So, which is better: buying a veterinary practice or starting one? How much does it cost to start a veterinary practice? You’ll have a ton of factors to think about when you consider buying an established practice vs. starting a new practice. From real estate costs to finding the perfect staff, taking on a vet practice isn’t easy.
Total Practice Solutions Group helps veterinarians get the best deal possible when they want to buy or sell their practices.
Pros and Cons of Buying an Existing Veterinary Practice
Let’s look at the benefits of buying an existing veterinary clinic. It makes an appealing option for newer business owners who don’t want to take a huge risk.
Pro: Built-in Team
When you buy an existing practice, the care team comes with it. A team of professionals who already know the clients and each other will make the transition process smooth.
Pro: Instant Cash Flow
Since the business is already up and running, you can start making money immediately while you rebrand and tailor the business to your strengths.
Con: Real Estate
Buying a practice means you must handle the real estate, which represents a huge financial aspect. If the practice is not in a good location or the rental agreement falls short of your vision for the business, it may not be the right opportunity for you.
Con: Maintaining Client Loyalty
Pet parents don’t like change when it comes to medical care. Even though you will come into the business with an established client base, you may see a drop in return business if clients follow their previous veterinary practice owners.
Pros and Cons of Starting a New Practice
Have you ever wondered about buying an established practice vs. starting a new practice? Take the time to consider both options. Some veterinarians benefit the most from starting their own veterinary practices. Consider these pros and cons to help with the decision:
Pro: Customization
You can buy all new equipment to offer the highest quality veterinary medicine possible instead of enduring outdated equipment when buying an existing practice.
Pro: Hire Your Own Team
What is one of the largest expenses for veterinary practice? Hiring a dream team to keep your practice running like a well-oiled machine. Finding the right employees involves both time and money, but the benefits of working with the right people far outweigh the cost.
Con: Building a Client Base
Before you start a new practice, study the market. If you open a practice in an area without demand, it will be hard for you to build a client base. Starting a practice in an expanding community will open the door to finding new clientele.
Professional Guidance From a Broker
When you search “buying an established practice vs. starting a new one,” it may surprise you to find out it can cost more to acquire an existing clinic.
How much is a veterinary practice worth? Total Practice Solutions Group helps veterinarians maximize profits when it comes time to sell their practice. Call 844-908-2967 to start your veterinary buying or selling journey.