HOW DO I KNOW IF PRACTICE OWNERSHIP IS FOR ME?
Before jumping into an ownership opportunity, we recommend digging into the reasons why to understand if this will truly be good move for you. What is driving you — to build a team around your vision, be your own boss, or enjoy increased financial rewards? These reasons (among many others) may signal that you are ready for practice ownership.
See Class 1: Defining you driving force to learn more or download our ownership workbook to get started

HOW DO I BECOME AN OWNER?
If you have determined that ownership is for you, there are several options you can consider to reach that goal:
- Buying in to an existing practice
- Acquiring an existing practice
- Starting up a new practice
Each comes with its own set of pros and cons, so it’s important to evaluate them carefully in conjunction with your goals.
See Class 2: Practice Considerations to learn more or download our ownership workbook to get started

SHOULD I BUY INTO A PRACTICE?
The key considerations when buying in to an existing practice include the following:
- Location and Facility - location is fixed and set up
- Client Base and Reputation - being at scale already typically means there is already a loyal client base
- Team Quality - already hired and trained, but less flexibility on compensation plans
- Financial Considerations - can be expensive (or not!) depending on the arrangement
See Class 2: Practice Considerations to learn more or download our ownership workbook to get started

SHOULD I ACQUIRE A PRACTICE?
The key considerations when acquiring an existing practice include the following:
- Location and Facility - location is fixed and set up
- Client Base and Reputation - being at scale already typically means there is already a loyal client base
- Team Quality - already hired and trained, but less flexibility on compensation plans
- Financial Considerations - can be expensive (especially for larger practices) but opportunities arise
See Class 2: Practice Considerations to learn more or download our ownership workbook to get started and SIGN UP for our Practices for Sale newsletter to hear which practices are up for sale

SHOULD I START A NEW PRACTICE?
The key considerations when starting up a new practice include the following:
- Location and Facility - lots of work to scout and negotiate location, can design to match your vision
- Client Base and Reputation - takes 5-7 years to build, means operating at a loss for a few years
- Team Quality - need to hire and train from scratch, ability to design culture and shape team
- Financial Considerations - not as expensive to get going, more uncertainty, harder to finance
See Class 2: Practice Considerations to learn more or download our ownership workbook to get started

HOW DO I CREATE A BUSINESS PLAN?
While creating a business plan may seem intimidating, we have some tips to help get you started:
- Start with a practical example, not an 80 page encyclopedia of nonsense (check ours out)
- Keep it simples and concise - quality not quantity (avoid repetition and verbose rambling)
- Start with bullet points and flesh out when you're ready to finalize
- Make sure your financial projections are sound (use our template model)
For additional information and some great templates, please see Class 3: Business Plan and Financing.

HOW MUCH WOULD THE BANK LEND ME?
It always varies case by case, but typically you can expect ~$500K for a start up and 80% of revenues (or your past production) for an acquisition. Loans typically come with very favorable interest rates (2.5% - 3.5%) and repayment schedules (10 years) but often require a personal guarantee. Seller financing is often an even more favorable option. A bank loan can also be a great opportunity to refinance student debt.
Reach out to us if you want to discuss your options here!

WHY IS LOCATION SO IMPORTANT?
Location has the ability to make or break a business and is definitely one of those things that is worth taking the time to get right. Not only does the location need to be a fit for you (close to family, large client base, close to shopping district, minimal competitors, etc.), but it needs to be in an area that is desirable for clients as well. Did you know that location is among the top 2 reasons clients switch vets?
It is definitely worth spending some time on this topic and I would encourage you to see Class 4: Location Considerations for more information or download our ownership workbook to get started

HOW CAN I DETERMINE MY MARKET SIZE?
Believe it or not, there is actually a formula for this!
Total Population (how many clients are within a drive time of ~20 min) x % That Own Pets x % Market Share = POTENTIAL CLIENTS
Bonus Rule of Thumb: Aim for at least 1,000 customers per vet.
see Class 4: Location Considerations for more information or download our ownership workbook to get started

