Medical mentorship is seen in every job posting catering to new graduate veterinarians. Nearly every new graduate wants to feel supported as they enter the beginning stages of their careers to feel confident in their medical decisions. A robust medical mentorship program ensures an easier transition into the profession and is likely to produce better medical outcomes and greater confidence. We are failing to mentor on other important aspects of this career, which can have a beneficial impact on both business owners and new graduate veterinarians. This form of mentorship is business ownership.
Empowering the Next Generation of Owners
As I have discussed in previous articles, the future of independence within this profession stems from instilling entrepreneurial empowerment among the next generation of veterinarians. If we fail to instill and empower entrepreneurship, we will see fewer young veterinarians enter leadership and ownership roles, thus diluting veterinarian voices within our profession. Current independent owners have a unique position to be able to fill this void and will serve as a benefit to them, as well as the future veterinarian leaders.
Standing Out Against Corporate Offers
When I talk to some current independent owners, I hear frustration with current hiring of new graduates and being unable to compete with corporate offers. I tend to pivot these conversations and discuss different value propositions in an offer that can set them apart from corporate offerings.
Corporate veterinary offers can seem daunting to many independent owners. These offers tend to have higher base salaries, attractive signing bonuses and benefits, and robust medical mentorship programs. For many independent owners, they feel disqualified before even extending an offer. An enticing value proposition that an independent owner can offer, in my opinion, is the ability to teach them how to become business owners.
How Business Ownership Mentorship Helps the Current Owner
In hiring veterinarians, I almost hire exclusively new graduates. I tend to have different conversations outside of the realm of just their medical knowledge. Even in initial conversations, I ask about their interest in business ownership or partnership as a goal. Most individuals I ask seem caught off guard because they think this is a discussion that they would have later in their careers. On the contrary, I believe these are conversations that should be had early on to benefit both parties involved.
There are currently many Baby-Boomer and Gen-X owned practices that will soon be looking for successors regarding ownership. Having conversations and advertising the ability to mentor in, not only medicine, but independent ownership provides a new value proposition that most corporations will not be able to offer. By showing you are committed to teaching them how to own and run a business, you very may well be training the person who gives you a clear retirement option. The reality of the situation is that if we do not empower the next generation of owners, many practices may close if they are not an appealing acquisition for corporate entities.
For those business owners not nearing retirement, training a future leader may give the ability to become a multi-practice owner. While this is not an appealing route to all, when you take a young veterinarian under your wing and provide opportunity to become an equity holder, it may give you the means to expand your services to another location by means of startup or an acquisition. Your newfound partner will have the ability to lead the practice they are already working in, or be able to learn the startup or change management game from you, their medical and business mentor!
How Business Ownership Mentorship Helps New Graduates
Business education and entrepreneurship empowerment is available in most veterinary schools, but it usually needs to be sought out. Business is not a part of the core curriculum for most veterinary schools due to the robust medical training that is necessary to pass the NAVLE and be prepared to practice after graduation. Veterinary clubs, such as the VBMA, pose excellent extracurricular opportunities to set the foundation for future practice ownership. I have had numerous conversations with VBMA members about practice ownership and, the interest is there. We, as independent business owners, need to be there to support them both during school and after graduation.
If we talk to soon-to-be graduates during initial interviews about the benefits of business ownership, they know that you have their best long-term interests in mind. By discussing the benefits of practice ownership and the personal and financial rewards it can offer, you can show a different value proposition than what most corporate entities will be able to provide. If you have the conversations in an early interview and proceed with hiring, be sure to have a spelled-out pathway for which they can grow into a practice owner! This will build trust and show that you are committed to their long-term success.
Take Action
If you are a current practice owner, I challenge you to put conscious effort to seeking out your succession plan now. Focus on students you currently mentor or early career associates. Set goals for them not just in medical expertise, but in leadership and general business acumen training. Discuss with them the benefits of owning a practice, but also some of the stressors. We all know that ownership is not always glamorous, but in the end, we control our own careers, and this can provide greater job satisfaction.
Students, I encourage you to start seeking out future ownership opportunities NOW. Focus your externships and mentors that prioritize your career goals in ownership, whether that be under their umbrella, or someone who will urge you to forge your own path independently. In your initial job interviews, ask the tough questions, state your future intentions of ownership. It may surprise you how quickly you may advance into a partnership. I know it did for me!