VPN Plus+ ExclusiveA perspective against private equityJuly 7, 2022By Patty Khuly, VMD, MBABy the end of this column, I hope to explain the essence of private equity investing well enough to show there is nothing defensible (or even capitalist) about it. Even if you are one of the few fortunate veterinary practice owners likely to benefit enormously from it—trust me, there is nothing to love beyond what it does for your personal bank account. (I begrudge you not one penny of it. You have earned it!)
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VPN Plus+ ExclusiveHow to build or buy a vet practice even when you don't want to be a practice ownerApril 15, 2021By Patty Khuly, VMD, MBAFinancially savvy new grads often share homes, apartments, and even cars. Why not band together to build or buy a practice? This arrangement isn’t as common as it once was, and yet it’s more necessary than ever. This model can work for veterinarians in different stages of their careers, as well.
Pet doc publishes more tales of owning a veterinary practiceSeptember 13, 2018P.J. Miller, DVM, has authored a new book, Designer Dogs, Awkward Hugs & a Pigeon: Veterinary Tales, Again, a humorous behind-the scenes novel describing his personal experiences owning a veterinary practice. As a follow-up to his first book, Cute Poodles, Sweet Old Ladies & Hugs, his new volume includes the same characters and relationships loved by fans. It provides an insider's view into life as an animal doctor and gives a deeper glimpse into the emotional human-animal bond. Miller has been practicing veterinary medicine in Central Florida for more than 20 years. Designer Dogs, Awkward Hugs & a Pigeon: Veterinary Tales, Again is published by thirty8street Publishing and is available at Amazon.
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 …
