Your practice is more than a business – it’s a passion. Those in the veterinary field are particularly cognizant of this fact. And while managing cash flow, maintaining effective internal controls or executing a top-notch marketing strategy may not give you the motivation you need to get out of bed each morning, as a business owner you can’t afford to let those responsibilities fall by the wayside. If asked this very moment, would you be able to identify areas of your business that could be improved? Which areas are actually reducing your practice’s overall value? Are there areas of your practice that, if paid a little extra attention, would substantially improve the value of your practice?
In an article published in Veterinarian’s Money Digest, Mary Beth Koester, CVA reminds practice owners of the following critical point:
“Just as they perform routine wellness exams on patients, practice owners must prioritize regular checkups on their business. Not only will this exercise enable you to spot red flags before they become pressing issues, but it will also help you develop the strategies necessary for increasing your practice’s profitability, streamlining the succession planning process and growing an abundant nest egg for your future.”
Check out this fantastic article online or click here to read the digital copy of the two-page spread in the October edition of Veterinarian’s Money Digest. In it, you’ll learn more about the various factors that determine practice value, including:
- Financial position
- Goodwill
- Timing
- The Buyer