Discussion

This paper considers the main steps in progression through life in an equine (or mixed) veterinary practice from the position of an assistant contemplating partnership or equity purchase, moving on to life as a partner or director/shareholder and finally the mechanisms for a graceful exit.

Contemplating commitment:
The transition from a salaried employee to owner/manager is a big step requiring tolerance, patience, nerves of steel, dynamism and commitment, not to mention a sizeable loan to fund the buy in.

Consideration is given to:
1. Is it right for me and am I right for 'them'?
2. What are the alternatives?
3. How do I know if it makes financial sense?
4. What is goodwill?
5. How is a practice valued?
6. What are the risks?
7. How do I know what the rules are after I buy in?
8. Do I need independent advice and where do I get that advice?
9. What are the key steps to get from where I am to where I
want to be?

Time to reflect on the commitment made:
After the commitment of buying in has been made, life will be different and hopefully better for all parties.

Consideration is given to:
1. What are the main differences to life before the buy in?
2. How much better off should I be?
3. Where are all these clever tax planning benefits I've always heard about?
4. What are the key aspects of the practice I need to concern myself with?
5. What are the key areas of my finances I need to worry about?

And now, the time has come:
After years of hard work, a graceful exit is always the aim. Sometimes retiring partners (directors/shareholders) have unwelcome surprises at retirement that could easily be avoided with planning and practical advice.

Consideration is given to:
1. What are the methods and mechanisms for exit from a partnership, LLP or limited company?
2. How can I afford to retire?
3. We don't value goodwill but what happens if the practice is sold after I've gone?
4. Are there any steps we can take to improve the financial position for everyone?
5. Why am I still paying tax after I've retired?

With the limited time available, this will be at an overview level. Further information is available on request from info@moore-scarrott.co.uk. Specific questions can be answered by e-mailing the question to the address given or alternatively visiting The Moore Scarrott stand in the exhibition hall.