Practice Acquisition & Start-up Articles
While today's economic environment is certainly challenging, there are still a number of financing options available to veterinarians transitioning to ownership through a practice purchase.
Migrating ducks instinctively know that their survival depends on the leadership of one individual. Following the lead duck, they have the best chance of staying on course. Failure to follow the leader puts the flock at risk of being scattered in all directions. As you embark on your new hospital project, you can learn a lot from these ducks.
As a private practitioner, you have three career choices: associate, relief doctor, or owner. Each requires a different mindset.
Most veterinary hospitals ultimately succeed – but inevitably, some new practice owners run into transition difficulties that require considerable assertiveness to overcome. Whatever challenges you may face when transitioning to ownership, your practice can survive and thrive when you apply the lessons of leadership. Take a look at how two new practice owners used their leadership skills to overcome a difficult situation.
Are you forming or purchasing a practice? Are you planning to practice with another doctor? What entity form is appropriate and what do you need to know to select the right one?
While the single-owner veterinary practice may be a time-honored tradition, recent years have marked a move toward multi-vet and multi-owner practices that provide more specialized services, especially for small animal practices within urban areas. Here are a few questions you can ask yourself as you try to assess what ownership model is right for you.
Ensuring your veterinary practice transitions well to a new owner is a shared responsibility for both you and the buyer.
To successfully purchase or sell a veterinary practice requires a certain amount of know-how. Most of all, successful buyers and sellers possess keen planning and organizational skills that ensure they are on the right path and asking the right questions. Do you possess the five key characteristics for successfully completing a veterinary practice sale or purchase?
During your professional life, you will reach a number of crucial turning points that will shape your career path and financial future. Deciding whether to move from practicing as an associate to owning your own practice is one such turning point. Before making a decision, you’ll want to conduct careful research and give much consideration to the alternatives as each inherently entails its own advantages and challenges.
All practice financing is subject to credit approval. Business Refinance Program is for business term debt only. Revolving credit and existing Wells Fargo Practice Finance debt are not eligible for consolidation.
The articles and materials on the Wells Fargo Practice Finance Web site are provided for general information only and do not constitute, nor are they intended as, a substitute for consultation with accounting, tax, legal or other professional advisors. Wells Fargo makes no representation regarding the articles available in the Strategies for Success Library or the completeness or accuracy of the information contained therein. The articles and the information contained therein may be incomplete, may contain errors or may have become out of date. Wells Fargo makes no commitment, and disclaims any duty, to update any of the articles or materials in the Strategies for Success Library. The views expressed in the articles are those of the authors alone. They may or may not reflect the views or opinions of Wells Fargo.
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