In a busy veterinary practice, it’s easy for staff to go above and beyond, staying late to help a patient in need or finishing up a day’s worth of tasks. While that kind of dedication is admirable and often necessary, it can also drain your practice’s bottom line. Uncontrolled staff overtime can significantly inflate payroll […]
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We’ve all heard the saying “don’t discuss money, politics or religion in polite company” but I think there’s something to gain by sharing some of your practice’s financial insight with your team. I’m not saying you need to have an open-book policy, but there can be several benefits to divulging a few key numbers. Communicating […]
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We always get the question “What should I set my base compensation at?” As an owner DVM, there can be more than one way to pay yourself – payroll, production, and through profit distributions. Although our answer may change with your goals, let’s look into two different scenarios: Scenario 1: One client is the solo […]
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at […]
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