The tricky dynamics of running a family veterinary businessJuly 26, 2018I've always been struck by the number of families in the veterinary profession: practices that include parents, uncles or aunts, siblings, or cousins in their management or ownership structure. Maybe this isn't surprising; children are nearly twice as likely to follow in their parent's footsteps as to choose another occupation, and this steps up to nearly 20 times as likely when you compare daughters of doctors (see the General Society Survey). This generational commitment is a source of strength for the profession and reflects the mission-driven perspectives that nourish and sustain us. In the current environment, however, practice valuations and corporate inroads can present new problems for that intergenerational transfer of practice control. I've had the opportunity in the past few years to talk to a number of parents whose children are practice associates. It's been interesting to see how the size of the check that a corporate consolidator is willing to write has affected the conventional family dynamic. Deserving a piece of practice ownership due to your status as a son or daughter or through sweat equity can start to look like a gift too large to comfortably make as a parent. This feeling can …
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Are small-town clinics on the way out?July 6, 2018Veterinary practice ownership, like the continental drift, is gradually moving and shifting across our time. The trend now points toward increased corporate ownership and practice consolidators, whereas previously there were more private, solo-owned practices.
Mission: Possible?July 5, 2018In the U.S., roughly 179 million households include pets. With the addition of 2.05 million U.S. farming operations and the millions of livestock being raised, the growing demand for veterinary services is a no-brainer.
Giving the gift of team feedbackJune 14, 2018For veterinary team members, giving and receiving feedback can be a tough row to hoe. I recently asked a room full of veterinarians, managers, as well as technicians, “By a show of hands, who is good at giving and receiving feedback?” One hand went up right away and one other hand lifted, slowly and reluctantly.
How to sell your practiceMay 10, 2018The decision to sell a practice is hard enough—and often tied with emotion. The transition can be spurred by various factors, including retirement, managerial overload, career redirection, or professional burnout, to name a few.
The truth about time managementMay 9, 2018Self-discipline strategist and best-selling author Rory Vaden* gave a wildly successful TED talk** during which he stated that time management is a complete myth. There simply is no such thing. You can’t manage time—you can only manage yourself.
Next-gen clinicsNovember 14, 2017Today's veterinarians seek to create diverse hospital models that meet growing clinic and client demands. We look at how a progressive practice embraces facility upgrades and fosters an enhanced customer experience.
The hottest topic in veterinary medicine today: AffordabilityOctober 23, 2017It’s not the sexiest topic. Nevertheless, it has some attractive angles. That’s what I’ve learned about veterinary affordability-related issues over the past few years.
How do top practices increase profitability?October 19, 2017Veterinarians have a bleak outlook of their current state of financial affairs and of their future prospects, according to a 2013 landmark study* that presented financial health data of practitioners at different ages and phases of their careers.
10 ways to protect your clinic's cash flowOctober 19, 2017 Veterinary clinic cash flow is challenged by several factors, but broken down, it's simple: how much comes in versus how much goes out. Here are 10 ways your practice can immediately take control of its cash flow. If your practice is hemorrhaging money, you must immediately staunch the flow. You cannot save your way to success, but you should still be conscious of what you are spending. By controlling your spending and saving on extraneous things, your practice will be able to spend more money where it counts, such as equipment and human resources. Plus, you must identify cash that is lost because it was never collected in the first place. The countdown to controlling clinic cash flow starts now. No. 10: Create a budget If you're like most, you just cringed a little when you read the word "budget." As much as they're disliked, budgets are a vital tool in your practice's path to success. Your accounting software and/or your accountant should be able to help you get started if you are unsure how to begin. Adhering to a budget allows you to project potential income and expenses, avoid shortcomings and build in a safety net …
