As a veterinarian, it’s likely that you’ve at least considered what it might be like to own a veterinary practice. This is understandable. After all, there are many benefits to veterinary practice ownership whether it is a startup or a purchased practice. In this article, we examine why owning a veterinary practice is a great idea. If you’d like to further explore the benefits of veterinary practice ownership, contact an experienced veterinary attorney today.
Control of Operations & Values
As a veterinary practice owner, you get to choose your practice’s hours of operation, equipment, philosophy of practice, mission, and core values. In addition, as your own boss, you can set your own work schedule, benefits, and compensation. Ultimately, practice ownership provides you with the opportunity to shape your professional life and business.
In addition, a significant benefit of practice ownership is the ability to mold your practice to reflect your personal values. As a practice owner, you have the freedom to create your own vision and provide the leadership to turn your dreams into reality. In other words, practice ownership allows you to shape your business and build your professional legacy.
Financial Gain
Although you may not have become a veterinarian to make a lot of money, a good income can certainly help you achieve your personal and professional goals. Owning your own practice will allow you to earn significantly more over time than you would as an employee of another practice. As an owner, you receive compensation both for the work you perform as a veterinarian and for the profits of the business. In addition, you get to decide how much of the profit to reinvest in the business.
Finally, practice ownership means that you own an asset that increases in value over time. Like purchasing a house, when you build equity in a veterinary clinic, you own something of value that you can eventually sell. And when you eventually do decide to sell, the proceeds can help fund your retirement.
The Bottom Line
Although it certainly isn’t easy, and it does carry some risk, practice ownership provides many benefits to those who are willing to do the work. Often, the greatest rewards in life are a result of our biggest risks. When you invest in any type of business, you run the risk that it won’t succeed. However, if it does succeed, you will be rewarded many times over.
How Having An Experienced Veterinary Attorney on Retainer Can Help
If you are ready to take the leap into veterinary practice ownership, you need an experienced veterinary attorney in your corner. At Mahan Law, our experienced and knowledgeable veterinary professionals understand how to succeed in the veterinary industry. When you come to us for assistance, we will put our experience to work for you, doing everything we can to help you start your veterinary practice. Please contact us today to schedule a free consultation.