Happy New Year! We would like to wish you a new and improved year over 2020 and 2021. If you’re like most people, you have set some New Year’s resolutions. Perhaps one of them is going to the gym. Another may be eating healthier. A third popular one is spending more time with family and friends. Statistics show that on average, it takes 32 days before people give up on their resolutions. My thought is why wait? I’m having a hot fudge sundae for lunch and not going to the gym! But how about a resolution to further your career as a veterinarian?
One way to further your career may be getting out of your current dead-end associate job and finding a new one. As you know, there is a shortage of veterinarians who want to be associates. As such, corporates are offering bonuses to sign on with them. Some are quite generous. There may be some stipulations around how long you need to stay working with them, however. If you don’t want to work for a corporate-owned practice, there are a lot of individual practice owners looking for associates as well. You can check your state associate website for ads or give us a call and we may know of some openings.
Another idea might be expanding your role in your current associate position. Perhaps you want to do surgery or certain procedures that you like to do. You can start by talking with your practice owner and see what kind of opportunities he may be able to provide. You can also work part-time in another office which may be willing to give you the opportunity you’re looking for.
A third way of growing your career in 2022 is by purchasing a practice. Now, don’t stop reading yet. Practice owners make 15% to 20% more than associate veterinarians make. They also build equity in their practice typically paying off their entire loans in 10 years. If you purchased a $500,000 practice and simply sustain its production, you now have earned 15% to 20% more per year PLUS, you’ve earned $500,000 of equity in your practice. If you grew it 10% per year, you now have over $1 million in equity. I know many associate veterinarians are afraid of owning a practice. They think corporates are going to take over the world and corporates get better deals on supplies. First of all, corporates will not be taking over the world. There will always be room for individual practice owners. In fact, if I had a choice, I would take my dog to an individual owner before I would take it to a corporate owner. I think most pet owners would agree. Regarding better deals on supplies, I’ve had several supply reps tell me that they would give the same deal to an individual as they would to a corporate owner. Supplies as a percentage of gross revenues make up a small number. So, even if they did get better deals, it would not make that big of a difference. Don’t be afraid of owning a practice and competing against the corporate big guys. You can provide a much better and more personalized experience than they can.
These are just a few ideas for your New Year’s resolutions if you haven’t come up with your own. Now, go to the gym, grab a salad, and then, go improve your career!Read More