My First Practice
Owning a practice should be on nearly every veterinarian’s list of things to accomplish. Pride of ownership, directing your own clinic or hospital, and treating those types of animals you want to treat are just a few reasons why you should want to be an owner. In addition, veterinary practice owners typically make 22% more in annual salaries than an average associate veterinarian. On top of that, the equity you build in your practice will contribute towards your retirement nest egg.
The process of owning a veterinary practice can be simple if done right. Simple, but it does require work. Having a good team on your side keeps the workload down and alleviates road bumps. One of the first decisions is should you buy an existing or build a new practice? That decision comes down to whether you want to buy an existing practice with potentially good cash flow, but also potential problems? Is there a practice available to your liking and in the area you want to practice? Do you want something that truly has your stamp on it that you have built from the ground up? A self-evaluation and talking about it with a few experts will enlighten you into knowing which route is best for you.
The other question is whether or not you have what it takes to be a practice owner? The simple answer is “yes, you do”. Even if you don’t want to manage staff, do bookkeeping, or handle other management tasks, you can still outsource all of that and enjoy being a practice owner. Proper guidance and education are key if you have not ever done any of those things before. A consultant, accountant, broker, and others can help guide you in practice ownership.
Corporate practice owners are here to stay. I would not be afraid of a corporate practice as a competitor. You can open a clinic across the street and out personalize their services. Some corporates are just in it for the money. Not all of them mind you, but quite a few of them. They don’t provide the personal touch and sense of community that you can in your practice. Many also have an associate turnstile where they change associate veterinarians every six to twelve months. I don’t know about you, but if I’m taking my beloved dog Fi-Fi, who is a part of my family, I’m going to get to know my vet and make sure Fi-Fi sees that same vet every time. I don’t want someone whom I’ve never met and don’t know anything about them. I think the majority of the pet-owning public feels the same way.
Fears are a product of the unknown. You fear there’s a monster under your bed because you cannot see under the bed in the dark and you don’t know what’s under there. You fear broccoli as a kid because you don’t know what it’s going to taste like. Fear of practice ownership is similar. If you educate yourself, you can squash those fears.
To help facilitate this, we are offering a seminar called “Build or Buy – Your Pathway to Practice Ownership”. This seminar will help you begin the process of educating you on what you need to do to be a practice owner. There will be experts from various fields of buying or building a practice. You’ll learn everything from finding the right practice or location to analyzing the value of a practice. You will receive continuing education credits while you learn about the process of owning a practice. It will be an evening full of information with dinner provided as well. For dates, locations, and registration information, visit our calendar.