Reviving the dream: What all aspiring practice owners should know
Sponsored by PetSmart Veterinary Services
“I think most veterinarians want to own their own private practice,” said Terrence Ferguson, DVM, Co-Owner, Critter Fixers Veterinary Hospital. At the 2024 Long Beach Fetch dvm360® conference, Ferguson talked about the obstacles he and his partner, Vernard Hodges, DVM, endured on the long path toward running their own veterinary practice. Through his experiences and lessons learned, Ferguson offers valuable insights and key considerations for aspiring practice owners, no matter where they are on their journey.
The role of mentorship in achieving practice ownership
Mentorship is a cornerstone of Ferguson’s journey in veterinary medicine, from his early days to his current success as a practice owner. Reflecting on his experiences, Ferguson notes that having mentors is not just helpful—it’s essential. “Without [Dr Ernest Corker], I wouldn’t be here,” said Ferguson. “There are a lot of struggles you go through that nobody is going to understand…unless they’re somebody who has done it before.”
Mentors provide guidance that transcends technical knowledge, and steer mentees away from costly mistakes and offer insights gained from their own successes and failures. For Ferguson, this support extended into real-world scenarios, such as performing anesthesia on an unfamiliar animal like a camel. Even after nearly three decades in the field, he continues to rely on mentors, showing the lifelong value of these relationships. Importantly, Ferguson notes that mentors don’t always have to be older or more experienced. Younger professionals with specialized expertise can also serve as valuable guides.
A focus on team building and retention
Building and retaining a strong team is pivotal to success in veterinary practice ownership. From the early days of his career when Ferguson and Hodges handled all tasks, up to now, when the practice operates with 8 doctors, Ferguson focused on creating a supportive and growth-oriented environment. A huge part of fostering this type of environment is ensuring empathy is the center of team decision-making. “When I see things from the veterinarian point of view, I also see things from the technician point of view,” said Ferguson. “We want employees who want to be there, not just have to be there.” By ensuring all voices in the practice are not only heard but valued, the entire team feels supported in their roles and are thus more likely to develop their professional career at that practice.
“We’ve had a lot of employees who have been [at Critter Fixers] for a long time,” said Ferguson. One employee joined the practice as a kennel technician right out of high school, and later became a receptionist, assistant technician, and is now an office manager and personal assistant.
Retention, he notes, is not just about fair pay but also creating a balanced work environment. Lessons learned from the duo’s early years—working long hours and rarely taking breaks—have inspired policies that prioritize staff mental health and a healthy work-life balance.
Reference:
- Ferguson, Terrence. Reviving the Dream: Considerations for Practice Ownership. Presented at: Fetch dvm360® Conference; Long Beach, California. December 6-8, 2024.
