– Jim Stephenson, DVM, Simmons Northeast
Nearly every veterinary practice in existence today, including those owned by corporate consolidators, was built, bought, or nurtured to success by young veterinarians much like you. Today’s challenges are different and difficult, but no more so than ownership endeavors of your predecessors. There are many good reasons to own a practice.
You can practice quality medicine. Utilization of the ever-increasing number of referral facilities and specialists will allow every practice owner the opportunity to provide excellent standards of care, even without the latest and greatest gadget or training.
You will earn more. Your level of responsibility increases only slightly over that of a well-compensated “Chief of Staff” associate. As an owner, you have the benefit of equity accumulation and the opportunity to accumulate practice profit over the years for investment and savings.
You will be the beneficiary of a number of money saving “perks.” Special tax savings reserved for the business owner are numerous.
Flexibility of an owner as your own supervisor gives you the opportunity to take the afternoon off you want, go to your child’s special school event, and even have your children with you at work if necessary (without asking for permission).
You typically receive status and special respect in the community, and instant acceptance into various social circles. There are many, many other similar emotional and personal advantages that you may not otherwise receive.
Possibly, the most significant consideration for veterinary practice ownership is the ability to affect change in your practice environment and mold it to suit your personal as well as professional career objectives. You have the ability to direct your career towards the most fulfilling aspects conceivable. The career alternatives are tremendous within the ownership format.
Practice ownership isn’t just for the entrepreneur. It is for anyone who wants the most control of his or her destiny. Practice ownership does not require rocket chemistry. You get to be more the individual you always wanted to be, in your personally sculpted pursuit of excellence. You should think seriously about the benefits of practice ownership and pursue the unique blend of success and independence that can only be found in that fraternity. The sooner the better.