Why It’s a Good Time for Associates to Buy a Veterinary Practice
The field of veterinary medicine is evolving rapidly, and associate veterinarians are finding themselves at a unique crossroads. Historically, associate veterinarians would work for established clinics, gaining experience and expertise before venturing into practice ownership, in most cases taking over and being a natural successor from the previous owner. The last decade or longer has seen a giant market share swallowed up by corporate consolidators; I should know; I used to work for a couple of them, and that was my job!
However, the current landscape presents a compelling case for associate veterinarians to consider seizing the opportunity and taking the leap into buying their own vet clinic. In this blog post, we will explore why the timing is ideal for associate veterinarians to embark on the journey of clinic ownership.
Growing Demand and Limited Availability of Veterinary Practices:
The demand for veterinary services continues to rise, driven by the pandemic, demographic changes, rising incomes ......and some people choosing pets over kids:) The industry saw a growing pet owner population and an increased emphasis on pet care. Simultaneously, corporate entities' consolidation of veterinary practices has been slowing down, at least for now. This presents associate veterinarians with a unique advantage as it reduces competition from corporate consolidators and increases the availability of independent practices for purchase. This trend opens up opportunities for associate veterinarians to acquire a clinic and establish themselves in a thriving market.
Interest rates for borrowing are currently favourable, making it an opportune time for associate veterinarians to secure financing for clinic ownership. Banks and lending institutions recognize the veterinary industry's stability and growth potential. They understand the value of well-run veterinary practices and are increasingly willing to offer loans to qualified veterinarians. With a solid business plan and a clear vision, you can leverage these favourable interest rates and financial support to acquire a veterinary clinic and fuel your entrepreneurial ambitions.
Financial Benefits and Long-Term Investment:
While clinic ownership comes with financial responsibilities, it also presents significant long-term benefits. By owning a successful veterinary clinic, you have the potential to enjoy substantial financial rewards and build equity over time. Rather than working solely for a salary, you have the opportunity to create a valuable asset that can generate income for years to come. Additionally, owning a clinic provides more control over financial and medical decisions who and when you work with, allowing you to reap the rewards of your hard work and dedication.
Owning a veterinary clinic offers greater control over your schedule and work-life balance. As an associate, you may have limited control over your hours and may be subject to the clinic owner's or corporate group's demands. By owning your clinic, you can create a schedule that aligns with your personal and professional priorities. Achieving a better work-life balance enhances your well-being and allows you to provide quality care to your patients and maintain strong relationships with clients.
Overall, the timing is right for associate veterinarians to consider purchasing a veterinary clinic. With a growing demand for veterinary services opportunities for professional growth, financial rewards, flexibility, and the chance to embrace an entrepreneurial spirit, buying a vet clinic can be a fulfilling and rewarding choice. As an associate veterinarian, take a moment to reflect on your aspirations, evaluate the opportunities available, and consider embarking on the journey of clinic ownership. The future of veterinary medicine awaits, and you have the potential to shape it through your passion, dedication, and ownership.
Guest Blogger
Steve Groner: Steve is a Principal Succession Advisor at Legacy Valuations and Advisory. Steve has a wealth of experience in negotiations, transaction structuring and business development. Steve had worked for Canadian consolidators in the veterinary industry for the last 7 years and advised on over 60 acquisitions in Western Canada. Steve has deep family and industry ties to the veterinary sector.
Opinions expressed here by contributors are their own.
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