Owning a practice? You?December 27, 2018Some would argue practice ownership is only for the most ambitious—for those who love business. Like that classmate who always reads the Wall Street Journal or the one who knows she wants to be a specialist… of some sort… and all that entails. I mean, you know nothing about business. And the stress isn't worth it. The burden of your student loan probably makes practice ownership impossible, anyway. The excuses are endless. But so too are the reasons to own, even more so in this environment of corporate competition, continued consolidation, and rapid change. After all, where there is change—even chaos—there's also opportunity. What's more, practice ownership promises all the things you've always wanted from your profession. It buys you stability and flexibility, the two things that can make having a family more doable. It also means more money. And, paradoxically, those who have the least of it are those who stand to gain the most from practice ownership. I'm not saying it's easy. To be sure, it involves risk. But it's those who never contemplated ownership, those most beset and bedeviled by family-related inflexibility and financial burdens, who also have the most to gain and the least to lose. …
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Breaking up is hard to doOctober 9, 2018The idea of owning and operating a veterinary practice with a 50-50 business partner can be pretty enticing. The two of you will share the financial burden, split the profits, and offer clients complementary professional services. You will become the closest of colleagues and the best of friends. And when difficult decisions need to be made, you will be each other’s trusted sounding boards.
Are small-town clinics on the way out?July 6, 2018Veterinary practice ownership, like the continental drift, is gradually moving and shifting across our time. The trend now points toward increased corporate ownership and practice consolidators, whereas previously there were more private, solo-owned practices.
Mission: Possible?July 5, 2018In the U.S., roughly 179 million households include pets. With the addition of 2.05 million U.S. farming operations and the millions of livestock being raised, the growing demand for veterinary services is a no-brainer.
Want to own a practice?October 18, 2017Veterinarians seeking practice ownership may be fueled with passion and excitement, feeling confident with their medical know-how in their back pocket, but this drive just isn’t enough.
How do I talk to the practice owner about not giving discounts?September 14, 2016There are four key things I believe make discounting really detrimental to the smooth running of the practice. And none of them have anything to do with the bottom line. My advice would be not to make the financial implications of discounting the focus of your discussion.
