Katina Stewart DVM
Martensville Vet Hospital, Saskatchewan
I am grateful for John Tait’s services as a practice valuator and purchase facilitator. I found him to be professional, honest and patient as we navigated my sometimes stormy transition from long term associate through the negotiation process and to closing. It has also been helpful to continue to work with him as a practice management adviser during this first year of ownership. It is very reassuring to have the same person who knows the financials of my particular practice as well as the value of practices and fee structures in my area give me guidance in setting up budgets and benchmarks. John Tait’s services have been an exceptional value.
Dr. Gillian Egli and Dr. Shannon Moffatt
Oakridge Animal Clinic, London ON
We had the pleasure of working with Dr. John Tait during the valuation of the practice that we recently purchased. It was biggest undertaking of our careers, and he made a potentially daunting process seem systematic and logical. Every step of the way he was available to answer questions and provide invaluable advice. He has unique expertise and insight into the veterinary business world. We look forward to continuing to work with John to grow our business!
John is a colleague, friend and trusted business consultant. I have known John for close to thirty years, served on the board of directors of a large small animal referral hospital with him and used his consulting services on several occasions. John is friendly, easy to deal with and trustworthy. He is compassionate, always professional, informed and up to date on the business of veterinary medicine. He explains complex business concepts extremely well and can adeptly lead a group of potential entrepreneurs through the intricacies of setting up a business as well as complicated mergers. John is punctual, reliable and returns phone calls and emails promptly. He really cares about your success.
Dr. Rick Campbell
Cottonwood Heights, Utah
Dr. John Tait has been our consultant for many years at Willow Creek Pet Center. Dr. Tait has given us timely advice regarding our daily operations from doctor and practice manager contracts, ways of increasing production while reducing costs, structuring production base pay along with bonus programs, and tiered training for our staff, just to name a few. In addition, he has assisted with partnership agreements, valuation of our practice, analyzing purchasing other practices along with exit opportunities. His advice has been invaluable. With his assistance we have increased our revenues by 25% along with increasing profits by 20%, established a successful partnership, and increased employee morale which has all led to better medicine. However, most importantly his advice regarding large financial risk has been inestimable.
Dr. Tait also was an owner of a veterinary practice, therefore he has working knowledge of every situation and challenge our practice encounters. We appreciate working with Dr. Tait and his ability to give advice which has consistently delivered positive results.
What is my practice worth?
Why Do an Evaluation or Fair Market Value Assessment?
There are many misconceptions and incorrect application of rules of thumb about what a veterinary practice is worth. In the proper aware objective context, it is possible to not only place a fair market value on a veterinary practice, but identify opportunities to make your practice more profitable and ultimately worth more on the open market. An evaluation or fair market value assessment can serve a number of purposes including facilitating a sale or buy-in, refinancing, tax and wealth planning, business restructuring.
Can I Operate More Profitably?
Practice management really is about achieving two goals: greater effectiveness and greater efficiency. Busy practitioners may not be aware of available resources to manage the functional areas of a practice including human resources, marketing, operations, and the financial portfolio. Greater efficiency means less stress, better profits, a better more productive workplace, and a happier bottom line. Our industry nowadays has benchmarks and targets for both optimum revenue distribution and expense efficiency.
Are my personal finances in order?
Can I Retire When I Want to?
We would all like to retire someday in control of our lifestyle with both our health and financial wellbeing intact. Integrating your business planning and efficiency with your own wealth accumulation, risk management, and investment planning is a sound financial planning exercise to ensure you can control your own career planning.
Why do I need a financial plan?
Can I get where I want to be?
A financial plan is like a road map to help you meet your objectives and financial goals. It helps guide timelines, reduce risk, avoid overpaying taxes, and plan for your future.
Should I start a practice?
Or keep practicing as an associate?
Our profession is very fragmented and over-saturated in a number of areas. Managing risk and financial vulnerability is critical in a highly competitive environment and should be assessed with a structured feasibility study. Such a study will break down demographics, available clients and project revenue and profit for a new practice owner.