Regardless whether you want to build a new office from the ground up or renovate your current veterinary clinic, you need to create your construction budget. While this can be a daunting task, there are tips to consider to make sure your budget is complete.
If you may sell your veterinary practice in the future, it is beneficial to determine its current value while you can still have time to make changes. Improving your practice value even years before you are ready to sell may help increase profitability now and
Looking to Buy You’ve completed years of schooling and may have needed student loans to finance your education. Now, you are wondering how you could possibly own a business with so much debt. A veterinarian’s student loan debt may not be an impediment to practice
The American Dream is ownership. For dentists, that dream or goal is usually owning a dental practice. So, what’s the process, how do you get there, and what do you need to consider first? First, you need to choose between practice acquisition or starting a
You’ve put in the time studying, training, and working to become a dental professional. Now you are considering making the leap into practice ownership. Whether you want to purchase your first practice or build it from scratch, you need to move forward confidently. Don’t hold
Congratulations! You spent years training to become a veterinarian and now you want to transition into hospital ownership. On a positive note, there is a high demand for veterinary services that will likely remain strong since pet ownership is a priority in many families. Nevertheless,
Congratulations! You are finishing up dental school or a stint with a corporate practice. Now, you are ready to move toward practice ownership. Consider the following 7 strategic partnerships to help you achieve long-term success. 1. A trustworthy, relationship-focused lender Before you can move forward,
As a practice owner, you are directly responsible for your dental practice’s financial performance. As such, you need to understand the business’ cash flow. Cash flow refers to the numbers needed to meet your financial obligations, earn a profit, and the ways to generate those
Many dental and orthodontic practices reinvest about 6% of their annual production into marketing for their practices. Therefore, a practice that generates $780,000 each year invests $3,900 each month in marketing. For startup practices, lenders typically allot $20,000-$25,000 of the initial loan for marketing in
The appropriate healthcare practice financing is essential to helping dentists, doctors, and veterinarians achieve their goals of practice growth. Unfortunately, debt accumulation may be a lead weight that, if not properly managed, could derail the dream of practice ownership and growth for some practitioners. If