The Veterinary Practice Leaders Most Important New Year’s Resolution!
Wilson W. McManus II, DVM CVPM-Simmons & Associates MidSouth – Every year without exception, normally just after the first of the year, the pricing increase letters start rolling in from most of the major pharmaceutical companies, pet food manufacturers and other various suppliers of the veterinary items that we sell to clients to keep their […]
The “New Normal” of Exhaustion and Reaching Capacity
As the owner of two Simmons territories, the Northwest and Midwest, my team and I cover a total of 13 states. Nearly all of our clients are telling us they are the busiest they have ever been. Many are reaching capacity. They tell us they could see more clients and grow revenue if only they […]
The Unexpected Effect of PPP Loans on Practice Financials has Gone Viral
The first quarter of 2020 proved to be similar in most regards to the preceding quarters of 2019 marked by economic growth, low unemployment, and strong financial markets. That changed suddenly with a disease caused by a coronavirus, termed Covid-19, following its origin and then international spread from Wuhan, China. The international community issued a […]
“What’s in Your Wallet?” Or Rather ”What’s in Your Clients’ Wallet?”
Wilson McManus II, DVM CVPM & Kris Smith CVPM ~ Many of today’s veterinary hospitals can receive up to 80% of their payments for services and products electronically by credit card, debit card, or app-based payments. This percentage could be even higher in the coming years as fewer clients carry cash or elect to pay […]
Enterprise Goodwill vs. Personal Goodwill: What Is the Difference?
Byron Farquer, DVM, CVA Each veterinary practice has two main assets classes — tangible and intangible. Tangible assets include items you can pick up and carry around like furniture, trade fixtures, medical equipment, and supplies. Intangible assets are the practice’s assets that exist but not in a physical form, the most important being goodwill. Read on […]
How Drug Costs Can Kill Your Profit & Veterinary Practice’s Value
Simmons & Associates MidSouth – Wilson McManus II, DVM, CVPM & Kris Smith, CVPM | Do you feel you have a successful, busy veterinary practice, but you consistently end up with little or no profit at the end of each month? Have you recently had a practice valuation and were shocked that you don’t have anything to […]
3 Reasons Your Veterinary Practice Isn’t Getting The Results You Wanted This Year
Nikki Nitz, CPA, CMA, Owner of Simmons Northwest and Simmons Midwest You have been in business for a few years. You work way more hours than you want, missing out on family and life activities, yet you are not providing the finances or the lifestyle for your family you had envisioned when you became a […]
Veterinary Practice Value, Product Sales, and Profitability: Is There a Connection?
By: Byron Farquer, DVM, CVA Most practices find that product and supplies costs often consume 18-20% of gross revenue and are second only to payroll as the most expensive business cost. One must have an inventory manager complete with a detailed job description to manage inventory. Simply giving someone the title Inventory Manager without a clear […]
Improving Veterinary Practice Value at the Employee Hiring Stage
Jim Connelly, CEO and Founder of Org Ex, uses the science of human behavior to assist business owners with their hiring decisions. Mr. Connelly has conducted over 2,000 behavior-based interviews which are interviews designed to predict the future behavior of an applicant based on their past behavior. The interview techniques are commonly used by human resource personnel […]
All That Glitters is Not Gold! – The Long-Term Service Contract Dilemma
Wilson McManus II, DVM CVPM, Simmons MidSouth – Imagine this…It has been a wonderful last couple of months for you. You’ve sold your veterinary practice, Four Legged Friends Veterinary Hospital, after many, many years of practice, to an associate that had been with you for a year. You and your spouse have retired to the sunny […]