Ideal Practice Benchmarks
by Jim Vander Mey Practice Transition Advisor People love benchmarks. They want to know how many glasses of water we should drink each day. How much we should work out every week. Or, how many miles per gallon our cars can achieve. There are benchmarks to look at when you are buying a practice. They may not necessarily be deal-breakers, but they help determine what you will need to do...Read MoreIdeal Practice Benchmarks
by Jim Vander Mey Practice Transition Advisor People love benchmarks. They want to know how many glasses of water we should drink each day. How much we should work out every week. Or, how many miles per gallon our cars can achieve. There are benchmarks to look at when you are buying a practice. They may not necessarily be deal-breakers, but they help determine what you will need to do...Read MoreTop Pitfalls To Avoid When Buying a Veterianry Practice
There are a number of things to look out for when buying a veterinary practice. If you’re not careful, you could end up with a bag of tricks. Here are some of the top pitfalls to avoid when buying a practice: 1. Not understanding the numbers. Be sure and know what normal veterinary expenses are and what may be extraneous. 2. Assume the staff are all on board and will be staying with...Read MoreWhen Do You Know You’re Ready for Your First Dental Practice?
You have been out of dental school for over a year now, working as an associate, or a GPR assignment. You’re getting antsy as the owner keeps giving you the new patient exams, fillings, and the mean, nasty patients they don’t want to see. You’ve got the itch for a change, either to do a startup or buy your first dental practice. But, how do you know you’re ready?...Read MoreBe an Educated Veterinary Practice Buyer
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 is some guidance on where to start and what steps...Read MoreSeeing the Jungle through the Trees
All practices have something wrong with them. Some have more problems than others. The key to analyzing and acquiring a practice is having a vision and being able to know how to overcome and fix the problems. Case Study #1 – A practice has historically produced $800,000 but is now down to $400,000 with no new patients coming in the door. Turn and run, or look into it further? If...Read Moreby omniadminFebruary 2, 2023 Buyer Articles, Buying a Practice, Practice Transtions, Real Estate0 comments
