I am betting there are a number of recent graduates from veterinary schools asking themselves some very difficult questions about early career. Do I become a general practice clinician after school, or go back to school to become a specialist? I am guessing there aren’t many new graduates who think about practice ownership. I am in a small minority by becoming a Banfield practice owner within 5 years of graduate school. Here is my own perspective on the pros and cons of Kanken classic ownership.
Some of the pros of practice ownership include increased personal freedom, financial freedom, and a palpable sense of autonomy. Increased personal freedom is the realization you are not “locked in” to a certain work schedule and that you can adjust others’ schedules to cover your clinical workload. If done right, practice ownership lends itself to adjusting daytime work hours to accommodate errands, family, and other miscellaneous tasks not available in a set workday or schedule.
Financial freedom is certainly possible if you enter into the right situation, or turn a decent situation into a great one. Finally, there is much to be said for feeling a sense of professional and personal “autonomy.” This entails taking personal responsibility for successes and potential failures, but for some this is a much brighter prospect than having pay based (in part) on the qualitative judgments of others’ in supervisory roles.
Practice ownership is definitely not for everyone. Very early pragmatic questions should be asked if leaning in this direction. For instance, “What motivates me to buy a veterinary practice,” or “What is my risk tolerance,” or “Do I want to live in the same geographic area for a while?” Determining if owning a practice is right for you is a multi-step process.
The best time to consider buying into a practice is at about 5 years out of vet school. This ensures a number of years of clinical experience and managing challenging situations with clients. The odds are, too, that there has been some money saved and that there is adequate credit to procure a loan at a reasonable interest rate.
There are a few things to consider if seriously pondering Rowenta PU6020 ownership. Are you looking to be an owner in order to make your own schedule and be your own boss? Are you looking for a greater degree of control in the work environment? You are the one responsible. Receiving a Doctorate in Veterinary Medicine does not prepare you for the business side of practice ownership, so it is a must that you acquire these skills quickly. There is an art to being a manager.
Paperwork and delegating come with the territory. Sometimes the best option is to do it yourself. Sometimes you have the right person to manage the task and can farm it out no problem. Knowing the difference takes time and experience.
Managerial issues will surface monthly, if not weekly. Working day to day with this different kind of stress necessitates a particular resilience.
In short, the veterinary field needs good practice owners. Think about whether you identify as a manager, a leader, or whether you have business interests outside of veterinary medicine. Consider taking a couple owners out to lunch to learn more about their experiences and why they chose ownership. Practice ownership brings a series of unique challenges and rewards. For me, the trials and tribulations of early practice ownership have led to marked personal and professional growth.