As a Veterinary Professional, we know that you face a bunch of issues as a business owner on top of your veterinary responsibilities including managing the day to day operations of your business covering HR, compliance, record keeping, and business cash flow management. Our team at the Bongard Wealth Advisory Group understands that as a busy professional, you are
Our family has a deep history in the Ontario Veterinary Medical Association with my maternal great great grandfather, Dr. Andrew Smith
, starting the Ontario Veterinary College in 1862. Throughout the years, our family has been involved with both the veterinary and financial services industry and this has given us a unique perspective into the challenges that veterinarians are facing in their business and how to help maximize your financial well being.
In our conversations with our veterinarian clients, there are three key issues that are critical
Is My Human Capital Protected?
The biggest investment you have made is in yourself through your additional education. As an incorporated professional, you are responsible for your own insurance whether it is for disability insurance, professional corporation insurance or life insurance.
Buying Insurance can be a difficult minefield to navigate as you do not want to be underinsured leaving yourself vulnerable in case something were to happen, or over-insured paying too much in premiums for insurance that you do not need.
Our team can help you select the insurance that is the most appropriate for you and explain it to you in simple terms to ensure you are only buying what you need and not a complicated product that is not suitable for you.
How Do I Maximize The Value of My Practice?
Your practice is one of your largest assets you have besides your human capital. Selling your practice when you are looking to retire is a significant time in your career as the opportunity to sell your practice usually only comes by once. When you are looking to sell, you must understand the variable that determines the selling multiple your practice and what changes you should make to your practice to make it more attractive to a potential buyer. You never know when you will get an offer to sell your practice but it is important for you to know your valuation in case that opportunity presents itself.
Furthermore, as an incorporated professional, there are many tax and investment opportunities that are available to you that can be used to maximize your personal wealth. An example of this keeping unused income in your corporate instead of pulling it out as income. By keeping the retained earnings in your corporation and investing those proceeds, you are minimizing your tax impact which can have long term benefits over your lifetime.
How Much Do I Need to Retire?
This is a universal question that everyone faces when they are looking to transition to retirement. When you are working, you may be making your annual RRSP and TFSA contributions but do not know where this leaves you as you are getting close to retirement. Our team is specialized in helping professionals go through the transition to retirement.
Retirement is no longer a single transition, you may want to sell your practice but continue working in an associate capacity a few days a week during the transition. One of the biggest questions facing veterinarians is "How Much Do I Need?" By creating a holistic financial plan, we can help you determine a retirement transition plan that will allow you to live comfortably in retirement and where your sources of income will come from.
Financial Planning Checklist for Veterinarians
Our team at Bongard Wealth Management are happy to help you answer these question to make sure you. We have included our financial planning checklist for every stage of your career as a veterinarian.