Finance

Practice owners looking for buyers. Team members looking for a lucrative future in veterinary medicine. Is it a marriage made in heaven?

Three Veterinary Economics Editorial Advisory Board members share their thoughts on why associates fear to buy and how practice owners can help change that.

Having trouble finding funding? Use these tips from an SBA lender to land the cash you need.

Associates are turning away from traditional practice ownership in greater numbers. Can the industry bring veterinary ownership back to life?

In my November 2010 column, I talked about breed-specific wellness plans as an example of a new, better and different healthcare service to offer dogs.

Veterinarians, generally speaking, are not self-centered people.

New veterinary practice owners have big shoes to fill-only it might be team members filling out those size 12s. Don't miss out on your next potential partners: your own employees.

Like Bill O'Reilly, I have a word for the day. Today's word is "no."

No wonder veterinary associates can't imagine ownership. Where does their low self-esteem come from?

Well, it's all finished, and I am so relieved! The Great Recession is over!

Here's what you need to know about the transaction to make the tax code work for you instead of against you.

Trend #1: The Recession, chapter 1 of a four-part web presentation by Dr. Karen Felsted, CEO of the National Commission on Veterinary Economic issues.

Take stock of what you have now as you build your budget for 2011.

Washington -- Veterinarians may now be in the clear, free from falling under requirements set by the Federal Trade Commission?s (FTC) Red Flag?s Rule.

Have you ever considered employing your child? Doing so might save you money in the long run.

Build goodwill and the bottom line at your veterinary practice by sharpening up your aquatic animal skills.

I just finished organizing all of my miscellaneous old car parts.

Failing to charge, or not charging appropriately, will put you and your practice in the poor house.

Improve productivity by focusing on your core responsibilities and delegating duties to your veterinary hospital staff

In-home blood glucose monitoring can improve prognoses and client compliance at your veterinary practice.

You're ready to hand over the practice you've nurtured throughout your veterinary career. Use these tips to help you line up the right successor, the right time frame, and the right price.

A new look at investing and saving levels finds Americans' retirement funds won't carry them through.

Here are three ways to give without hurting your practice.

Exit strategy or practice succession planning can include every aspect from financial planning for retirement to where will I find a buyer. This retirement financial aspect would include planning for the future practice sale value. That is another session not covered in this topic.

High turnover among veterinary associates is caused principally by the failure of practice owners and employees to properly articulate their respective expectations and negotiate and document the employment relationship. Time and effort invested up front will help avoid mismatched expectations, misunderstandings and separation down the road.

Before you schedule the cherry picker to come to your practice, let's see if we can fill your basket with some of the "low hanging" fruit.

Results of Benchmarks 2010: A Study of Well-Managed PracticesSM by Wutchiett Tumblin and Associates and Veterinary Economics reveal that a current partner, or a current or future associate is the most likely buyer in 69 percent of practices. And, one of the most important steps to take to prepare an associate for ownership is teaching them about and involving them in the business side of practice.

A buy-sell agreement or shareholder's agreement or operating agreement is a written statement of plans about how owners can slow down or get out of the practice at a set time or occurrence. It is the shareholder's agreement for a corporation or an operating agreement for an LLC.

Small changes in how you practice, or in how you run your business, can have a dramatic impact on your earnings over a lifetime and in keeping you and the profession economically strong.

A lower risk practice purchase means the buyer and seller both win and the practice sells. It may be obvious that win-win is best, but sales are made that are not win-win or low risk. The practice sale may be to an independent third party or to an inside person, usually an associate doctor.