Seven Steps To A Successful Succession PlanApril 17, 2009 One of the most important business decisions a practice owner can make is developing a succession plan. Just as it is vital to have a clear and thoughtful business plan with specific goals and objectives to develop a profitable practice, it is just as important to develop a strategy for that departure to run smoothly and profitably. A succession plan assures that one of your most valuable professional and financial assets will continue on successfully after your retirement and also provide you the maximum financial benefits. The general economy has grown at a strong rate during the past 10 years. However, overall veterinary income has not. The income of individual veterinarians seriously lags behind that of similar professions. In addition, veterinarians now pay a considerably higher percentage of their monthly income to pay off educational debt than their dentist or physician counterparts (10 percent versus 8.6 percent for dentists and 5.3 percent for physicians)[1]. The average debt load per new graduate now exceeds $60,000 and continues to grow annually.[3] The role of women within the profession has and will continue to change the veterinary economy. Women now make up nearly 70 percent of veterinary …
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How To Avoid Being Clobbered By The RecessionApril 17, 20091. Look outside the profession for new ideas. It is always wise to look outside the profession to see what others are doing. Identify their strengths, and then adopt them. For example, the dental profession places great emphasis on staff training, including outside trainers. They also like to find out what patients really want. The dental profession has benefited from this, and so can we. 2. Focus on your practice’s three dimensions, not just one. Your practice’s three dimensions are clinical skills, managerial skills and marketing skills. In the past, administration was the only decision-maker for practice policies. These days the model is changing. Staff members know from working with clients what clients really want. Therefore, consult with your staff members about what they think really gets clients to want your service, and you can build a better business model. Become a student of direct response marketing. In many cases, practices allot 2 percent to 3 percent of their gross production to marketing. In the case of direct marketing, though, the formula is re-engineered: The budget is based on the annual revenue from a top client ($700 a year, for example) times the number of …
How to Design a Safe OfficeApril 17, 2009Mark Crootof, DVM, has more than 30 years of practical veterinary experience and has brought his expertise to the business of consulting. With Strategic Veterinary Consulting of Asheville, N.C., Dr. Crootof walks veterinarians through all aspects of the veterinary business, from practice startup to expansion. He says his clients often call on him for office planning to ensure a less hazardous work environment for staff, pet owners and patients alike. Crootof provides some basic tips to keep your practice accident-free. Traffic Flow Crootof says efficient traffic flow throughout the practice decreases injury. Many veterinary facilities segregate dog and cat waiting areas. “Most separate cat owners from dog owners,” Crootof says. Separation keeps animals calmer and helps prevent biting and scratching behavior problems during examination. Crootof recommends using “entrance” doors for moving clients from waiting areas to exam rooms and using different “exit” doors for moving clients back out to the reception and bill-pay areas. “Eliminate congestion by going in and out of different doors,” Crootof says. He explains that some facilities have even started cashing clients out in exam rooms to further reduce reception-area congestion. Less reception-area traffic significantly reduces the likelihood of animals interfacing with one another and ultimately …
After Retiring, Give Work Another TryDecember 1, 2008America’s baby boomers are starting to retire—or at least they’re daydreaming about it. While the economy is discussed at every turn, some veterinarians are wondering if they’re in for surprises once they take the plunge into retirement. But seasoned retirees say, “Come on in, the water’s fine.” Some retired veterinarians say they suspect the media are making matters worse by keeping economic talk in high profile. They say retirement is still the same–it’s all common sense. “Don’t put all of your eggs in one basket,” says Everett Macomber, DVM, a Centralia, Wash., native and a 2006 retiree. “Eliminate all debts and try living on the budget you’ll rely on once your earnings have decreased. If you can survive financially, the rest will smooth itself out.” All the veterinarians contacted for this story said the mental preparation of retirement is more important than financial concerns. Veterinarians, known to be wise financial planners, probably have all their ducks lined up. The big surprises will come once the traveling and golfing envisioned during long workdays gets old and the retiree needs to find something more structured and feasible to fill daily life. The American Assn. of Retired Veterinarians (AARV) helps new retirees transition …
