Whether you are looking to start, buy a practice or even build a new facility; building a strong team of advisors is the most integral part of the process. Every team should include at a minimum a CPA and attorney, but depending on the scope of your project, you may want to also include a consultant, contractor, architect, lender, marketing team or a coach to help advise you along the way.
One of the biggest mistakes that new practice owners make is cutting corners and using “friends and family” to keep the costs down while not using veterinary specific advisors. Understanding that you are getting what you pay for will help you on a trajectory that will help catapult your new business. As you build out this new team understand that they are attached to your legacy that you would like to leave.
One of the biggest advantages of having veterinary specific professionals on your advisory team will be the industry specific experience they bring to help with the nuances of your project. This can save countless hours of work and research, which in the end can actually save you money. I would also highly recommend reaching out to our Harbor Mentors. We are all more than happy to talk about our experiences in building your advisory team.
This is such great advice and makes so much sense! I can definitely see how a strong team with loads of experience can benefit the legacy one is trying to leave behind. How do you ensure that you can afford this strong team when you are just starting a practice? Thanks @iwidensky
Emily, in todays environment most of the veterinary specific lenders will allocate funds for you to assemble this team and incorporate that into your initial bank note so you wont have to come out of pocket
Oh fantastic! Thank you for clarifying.