Managing the practice's financesApril 21, 2023Successful management of your practice starts with your accounting software. Whether you are a new or seasoned practice owner or manager, having an accounting system you can trust is a must.
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How a triple net lease protects youMarch 20, 2023Triple net leases, sometimes referred to as NNN leases, are very common in commercial real estate transactions where a building has a single tenant.
VPN Plus+ ExclusiveHow to Keep Your Lifestyle After Your Practice's SaleDecember 22, 2022has worked within the veterinary community since 2014. He and his team at Florida Veterinary Advisors help associates, practice owners, and their teams find the next In this session: Thomas Seeko, CExP, FINRA Series 7 and 66, addresses the impacts of just trying to live only on the practice sale proceeds, and the interest-only retirement plan. He will also cover how your income relies on the market, as well as a strategy to find a better balance in how you will save now and spend money in retirement.
The importance of team transparencyDecember 13, 2022Pointing out how their specific roles impact the profit and loss statement not only increases understanding, but also encourages your team to take ownership of their role in each area.
Career clash: Should you stay or should you go?December 6, 2022They say the grass is no greener on the other side. Alas, sometimes they’re wrong. There are plenty of reasons why seeking a position elsewhere is the better option. For example, when you find yourself uninspired by your profession, dreading your days, and/or generally behaving like the disgruntled, unsatisfactory employee you know you are not meant to be.
Tips to manage your time and energySeptember 22, 2022Take a minute to look at your daily list of things to do. Are you overwhelmed? Feel like there is not enough time in the day to get everything done? If you are constantly tired and feeling like you need a break, then maybe it is time to look at how you are managing your time and energy.
Why you should pre-plan your practice exitAugust 9, 2022Let’s start by talking about exit planning. When you think about this term, what does it represent to you? Many will perceive it means they are ready to sell tomorrow, but it is not absolutely true. Whenever you consider starting a business, and no matter the phase of business you are in, an exit plan is vital to your future success. Practice owners are waiting until they are tapped out, exhausted, and ready to get out as quickly as possible. This creates a tremendous amount of stress on what they receive for the sale of their practices and the likelihood of selling to another veterinarian is low.
VPN Plus+ ExclusiveA perspective against private equityJuly 7, 2022By Patty Khuly, VMD, MBABy the end of this column, I hope to explain the essence of private equity investing well enough to show there is nothing defensible (or even capitalist) about it. Even if you are one of the few fortunate veterinary practice owners likely to benefit enormously from it—trust me, there is nothing to love beyond what it does for your personal bank account. (I begrudge you not one penny of it. You have earned it!)
Why a practice should build net worthJune 23, 2022Practice ownership is not an easy feat, and the demands put on you as the owner can feel unsurmountable. If you are a practicing veterinarian, it can be difficult to run a successful business while practicing high-quality medicine.
VPN Plus+ ExclusiveMy wildest dreams?June 2, 2022By Patty Khuly, VMD, MBAPractices like mine are easily worth 20 times their original sale price (and possibly a lot more given our profession’s feverish practice transaction climate in many suburban markets). Trouble is, I have such mixed feelings on the subject of selling that I do not even want to know my practice’s current market value. Sure, I can have a proper valuation done, but do I really want to go there?
