I remember when I bought my first house. I wasn’t sure if the timing was right, whether the house the real estate agent recommended I buy was the right house or if I could afford the house payments. At the ripe age of 26, I took the plunge and bought the house. It turned out that years later, those trepidations I had were irrelevant. This wasn’t the perfect house, but I remodeled it...Read More
In the September 2017 subscription of JADA, there is an article titled “Practice Ownership is Declining” by Marko Vujicic, Ph.D. As the title reveals, the article is about the decline in practice ownership by dentists. If you have not read the article, I highly recommend it. The statistics in the article support what we are seeing in the market for dental practice and some of the...Read More
Has the bubble finally burst? I have heard from other practice transition consultants, bankers and attorneys who are telling me they are busier than ever. We, Omni Veterinary Practice group, are experiencing the same thing with more listings and more practices under contract than ever before. So, why are so many veterinarians deciding now is the time to sell? I believe it’s for a...Read More
Over the past several months, the economy has been going quite well. The Dow Jones average is up over 21,000 and setting all-time highs. Employment levels are up while unemployment levels are down. Current unemployment levels in King, Snohomish and Pierce counties are at 3.3%. Amazing numbers for a strong economy.
The strong numbers have played a part in the increase in practice...Read More
Practices come in all shapes and sizes. Some are collecting over $1 million per year with 50% overhead. Others are collecting $600,000 per year with 65% overhead. These both appear to be decent practices. Yet, there are other practices collecting $300,000 to $400,000 with 70% overhead. The first two practices are definitely practices to consider buying, but is the third practice...Read More
Understanding how many patients, or what type of patients, are in a practice is an important part of evaluating a potential practice to purchase. What is one man’s trash is another man’s treasure.
When you are evaluating a practice, you may be told that there are a certain number of “active” patients in the practice. That term “active” is one of my...Read More
By Jim Vander Mey
Practice Transition Advisor
I meet hundreds of veterinarians each year who are looking to buy an existing veterinary practice. Of those, I would estimate that 30% have done any research on what is involved in buying a practice. Of that 30%, none know the beginning to end process of buying a veterinary practice. While all the steps cannot be covered in this article, here...Read More
Owning and growing a dental practice can be one of the most challenging things in dentistry. Advertising for new patients can be hit and miss and expensive. That’s why one of our favorite strategies is to purchase another practice and merge it into your existing practice.
The reason you would consider doing a merger is because you get all of the revenue and current patients from the...Read More
Owning and growing a veterinary practice can be one of the most challenging things in the veterinary field. Advertising for new clients can be hit and miss and expensive. That’s why one of our favorite strategies is to purchase another practice and merge it into your existing practice.
The reason you would consider doing a merger is that you get all of the revenue and current clients...Read More
Buying a veterinary practice can be and is a daunting task. It’s much more involved than purchasing a car or even a house. You have to wear many hats including shopper, negotiator, accountant, finance, lawyer, practice management expert, equipment specialist and even human resources manager. One wrong step and you could set yourself back financially, legally and even personally if...Read More
