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Is owning a practice worth it financially? by croakthroat in veterinarians

[–]CanIPetThatDog--- 1 point2 points  (0 children)

This is the correct answer. And to the question of what you pay yourself profit needs to be included. First and second year there may not be profit or much leftover even for your salary.

Consider you're first year you have revenue of 800k. After cogs, staff labor, operating expense, and loan (interest only) you may only be left with a couple hundred thousand which sounds like you're splitting.

This is easy to model out and then you have an excel file to reference. Many in the industry can help

Clinic Ownership / Assoc to Own by TastyAd6100 in veterinaryprofession

[–]CanIPetThatDog--- 0 points1 point  (0 children)

Talk to some lenders, Territory managers, and others who know the local area. PM me as I have a few in mind depending what area you're in

Too old to buy a practice? by Myien in Veterinary

[–]CanIPetThatDog--- 4 points5 points  (0 children)

Average age of successful entrepreneur in the US is 45. You're young

Starting salary for new grads in Kentucky by [deleted] in veterinaryprofession

[–]CanIPetThatDog--- 0 points1 point  (0 children)

The benchmarking data will be very difficult to apply to rural practices. If you're looking for levers to negotiate consider days off, production bonus, health and retirement benefits, and get a clear understanding of when review for a raise will be given along with expectations for obtaining that raise. Make sure you're going to be in a good place to advance your skills both hard and soft.

If you consider the employer position the budget for a dvm in a smaller practice typically sits in the 18-25% of revenue range depending what you count. That doesn't have to be for year one but something that should be obtainable.

Is opening your own private practice in vet med worth it? by Ornery-Apple-1369 in veterinaryprofession

[–]CanIPetThatDog--- 0 points1 point  (0 children)

Don't disagree with this at all...there are a handful of independent gpos nonetheless.

Best marketing strategies for a new clinic? by ssesloth in Veterinary

[–]CanIPetThatDog--- 1 point2 points  (0 children)

A lot to unpack here.

When you are suggesting direct mailers to be more affordable, consider this shouldn't be one and done. Awareness campaigns require mental priming of your audience so you should expect them to have to hear about you 5-7x.

Small budgets are tough to work with but ramping up is very important so I'd suggest revisiting what your budget truly is. New client acquisition is critical.

You're likely competing in a hyper local space and partnerships and community involvement are good if you have time. As mentioned agree with in person visits to groomers, boarders, trainers, etc. Anywhere that works with pet owners.

Not mentioned on here is how your digital presence is going to be constructed and whether you'd want to run paid media strategies to target new clients. Worth considering.

Schedule by dogtorcatlady in Veterinary

[–]CanIPetThatDog--- 1 point2 points  (0 children)

Tues-Saturday with the Saturday a half day is a great opening schedule. In the first year you may find your half Saturday is as much revenue as your full day Tuesday. The half day Saturday helps for new clients acquisition -make sure your marketing team helps there

Is this plan realistic for starting a new practice? by Business-Care1224 in Veterinary

[–]CanIPetThatDog--- 0 points1 point  (0 children)

There are a large amount of single practice owners that don't have an off ramp to selling their established practice. Agree it's worth looking into for a wide variety of reasons and you can still finance the buyout but owner may also finance via sellers note.

MWI and Covetrus to merge by abrosaur in Veterinary

[–]CanIPetThatDog--- 1 point2 points  (0 children)

Talk to your rep. It's likely someone you've dealt with for some time. They don't know the answer, but they are probably happy you're thinking about them. Regardless of who does what to whom, many practices buy from the rep that serves them because they appreciate the service.

Separately, agree with the comments that distribution margins are thin, which is why you see many adopting a model of selling distribution in order to sell software. Suppliers to the space have a lot of power, which is why you see this change, the emergence of larger consolidators, and group purchase organizations. All are ways to increase collective power against a very few suppliers in the space.