No way to treat a vet

RE: No way to treat a vet

mariette asselbergs — Tue, 17 Oct 2017 17:53:24 GMT

To be honest, a quick focused ultrasound for a pyo doesn't have to be expensive (in my practice about £35). I would always offer it to clients with unneutered female dogs with a vague story of drinking more or otherwise. You wouldn't want to miss it. Also a good opportunity to convince the owner of the seriousness of the risk.

Mariette

RE: No way to treat a vet

Anthony Dennison — Tue, 17 Oct 2017 14:46:10 GMT

[quote user="Bob Russell"]

One new client was astonished to find that they left a practice having paid for an abdominal ultrasound. They went in with a lame dog!

Apparently the reasoning was the dog was un-neutered and drinking a bit more than normal. Absolutely nothing to find clinically when I rechecked it next day. Suspect it had been stung!

[/quote]

There are plenty of private practices that are just as money grabbing.

RE: No way to treat a vet

Bob Russell — Tue, 17 Oct 2017 09:15:22 GMT

One new client was astonished to find that they left a practice having paid for an abdominal ultrasound. They went in with a lame dog!

Apparently the reasoning was the dog was un-neutered and drinking a bit more than normal. Absolutely nothing to find clinically when I rechecked it next day. Suspect it had been stung!

RE: No way to treat a vet

Julie Innes — Tue, 17 Oct 2017 08:50:17 GMT

[quote user="Bob Russell"]

But there is a steady move back to local opticians, Funeral directors and dentists.

Many people want to be more than a number. Many want to be cared for by people they know and know them.

A few decades ago pretty much all of the estate agency industry became corporate. Within a few years the disgruntled estate agents opened up their own agencies and many of the chains disintegrated. This was long before the internet age so that was not a factor.

Been quieter the last couple of weeks but we have never been busier and more profitable. getting to the end of my tether a bit though!

[/quote]

I'm similar to Bob- I was actually hoping the newly opened corporate down the road might ease my workload a little, but we have had to close our books again, as we can't cope with demand.

When I speak to clients their perception of the corporates and chains is that it is "All about money". Which, having very briefly worked for one, is pretty true. When that is the main aim of management it filters down (or is forced down!) through the ranks and is obvious to the client.

RE: No way to treat a vet

Neil Wheadon — Mon, 16 Oct 2017 22:54:45 GMT

[quote user="Bob Russell"]Many people want to be more than a number. Many want to be cared for by people they know and know them.[/quote]

This I feel is a big misunderstanding amongst Independent practices. A JVP at a corporate does know their clients and the clients trust them. Labelling a practice as the corporate down the road which is faceless is simply not the case. Many stamp their own individuality on the business. The title of this thread says a lot really.

I locum in all sorts of practices and to be honest if I closed my eyes as I walked in, so missing the logos, in a lot of cases it would be tough to spot the difference.

What will drive the future depends on the corporate management of those practices under their care, where another layer of profit/dividend needs to be fed.

Neil

RE: No way to treat a vet

Phil Hyde — Mon, 16 Oct 2017 22:48:28 GMT

[quote user="Gareth C."]out of interest did you have an uplift clause in your sale if they resold the practice?[/quote]

Nope.

But then, I got what i wanted financially. I simply wanted the practice to stay in the hands of those that I trusted. These were people that i had worked with and knew. I wanted the staff that had given so much to remain in a secure job.

It is a constant surprise to me that I remain niaive even after all my previous long experience.

My point in writing this is to state the obvious. We seem to be heading down a one-way street. Many private practices are becoming corporate. No corporate practice is becoming private again. Are we as a profession happy with this?

We don't seem to have a lot of choice.

RE: No way to treat a vet

Clive Ansell — Mon, 16 Oct 2017 22:02:02 GMT

[quote user="Neil Wheadon"]not much left in the country to sell to Hedge Funds[/quote]

Nah, there's loads left to asset strip

NHS?

Schools?

Roads?

Prisons?

RE: No way to treat a vet

Jill Butterworth — Mon, 16 Oct 2017 21:44:27 GMT

[quote user="Edward Jones"]Starting-up is fast becoming the only realistic way of becoming a practice owner.[/quote]

Then hopefully things will come full circle.

RE: No way to treat a vet

Bob Russell — Mon, 16 Oct 2017 17:38:02 GMT

[quote user="Neil Wheadon"]

[quote user="Clive Ansell"]and as yet is relatively untried and unteste[/quote]

Opticians

Funeral Directors

Dentists

not much left in the country to sell to Hedge Funds

Neil

[/quote]

But there is a steady move back to local opticians, Funeral directors and dentists.

Many people want to be more than a number. Many want to be cared for by people they know and know them.

Been quieter the last couple of weeks but we have never been busier and more profitable. getting to the end of my tether a bit though!

