VET CPA Association Launched – Coaches for Veterinarians
To better service the veterinary practice and animal health sector, Build Your Firm is proud to announce the launch of VET CPA Association, which is a network of CPA Firms located in North America dedicated to better service pet hospitals, animal clinics, veterinary practices and veterinary specialties.
The VET CPA Association is committed to provide coaching services to the broader animal health industry in three specific areas:
- Tax reduction coaching
- Benchmarking coaching
- Profit coaching
The veterinary services industry is a $39 billion dollar industry growing steadily (+3.8%) and with extremely low unemployment (0.5%). And with more pet owners now purchasing pet insurance, more pet owners will be able to afford high-cost medical procedures such as surgery which will in turn extend the lifespan of pets. Pet insurance is growing at a rate of 12.9% annually.
The veterinary service sector is attractive to our CPA members for the following reasons:
- Most veterinarian practices are operated by sole practitioners, rather than large groups with many partners. This makes it easier to provide coaching and gain agreement on recommended action steps.
- The veterinary specialists segment will grow with the rapid growth of pet insurance. The specialty segment provides services like orthopedics, dermatology, dentistry, ophthalmology and treatment for exotic pets.
- Most veterinarians are well educated, passionate professionals that need coaching on tax reduction and profit coaching.
- Most veterinarians are excellent candidates for tax reduction planning and profit coaching without the assurance needs of riskier industries.