For some vets, working for someone else was never enough and the ambition to own their own practice is compelling.
The freedom, the autonomy, the flexibility, the financial reward - whatever your motives - owning your own practice can be an ideal way for some professionals to do what they love and build for their future prosperity.
There are a number of routes to achieving this goal:
- Buy into an existing practice whilst working there as an employee
- Start a practice from scratch on your own
- Invest with a branded partner and become a Joint Venture Partner
Medicus has worked in the Vet sector for over 10 years. We are a knowledgeable and trusted partner for many of our clients. These relationships give us the platform to introduce you to potential businesses that are seeking additional partners.
Whether it's because the existing owners want to expand and open addtional practices, or they are creating an exit strategy for their own retirements, we are able to introduce you to clients that are interested in discussing external investment in exchange for part ownership.
Start From Scratch
This option usually takes the longest and will invole a greater share of your time, taking you away from being a Vet. You'll need to research locations, sites, competition, finance options, licences and put together a business plan for your bankers. Most Vets have limited experience of these tasks and taking them on can be time consuming and worrying.
Once it's done and your business is ready to go, you'll have acheived a great deal but the work doesn't stop there. You'll need to work extra hard and extra hours to make sure your fledgling business becomes established quickly and doesn't falter in it's opening months. More new businesses, of any kind, fail in their first year in the UK than at any other time in their history.
It's hard work, but very rewarding and you'll have achieved something great once you are up & running.
Joint Venture Partnering
There are a number of branded Vet businesses in the UK who's business model is based on expanding their commercial footprints and market share by increasing the density of practices. Trading under the same name, all "franchise" type practices benefit from the name awareness and familiarity that exists between them.
Becoming a joint venture partner enables you, as a Vet Surgeon or Vet Nurse, to own your own practice whilst pulling in the expertise of dozens of people who have a proven track record and experience of establishing, marketing & launching new practices.
The outline of the JVP arrangement is:
- You'll make a personal investment.
- You leverage existing financial arrangements with your chosen partner to secure development finance.
- You own the practice, usually paying royalties to your partner from your turnover.
- You help in the planning.
- You recruit your own colleagues.
- You take the profits of your business once the start-up costs are repaid.
- The quicker you become profitable, the quicker you can grow and potentially open your second practice from the profits of the first.
Medicus has relationships with all the UK providers and we'll be able to assist you with initial JVP discussions.
For more information on JVP & Practice Ownership, feel free to call for an informal chat.