Dollars and percentages can tell different stories about the cost of goods sold. Higher numbers aren’t necessarily bad.
Nineteenth-century American humorist Josh Billings said, “It ain’t ignorance causes so much trouble; it’s folks knowing so much that ain’t so.” Three decades on, I’ve listened to practice owners, hospital managers, consultants and advisers bemoan a high cost of goods sold (COGS). Lower practice profitability is often attributed to a high COGS. But is a […]
Work on Your Clinic’s Retirement Plan
An expert adviser can help select the wisest and most rewarding option for practice owners and their employees.
We hear from veterinarians across America — both small and large animal — that recruiting sharp, young clinicians to their practices is difficult. To attract, retain and reward employees, practice owners must offer competitive compensation and an engaging culture as well as a properly designed retirement plan. Further, in an environment where taxes could rise, […]
Preparing Beats Repairing
A professional adviser can help get your financial house in order, but to get started you need to know what you have.
It was only a little more than a year ago that the global pandemic changed our world dramatically. As a whole, the veterinary community responded very well and many practices flourished financially. However, everyone seems mentally, physically and emotionally exhausted, and we still have a long way to go to beat COVID-19. To help prepare […]
Build a Financial Foundation
You should work with the present and future in mind. Setting aside 10% of your earnings now will pay off big-time decades from now.
A crude definition of financial life planning is bringing the future to the present while you still have time to act. More formally, it’s the process of organizing your financial goals into something workable so that you can live in financial security in the style you desire. Financial life planning involves the proper handling of […]
Manage Your Emotions
Understand why you make irrational choices with your investments and what you can do about it.
Standard financial and investment theory holds that markets and investors are completely rational. The assumption is that investors exercise self-control and adhere to a defined investment discipline when making financial decisions. Therefore, those decisions are free of human emotion at all times. Yeah, right! Behavior and Investing The influence of human emotions on financial decision-making, […]
Sell now or later?
What likely will be the biggest financial decision of your life shouldn’t be made in haste. You can sell your practice quickly to a consolidator, hand off to an associate in 10 years or do something in between. Weigh your options and the pros and cons.
We work with successful veterinary practice owners who are contemplating the sale of their hospital. In many cases, they are considering a sale because of the significant growth in corporate consolidators who pay multiples as high as twice the historic valuations. A general feeling exists that the bubble will inevitably burst and that practice values […]
Did you catch a financial virus?
If your portfolio is sickly, you better have a treatment plan. A simple 10-part test can help determine whether you should get a second opinion.
As we look back to the beginning of the year — a lifetime ago, it seems — the economy was healthy and growing, the U.S. stock market was rolling along in a bull market approaching 11 years’ duration, unemployment was at levels not seen since the end of World War II, and personal income and […]
Retirement plans work for you
The investment program you and your employees participate in might not be the same one everyone turns to when it’s time to step away from the practice.
The decision to sell a veterinary practice is loaded with financial considerations, but don’t gloss over the need to clearly understand what you want to achieve. Are you tired? Frustrated? Burned out? At retirement age? Overloaded with management duties? Do you want to maximize the sale price or transfer the practice to an associate veterinarian […]
How COVID-19 affects your student loans
Conserving cash is a smart move during these trying times even as the government steps in with relief for borrowers.
The coronavirus pandemic is forcing a lot of people to rethink their monthly budget. As more Americans deal with or anticipate unemployment or reduced income, many face hard decisions. The uncertainty is prompting folks to take a close look at their spending. This is a great time to distinguish between wants and needs. You want […]
Enjoy a successful investment experience
Following 10 principles will help propel your financial portfolio to the next level.
Are you confused about what to do with your investments given all the turmoil in today’s world? If so, you’re normal. Most busy veterinary professionals lack the interest, inclination, knowledge and experience to manage their investments. Those so inclined would be wise to get a second opinion. A financial adviser should be a fiduciary, meaning […]