The GeniusVets Show with Eric Miller

Welcome to the GeniusVets Show for veterinary practice owners and industry pros. At GeniusVets, it's our mission to help veterinary practices thrive, and this webinar and podcast supports that mission by giving a platform to the best and brightest minds in the veterinary industry, where we identify challenges facing veterinary practices today, discussing ideas, insights, and solutions that practice owners need to know about. If you like today's show, that's something we'd love to know. Feel free to send an email to [email protected] And make sure to check out the wealth of resources available to veterinary practices at GeniusVets.com/Pro.

Join us as we talk with Eric Miller, veterinarian and owner of Chief Financial Advisor and Co-Owner of Econologics Financial Advisors. 

Key Takeaways

  • Eric Miller discusses common financial mistakes practice owners make, like underestimating income needs and not paying themselves enough profits
  • Miller covers setting up key accounts (emergency, expansion, wealth storage) to ensure profits get allocated properly
  • Other topics include using the practice to create multiple income streams and planning for an optimal exit
  • Practice Expansion Checklist Giveaway

What Practice Owners Get Wrong About Money

  • Underestimating how much income is truly needed to live the desired lifestyle and run the practice solvently
  • Not paying themselves enough profits - profits should be a non-negotiable "expense"
  • Missing opportunities to use practice to facilitate earlier retirement and create other income sources

Golden Rules of Income and Expenses

  1. Organizations will naturally try to spend all revenue and then some
  2. People make only what they think is needed to survive - must make profits a necessity
  3. Set up 4 accounts: emergency, expansion, wealth storage (10% revenue), personal use

Creating Multiple Income Streams

  • Invest in real estate, stocks/bonds (fixed income tilt), insurance products
  • Goal is safe investments that return principal and generate cash flow

Preparing for an Optimal Exit

  • Assess emotional and financial readiness to transition
  • Build a business that corporate buyers want: multi-doctor, good margins, growth, compliance, leadership
  • Treat the practice as an investment, not just a job
  • Assemble the right financial team who understands the veterinary industry

Practice Expansion Checklist Giveaway

It's no secret that the past two years have been a roller coaster ride for veterinary practice owners. But the truth is right now is the greatest opportunity of your lifetime to grow and strengthen your veterinary practice for years to come.

Business goes in cycles. These cycles have peaks and valleys.

Right now, we're at a peak. But at some point, there will be a valley.

Smart and successful business owners find a way to build a bridge to get from peak to peak. So that they never have to climb out of a valley. Now is the time for you to build your bridge.

What is that bridge? It's an investment.

Investing in your operations, getting your staff well aligned, and delivering a higher level of customer service. Are you looking to attract doctors and staff? Do you want to make it easier than ever to deliver a higher level of customer service? To attract clients who are ready and willing to follow your advice and will happily pay whatever you charge?

The key to all of this is truly understanding the processes people go through leading up to, during, and after their interactions with your practice.

How do doctors and staff find and evaluate you before applying? What is the complete customer journey for your clients? And how can your practice better support these people in every step they take?

Knowing the answers to these questions and implementing strategies to support them can be transformational to your veterinary practice, leading to increased workplace satisfaction, happier clients, and significantly higher profit margins.

GeniusVets has proven to be an industry leader in helping veterinary practice owners take their businesses to the next level in all of these ways and more. GeniusVets offers many incredibly valuable resources, that can help you grow and strengthen your veterinary practice that are completely free of charge, along with professional services that strongly outperform every other company in their space.

If you've not yet scheduled your free consultation and demo with GeniusVets, we would strongly recommend that you do so now. It might be one of the best things you do for your business this year.