The main focus in your practice is providing excellent veterinary care for your clients’ pets. However, your practice is also a business, and, if your business is to survive and grow and if you are to be able to continue to offer great medicine, the practice has to be operated in a manner that ensures it is profitable.
The first step in ensuring the financial health of your practice is to make a sound decision about purchasing or starting a practice. This is one of the biggest financial transactions you will ever engage in and it needs to be a good one. Not all practices for sale are ones you might want to buy; likewise, starting a practice is not always a guaranteed smart move.
Dr. Felsted and the team at PantheraT can help guide you through your potential practice purchase or startup by:
- Performing a veterinary practice appraisal of the practice you are considering buying or reviewing an appraisal that has already been done
- Analyzing the anticipated cash flow left to you as the owner once the expenses of the practice, taxes, and loan payments have been made
- Negotiating a purchase price that is fair to both buyer and seller
- Performing a demographic analysis of the area in which the practice or potential practice will be located
- Working through the many details necessary to complete either a practice purchase or a practice startup
Once you own a practice, the focus turns to providing good quality care and great client service and making and keeping the business financially sound. Good practice management involves knowing how to interpret key financial and operational metrics and to use this information as a tool to increase your profits and grow your veterinary practice.
We can help you manage the business side of your veterinary practice more efficiently by:
- Providing ongoing advice and guidance in understanding your balance sheet, income statement, and other key performance indicators
- Using this information to make better business decisions and improve practice profitability by identifying areas in the practice that are performing well and those that need improvement
- Providing recommendations and resources to improve the operations of the practice, including inventory management, fee setting, HR, marketing, succession planning, and other areas
- Assisting with goal setting and planning—your veterinary practice is a major personal asset that you want to both protect and grow in value; long-term planning is essential to this success
When it comes time to sell your practice, whether to a current associate, another veterinarian, or a corporate group, the team at PantheraT can help guide you through the sale process by:
- Performing a valuation (appraisal) of your practice
- Negotiating a purchase price that is fair to both buyer and seller
- Providing business counsel regarding contract terms, owner compensation, bringing on a partner, and other critical issues that must be resolved in order to achieve a successful sale
Dr. Felsted and her colleagues at PantheraT not only understand the veterinary field and can speak your language, but also are able to explain complex financial and business concepts in understandable language. We believe that it is important to make advice practical and individualized to ensure it will benefit your veterinary practice, not just any veterinary practice. We have experience with general practices, emergency hospitals, and specialty practices.
Contact us for more information about how we can help you obtain your practice goals.