If you're planning to expand your hospital this new year, now's the time to "get your ducks in a row." This means creating an effective project plan that clearly outlines your objectives, and surrounding yourself with a team of experts who have your best interests at heart. By taking these steps, you will save both time and money while improving your chances for a successful outcome.

Here's a checklist for getting your project underway:

  • Define your project plan. Use a business plan template to clearly outline your project objectives and strategies. Some of the key questions your plan should include:
    • What is your practice philosophy or mission?
    • What are your project objectives?
    • How do your project objectives support your practice mission?
    • What is your project budget?
    • How do you plan to finance your project?
  • Assemble your project team. The role of your project team is to help you maximize your practice investment. Your team should include an architect or interior designer, contractor, equipment vendor, an accountant, and lender. Be sure all team members are experienced in the veterinary field.
  • Determine your new practice size. The size of your new hospital after expansion drives every aspect of your practice build-out, including the type and amount of financing you will need. Your architect will help you determine the appropriate size to meet both your immediate and long-term needs.
  • Get pre-qualified. Talk to your lender to determine if your project is financially feasible. Expect to provide two years of personal and business tax returns, a current profit & loss (P&L) statement, and a set of drawings for a preliminary project appraisal.
  • Outline project costs. Have your accountant review all costs before submitting them to your lender for a final commitment. With the loan commitment in hand, you should be ready to start your project!

When it comes to choosing your lender, talk to us about our customized practice expansion financing package. Wells Fargo Practice Finance is the only practice lender recommended by AAHA, and as a member, you automatically qualify for preferred pricing on competitive fixed rate loans.

Contact us today and receive a free Practice Success Kit with our latest Strategies for Success newsletter and an easy-to-use Project Planner.

To learn more, just call your Wells Fargo financing specialist at 866-4MY-PAWS (866-469-7297) or visit us at wellsfargo.com/veterinarians.


All financing is subject to credit approval.
©2014 Wells Fargo Bank, N.A. All rights reserved. Wells Fargo Practice Finance is a division of Wells Fargo Bank, N.A.


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