In recognition of Women’s Business Month, we’d like to uncover what is involved in the path to veterinary practice ownership. Watch “The Path to Owning It” on demand today!
During this webinar, Dr. Jessica Trichel shares what you, as a vet should consider when thinking about practice ownership. Your path can take many directions, but whether you are purchasing your first practice or acquiring an additional location, there are key steps to consider.
You should think about the long-term emotional and financial commitment, the style of medicine you practice, type of practice you want to own and how to secure financing.
Once you are confident in your decision to pursue practice ownership, you will want to enlist a team of experts to make it happen. This team will include:
- Veterinary Practice Broker
Your team will guide you through the process of identifying a practice to purchase and how to complete the transaction. When buying a practice, you need to know what is including it the purchase. Are you buying the practice and the real estate? Or just the goodwill of the practice? Watch the webinar recording to see how this impacts your financing options.
If you’re considering practice ownership, there are things you can start doing today to prepare. Consider your lifestyle and spending habits. Begin managing your personal credit and understand your lifestyle will impact your salary needs. How you manage your personal credit is an indicator of how you will run your business credit. Networking with other veterinarians, consultants and industry professionals is another way to prepare for ownership. In addition to learning from others’ experiences, you may also become aware of practices for sale. As a practice owner, you will be responsible for the business aspect of the practice. It’s never too early to gain an understanding of business financials and seek business resources.
To learn more about the path to practice ownership and to see an actual loan example, watch “The Path to Owning It” today.
For more resources for Women Veterinarians, visit Own It.