article in Forbes magazine reported that most companies increase profitability and productivity by 30% in the first year after implementing OBM.
From the VetPartners Experts Blog – June 5 , 2019
What if your practice was experiencing high profits, the schedule was always booked solid, and you had numerous new clients, but at the end of the month, you never had any cash in the bank and were struggling to make payroll each pay period?
This could be an indication that your practice is suffering from fraud, theft, or embezzlement.
June 2019/July 2019 – Today’s Veterinary Business Magazine
A variety of factors helps determine what your practice is worth and what a buyer is prepared to pay. The market today isn’t all about consolidators.
April 2019/May 2019 – Today’s Veterinary Business Magazine
Analyzing income-to expense rations will help unlock profits. A detailed chart of accounts and benchmark reports are good starting places. When practice owners and managers want to increase profitability, one of the first things they do is analyze expenses to identify areas where more is being spent than expected. From there, the challenge is to find ways to increase revenue or reduce expenses, or both, without sacrificing quality of service.
February 2019/March 2019 – Today’s Veterinary Business Magazine
Veterinary practice owners often see their hospital as more than an investment. For many, it is a passion, a calling or a life choice. Few private buyers acquire a hospital with a primary goal of making as much money as possible. The money is important, of course, but creating a legacy is sometimes of equal or higher importance.