How the Pros Outweigh the Cons of Veterinary Practice Ownership
Many veterinarians who start to consider buying a veterinary practice hesitate because they worry that owning a practice will draw their focus too far away from veterinary medicine. While it is true that owning a practice requires a certain attention to business details that you do not need as an associate, the benefits of owning your own practice far outweigh the cons:
Autonomy in the Veterinary Business
When you own a practice, you are in complete control of the decision-making. Not only does this mean that you have security in your job, but it also means you can decide which direction you want the practice to go. If you feel that you want to draw more focus toward your cold laser therapy and away from traditional wellness visits, for example, you have the autonomy to do so. Owning a practice also allows you to:
- Build equity for your future
- Have control over the hiring and firing of the staff
- Change the practice branding to better fit your desired goals
We’ve noticed that many veterinarians hesitate to buy a practice of their own because they are not sure they can get financing. Unlike many other types of loans, however, practice loans do not require a lot of money down and other loans (like student loans) will not affect your ability to qualify for one. Since practice loans are only 10 years, they provide a return on investment that is almost unheard of. You can also use your bank vendor to finance any equipment upgrades you might need.
This simple financing process means that you can increase your personal earnings (practice owners typically make much more annually than associates). If you own real estate in addition to the practice, you can also make money on renting to other businesses.
Help When You Need It
If you are considering purchasing a practice but feel like you don’t have the business knowledge to pull it off, have no fear. Total Practice Solutions Group is here for you. It is our mission to inform, consult, and assist our clients through every stage of buying and selling a practice. Our team is full of experts who specialize in:
- Practice Sales
- Practice Appraisals
- Contract Negotiations
- Associate Buy-Ins
- Exit Strategies
- Buyer Representation
- Financial assistance to buyers
- Seller Representation
- Practice Consulting
- Real Estate Sales and Leasing
- Practice Start-Ups
If you are ready to buy your own practice, fill out this form or call 833-444-TPSG (8774).