Business

When selling to an associate makes sense

Money Matters

Consolidators possess deep pockets, but practice owners might welcome a partner’s offer when the property itself, creative financing and even one’s legacy are taken into account.

Corporate consolidators get all the attention these days when the topic is practice sales. As a generation of veterinarians reaches retirement age, the number of practices available to purchase is greater than the number of private practitioners ready to buy. If consolidators can and will pay more for a hospital than an associate veterinarian can […]

Know when to fold ’em

Ideally, you want to sell your practice for maximum profit, with minimal disruption and at a time that works best for you.

Many veterinarians are confident they will find a qualified buyer for their practice. They think a large corporation will be in the market to buy the hospital when they are ready to retire. Unfortunately, some discover when positioning their practice for sale that corporations might not be interested in acquiring a veterinary practice of the […]

Place a premium on pet insurance

Promoting the availability of health coverage can benefit the patient, client and practice.

Pet health insurance is a contract between the provider and the veterinary client, so why should a hospital owner make pet insurance a priority topic in the clinic? Simply put, when clients are insured, everyone wins. An insured client is often more willing to say “yes” to a treatment recommendation. Patients get needed care, and […]

Prepare for the unexpected

Protect and Defend

Knowing how to react when an emergency or natural disaster strikes will help safeguard lives and your hospital.

Natural disasters and other perils often strike quickly and with little or no notice. Therefore, a well-planned and communicated emergency action plan is vital to protecting a veterinary practice’s employees, clients, patients and property. Any emergency action plan is only as good as the people who implement it. Proper training and appropriate, highly visible signage […]

Supplemental advice

Veterinary teams that take a deliberate, organized approach can capitalize on still-growing interest in pet nutraceuticals.

Maggie, a lively, loveable 8-year-old English springer spaniel was limping again. Her owner was concerned and took her to the veterinarian. The diagnosis was a torn anterior cruciate ligament, and the veterinarian recommended surgery to repair it. Maggie’s owners considered themselves fortunate to have a veterinarian who had coached at the local high school. He […]

Common ground

Innovation Station

Human biotech leaders would welcome a closer relationship with animal health interests.

This past spring, a group gathered in snowy Dedham, Massachusetts, just outside of Boston. The theme of the Human Biotech and Animal Health Business Partnering Summit was the need to explore collaboration between human and animal health. Organized by Kiasco Research, the meeting also highlighted how the veterinary community can benefit. Here’s how: 1. Lessen […]

Chew on this

How chewables and other compliance-friendly products are driving traffic to veterinary practices.

Stanley Truffini, DVM, of Georgetown Veterinary Hospital in Connecticut, has seen almost four decades’ worth of product introductions designed to combat an age-old pet conundrum: fleas and ticks. First were the flea collars. “You can sometimes forget about the fleas, but they always come back,” Dr. Truffini said. “I’ve seen this happen frequently. Over the […]

Make your move

Constructive Criticism

An array of factors goes into choosing the right location for a veterinary clinic. For starters, hire a qualified real estate agent, and then proceed.

Many clients who come to me are looking for a place to build a hospital. They might want to open their first practice, or perhaps their current clinic cannot be expanded. Unless they are experienced in the local real estate market, and very few are, my first piece of advice is that they retain an […]

Cash or credit?

Borrowing money for an equipment purchase requires doing a bit of research to find the right lending partner.

Any successful veterinary practice needs the right equipment in place, whether that means outfitting a start-up operation, adding a surgical suite or simply replacing a tired X-ray machine with a state-of-the-art model. Researching all the particulars can become a lengthy process as team members make sure they select the right piece of equipment for the […]

The real deal

Money Matters

With practice sales and corporate offers, the devil is in the details.

Owning an attractive veterinary practice that will command a high sales price carries certain bragging rights. While no one would argue that the sales price isn’t important, it is only one factor in a complex deal. Here are some important considerations to ensure your ultimate satisfaction with a sale to a corporate consolidator. 1. Selling […]

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