Purchasing a Veterinary Practice: Things to Consider

Each year, countless veterinarians take the leap into practice ownership. This isn’t surprising. After all, veterinary practice ownership offers a multitude of benefits, both personal and professional. However, if you are considering buying a veterinary practice, you must ensure that you are prepared before you make your purchase. In this article, we examine some things to consider before purchasing a veterinary practice. 

Benefits of Practice Ownership

There are two primary benefits to owning a veterinary practice. First, owning a veterinary practice allows you to directly profit from your business practices. Not only will you earn money from the daily operations of your practice, but you also can build equity through your business and real estate.

The second major benefit of owning a veterinary practice is that you get to decide how to run the business. In other words, when you own a practice, you become your own boss. This provides you with the freedom to develop your own marketing plan, choose your own staff, and make decisions that can improve the future equity of your practice.

Drawbacks of Practice Ownership

Although practice ownership offers several benefits, including the two discussed above, owning a veterinary practice also has its drawbacks. However, the drawbacks to owning a veterinary clinic differ depending on whether the clinic is an existing or new practice.

When you purchase a new practice, you must establish an infrastructure to find clients and create a cash flow. Hiring new staff, purchasing new equipment, and marketing the practice from the ground up can be costly. However, many of these drawbacks can be reduced or eliminated by purchasing an existing practice, where a majority of the infrastructure is already in place. 

The Bottom Line

Although owning a veterinary clinic has some drawbacks, the opportunity to be your own boss and directly profit from the business make purchasing a veterinary practice a great choice for many people. And although your decision to purchase an existing practice or start a new one can affect its value, both options provide opportunities for profit and autonomy. However, if you are considering purchasing a practice, you shouldn’t make a final decision until you consult with an experienced and knowledgeable veterinary attorney. A veterinary attorney can help you adequately and objectively assess whether practice ownership is the right choice for you. 

Contact Our Experienced Veterinary Attorneys 

If you are considering purchasing a veterinary practice, Mahan Law is here to help. With a national network of co-counsel attorneys, Mahan law has the experience, knowledge, and skills to guide your transaction through to a successful conclusion. When you choose Mahan Law to handle your veterinary practice purchase, you can rest assured that we will utilize our understanding and experience to help you achieve your professional and personal objectives. Please contact us today to schedule a free initial consultation.