Smash through retirement roadblocks in veterinary practice
Why aren't you looking forward to the end of your veterinary career? Here are a few reasons-and solutions
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Top 3 roadblocks for associate veterinarians
Quick solution #1
One common misconception when it comes to buying a practice is that there’s no way you can afford it. However, Dr. Karen Felsted, CPA, MS, CVPM, says as long as you have a decent credit history demonstrating that you pay your bills on time and haven’t filed bankruptcy, it usually doesn’t matter if you have student debt. Lenders look at it as good debt. See dvm360.com/retiresecurely for more reasons to consider practice ownership.
Top 3 roadblocks for practice owners
Quick solution #2
It’s ideal to plan your exit at least three years out so there’s still time to improve your practice’s cash flow and overall worth, says veterinary consultant Dr. Dave Nicol. “Figure out how to get that practice valuation number up and get a consultant to help you,” he says. Visit dvm360.com/practicesolutions or see the article “Fixing a low practice valuation” in last month’s issue for ways to manage the most common practice devaluers.
Top 3 roadblocks for practice managers
Quick solution #3
While some practices are holding off on giving raises, others are doling out the cash, Dr. Felsted says. So before you ask for a raise, assess your practice’s performance—is your client schedule jam-packed or are you cutting employee hours? If your practice is doing well, you may be entitled to a raise, even during the lingering recession, Dr. Felsted says. While it may cost more these days to run a veterinary practice, your costs are rising too.Need to get noticed first? Learn how to gain more props at dvm360.com/respect.
