Are you a veterinarian considering independent practice ownership? At FivePoints, we specialize in helping veterinarians on their path toward becoming a practice owner (and current practice owners!).
When you work with us, you can expect a collaborative relationship where we'll work together to prepare and organize your personal finances, develop your vision and business plans, and assemble your support team to set you up for success!
You are passionate about providing the best care possible for your patients, and could not imagine working in another profession. But between being burdened by student loans, high debt-to-income ratios, and burnout, you wonder what the future holds for you in veterinary medicine.
You may be asking yourself:
Is practice ownership something I should consider?Am I able to become a practice owner with high student loan debt?How do I even begin the process of purchasing or starting a practice? Should I sacrifice savings today to pay down student loans? Who can I trust to join me on my financial journey?
At FivePoints, our specialization in working with veterinarians provides us with unique insights into the veterinary profession and equips us with the resources necessary to deliver expert advice customized to your individual circumstances. We welcome you to schedule an Introductory Call to see how we can work together to help you succeed.
Associate, Emergency, Relief, and Specialty Veterinarians
Lifestyle Cash Flow ManagementStudent Loan PlanningGoals VisualizationCoordinated Investment AdviceSkillful Tax PlanningRetirement/College/Savings PlanningRisk Management (Life, Disabiity, Liability)Proactive Estate PlanningOpen-Door Policy
If you are exploring practice ownership, we'll also provide:Assistance in preparing financial statements requested by lendersAdvice on how debt may impact your purchase/start-up decisionInsight into evaluating lenders and what documents/information they needGuidance with developing your vision and business plan, and knowing your 'why'Collaboration with assembling your support team on the path to success!
Veterinary Practice Owners/Managers
In addition to the services listed above, we provide the following advice for practice owners/managers:
Setting up retirement plans and exploring employee benefits to improve retentionEnsuring proper business insurance policies are in place and adequately coveredOrganizing
your accounting proceduresImproving your work/life balance Increasing practice efficienciesOperating a more profitable practice
What can you expect when working with FivePoints?
Our collaborative and modular approach to financial planning allows for more productive meetings without feeling overwhelmed. During the initial year, you can expect 4-6 meetings focused on particular areas of your finances and goals. Once your financial foundation has been established, subsequent years consist of 3-4 meetings where we will review and adjust as necessary, but still maintaining our open-door policy and communications.
Our fees are calculated based on a combination of income, marketable net worth, and complexity. We operate on a fixed-fee annual retainer basis, payable either monthly or quarterly. The minimum annual fee is $3,000 for non-owner veterinarians, and $5,000 for practice owners, with an initial engagement fee of $750.