Denise Tumblin, CPA, is president and owner of Wutchiett Tumblin and Associates, a Columbus, Ohio, firm offering management advice as well as valuation and acquisition services to equine and companion-animal practices. Tumblin merges her business skills, farm background, and personal interest in companion, equine, and food animals to assist clients in achieving their goals.
In addition to her consulting work, Tumblin is a featured speaker, a Veterinary Economics Editorial Advisory Board member, and she directs the annual Benchmarks Study of Well-Managed Practices.
People have a hundred decisions to make every day: from what time to get up, the route to take to work, and what they'll focus on for the day to how and where they'll spend their hard-earned money. Many veterinary practice owners assume that clients' buying decisions for veterinary services are fairly logical.
Results of Benchmarks 2010: A Study of Well-Managed PracticesSM by Wutchiett Tumblin and Associates and Veterinary Economics reveal that a current partner, or a current or future associate is the most likely buyer in 69 percent of practices. And, one of the most important steps to take to prepare an associate for ownership is teaching them about and involving them in the business side of practice.
Whether an employee leaves by choice or at your request, turnover costs your practice. There's the obvious cost of advertising for a replacement and the time spent interviewing the various candidates. But there's also the cost of lost productivity during the interim when you're short-staffed.