In the course of building the best place to work in the veterinary industry, Medivet has developed a route into practice ownership that’s quite unlike any other and accessible to vets at every stage of their career.
Medivet fully understands the dilemma many vets face. Many want their own practice and see private ownership as the only way to achieve this, even though they also understand this requires substantial financial commitment, commercial skills and less time to spend on clinical practice. Others feel private practice is unattainable because they don’t have the commercial knowledge, leadership skills or clinical experience.
So many opt for a very different kind of partnership approach in the form of a joint venture. A joint venture partnership may reduce the financial commitment, but it doesn’t resolve who will take the lead on running the business and, at the same time, the opportunity may see a misalignment of objectives and ambitions for the practice.
For example, this sort of model may promote more of the “high volume, low margin” work that drives turnover for them, but it doesn’t necessarily translate into profits for your practice or income for you.
But there is another way: a true equity partnership.
This is the Medivet model already at work in more than 150 practices across the UK. The many vets who have already embraced this way of working and become Branch Partners get to focus on their clinical work, grow professionally and enjoy the financial rewards, while Medivet looks after the business side of things.
It’s much more than a transactional approach, it’s a model that fits with Medivet’s bigger ambition of building a community of forward thinkers who are trusted to deliver exceptional care – and that bears out in practice: Medivet practices with a Branch Partner build better relationships with customers and their communities, help Medivet grow its client network, and deliver consistent clinical excellence to its patients. Branch Partners create stability, improve staff retention and help build Medivet’s reputation.
There are other more immediate benefits of course. Branch Partnerships are available to vets of all levels of experience and, because the investment is much lower than comparable opportunities, that makes it more accessible to new vets.
A Medivet partnership could take you right through your career, allowing you to develop clinically and professionally in the way you want, knowing that the practice is capably run.
True Equity Partnership
Medivet provide the tools that allow vets to develop their practice as a Branch Partner, and as the practice grows, Medivet takes an equal share in success and profit, risks and costs.
Branch Partners can purchase an equity share that works for them – up to 50%, based on an agreed practice valuation, advice from fellow vets and Medivet’s guidance in navigating their finance options. Branch partners are in complete control of their career with clinical freedom and the reassurance they’ll receive the level of support they need to be a successful business owner.
Medivet Branch Partners can expect a significantly increased financial reward and a better work-life-balance supported by Medivet’s truly flexible working arrangments. And, if the time comes to change direction, relocate or retire, exiting a true equity partnership is easy: you can sell your shares at any time, either to another vet looking to take the next step in their career, or additional partners.