Charles Darwin once wrote, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” In the rapidly evolving business of veterinary medicine, as practice owners struggle to juggle work-life balance, training and career development, clinical practice, and business management, it does seem that the law of survival of the fittest applies.
Enlisting the support of a corporate buyer to meet the demands is an attractive option, but how do you know which buyer to work with? While there is the typical list of demands (fair valuation, option to purchase or lease real estate, cash at closing, strong team support and financial backing), we’ve curated an additional checklist for savvy practice owners to use when filtering their choices:
Determining the value of what you do is not a simple equation: every veterinary practice is different. Look for a corporate buyer that offers a customized approach to not only acquisition, but also improving practice operations. You want a personal consultation and a comprehensive evaluation of your operations, as well as a customized plan and guidance for the implementation of strategies that are specifically designed to improve performance at your hospital.
Local Medical Standards
What works well for a 5 doctor practice in Bloomington, Illinois might not work well for a single doctor practice in Malibu, California. Veterinary medicine is best practiced when local veterinarians craft their own hospital and community specific strategies for high quality patient care. Avoid corporate buyers that utilize a single standardized national plan or formulary.
Focus on Revenue Growth and Increased Efficiency, not Cutting Costs
When your practice is operating at its best, clients and employees are happier, patients receive better care and your bottom line thrives. Choose a corporate buyer that can demonstrate a broad range of proven operational consulting services to the veterinary industry that are proven to grow revenue, including:
- General and specialty practice management training and mentorship
- Inventory management assistance
- Fee schedule review
- Marketing program development
- Doctor production analysis
- Staff training and development
- Human resources management and recruiting services
- IT support consultation
Commitment to Uphold the Values and Culture of the Clinic
You did not spend your career building a practice that is going to be radically changed once you sell it. Your hospital means the world to you. It’s been your life’s work and a labor of love. Choose a corporate buyer who will honor the values and culture of your clinic that are beneficially to the pets, the clients, and the staff. Look for a corporate buyer, like Innovetive Petcare, that works with veterinarian owners who want to continue running the medical side of their practices, but want help with the day-to-day administrative and team management tasks. Enlist a corporate buyer that will help you create a long-term strategy and a sustainable way for your practice to continue thriving — well into the future. The relationship should feel natural and should uphold the values that you built into your practice, and also should allow you more time, more money, and the ability to focus on what you love the most.
About Innovetive Petcare
Innovetive Petcare owns and operates veterinary hospitals. Our clinics benefit from tools, resources, and a great support team dedicated to helping veterinary practices prosper and grow.
Our philosophy is to run a great business so veterinarians can focus on providing exceptional patient care. We want veterinarians and their staff to enjoy a better life, with more work-life balance, a strong supportive community, and ongoing training and career development.
If you are interested in discussing the potential sale of your clinic, or would like more information about Innovetive Petcare and the benefits we provide our hospitals, visit www.innovetivepetcare.com or call us today at 800-210-3695.