HOW DO I PICK A NEIGHBORHOOD?
Here are a few things to keep in mind when considering location:
- Pet ownership
- Demographics (growth, income, age)
- Zoning laws/construction
- Competition
see Class 4: Location Considerations for more information or download our ownership workbook to get started

HOW DO I NARROW DOWN A BLOCK FOR MY PRACTICE?
Things to think about:
- Main street/off main (usually practices are a draw, so off main is a better value)
- What is it closest to (Wal-Mart, DMV, schools)?
- Who will it attract? - Is it in a mall, strip-mall, main street?
- Is it easy to get to? highways, public transportation
- Emergency referral nearby?
see Class 4: Location Considerations for more information or download our ownership workbook to get started

HOW DO I PICK A SITE FOR MY PRACTICE?
Things to think about:
- What other stores is it close to? Who will it attract?
- Is it attached or a stand-alone building?
- Parking and handicap access? Back entrance for dead animal disposal?
- Visibility and signage potential (will people see it)
- Number of washrooms
- Number of exam rooms (most important - aim for min of 4)
- Cost to get it up to spec (plumbing, renovations, etc.)
see Class 4: Location Considerations for more information or download our ownership workbook to get started

HOW DO I FINANCE MY PRACTICE?
It may feel daunting and undoable, but there are many ways to finance your practice:
- A seller loan (when the previous owner of the practice allows you to pay over time, with the profits of the practice)
- A bank loan: nowadays, you can borrow up to 100% of the practice cost using bank financing. You need to find the right group within the bank, as they are all quirky and rigid in different ways.
- Cash or an equity partner: if you can’t cover everything with debt, then putting in personal funds or taking on an equity partner could be the way to go.
We are pros at this and can help you find creative ways to figure out the right way to finance your practice - check out our ownership workbook for more information

WHEN WILL I BE OUT OF DEBT?
The $356,289.43 question! We completely understand what it is like to live with the burden of debt. Taking on more debt to own a practice may seem crazy, but it is the best way to earn financial security. Think of it as a mortgage in a house, that if treated right, will keep going up in value. What can be helpful is having a debt paydown plan. We can help you build a personal, as well as a practice level forecast to help give you a sense of how long it will take to pay down your debt under different scenarios. Also check out our blog post on ownership as a way to become debt free!

WHAT KIND OF LOAN CAN I GET TO FUND MY PRACTICE?
The loans that tend to be most favorable in terms of amounts and rates to buy or build a practice tend to be a term loan for 10-12 years to buy or build the practice, along with an operating line of credit for daily expenses. These loans will usually require a personal guarantee, and will typically require you to meet certain profitability targets (referred to as “covenants”). One of our co-founders used to write these agreements in her early 20s so she can help provide advice as you go through this. And sometimes bankers can seem rigid and discouraging…don’t let it get to you, it just means you haven’t found the right one (they’re a lot like kissing toads).

HOW CAN I PROMOTE MY PRACTICE?
When you are starting out, there are no shortage of ways to get the word out. The quicker you can build a client base, the sooner you are able to cover your monthly expenses, hire extra help and breathe a little easier! We recommend local community based marketing like advertising or participating in local events, having a kiosk at farmer’s markets or festivals, or building partnerships with the local groomers and boarders. Asking people how they found their vet is a great way to know what will work well in your particular community. On top of this, getting a nice website, along with managing your yelp and google presence will be crucial to being ‘found’. Check out our resources page for a list of helpful tools you can use.

DO I REALLY NEED TO DO SOCIAL MEDIA?
You do not, but it can be very helpful. The important thing to remember, is that for most cities in the U.S., your client base isn’t moving very frequently. So there are only so many customers you will have access to. Chances are they will know about you, and as long as you treat them right, they will keep coming back. Unlike a Dominos or a Papa John’s that are constantly competing for what you will choose to eat that day. So if resources are limited, we’d always prioritize local, community based marketing, along with exceptional client service. If you have room for some fun, social media can be a great voice for your practice.

