Articles & Tips on Veterinary Practice Transition

How to Negotiate When Buying a Practice

Negotiation is a skillset that takes practice to develop. Many business leaders struggle to negotiate well, even after years of negotiating in their own business dealings. We've put together a few tips to help you negotiate better deals for buying a practice.

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The Legalities of Buying a Practice

As with any new investment or business opportunity, there are always legal implications to be aware of. Purchasing a veterinary practice is no exception to this rule. Here are four of the biggest legal questions you need to answer before you make your first offer on a practice.

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Understanding a Partner Buy-Out

Purchasing a practice is a big decision. Many first time practice owners decide to go into business with a partner in order to share some of the burden with another party. Over time, it may become beneficial for one partner to buy the other out of the business and carry on running the practice on their own. This process offers a number of pros and cons to the buyer that you should get familiar with.

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What to Look for Before You Buy a Pre-Existing Practice

As a first time practice owner, buying a pre-existing practice is usually the best way to get into a leadership role. However, you must be diligent about selecting a stable practice to purchase in the first place. If you rush out and buy the first available practice, you could end up at the helm of a sinking ship. Here are a few things you need to look for before you move forward on a pre-existing practice.

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Everything You Need to Know About Insuring Your Veterinary Practice

The subject of insurance has been hotly debated in just about every industry in America. However, it's an unescapable truth that your veterinary practice needs to be properly insured to protect you, your business and your clients. If you're new to business ownership, where do you even begin shopping for insurance? This guide will walk you through the most important parts of the puzzle.

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3 Financing Options for Veterinary Practice Buyers

When it comes to financing your new veterinary practice, there are several different financing options available to you. The one you choose will largely depend on your actual needs and the type of practice you are purchasing. Here are the three main ways that new owners typically secure funding for their practices.

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4 Key Ways to Select the Ideal Veterinary Practice Associates

When it comes to hiring employees, there are many opinions about the selection process. Some companies make decisions solely based on resume details, while other companies are more focused on team building and filling positions for specific strengths. After some careful analysis, we've put together four key points for selecting the best candidates for your practice.

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Preparing Yourself for Veterinary Practice Ownership

Taking the dive into practice ownership is a complicated decision. Not only does it require a thorough understanding of your abilities as a leader and veterinarian, it also requires that you learn many of the skills that are required of business people in other industries. For instance, how to hire skilled employees and how to manage cash flow. It all begins with deciding how you're going to become a practice owner in the first place.

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How to Create a Veterinary Business Plan

A solid business plan is the basis of any strong business venture. Veterinary practices are no exception. Writing a business plan serves two main purposes in the future of your practice. First, it gives you a clear idea of what your goals are and how you will go about reaching them. Second, it gives you a chance to consider some of the finer points of owning a practice and forces you to consider your strengths and weaknesses, as well as who you will turn to when you need help.

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Are You Ready to Buy a Vet Practice?

Deciding to buy your own vet practice is a pretty big leap. The decision should not be made lightly. Before you begin shopping for a practice, it's important that you start by asking yourself a few questions about whether or not you're truly ready to take on this challenge.

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