Here's how to help prevent your veterinary practice from getting in a financial bind. Listen to this advice about the importance of securing finances first instead of hastily signing purchasing agreements.
When you sign a document agreeing to purchase veterinary equipment, a practice, lease space and so on, you are legally saying, “I agree to pay you,” says Eva Evans, DVM, MBA, CVMA, founder of City Pets Animal Care in Nashville.
That's why Dr. Evans says it's so important to have your financing secured first. Dr. Evans, who's speaking at this year's Fetch dvm360 conference in San Diego, told dvm360 that sometimes people get so excited about specials and deals on equipment, for example, that they start the purchase process before their financing is secure.
“This is a terrible idea, because if your financing falls through for any reason and you get denied that financing from the bank, then you are still on the hook to pay whatever vendor you signed that agreement with,” she says.
Watch the video below for more insight from Dr. Evans on why securing financing before signing a purchasing agreement is so important for your practice.