RE: No way to treat a vet

Neil Wheadon — Mon, 16 Oct 2017 17:20:15 GMT

[quote user="Clive Ansell"]and as yet is relatively untried and unteste[/quote]

Opticians

Funeral Directors

Dentists

not much left in the country to sell to Hedge Funds

Neil

RE: No way to treat a vet

Clive Ansell — Mon, 16 Oct 2017 16:44:41 GMT

[quote user="Anthony Dennison"]

[quote user="Clive Ansell"]what would in the event of another US or UK financial crash? (A matter of when rather than if), or if the cost of borrowing rises greatly?, or if the source of American debt money dries up, or in the event of a recession the general public have less to spend ???[/quote]

I think if this were to happen, there would be a stalling in the growth of corporates, not a collapse of them. Most acquired practices were doing pretty well when they were bought out, hence why they were targeted, so I presume they would continue to be making money.

[/quote]

Maybe....... maybe not, who can say?

Another thing I have noticed recently is that more and more clients across a range of practices are asking the question "is this practice still independent of is it part of a group, a chain or a corporate" some express displeasure at the idea of such ownership.

RE: No way to treat a vet

Anthony Dennison — Mon, 16 Oct 2017 16:37:16 GMT

RE: No way to treat a vet

Gareth C. — Mon, 16 Oct 2017 16:20:17 GMT

[quote user="Phil Hyde"]

I had to jump through the hoops to sell my practice to private practice. It took many months with the bank lending them the money being very obstructive. Finally, on the day of sale, the bank produced a brand new document, very long and in best legalise, which needed signing that day, but basically made me liable for any future problems. Anyway, I didn’t sign but the sale still went ahead. 6 months later they sold to a cooperate. It took them a couple of weeks...

[/quote]

out of interest did you have an uplift clause in your sale if they resold the practice?

RE: No way to treat a vet

Clive Ansell — Mon, 16 Oct 2017 15:38:54 GMT

[quote user="Martin Atkinson"][quote user="Edward Jones"]Why sell a practice 'privately' when corporates can afford so much more?[/quote]Because for some of us not everything in life is about money.[/quote]

Also, what is to say our profession is secure and stable for the long term future?

Widespread and rapid corporatisation is a fairly new business model within our profession, and as yet is relatively untried and untested. what would in the event of another US or UK financial crash? (A matter of when rather than if), or if the cost of borrowing rises greatly?, or if the source of American debt money dries up, or in the event of a recession the general public have less to spend ???

RE: No way to treat a vet

Edward Jones — Mon, 16 Oct 2017 15:29:47 GMT

[quote user="Martin Atkinson"] I was given a stepping stone into my own practice by the previous owner and I would like to think I could help another aspiring vet if it was practical. [/quote]

Well, indeed, and to an extent I agree. But it's pointless if your successor is immediately free to sell on, and I can't see a lender agreeing to a covenant to prevent this. Iain's point is a good one and probably workable - but do lenders accept these agreements?

Starting-up is fast becoming the only realistic way of becoming a practice owner.

RE: No way to treat a vet

Iain Richards — Mon, 16 Oct 2017 14:45:34 GMT

I bought some land from a farmer. The contract had a clause that if I sell for building, he gets 25%.

Shouldn't be too hard to write that into a sale agreement for a practice.

RE: No way to treat a vet

Martin Atkinson — Mon, 16 Oct 2017 14:21:04 GMT

[quote user="Edward Jones"]Why sell a practice 'privately' when corporates can afford so much more?[/quote]Because for some of us not everything in life is about money. I was given a stepping stone into my own practice by the previous owner and I would like to think I could help another aspiring vet if it was practical.

Anyway its irrelevant. IF money is my sole object I will make far over time more turning the practice premises into flats.

RE: No way to treat a vet

Edward Jones — Mon, 16 Oct 2017 13:44:25 GMT

Why sell a practice 'privately' when corporates can afford so much more?

Apart from sentimentality - which whilst is understandable when you've grown a practice yourself, is unlikely to be shared by the private successor.

RE: No way to treat a vet

Phil Hyde — Mon, 16 Oct 2017 13:12:35 GMT

RE: No way to treat a vet

Anthony Dennison — Mon, 16 Oct 2017 10:45:31 GMT

[quote user="Clive Ansell"]Now been assimilated by the Borg and swallowed up by IVC as of August. [/quote]

IVC are on a big acquisition drive at the moment. Got to keep their investors happy.

My practice got acquired by IVC in March this year. I'm happy with everything so far.

RE: No way to treat a vet

Clive Ansell — Mon, 16 Oct 2017 08:43:45 GMT

And me.

2 independent businesses in the Birmingham area, each consisting of 2 branches, so 4 practices taken over by Pro-vets late 2016 and early 2017. Now been assimilated by the Borg and swallowed up by IVC as of August.

changing times, and it remains to be seen how it all pans out.

RE: No way to treat a vet

Marie Kubiak — Mon, 16 Oct 2017 07:59:28 GMT

Me too. It seems certain corporates like larger practice groups so strategic rapid expansion occurs just before a sale.

Marie