BizQuiz: What's your practice ownership IQ? (answer 6B)

Jan 21, 2011
By staff

6) B-You’re thinking like an (archaic) owner.

This line of thinking is dangerous to the profession because it burns out owners and scares off associates. Times have changed and the veterinary industry needs to change too. As an owner, you must set yourself up for a work life that’s balanced with your personal life—or you’ll burn out as an owner and scare off associates. One way to do this is to consider part-time ownership with multiple partners. For example, you could include three practice owners, each who work 30 hours a week, and follow a four-tier compensation model in which you’re all compensated for your production, return on investment, management duties, and a fair division of net profit. There’s proof that this works.

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