Veterinary Practices – Succession Planning
Accountancy and business advisory firm HLB Sheehan Quinn presented a detailed seminar last week at the UCD Veterinary Hospital Conference 2016 to a packed auditorium.
Emphasis was placed on the importance of structuring of a veterinary practice to meet both the needs of the practice and future succession in order to sustain organisation performance and long-term success.
“From our experience working with the veterinary sector there are many unique factors to be considered when seeking to build value and put in place a strategic and succession plan for a practice.” said Mark Butler, chairman HLB Ireland and Managing Partner HLB Sheehan Quinn.
Engaging early in a plan for your veterinary practice was a core theme from the presentation especially on early planning for tax efficient transfers and cash management. There was detailed discussion on various succession tax breaks and on a number of efficient tax planning trends.
Good advice around valuing a practice whether for sale or succession to particular partners or even family and creative approaches to ensure the practice and income is sustained was well received.
If you have any queries please contact Mark Butler on 01-2915265.