Business partners (from delegated right): Barbara Batke, DVM, Nikki Frost, CVT, CVPM, SPHR, SHRM-SCP, and Amie Dow, DVM
Veterinary service technicians spend many hours in the trenches, looking after animals and discovering the ins and outs of the field. This hands-on experience provides a deep understanding of veterinary treatments, client management, and whatever in between. When techs end up being practice owners, they can utilize this competence to make educated choices and offer extraordinary look after clients.
Can techs own veterinary practices?
As of this writing, there are 15 states in the United States—consisting of Florida, Colorado, and California—where nonveterinarians are enabled to own veterinary practices. And even in states with more stringent laws, there are still choices for a nonveterinarian to be a part-owner in a veterinary practice.
So if you’re a veterinary specialist who has actually mastered the art of customer interaction, end up being a whiz at the appointment scheduling video game, and perhaps meddled stock management, you may be at a point in your profession to think about practice ownership.
When a long time tech ends up being an owner
This is what took place to Taryn Singleton at Sycamore Veterinary Hospital in Midlothian, Virginia.
“I bought the same practice I started at in 1987 after 19 years, so I knew every aspect of the practice, which made for a smooth seamless transition,” she said.
Like lots of techs, she developed her abilities and understanding in time, handling brand-new opportunities when possible.
“Growing from an LVT to lead tech, to overseeing HR of the support staff, taking on inventory management, managing the veterinarians, being included in business decisions, and finally reviewing and understanding the hospital finances, gave me all the confidence I needed to take on this scary proposition,” she said.
And what she hadn’t discovered through hands-on experience, she got in other methods.
“While I didn’t have any additional business training, I would attend as many practice management CE sessions as I could,” she said. “I also built relationships with other LVTs in leadership roles to assist me with business questions that came up.”
Meeting neighborhood requires
Because veterinary service technicians are associated with many elements of the practice, they can be the very first to understand of bigger concerns impacting access to care in their neighborhoods. This held true for Nikki Frost who delved into practice ownership merely since it was required.
“Early June 2020 I was alerted by fellow technicians that the only ER in the entire northern half of Arizona was closing with no option for emergency canine and feline care. I reached out to several veterinarians I knew, hoping to find a doctor interested in the challenge,” she said.
“Three years later, I have two of the best DVM partners and we have two incredible practices—a 24/7 ER and seven-day-a-week dedicated urgent care—with the most amazing team,” she said, including that, when you open a practice as a veterinarian tech, it can “become a trusted haven for pet owners seeking exceptional healthcare.”
The business discovering curve
Veterinary service technicians are skilled in the medical side of things, however they may not have much official business training. Fortunately, owning a practice needs a more comprehensive skillset, and lots of service technicians might be more certified than they recognize.
Darlene Geekie has 2 pieces of guidance she offers other veterinary service technicians checking out practice ownership.
“I think business courses are helpful, especially financial classes and human resources,” she said. “But overall, you must be good at communication. A practice owner is not just dealing with employees, [Profit and loss statements], and inventory. Much of their time is spent in service: Service of clients, staff, and patient care. The rest falls in place if the focus is on people, processes, and products.”
Darlene Geekie balances medical tasks with administrative tasks to keep her group arranged and the client care
at the greatest level.
Her 2nd piece of guidance? Have a good attorney—and a backup strategy.
“Do nothing without legal advice, and partner smart,” she said. That indicates “sharing excellent intents and making certain you both have an exit strategy in case things don’t work out as planned.”
“Life happens, and amicable splits are best for all involved, including your practice,” she said.
Vet tech owners face possible hurdles with lenders
Owning a veterinary practice takes a significant investment. Not only do you need funds to acquire or set up a practice, but then there are ongoing operational expenses and costs, including property and equipment maintenance, staff salaries, insurance, and savings to cover potential fluctuations in revenue.
Singleton’s advice is to “Plan, plan, and plan some more.”
“How will you finance the purchase of the practice? Will you buy just the business, or the building as well?”
And, unfortunately, nonveterinarians who want to open practices may experience resistance from lenders.
“Our biggest hurdle was obtaining financing for the deal,” she said. “Banks would not loan us the money for the down-payment or starting capital as a 100% nonveterinarian-owned practice. The banks felt it was too risky since LVTs can’t generate income without a veterinarian on staff.”
In the end, Singleton and her partners were able to borrow from family, and the seller was willing to do an owner-financed deal.
“There is no ceiling to your career if you do not make one”
Transitioning from a veterinary specialist to a practice owner is an experience filled with development and satisfaction. You’ll have the ability to carry your enthusiasm for animal care into a business that shows your worths and devotion.
There are difficulties to get rid of, such as establishing business management abilities, handling administrative duties, and browsing monetary factors to consider. But with determination and a determination to learn, you can start this interesting journey, affecting the health and wellbeing of animals and your neighborhood.
As Geekie said: “There is no ceiling to your career if you don’t make one. You can do it. Always go in with an open mind—and have an exit plan just in case.”
Photos thanks to those included
Tasha McNerney BS, CVT, CVPP, VTS (Anesthesia and Analgesia) is a qualified veterinary specialist and accredited veterinary discomfort professional who works carefully with the IVAPM to inform the general public about animal discomfort awareness. McNerney has actually authored various short articles on anesthesia and analgesia subjects for veterinary experts and family pet owners.
Disclaimer: The views revealed, and subjects gone over, in any NEWStat column or short article are planned to notify, inform, or captivate, and do not represent a main position by the American Animal Hospital Association (AAHA) or its Board of Directors.
