Author: omniadmin

Entrepreneurial Energy

By Corey Young, MBA, Practice Transition Specialist

What defines entrepreneurial energy? According to David Lyons PhD,

“Entrepreneurial energy is the force that sustains the momentum and velocity of progression in the venture. Energy can rise through excitation/agitation and fall through decay of the energy as a result of predicaments or failures.

Entrepreneurial energy is an endogenous force that fuels motivation and sustains entrepreneurial action and momentum. Encapsulating hope, optimism and obsessiveness, the nature and experience of the entrepreneurial energy provides meaning to the entrepreneurial pursuit and venture. Entrepreneurial energy is a motivational construct characterized by positive intense feeling, emotional arousal and internal drive and engagement in the pursuit that is salient to the self-identify of the entrepreneur. The positive affective state also generates positivity in the cognitive state fostering creativity and recognition of new patterns of information critical to opportunity recognition and exploitation in the external environment.

Entrepreneurship, after all, is a science of turbulence and change, not continuity. Turbulence is caused by certain force. Such is the force in entrepreneurship, like the wind is felt but not seen; or seen through the ruffle of the leaves but not the wind itself.”

Most of you reading this article can relate to those attributes, especially early in your career.  Remember talking to your friends in veterinary school and making plans for your practice? Remember the excitement of updating your new practice? Remember the hours put in behind the scenes to get the practice where you wanted it?

Do you still have that energy in you? If you do, this is a great time to be a veterinarian entrepreneur. Consolidation is happening and it will favor the big and the bold.

What if you don’t? That is okay also, but the time to consider harvesting your practice asset is now.

In my exit-planning training, coaching our clients to either grow or sell their businesses was absolutely paramount. Stasis really is an illusion. Equipment gets older. Technology becomes dated. Marketing plans become obsolete. Business values decline.

So ask yourself, grow or sell?

Entrepreneurial Energy

By Corey Young, DDS, MBA, Practice Transition Specialist

What defines entrepreneurial energy? According to David Lyons, PhD:

“Entrepreneurial energy is the force that sustains the momentum and velocity of progression in the venture. Energy can rise through excitation/agitation and fall through decay of the energy as a result of predicaments or failures.

Entrepreneurial energy is an endogenous force that fuels motivation and sustains entrepreneurial action and momentum. Encapsulating hope, optimism and obsessiveness, the nature and experience of the entrepreneurial energy provides meaning to the entrepreneurial pursuit and venture. Entrepreneurial energy is a motivational construct characterized by positive intense feeling, emotional arousal and internal drive and engagement in the pursuit that is salient to the self-identify of the entrepreneur. The positive affective state also generates positivity in the cognitive state fostering creativity and recognition of new patterns of information critical to opportunity recognition and exploitation in the external environment.

Entrepreneurship, after all, is a science of turbulence and change, not continuity. Turbulence is caused by certain force. Such is the force in entrepreneurship, like the wind is felt but not seen; or seen through the ruffle of the leaves but not the wind itself.”

Most of you reading this article can relate to those attributes, especially early in your career.  Remember talking to your friends in dental school and making plans for your practice? Remember the excitement of updating your new practice? Remember the hours put in behind the scenes to get the practice where you wanted it?

Do you still have that energy in you? If you do, this is a great time to be a dentist entrepreneur. Consolidation is happening and it will favor the big and the bold.

What if you don’t? That is okay also, but the time to consider harvesting your practice asset is now.

In my exit-planning training, coaching our clients to either grow or sell their businesses was absolutely paramount. Stasis really is an illusion. Equipment gets older. Technology becomes dated. Marketing plans become obsolete. Business values decline.

So ask yourself, grow or sell?

Are You Ready to Sell?

Are you ready to sell your veterinary practice? This is always a difficult question to answer for most veterinarians. You may still love practicing but want less stress. How is your body holding up? Do you have enough money to retire? How much is your practice worth?

Contact your transition consultant/broker and have a heart-to-heart about your practice, goals, and options. We have lots of experience to share that may be beneficial to you. We can do a complimentary quick look to give you an idea of what your practice may be worth and of course a full valuation will need to be done to determine the final value.

