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Advisory Team

As the owner of your Practice, it is important to surround yourself with experts that provide you with guidance needed to best operate your business. These expert advisors become your “Board of Directors.” As your Practice grows, it becomes increasingly important to utilize your advisors to both minimize potential problems and capitalize on opportunities.

Your advisory team will typically include:

Accountant – Your accountant should be familiar with Veterinary Practices. They should be providing you with Veterinary specific financial statements. They can be an excellent source of information regarding tax planning, buy vs. lease decisions, determining the entity that is most appropriate for you and your Practice and providing timely financial statements that will help you manage your Practice.

Practice Manager or Hospital Administrator – As your Practice grows, hiring a manager to coordinate the day to day operations becomes a key to you maintaining your sanity while focusing on treating patients.

Attorney – Your attorney can be a tremendous resource for dealing with incorporation documentation, employee manuals, and employee dispute issues. The cost of paying for an attorney to address issues up front is often much less expensive than facing a lawsuit that may have been avoided.

Lender – Your banker can be more than the person you mail the mortgage payment to each month. A good relationship with your banker will help when it is time to upgrade to that new digital radiograph machine or when you are going to build a new building for the Practice. Some Veterinary specific lenders will provide you with information and feedback to help you identify opportunities in your Practice.

Insurance agent – This person can do much more than provide you the lowest possible rates. They can help you determine the appropriate insurance that works best with your needs and the needs of your Practice. At what point is workers compensation insurance needed and who should be covered?

Practice consultant – Ideally this person is involved with you on an ongoing basis. Depending on the needs of the Practice, this person or firm should be proficient on issues specific to the Veterinary profession including: analyzing the financial statements and Key Performance Indicators, improving client compliance, marketing, human resource challenges, and keeping you aware of trends and opportunities within the profession and your Practice that will help you be more comfortable with your Practice while making it more profitable.

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