President & Co-founder Veterinary Practice Solutions (VPS) Vancouver, BC, Canada
Practice ownership can be one of the most rewarding or taxing ventures a graduate DVM can undertake. Done well with the execution of proven successful ownership actions, practice ownership can afford the owner the freedom to practice the way they want, the financial ways to means to pay practice purchase/start up loans, those irritating student loans, build a future valuable asset, all the while enjoying a good work-life balance (yes, it can be and is being done!). Done poorly in a cavalier and unprofessional manner, the duties and demands for decisions inherent in practice owners can be overwhelming and lead to mountains of stress and early burnout. If you are an associate graduate DVM, attend this workshop-style interactive session to discuss why DVMs make excellent practice owners, the 3-Bs of ownership (Buy-out, Buy-in, or Build your own), creative financing solutions with a national lender, the 5 advantages of ownership, understanding Profit & Loss statements, practice valuation basics, share vs. asset purchases, when and where and how to pull the trigger, basic ownership duties and much, much, more!
That veterinarians can make excellent owners and managers if are trained on the correct management tools and KPI's to track.
That practice ownership, albeit most often requires taking on more debt, with it's inherent profit is the only way out of student loan debt.
The 3 B's of Practice Ownership - A) Buy-out, B) Buy-in, and C) Build Your Own - will be discussed in detail of the pros and cons of each.
To understand the need to work out financing before you commit to leasing space, and creative alternatives to traditional financing (such as owner financing) to make a practice purchase happen.
Proactive Valuations 101 approach based off of existing practice cash flow.
Share vs. Asset practice purchase and inherent plus and minus points for each.
Roadmap of action items to get started on your road to practice ownership!