Thinking of selling up?

RE: Thinking of selling up?

Anthony Dennison — Mon, 03 Dec 2018 11:31:45 GMT

[quote user="David Mills"]Having grown up in Rochdale, Preston doesn't hold much attraction I'm afraid. The only thing better about the place is that you can be in London in a couple of hours, takes a bit longer from my home town[/quote]

Preston > Rochdale. Plus it's actually a quiet little village just South of Preston. in the countryside but 10 mins from the city centre... selling it to you?

[quote user="Gillian Mostyn"]

Extra bedroom needed now eh?

Congratulations!!!

[/quote]

Thank you! We were looking at moving anyway, been umming and ahhhing about a house, but that certainly has pushed us into a decision!

RE: Thinking of selling up?

Gillian Mostyn — Sun, 02 Dec 2018 09:55:10 GMT

[quote user="Anthony Dennison"]I'm selling my house in Preston... interested? [/quote]

Extra bedroom needed now eh?

Congratulations!!!

RE: Thinking of selling up?

David Mills — Sat, 01 Dec 2018 22:40:35 GMT

[quote user="Anthony Dennison"]I'm selling my house in Preston... interested? [/quote]

Having grown up in Rochdale, Preston doesn't hold much attraction I'm afraid. The only thing better about the place is that you can be in London in a couple of hours, takes a bit longer from my home town

RE: Thinking of selling up?

Anthony Dennison — Fri, 30 Nov 2018 23:23:32 GMT

[quote user="David Mills"] I can buy a manor house in Scotland (and pretty much anywhere north of Birmingham, to be honest) for the price of a one bed flat down here[/quote]

I'm selling my house in Preston... interested?

RE: Thinking of selling up?

Neil Wheadon — Thu, 29 Nov 2018 17:18:01 GMT

[quote user="David Mills"]Ha, yes, as I say it depends on what type of vets you are going to open. My pipe dream would be a semi-referral surgery set up around London. I can buy a manor house in Scotland (and pretty much anywhere north of Birmingham, to be honest) for the price of a one bed flat down here, so there is a considerable weighting in terms of rental prices and salaries![/quote]

Urban Myth?

A South African set up in the South East, large consulting room, comfy sofas, free coffee you get the picture. Long consultations and charged top notch. He retired after 5 years back in South Africa and bought a farm.

Food for thought David?

Neil

RE: Thinking of selling up?

David Mills — Thu, 29 Nov 2018 12:28:57 GMT

[quote user="Julie Innes"]I started up with £50K 7 years ago . New practice, no clients with me. We are in Scotland, so maybe a different playing field. Started with the basics and invested more as time went on[/quote]

Ha, yes, as I say it depends on what type of vets you are going to open. My pipe dream would be a semi-referral surgery set up around London. I can buy a manor house in Scotland (and pretty much anywhere north of Birmingham, to be honest) for the price of a one bed flat down here, so there is a considerable weighting in terms of rental prices and salaries!

RE: Thinking of selling up?

Julie Innes — Thu, 29 Nov 2018 12:09:36 GMT

[quote user="David Mills"]The cost depends on your business model and staffing etc, but when I last back-of-an-envelope-in- a-pub calculated, at least £200k to cover set up (kitting out, recruitment) and 3 months' running costs in the Soutj[/quote]

I started up with £50K 7 years ago . New practice, no clients with me. We are in Scotland, so maybe a different playing field. Started with the basics and invested more as time went on

RE: Thinking of selling up?

David Mills — Thu, 29 Nov 2018 10:50:44 GMT

[quote user="Arlo Guthrie"]Lots of talk about the difficulty in getting funding. I’m really curious to know how much funding you’re talking about to get going. Reason I ask is that I would love to invest in a practice. [/quote]

I'm looking at starting up next year, but funding, and rules around it, take some navigating. There are tax benefits for people investing in new start ups, but these cannot be asset-based (they used to be able to be, but people then just used them to buy property on the cheap) so you'd be investing in a business, or more importantly, the professional skill of the staff. This makes it somewhat higher risk (staff can leave, die, get ill, lose an arm, move etc) as there are usually few fixed assets. Even new multi-million-pound referral centres are renting buildings and equipment these days. Banks, by contrast, would only normally lend against an asset so unless you own a large house or the premises (unlikely for my generation) then they're limited help.

The cost depends on your business model and staffing etc, but when I last back-of-an-envelope-in- a-pub calculated, at least £200k to cover set up (kitting out, recruitment) and 3 months' running costs in the Soutj

RE: Thinking of selling up?

