Hospital owners who manage a veterinary practice for a decade or more demonstrate unquestionable dedication to their calling. Still, at some point, many feel a subtle yearning to do meaningful work in a different vocation. The result is a tension between that thought and the resolve to remain true to a life of serving people and animals.
Career changes for veterinarians are a growing trend
In fact, Dr. Valerie E. Ragan, Director of the Center for Public and Corporate Veterinary Medicine at the Virginia- Maryland College of Veterinary Medicine, provides workshops and other resources for veterinarians who are thinking of a career change. In a recent AVMA article*, she states, “We get a lot of contact from veterinarians who are looking into doing something different, but they still want to be veterinarians, and they don’t have any idea what’s out there or where to start.” She goes on to say, “Another group is veterinarians who have been in practice 25 years or longer and want to do something different for fun, to give back, or to travel.”
Practice owners face two significant obstacles
Veterinarians in practices today wear many hats as clinicians. Clients expect general practitioners to have extensive knowledge about numerous species and breeds along with expertise in every clinical discipline from radiology to nutrition.
Practice owners carry the additional demands of managing a veterinary business in a changing economic climate.
One survey conducted by the National Commission of Veterinary Economic Issues reported, “… owner vets spent an average of 18 hours per week on practice management tasks”
Freedom to Explore
Unrestricted time and money are two essential ingredients for a lifestyle of freedom.
Many practice owners maintain large non-liquid equity, but don’t know their options for tapping into that wealth.
So, what are some options?
- Spending a lot of time and cash finding a good practice manager could solve the time factor, but not the non-liquid equity.
- Sell your practice and take the leap to another endeavor that may or may not work out well.
- Delay a change until you’re older and, hopefully, in a better financial position.
What if you could free up time and cash while practicing your way in your hospital?
• Would you spend more time with family?
• Would you volunteer for a cause you care about?
• Would you explore ways to work part-time at home and build something to carry on after retirement?
• Would you like to fill in the blank?
Good news: many of your colleagues have found a way to gain that kind of freedom with the help of a corporate buyer.
- Diversify your assets by investing your equity in whatever way suits your situation.
- Create time in your life. Leave inventory management, staff training, payroll, accounting, marketing and all that business stuff to business professionals.
- Fulfill your number one calling. Focus more than ever on practicing quality medicine.
- Reduce staff turnover. Less stress means a happier office culture, and reduced potential for burnout.
- Discover new interests. Expand your possibilities.
- Release some creativity in your life.
- Leverage the power of a qualified team of management experts and eliminate anxiety about the future.
Maybe the thought of doing something different with your untapped skills and wisdom has been lurking in the back of your mind for a while. Maybe you’d like to explore a little more deeply what the possibilities are for you. There’s really nothing to lose by taking a look at becoming a corporate-owned hospital. But, there could be a lot to miss by putting it off.
About Innovetive Petcare
Innovetive Petcare owns and operates veterinary hospitals. Our clinics have access to benefits like:
- Effective management tools and resources.
- Ongoing support from a strong support team dedicated to helping veterinary practices grow and prosper.
Our philosophy is to run a great business so veterinarians and their staff can:
- Provide exceptional patient care.
- Enjoy a healthier work-life balance.
- Grow professionally through ongoing training and career development.
If you are interested in discussing the potential sale of your clinic, or would like more information about Innovetive Petcare and the benefits we provide our hospitals, visit www.innovetivepetcare.com or call us today at 800-210-3695.