“Speak softly, but carry a big stick”
— Theodore Roosevelt
For many veterinarians, practice ownership is that “big stick” — the tool that allows you to shape your career, your financial future, and your independence. While ownership isn’t for everyone, those who are willing to accept the risks and responsibilities often discover that the rewards far outweigh the challenges.
The Challenges of Ownership
There are many valid reasons why some veterinarians choose NOT to own a practice. Ownership comes with sacrifice: long hours, reduced family time, and the pressure of making tough business decisions. Not everyone has the interest — or the temperament — for managing staff, finances, and operations alongside practicing medicine. And that’s okay. But for those who do, practice ownership opens doors that employment alone cannot.
Personal Satisfaction: Leading on Your Own Terms
Being a practice owner and having that ‘Big Stick’ means you will succeed or fail on your own merit. No one can tell you what to do; he or she can only advise. This usually fits perfectly in the fiercely independent nature of the average veterinarian. There is no better personal satisfaction than to have a successful business and to know that you were solely responsible for its success.
Financial Rewards: Building Equity for the Future
Autonomy aside, probably the most important reason to own a practice is that the financial rewards can be great. Associates are commanding a high salary these days, but an associate has no equity in the future. As an associate, you could make $80,000 per year and save 10% annually, and at the end of 10 years, you will have a nice little nest egg. However, let’s say you purchase a practice worth $500,000 and you take home the same $80,000 per year (though it would probably be more), save the same 10%, then at the end of 10 years you have the same little nest egg, but you have an asset in the form of a successful business worth probably in the neighbor of $750,000! It’s something to think about.
Why the Rewards Outweigh the Risks
Like Roosevelt’s “big stick,” veterinary practice ownership is not for the faint of heart — but it can be the most powerful tool you carry in your career. Yes, it demands sacrifice and risk, but the rewards of autonomy, financial growth, and personal fulfillment often outweigh the challenges. If Teddy had been a veterinarian, there’s little doubt he would have carried that same big stick proudly.
At Simmons Veterinary Practice Sales and Appraisals, we understand both the risks and the rewards of ownership. Whether you’re considering buying your first practice or planning for the next stage of your career, our team is here to provide the expertise and guidance you need to succeed.
