Veterinary medicine has changed dramatically over the past several decades.
Today’s Veterinary graduate has more career choices than ever before. You can join a corporate hospital, work for an independently owned practice, pursue specialty medicine, relief work—or eventually own a practice yourself.
For many Associate DVMs, ownership isn’t necessarily something they rejected.
They simply haven’t seriously considered it.
And that’s unfortunate, because independent ownership can provide two things that are increasingly valuable in Veterinary medicine:
Autonomy and equity.
But ownership also comes with responsibility, financial risk and a completely different set of skills.
So how do you know if it’s right for you?
MY UNPLANNED PATH INTO OWNERSHIP
My own entry into practice ownership was almost completely unplanned.
I graduated Veterinary school wanting to practice good medicine and help animals. I took an Associate DVM position in a well-established, independently owned AAHA-accredited hospital.
Ownership wasn’t part of some grand career plan.
Then, two years after graduation, an opportunity presented itself.
Like many young associates, I had frustrations. Cases. Coworkers. Management decisions. The normal feeling that someone else was controlling how I practiced.
Ownership seemed like freedom.
No boss. Complete medical autonomy. An established hospital. Existing clients.
How hard could it be?
About 60 days later, through a combination of personal savings, seller financing and traditional bank financing, the keys were mine.
And then came the education I hadn’t received in Veterinary school.
MY “WTF” MOMENT
About three years later, I was in the middle of surgery when my CSR came into the treatment area with a message from my bank manager:
He would hold the staff paychecks for another 24 hours while I figured out how to get enough money into the account.
That got my attention.
I had been working hard.
I was practicing good medicine.
But I wasn’t really operating as a business owner.
I hadn’t adequately examined my pricing. I wasn’t watching expenses closely enough. Competition was all around me. And despite having a busy hospital, I simply wasn’t generating enough cash to comfortably meet our obligations.
That moment forced me to recognize something:
Being a good veterinarian and being a good practice owner are two different skill sets.
I needed both.
I eventually pursued executive-level business education, reorganized the practice, improved our marketing, learned to understand the financial side of the business and developed the management skills I was missing.
The practice became financially healthy and eventually grew to 3.5 DVMs.
The defining factor wasn’t some miraculous change in the marketplace.
I changed.
I accepted that ownership required me to add business and leadership skills to my Veterinary skills.
COULD OWNERSHIP BE RIGHT FOR YOU?
If you’re currently an Associate DVM—whether in a corporate or independently owned hospital—there are several questions worth asking.
1. How important is autonomy?
As an owner, you have much greater control over how you practice medicine, which equipment you purchase, whom you hire, what services you offer and what kind of culture you build.
That’s incredibly rewarding.
But autonomy and responsibility arrive together.
You’re also responsible for making payroll, setting appropriate fees, managing expenses and keeping the organization healthy.
2. What’s your tolerance for financial responsibility?
A well-run Veterinary practice can provide excellent income and long-term financial security.
But there will also be bank payments, payroll, inventory, rent or mortgage payments, equipment purchases and unexpected expenses.
Some people find that exhilarating.
Others lose sleep over it.
Knowing which one you are matters.
3. What kind of lifestyle do you want?
Associates generally have an easier time leaving work at work.
Owners don’t always have that luxury—especially during the first few years.
There may be staffing problems, financial decisions and management issues waiting for you after the last appointment leaves.
That usually improves as the practice grows and you develop a good management team.
But initially?
Ownership requires commitment.
4. Do you want to build equity?
This may be one of the most overlooked differences between employment and ownership.
A successful multi-DVM Veterinary practice can become a significant financial asset.
Add ownership of the practice real estate and you may eventually have two valuable assets—the Veterinary business and the property housing it—both supported by the cash flow of the practice.
Instead of simply earning an income, you’re building something you own.
5. Does legacy matter to you?
There’s another benefit that doesn’t show up on a P&L statement.
Ownership gives you the opportunity to build something in your community.
Your hospital.
Your team.
Your culture.
Your standard of medicine.
Your reputation.
For some veterinarians, that idea has enormous appeal. For others, it doesn’t—and that’s perfectly fine.6. Do you have the mental bandwidth?
This one matters.
Early in your career, simply becoming a confident veterinarian consumes enormous mental energy.
Medicine. Surgery. Client communication. Difficult cases.
Then imagine adding staffing, finances, marketing and leadership on top of it.
You don’t necessarily need decades of experience before becoming an owner. But you should be sufficiently comfortable with your medical and surgical skills that you have some mental capacity left to learn another profession:
Small-business ownership.
ACTION ITEMS
If ownership has crossed your mind, don’t start by asking, “Should I buy a practice?”
Start by asking:
- What do I really want from my Veterinary career? Consider medical autonomy, income, lifestyle, equity and legacy.
- Do I have the mental bandwidth for ownership? You don’t need to know everything—but you do need to be willing to learn.
- What’s my tolerance for financial risk and debt? Understand yourself before taking on a significant financial commitment.
- Explore your three basic paths to ownership: buy an existing practice, buy into a practice as a partner, or build your own startup.
- Investigate financing before you need it. Talk with Veterinary lenders and learn what you could realistically qualify for. Seller financing, bank financing and other structures may provide more options than you realize.
And most importantly:
Don’t confuse lack of business training with lack of ability to own a business.
Nobody graduates from Veterinary school knowing how to run a Veterinary hospital.
Those skills can be learned.
The bigger question is whether you want to learn them.
LOOKING FOR A SECOND SET OF EYES?
If you’re an Associate DVM wondering whether practice ownership might be right for you, let’s talk.
No sales pitch. No assumption that ownership is automatically the right answer.
We’ll look at where you are now, what you want from your career, and whether buying, buying-in or building your own practice deserves a closer look.
Sometimes a second set of eyes is all you need to see the possibilities more clearly.
To schedule a private conversation, grab your calendar and click the link below: