The tricky dynamics of running a family veterinary businessJuly 26, 2018I've always been struck by the number of families in the veterinary profession: practices that include parents, uncles or aunts, siblings, or cousins in their management or ownership structure. Maybe this isn't surprising; children are nearly twice as likely to follow in their parent's footsteps as to choose another occupation, and this steps up to nearly 20 times as likely when you compare daughters of doctors (see the General Society Survey). This generational commitment is a source of strength for the profession and reflects the mission-driven perspectives that nourish and sustain us. In the current environment, however, practice valuations and corporate inroads can present new problems for that intergenerational transfer of practice control. I've had the opportunity in the past few years to talk to a number of parents whose children are practice associates. It's been interesting to see how the size of the check that a corporate consolidator is willing to write has affected the conventional family dynamic. Deserving a piece of practice ownership due to your status as a son or daughter or through sweat equity can start to look like a gift too large to comfortably make as a parent. This feeling can …
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