"I can't become a practice owner with my debt"
Keywords:veterinary practice, mixed practice, practice management
Practice sustainability is a necessity for the viability of the mixed animal veterinary practice industry. To keep mixed animal practices thriving, a plan is needed to transition practices from 1 generation to another. Buying into a mixed animal practice is often promised to a new associate doctor but not fulfilled. The process often lacks communication and a good plan. Drs. Wenger and Middleton will share their experiences on how their practice has transitioned from 1 generation to another. They continue to focus on transition as new-generation partners are joining the practice. They will touch on how to value a mixed animal practice. Purchasing a practice is a return on investment for the owner that is selling and a huge investment for the new owner that is buying shares of the practice. Much has been written about valuing, buying, and selling small animal practices, but there is little information on how this to relates to mixed animal practices. Large student loan debts complicate the process and often stop the discussion because no solution is presented. Current student loan income-based repayment plans may create challenges to young veterinary practice owners due to an increase in income, thereby increasing student loan payments and creating cash flow dilemmas. Drs. Wenger and Middleton conclude that it is possible to become an owner with student loan debt and complicated loan repayment schedules, and will share their experience as to how to make it happen.