Why Buy a Practice?
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For any queries you may have regarding Veterinary Sales or Purchases, visit the Simmons & Associates Inc. website.
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Theodore Roosevelt once said, “Speak softly but carry a big stick”. This is how I look at practice ownership. Being in control of a veterinary practice, having the “Big Stick”, cannot be easily replaced.
Any individual could find plenty of reasons NOT to have their own practice. Usually these reasons are personal in nature. Having the autonomy of holding a practice usually comes with a steep price. To some practitioners, family time is paramount, and they would not see it sacrificed. In such a case, a different professional choice would have been desirable. Others believe that they lack the business flair to run a successful practice. No matter what the reasons, in truth, not everyone has the construction to own and run a veterinary practice.
Those who are built for it, however, can reap great satisfactions. Being in control of your own veterinary practice opens the road to success or failure derived from your own actions and decisions. And they will very much be your own. Other people can advise you, but they can’t tell you how to run your business. This is very appealing to veterinarians, who are generally of highly independent nature. Furthermore, the satisfaction of having a successful business on your own merit is exhilarating.
Freedom and autonomy put aside, as well as the emotional satisfaction of crafting your own success, the financial rewards in owning a practice can be great. As an associate in someone else’s practice, you would probably make about 80,000 dollars annually and save 10 percent of it. Ten years later, you would have a nice savings account, and that’s about it. Now, consider the possibility of owning a practice for roughly 500,000 dollars. Being in charge of your own practice would probably allow you to have at least the same salary of 80,000 dollars per year, and also make savings worth 10 percent of that salary. In this scenario, after 10 years, you have a savings account of the same value, but you also have a much more valuable asset: a practice that is successful and worth something in the vicinity of 750,000 dollars. That’s something to ponder upon!
In most cases, the benefits of autonomy and future equity that come with owning a practice will weigh more than the risks or shortcomings that running a business may involve. Comparing the risks and the rewards of owning a practice, if Teddy Roosevelt had been a veterinarian, he most definitely would have chosen to hold the “Big Stick”.
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