Strategic matters cover issues such as:
The main criterion that distinguishes strategic decisions from day-to-day management considerations is the extent of the 'downside risk'. Decisions that are of a longer-term nature are strategic, and may have an impact on your financial well-being twenty years or more into the future.
We have experience providing strategic advice to practitioners buying, owning, or expanding a practice. Our experience comes from the supervision of buy and sell decisions of the many practitioners who use our accounting service, our practice valuation and evaluation services, and the thousands of hours spent in actual business consultations with our clients over the years.
Key financial decisions are shaped by tax laws and associated regulations. These impact directly on the financial structuring of decisions such as:
Financial decisions such as these should be modelled on an "opportunity cost" basis. That is, foregoing income now in order to develop the practice, against other personal opportunities, such as reduction of a home loan mortgage, or superannuation funding.
We maintain the relevance of our advice because our accounting arm provides accounting services to many dental and veterinary practices.
Partnerships become strained for many reasons. Sometimes reconciliation proves impossible. Synstrat is experienced at valuing practices independently and mediating financial issues between the parties. This can save considerably on protracted disputation, heavy legal fees and significant loss of income while the dispute rages or drags on.
There is no substitute for having a mediator, experienced in all financial aspects of practice management, acting as an independent third party to facilitate a fair settlement between the parties.
Synstrat can assist our clients in making submissions to banks and other lenders for funds to purchase or upgrade a practice. Some lenders will lend against goodwill based on a practice valuation prepared by Synstrat. Other lenders require alternative security.