Analytical Review of Practice Areas
Amy and Travis Henry own Midwest Vet Dental, a dentistry-only specialty vet practice for equine and small animals in Elkhorn, WI. Their specialty is equine basic and advanced dentistry, and they also educate veterinarians in all aspects of dentistry through continuing education seminars and labs.
They chose SVA because they were looking for an accounting firm that had extensive knowledge about the unique facets of the veterinary industry. "We were looking for someone who could help us with more than taxes, someone who could help us dig deeper into some issues we were having and would understand our business and industry," states Amy.
When Amy and Travis started working with SVA, they looked to break down certain areas of the practice and analyze specifics of what was happening within those areas. They needed an understanding of which areas were profitable, if they shouldn't continue to put money towards certain areas, and where improvements could be made. SVA helped them review specific scenarios, enabling them to make informed decisions for the future.
Amy continues, "We onboarded with SVA during an interesting time. It was just before the pandemic, which was very challenging for a lot of businesses. It was challenging for the veterinary industry and, even though most veterinarians came through it well financially, there were a lot of decisions that needed to be made during that time. Our SVA consultants helped us with the available programming, whether we should or shouldn't take advantage of them, and they also put us in touch with people that could help us with the programs, such as the PPP loans, and that was very helpful to us."
When talking with Amy and Travis, SVA realized they should restructure their financial obligations. Like many business owners, they felt they had done a good job with their financing and had reasonably good rates in place. SVA connected them with a new banking partner that helped them lock in lower rates, which meant their business could be healthier on the debt side.
"Our team at SVA is very responsive. They're only a phone call or an email away, and they help us with so many areas of our business, it's hard to name them all. From tax planning to financial issues, they're there for us when we need help and throughout the year, not just during tax season. That was really important to us in picking our accountant, "says Amy. "I would highly recommend SVA to any veterinary practice that is looking to make a change or if you're having any issues within your business. They have the expertise in the veterinary industry that is so important to our practice."
"Our SVA team has helped us enormously these past couple years, especially in the areas of refinancing our debt, tax planning and strategy, and benchmarking our practice to our industry peers.”