At veterinary practices, animals like dogs and cats are cared for. This includes diagnosing illness and prescribing treatment as well as preventative care. While many people are familiar with this aspect of veterinary clinics, there are many other responsibilities that must be addressed from a business standpoint. If you choose to buy a veterinarian practice, you’ll also have to make recommendations in consultation with other veterinarians, provide medical oversight and set practice policies. You’ll also need to create a management structure, set the procedure for hiring, and keep track of the budget. In essence, you become both the head vet, responsible for the health of your patients, and small business owner, responsible for the health of your enterprise.
When looking to run your own veterinary clinic, there are several advantages to buying an established practice. Many times, you’ll already have a solid customer base, which means you don’t have to put resources into attracting new patients. Your newly acquired practice likely has the equipment you need, which means you don’t have to spend capital obtaining it or take out loans for that purpose. You’ll also probably have the technological infrastructure, including hardware and software, necessary to record patients’ charts, make appointments and track inventory. Having a veterinary clinic of your own also means you can address pet health issues by interacting directly with the owner community.
So what should you keep in mind if you’re searching for veterinary practices for sale? First, make sure that the size of the clinic is something you can handle. If this is your first foray into owning a business, you don’t want to bite off more than you can chew. You can always grow as your practice finds success. Also, take a look at the area you’ll be serving. Do some research about the current customer base to determine how much room there is to grow. Generally, younger practices have more potential in this area.
Read through our helpful articles to learn more about the state of the pet industry, and take a look at what it means to own and operate a veterinary clinic or other pet related business.