How to Buy a Vet Practice With No Down Payment

You do not need 20% down.  You do not need a MBA, an investor, or a pile of cash.  You can have a mortgage and 300K student loans and still obtain almost 100% financing.  This is one thousand percent the entire reason why I created my second business and you are reading this article.  I genuinely believed ownership was IMPOSSIBLE for someone like me.  When I actually had the guts to finally call a bank, I could not believe how simple and easy I found the process.  The difficult part was running the clinic, not buying it.  I felt foolish.  

SBA 7(a) loans exist for small business acquisitions.  I was shocked when my banker said, “oh yea we can do pretty much 100% financing for this.” “WHAT do you mean?!” I had spent years believing (based on a google search I must admit), that I had to have 10-20% down for a business loan (or the equity equivalent), and I had neither.  I was clueless the entire rest of the 7 months of the process but thankfully I was directed to a wonderful financial advisor [ProPartners Team Columbia, MO] that walked me through the entire process.  

I am not sponsored by them, in fact, I actually pay them on retainer for their services and will continue to do so gladly.  I am promoting their services because I want you to know this “vet clinic ownership dream” I so gleefully paint a picture of, is real, is possible, is financially realistic, because of their services.  I created my program to be the dual guide to their expertise.  They handle the financials, I handle the people, the staff, the culture, and the hospital systems and protocols.  They evaluate the data- I tell you what to implement.  They provide an overview of the expenses vs profit, I tell you when to raise prices and when to eliminate services. 

Vet practices are a no brainer for banks.  Stop thinking you can’t do this and start planning how you are going to start.  You just need to know the right person to call.  Most vets do everything backwards, they start with a clinic and a negotiation before the foundation has been built.  Give yourself 3-12 months of prep time to get your ducks in a row, have your finances in order, and be prepared for serious acquisition conversations for any clinic of your choosing (hopefully the one you have in mind right now). 

Every veterinarian that chooses to run an ethical people-first veterinary practice, serves their community in ways that are invaluable.  The ripple effect of kind-hearted leadership in local small businesses represents the best parts of what it means to be a general practice veterinarian.

The cash flow of the practice of interest is more important than any other metric when it comes to your ability to obtain lending.  This will either be a good financial opportunity, or not.  You aren’t starting from square zero.  You aren’t asking for clients that aren’t there.  The appointment numbers are solid.  The equipment might be used but it works for now. The staff are familiar with processes enough to keep you going.  You can change what isn’t working and learn from what does.  You can build a culture around collaboration and by taking care of your staff, you will have loyalty and high quality work from them in return. 

Most veterinarians are focusing on the wrong concerns when it comes to business ownership.  The possibility of “can I?” isn’t the problem.  You can obtain this loan.  Your question should be “where are they for sale and which one do I want to buy?”. 

There is no perfect solution right now.  But this dream I have created is as close to perfect as I could get.  My passion is inspiring other DVMs into ownership so they can finally reap the benefits of their own work, while simultaneously doing good in their local community.  When I think of this future for veterinary medicine, the possibilities are endless.  

If you are a burned-out veterinarian who reads this and is hoping what I said is true for you, I know it is. So let's get started.  Check out my free DVM Match-Up Spreadsheet for a listing of private practices available for sale right now and my People-First program; Buy it: The Step-by-Step Guide to Vet Practice Acquisition.  

─────────────────────────────

About Dr. Carlee Tucker | Veterinary Practice Rising

Carlee Tucker, DVM is a mixed animal practice owner in rural Kansas and the founder of Veterinary Practice Rising. She teaches burned-out associate DVMs how to buy an ethical, people-first veterinary practice with no MBA and no down payment through The People-First Healthcare Method.

FREE Practice Match-Up List and The People-First Healthcare Method: Buy It  linktr.ee/dr.carleetucker

veterinarypracticerising.com

#VeterinaryMedicine #PracticeOwnership #DVMLife #VeterinaryBurnout #PeopleFirstVet #EthicalVetMed #DVM #PracticeOwner #SaveVetMed