Once you have an idea of what you may be paid for your practice and associated real estate, you can talk with your CPA and financial planner to know what retirement looks like for you and plan what to do with your sales proceeds. You may have practice or real estate debt to pay off at closing, or you may have a retirement plan you can utilize to save on taxes.

Many veterinarians don’t know if they want to sell their real estate with the practice. In our experience, the best person to own the space is the veterinarian working in it. If you happen to have a lot of rentals and enjoy that, maybe this is an option for you, but if your buyer leaves, empty veterinary spaces can be difficult to sell.

Sometimes veterinarians believe their practice is worth more than our valuation and want to stay on to increase collections that may have waned a bit due to slowing down. You can certainly do that but know that banks look at the last three years of tax returns so if you want to increase collections to increase practice value, you will need to increase and work another three years.

If you still love being a veterinarian and want to sell and stay on part-time, you need to start thinking about how much you want to work and how you will build a practice that can maintain a schedule for more than one veterinarian. This can be done, but you need to have a plan and your transition consultant can assist with this.

Are you ready to sell? Give it some serious thought after talking with your advisors and make the decision with confidence. Contact us today.

Are You Ready to Sell?

Are you ready to sell your veterinary practice? This is always a difficult question to answer for most veterinarians. You may still love practicing but want less stress. How is your body holding up? Do you have enough money to retire? How much is your practice worth?

Contact your transition consultant/broker and have a heart-to-heart about your practice, goals, and options. We have lots of experience to share that may be beneficial to you. We can do a complimentary quick look to give you an idea of what your practice may be worth and of course a full valuation will need to be done to determine the final value.

Once you have an idea of what you may be paid for your practice and associated real estate, you can talk with your CPA and financial planner to know what retirement looks like for you and plan what to do with your sales proceeds. You may have practice or real estate debt to pay off at closing, or you may have a retirement plan you can utilize to save on taxes.

Many veterinarians don’t know if they want to sell their real estate with the practice. In our experience, the best person to own the space is the veterinarian working in it. If you happen to have a lot of rentals and enjoy that, maybe this is an option for you, but if your buyer leaves, empty veterinary spaces can be difficult to sell.

Sometimes veterinarians believe their practice is worth more than our valuation and want to stay on to increase collections that may have waned a bit due to slowing down. You can certainly do that but know that banks look at the last three years of tax returns so if you want to increase collections to increase practice value, you will need to increase and work another three years.

If you still love being a veterinarian and want to sell and stay on part-time, you need to start thinking about how much you want to work and how you will build a practice that can maintain a schedule for more than one veterinarian. This can be done, but you need to have a plan and your transition consultant can assist with this.

Are you ready to sell? Give it some serious thought after talking with your advisors and make the decision with confidence. Contact us today.

Are You Ready to Sell?

Are You Ready to Sell

By Megan Urban, Practice Transition Advisor

Are you ready to sell your dental practice? This is always a difficult question to answer for most dentists. You may still love doing dentistry but want less stress. How is your body holding up? Do you have enough money to retire? How much is your practice worth?

Contact your transition consultant/broker and have a heart-to-heart about your practice, goals, and options. We have lots of experience to share that may be beneficial to you. We can do a complimentary quick look to give you an idea of what your practice may be worth and of course a full valuation will need to be done to determine the final value.

Once you have an idea of what you may be paid for your practice and associated real estate, you can talk with your CPA and financial planner to know what retirement looks like for you, as well as plan what to do with your sales proceeds. You may have practice or real estate debt to pay off at closing, or you may have a retirement plan you can utilize to save on taxes.

Many dentists don’t know if they want to sell their real estate with the practice. In our experience, the best person to own the space is the dentist working in it. If you happen to have a lot of rentals and enjoy that, maybe this is an option for you, but if your buyer leaves, empty dental spaces can be difficult to sell.

Sometimes dentists believe their practice is worth more than our valuation and want to stay on to increase collections that may have waned a bit due to slowing down. You can certainly do that but know that banks look at the last three years of tax returns so if you want to increase collections to increase practice value, you will need to increase and work another three years.

If you still love doing dentistry and want to sell and stay on part-time, you need to start thinking about how much you want to work and how you will build a practice that can maintain a schedule for more than one dentist. This can be done, but you need to have a plan and your transition consultant can assist with this.

Are you ready to sell? Give it some serious thought after talking with your advisors and make the decision with confidence. Contact us today!