Dealing with red tape and the problem of who will take over the practice were among the main issues highlighted by vets in a 2017 survey. Succession planning and dealing with rules and regulations were listed as the biggest challenges in a survey of 100 vets, who took part in the Veterinary Practice Survey Report.
Dealing with red tape and the problem of who will take over the practice were among the main issues highlighted by vets in a 2017 survey.
Succession planning and dealing with rules and regulations were listed as the biggest challenges in a survey of 100 vets, who took part in the Veterinary Practice Survey Report.
The vets also highlighted keeping accounts up to date, including VAT records, dealing with rising practice costs and maintaining a healthy work/life balance as challenging.
The survey found:
Half of practice owners are aged over 50.Half of veterinary practices employ less than five staff. This may indicate a potential problem with continuity of small practices, as owners or partners enter retirement and wish to exit their business. A small number of staff may make it difficult to identify an appropriate successor or buyer.24% of practices are incorporated or part incorporated.70% said they might or definitely would consider incorporation. The remainder would definitely not consider incorporation. “While carrying this study, we found much fear and uncertainty around the topic of incorporation,” the authors, HLB Sheehan Quinn, noted.
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