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.
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.
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.