Smash through retirement roadblocks in veterinary practice

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
source-image
Aug 02, 2013
By dvm360.com staff

Next >

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.

< Back  |  Next >

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.

< Back  |  Start >

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.

Hot topics on dvm360

Vetcetera: The complex topic of canine fear-related aggression

A guided tour of resources for addressing this popular and complicated subject, featuring advice from Dr. John Ciribassi.

Reality TV and the veterinarian: Discussing mainstream dog training advice with clients

Your clients may be getting behavior advice from cable TV. Get your opinion in the mix.

Blog: Election results pose obstacles for veterinary prescription law

Flip in U.S. Senate's majority may slow progress of Fairness to Pet Owners Act.

The war between shelters, veterinarians needs to end

Despite practitioners’ legitimate gripes, they’re hurting themselves.

7 steps to a better relationship between veterinarians and rescue groups

A DVM in the city shares his advice to veterinary practices for working with rescues.