PROS & CONS OF PRACTICE OWNERSHIP

PROS

FULFILLMENT. Enabling high quality care, saving lives, creating an engaging and healthy workplace, mentoring and inspiring the next generation of animal professionals. 

CREATIVE CONTROL. Practice medicine at the highest standard. Craft your desired clientele. Recruit staff that embody your values and you enjoy working with. 

FINANCIAL REWARDS. A well run practice can generate 4x more than an associate salary per annum for its owners.

CHALLENGE. You started with the most difficult profession - running a business will have its struggles, but nothing you can’t learn or have someone help you do. It will stretch you as an individual. 

CONS

INCREASED RESPONSIBILITY. You now have a team that depends on you, clients that demand to speak to you, payroll and taxes and inventory and hiring (until you can hire someone to do this...)

LONELY AT THE TOP. While many owners report less burnout and higher satisfaction, they also miss having partners and don’t always like hiring/firing. 

NO LONGER AN EXPERT. While you studied for years to be the best at practicing medicine, business is more fluid and always changing. A comfort with the unknown is a prerequisite.  

FINANCIAL & PERSONAL COMMITMENT. You may need to invest significant personal capital or take on debt. It will limit your ability to move cities, change jobs, etc.