Words of wisdom you should always consider when becoming a practice owner

Sponsored by PetSmart Veterinary Services

Becoming a practice owner can be intimidating. At Fetch Kansas City 2024, dvm360® sat down with Jennifer Bruns, DVM, MPVM, Senior Director of Vet Relations at PetSmart Veterinary Services, to learn what it takes to navigate the path to veterinary practice ownership with confidence. She shared 4 pearls of wisdom that any aspiring veterinarian can use to ensure they avoid common pitfalls while taking the next step in advancing their career

1. Don’t wait—start planning today

“If you have any desire to be a practice owner, the biggest piece of advice I have for you is to start planning and thinking about it today,” said Bruns. “There is an opportunity for you to purchase a practice or become a practice owner, but sometimes that road is longer than some might assume. Whether it’s deciding what kind of practice you’d like or assembling your ‘A-team,’ it’s important to start the process now.”

2. Get your financial house in order

The amount of money it takes to start a practice can feel overwhelming. However, lenders tend to highly value veterinary businesses, Bruns said, and getting a loan might be easier than you think. She said: “One of the biggest concerns veterinarians have is the financial aspect of ownership. Whether it’s student loan debt or personal financial concerns, don’t let that hold you back. There are many lenders eager to provide financing to veterinarians. If you’re nervous about the financial aspects, don’t be. Talk to lenders and your network—there are plenty of options and opportunities out there.”

3. Explore all your options

There can be many paths to veterinary practice ownership, and it is important to consider which one is right for you. “The landscape of practice ownership has changed significantly, especially with consolidation in the market,” said Bruns. “However, your options are more diverse than ever. You can consider the traditional startup method, pursue an acquisition, or explore a franchise model. For example, at PetSmart Veterinary Services, we offer a franchise opportunity that allows you to start a practice at a reduced cost, quickly, and with support. Even though you might be the 100% owner of the practice, you still have the opportunity to build wealth and equity.”

4. You don’t have to go it alone

With many options out there, where does one start? Bruns recommended seeking the advice and mentorship of your fellow DVMs and owners: “One of the greatest things about veterinary medicine is our small, close-knit community. Whether you’re at a Fetch conference or a local VMA meeting, talk to practice owners, industry professionals, and lenders. Everyone in our profession is willing to help and offer mentorship. You don’t have to go it alone—lean on those who do this every day, as they may have insights that can help you move closer to ownership.”