The economy is slow… It’s a GREAT time to buy a business.
They always say, “Listen to your mother.” My mother is a pretty clever lady and she once told me that the best time to buy into a business is when the economy is slow. Given the current RBA cash rate of 1%, I can’t remember a time when the economy has been so slow which is definitely good news for buyers.
Many of us never consider purchasing a business. Practice ownership is fraught with the difficulty of personnel management, financial responsibility, and equipment maintenance. But to the lucky few who like the variety of life being a business owner can throw at you – the rewards can be brilliant.
Aside from financial gain, you get to shape a mini-world into a utopian environment with your value system.
If you want to work and operate in a place where people care about each other then, as the boss, you can make that a priority.
If you want to charge lots of money and not compromise on the gold-standard. You can.
If you want to make allowances to those in need and supplement their deficiencies with your generosity. You can because you’re the boss.
Most people know that the veterinary market is relatively stable. We don’t make huge profits on our businesses, but unlike the finance or property sectors, there is significant buoyancy and sustained commitment of our customer base which makes it a good investment. This is why it’s an appealing option for the large equity firms looking to leverage their money. Why not take a leaf out of their book and invest yourself?
It is true that business is hard. And many businesses fall down because of a number of issues that can plague them. But if you never try, how will you know if you could be successful as a business owner too?
Business is not like the life and death world of veterinary practice. Yes, a lot rides on it, but I think the perspective we have in facing real life and death decisions can give us a great deal of strength in business.
As Sheryl Sandberg COO of Facebook said, “When life sucks you under, you can kick against the bottom to rise up, find the surface and breathe again.”
I love owning a business and one day I hope to own a vet practice too.
If you’ve ever wanted to create your own utopia, consider joining us in Sydney in November to learn how to start.
EXIT STRATEGIES FOR VET BUSINESS OWNERS
Your business is important so spend the day with us to find out how the processes in exit strategies work from industry professionals.
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HOW TO BUY A VETERINARY BUSINESS
Do you want the responsibilities and rewards of business ownership but not sure where to start? Join us for a day of expert advice to get you started.
Download the brochure or Click here to register