{"id":1104,"date":"2014-01-01T15:57:03","date_gmt":"2014-01-01T15:57:03","guid":{"rendered":"http:\/\/phosdev.com\/todaysveterinarypractice\/?p=1104"},"modified":"2022-02-16T19:19:36","modified_gmt":"2022-02-16T19:19:36","slug":"practice-building-moving-forward-investing-in-the-future-of-your-practice","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarypractice.com\/practice-management\/practice-building-moving-forward-investing-in-the-future-of-your-practice\/","title":{"rendered":"Moving Forward: Investing in the Future of Your Practice"},"content":{"rendered":"

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Travis Meredith, DVM, MBA, Diplomate ACT<\/span><\/em><\/p>\n

Affinity Veterinary Center of Malvern, Malvern, Pennsylvania<\/em><\/p>\n

Axxiom\u2014The Practice Impact Group, Philadelphia, Pennsylvania<\/em><\/p>\n

Dr. Meredith explores proactive, strategic investment decisions for practices committed to generating additional income, offering the highest quality of medicine, providing an optimum patient experience, and creating a productive work environment.<\/span><\/p>\n

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This year\u2019s Practice Development series is dedicated to building today\u2019s veterinary practice. The goal of this series is to describe the many elements that impact the growth and success of your veterinary practice. This first installment examines the broader thought process of investing.<\/span><\/p>\n<\/div>\n

Dr. Smith<\/b><\/span> graduated from veterinary school 10 years ago. A mother of 2 school-age children, she has worked as an associate veterinarian since graduation, and has reached a point where she finds herself wanting more out of her career. While Dr. Smith has spoken with her current employer about her desire to be an owner, the reality of a partnership is a long shot at best. After months of casually exploring options, Dr. Smith has come across a location outside of her existing non-compete agreement, with a landlord who is excited to have a veterinary hospital as a tenant.<\/span><\/em><\/p>\n

Dr. Jones<\/b><\/span> is the sole owner of a busy 3-doctor practice in a suburb of a major metropolitan city. He purchased the business as a single-doctor practice 15 years ago, and it has grown steadily most years. His practice is built on the foundation of good medicine, and although he has many of the latest clinical tools, Dr. Jones acknowledges that his current facility looks very much the same as it did the day he purchased it. His team constantly reminds him of the challenges of working in a cramped space\u2014he knows a facility expansion is long overdue.<\/span><\/em><\/p>\n

While these 2 veterinarians are very different individuals at different stages of their careers, they are remarkably similar in one way. Both of these capable professionals have reached a decision point in their professional lives\u2014to remain in the relative stability of the known or to invest in an opportunity to find greater professional success. <\/span><\/p>\n

Both of these scenarios demonstrate the influential role strategic investments play in many veterinarians\u2019 lives. <\/span><\/p>\n

DEFINING <\/b><\/span>INVESTMENT<\/b><\/span><\/h2>\n

In finance, <\/span>investment<\/b><\/span> is the purchase of an asset with the hope that it will generate income or appreciate in the future to sell at a higher price. The term is typically used in reference to a long-term outlook, and is associated with taking some kind of risk. Investing is not just the process of committing money, but the factors associated with that commitment.<\/span><\/p>\n