The best advice for buying or selling a practice? Start early and get help

Sponsored by Monarch Business Consulting

At Fetch Kansas City 2024, Chris Rocchio, DVM, underscored the importance of early planning and professional guidance when navigating the sale, purchase, or startup of veterinary practices. He sat down with dvm360® at the conference and shared what he believes are the best moves you can make—and the biggest pitfalls to avoid—when taking one of the biggest steps of your career.

Start early

For Rocchio, helping veterinarians transition into or out of practice ownership is more than just a job—it’s a passion. With a decade of experience, he’s seen firsthand the challenges and opportunities that come with the process. One of the best ways to set yourself up for success is to start earlier than you think.

"Most of us don't want to think about selling our practices, and we just keep delaying and delaying the beginning of that process," Dr. Rocchio observed. His advice is clear: start early. "Those transition times now are not like two years like they used to be—they're now three to seven years. The earlier you get started on the process, the better we can evaluate, fix issues, and navigate the entire process."

Seek mentorship and guidance

Rocchio repeatedly touched on the importance of seeking professional help, rather than attempting to handle the complex process alone. He recounted numerous instances where veterinarians, eager to sell after receiving an attractive offer, were surprised to learn that their practices were worth much more.

"Veterinarians are smart, and we feel like sometimes we can do everything… but I really don't think veterinarians should go out and try to sell their own practice without getting some professional help," Rocchio advised. "We probably have a hundred of those stories where a client says, 'I got this offer. It's $8 million.' And after our evaluation, it turns out to be $12 million."

His message is simple but powerful: "Start early and get help. It doesn't mean you have to sell your practice tomorrow because you started talking to us about it."

The corporate market and opportunities for associates

In today’s market, corporate buyers are more prevalent, and this trend has both challenges and opportunities. Rocchio said, "It's a huge corporate market right now… But there are opportunities to get equity for our associate doctors and for sellers to retain equity."

He explained the potential benefits of these corporate partnerships: "We're really stressing when we work with our clients, is there an opportunity for the other associate vets to get some ownership in the transition process? It helps ensure that in 10 years from now, our practices are still going to be viable, still taking care of our clients, our community, and the vets that work there."

Private sales are still achievable if that’s your goal

Despite the corporate dominance, Rocchio and his team continue to support veterinarians who prefer private sales. "For us, it's about trying to help veterinarians reach their goals. If your goal is to sell to a private party, we're going to help you through that process. We're not going to try and talk you out of it," he said.

He concluded with a reflection on the importance of ownership within the veterinary profession: "The more that veterinarians have ownership in our profession, the healthier our profession is going to be."

By focusing on early planning, seeking professional help, and carefully considering both corporate and private sale options, veterinarians can ensure they’re making informed decisions that benefit their practices, their associates, and the future of the profession.