As a veterinarian and practice owner, I wish I could say I began thinking about succession planning early in my tenure. Unfortunately, this was not the case. So, when it came time to seriously consider it, I really had not done any research related to the process or prepared myself in any way.

The only thing I knew ‘for sure’ was I would never partner with a corporation or corporate buyer when it came time to retire from ownership. With this in mind, it was a surprise that this, in fact, is exactly what I ended up doing.

I had many fears and questions running through my head:

• Would our current team be looked after? How would they be supported after the partnership was finalized?
• Would a corporation mandate how we had to practice medicine?
• Would it be obvious to our clients we had partnered with a corporation? If so, would the clinic lose its identity?

These were significant concerns. After all, my business partner and I had dedicated decades to growing our practice. We cared deeply about our patients, as well as our team. We did not want to damage something we had spent so long building.

Looking back now, having gone through the succession process, I will tell you having the right partner can help alleviate these fears. If you are thinking about letting go of practice ownership, be sure to ask prospective buyers how they will work with you to consider the following aspects of your practice.

1. Your team

In the early stages of discussion, it is important to find out how a corporate partner would work to support your entire team throughout the succession process and beyond. Truthfully, this transition period is an ideal time to explore career development opportunities for everyone in your practice.

When arranging the sale of our practice, the very first thing we discussed with potential partners was how they would look after our team. Our clinic manager, for example, was a key player, and we wanted to ensure she would have the help, training, and support necessary to succeed in her expanded role in the practice. We also wanted to ensure our associate veterinarians could take on formal leadership roles and have the opportunity to partner themselves.

In short, we wanted to take care of our team members and set them up for success. Ultimately, our final decision was heavily influenced by the fact our corporate partner had a network in place to provide the type of support we were seeking for the practice.

2. Legacy

Try to let go of any misconceptions you may have about partnering with or selling to a corporate group. Instead, learn about how the company will honour your hospital’s unique legacy and celebrate your personality. It has taken years for my business partner and I to create and achieve our shared vision for our practice, and we did not want to lose our identity and culture.

In selecting the right corporate partner, we felt genuinely supported in our desire to continue to drive our own medical protocols and maintain our relationships with clients. ‘Business as usual’ has been the motto all along; I am happy to report this is, indeed, the case when it comes to medicine, as well as how we communicate with our clients.

3. The process

This transition will be a challenge for your team. To minimize confusion, make sure the company you are partnering with has expertise and a robust system in place for the transition process.

Of course, it will not be completely perfect; in my own experience, transitioning our practice to a partnership has been difficult at times. What I can report is that when issues came up, the head office team listened to our concerns and acknowledged parts of the system were not working rather than make excuses. This goes hand in hand with the growth mindset we aspire to at the hospital and confirms we are partners in the journey.

Moving forward

While choosing to step away from practice ownership was not an easy decision, it was certainly the best choice for me, my team, and my clients. It has helped to me to focus my efforts on the parts of veterinary medicine I really enjoy and find fulfilling.

All owners should give some thought to what they hope for in a succession plan. Knowing your goals for your veterinary team, your patients, and your practice culture will allow you to ask the right questions of a prospective corporate partner and communicate what is important to you. A partnership based on a collaborative approach will ultimately be successful for all.

Saye Clement, DVM, was co-owner of Carling Animal Hospital in Ottawa for more than 18 years. In addition to being a practicing veterinarian, she regularly lectures about practice management and also sits as an advisor on several veterinary councils. In September 2021, Dr. Clement and her co-owner sold their practice to VetStrategy, a Canadian-operated network with more than 290 hospitals. For more on succession planning, visit vetstrategy.com.