Beyond the Successful Veterinary Practice

A follow-up to the successful and sensible Building the Successful Veterinary Practice series, this new volume provides the business know-how needed to make today's emerging practices tomorrow's established practices.

Author and consultant Thomas Catanzaro reveals his secret to building a business for the future: a strong succession plan. This book will help readers incorporate a defined leadership structure; address the internal and external legal issues of a practice; and understand the economic factors of owning and selling a practice.

Preface.

Introduction.

Succession Planning—Forces of Change.

Risks and Demographic Demands.

Legal Issues of Veterinary Practice Succession Plans.

Selecting the Appropriate Legal Structure for Succession Planning.

Contracts for Succession Planning Transactions.

Solo Group Practice or Practice Affiliation: Is It Right for You?.

Legal Relationships with Associate Veterinarians.

Appendix A: Personal and Practice Value Assessment.

Appendix B: Compensation.

Appendix C: Employment Agreement.

Appendix D: Bill of Sale.

Appendix E: Covenant Not to Compete.

Appendix F: Promissory Note.

Appendix G: Veterinary Practice Purchase Agreement.

Appendix H: Personal and Confidential.

Thomas E. Catanzaro, DVM, MHA, FACHE, and diplomate of the American College of Healthcare Executives, is the first veterinarian to receive board certification from the American College of Healthcare Executives. He has 30 years of experience as a practitioner, a hospital services director for AAHA, and a consultant. Widely published and in demand as a speaker, Catanzaro addresses areas of skill that are not usually included in a veterinarian’s formal education.

Robert W. Deegan, DVM, is the vice president for research and development at the Iowa JARD Corporation in Maquoketa, Iowa, which investigates agricultural options and develops commercial projects. He has worked with Catanzaro & Associates since 1993 to establish a valuation methodology to determine fair market values for veterinary practices.

Edward J. Guiducci, JD, represents veterinarians in business and real estate transactions throughout the United States.

Practitioner and national consultant Thomas Catanzaro knows that planning for the future today takes the fear out of meeting it tomorrow. In the same practical, easy-to-understand approach of this Building the Successful Veterinary Practice series, Catanzaro guides readers through the process of succession planning. From developing a better leadership structure to understanding the fiscal and legal aspects of a sale transaction, Catanzaro teaches the practice owner how to exit the practice at the time of his or her choosing and to maximize the after-tax profits from the sale. Some of the topics the author explores:

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• Understanding the forces of change
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• Calculating the practice’s value
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• Assessing risks and demographic demands
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• Compensating team members
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• Preparing for the sale
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• Creating a market
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• Choosing a transaction structure
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• Selecting a legal structure
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• Negotiating transaction contracts
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• Entering into a solo group practice or practice affiliation
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• Planning for an associate buy-in
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• Easing the transition of ownership and practice leadership