HOW CAN I USE FACEBOOK TO PROMOTE MY PRACTICE?
Facebook is a great and inexpensive way to build a bond with your customers. Pet pictures and videos are the most wonderful thing on the internet (we think so!), so try to engage your client base by posting pictures, holiday wishes, contests, etc. Facebook ads can also be extremely effective in micro-targeting people within a certain area, with certain interests. For only a few dollars a day, you could have your practice show up on instagram and facebook (both through facebook ads) to all users within a 0.5 mile radius of your practice, that have shown an interest in animals.

HOW SHOULD I USE GOOGLE ADS?
You should first register with Google my business and Yelp, so that you show up on people’s searches. You should also ensure that your hours of operation, address and website are correct. Google ads can be a great way to boost awareness of your practice, but there might be more effective ways to access your customer base, which is typically within a 0.5 mile drive, such as local, community based marketing. Otherwise, Google Ads are a cheap way to get more customers to be aware of your business when they are searching for certain words.

WHAT KIND OF STAFF SHOULD I START WITH?
This is personal to every practice, but depending on your location, how quickly you are planning to grow, and how much financing you have available, we often like to over-hire and grow into our teams. For example, hiring a practice manager early on (or taking on a partner like Vesta) will mean you have more time to focus on growing the business and ensuring an exceptional customer experience. We think that is a better use of your time than trying to learn accounting at 10pm at night. Similarly, leveraging a strong team of technicians is the best way to expand your practice and have less hectic workdays.
Check out the exercises in the operations section of our ownership workbook to learn more

HOW CAN I ENSURE CULTURE FIT WITH NEW HIRES?
The most important thing in screening new hires for “fit” is to ensure you first know what a good “fit” looks like. Check out some of the mission, vision, values exercises in our ownership workbook, as they will help you define what a true team member will look like. Once that is done, translate it into a clear job description, your expectations, and leave lots of time for informal discussions and meetings with the rest of the staff to ensure there’s a personality fit in addition to a skills and capabilities match.

WHEN SHOULD I START INTERVIEWING?
You typically want to start interviewing 6-9 months before needing to make a hire. And you want to budget at least 1-2 months to get a new hire up to speed, so ensure that you start your hiring process early enough so as to be able to meet your growing demand. If you are worried about taking on a full-time role before your sales are strong enough, a great way to de-risk it is to have them come in 1-2 days a week to start if they are open to relief work.

HOW SHOULD I COMPENSATE MY STAFF?
While most of the veterinary industry pays on a “pro-sal” model (where you receive base pay + a percentage (typically ~20%) of your production, we strongly believe in designing compensation models that reflect the values of your practice and align your team (our founder even taught a course on this at McGill University). This is a longer discussion for sure, but we encourage compensation models that are longer term in nature, and seek to reward the team for the value that they create in the practice, rather than a more mercenary-style approach where you are paid for every incremental dollar you charge.
Reach out to us to discuss this in more detail - it’s a fascinating subject, and one that is too often ignored in the industry.

HOW DO I CREATE A CULTURE OF OWNERSHIP
A culture of ownership goes beyond a share certificate or your name on the door - it is the decision making engine in your practice. Empower your front line to play a bigger role in making decisions — resolving client issues, redesigning a workflow or process or even changing the layout of the practice.  Ownership is all about:
- Trust, Transparency, Autonomy, Support
Let’s chat about this - we believe it’s the most important thing you can do in ensuring success

HOW CAN I INVEST IN MY COMMUNITY?
We believe the best practices are locally owned and driven. Owning a practice means committing to a certain neighborhood and the set of values it comes with. Seek to use local suppliers when possible, engage in community events, hire local students for the summer, give back to causes that are meaningful to you within your surroundings. Build long term relationships with the people that will form your clientele for many years to come. Be creative with advertising - i.e. instead of the easy Google Ads route, spend on local guerilla marketing by co-hosting events, and partnering with local organizations.