Julie Innes — Thu, 29 Nov 2018 08:47:56 GMT

I rent my building as it was one less cost, and it means if it didn't work out/ I wanted out I could get out reasonably quickly without having money tied up in the building. A few years ago I looked into maybe buying it, but decided there were better ways to invest money (even in houses/ flats that would be easier to sell!) Given the number of derelict businesses around here I'm guessing selling a business premises could be a slow process! (Mainly thanks to exorbitant rates, don't get me started!!)

RE: Thinking of selling up?

Anthony Todd — Wed, 28 Nov 2018 17:53:29 GMT

One good thing is that the market for shops to rent or buy in London, and I suspect other areas, is declining, if not plummeting, with the increase of on-line business so rents and purchase prices are falling and it will probably get worse.

Other point is the upsurge in referral sites means one doesn't have to start up with all the bells and whistles.

Nothing, financial though, can match the buzz you'll get by being your own boss and the chance to do it better.

RE: Thinking of selling up?

Bob Russell — Wed, 28 Nov 2018 14:57:29 GMT

For me the biggest part of the borrowing was to buy the building. A local builder did the fitting out and I bought largely new stuff with the bank loan.

Now property seems to be rented but that does leave a business with limited assets which might make banks less enthusiastic to lend.

I would only invest in a practice start up where I had confidence in the vets involved as someone walking in the early stages could be very painful!

RE: Thinking of selling up?

Arlo Guthrie — Tue, 27 Nov 2018 22:57:33 GMT

Lots of talk about the difficulty in getting funding. I’m really curious to know how much funding you’re talking about to get going. Reason I ask is that I would love to invest in a practice. Would be editorially helpful to have some skin in the game. I also like to support the independent sector. I fear I may not be able to invest enough to make a difference, but I really don’t know how much is enough!

I also wonder about trying to start a cooperative model.

RE: Thinking of selling up?

David Catlow — Tue, 27 Nov 2018 22:22:16 GMT

Inspiring to read this thread. Hats off to you for planning a bold step

I’ve yet to meet anyone who regretted setting up their own practice. It’ll be hard work but puts you in charge of your own destiny. Challenging and rewarding

go for it and good luck

RE: Thinking of selling up?

Dinu Catilina — Tue, 27 Nov 2018 22:02:10 GMT

Haha, harsh! Not much of it owned by JVPs though

RE: Thinking of selling up?

Jill Butterworth — Tue, 27 Nov 2018 20:09:51 GMT

Look out for good cheap second hand items which will soon hit the market from the Pets at Home sell off

RE: Thinking of selling up?

Anthony Todd — Mon, 26 Nov 2018 21:43:00 GMT

I just miss vetting and making animals more comfortable hopefully and usually eventually, better, if possible, in the simplest quickest cheapest most obvious way.

RE: Thinking of selling up?

Robin Grimmer — Mon, 26 Nov 2018 20:26:25 GMT

I'm almost fully retired and loving it! One of the bonus of all this free time is I'm the fittest I've ever been and have smashed my 5k and 10k pb's.

RE: Thinking of selling up?

Gillian Mostyn — Mon, 26 Nov 2018 20:17:18 GMT

[quote user="Martin Atkinson"]Just think yourself lucky - I have waves of being terrified about retiring[/quote]

Lol...I'm loving having time.

I only finished work 1 week ago and I've already redecorated the lounge and had a couple of daytime meetings with the local horticultural society, whose committee I recently joined. I'm also enrolled on a horticultural qualification and planning to travel lots more.

I will do some locuming next year, but it is great to already be forgetting which day of the week it is!

RE: Thinking of selling up?

Dinu Catilina — Mon, 26 Nov 2018 19:10:45 GMT

Chesterfield, Derbyshire

RE: Thinking of selling up?

Cool — Mon, 26 Nov 2018 18:50:53 GMT

[quote user="An On MRCVS"]

Hi,

I'm at a stage of seriously considering setting up or taking over a practice (anon as early days and currently employed), so wondered whether anyone is thinking of selling up in the foreseeable future?

Location is important due to family/husband work ties, so Hertfordshire/Bedfordshire is where I'd ideally be looking.

Would remain an independent!

Thanks

[/quote]Equallyl interested in doing same but I am in gloucester which seem to be crowded with practices. I think I may have to go somewhere else which is difficult with family. Been working as a locum for some years now but I think having my own practice is my next step. it is a shame we are not North America where there are more practices for purchase. Dinu, where are you based?

RE: Thinking of selling up?

Martin Atkinson — Mon, 26 Nov 2018 18:50:47 GMT

[quote user="An On MRCVS"]I do keep going through waves of being terrified of the whole prospect!! Less so from the business aspect, but more if I encounter clinical things that I've had little experience of - I've never done a forelimb amputation just by virtue of always having worked in practices with orthopods who are clever and fix almost everything! [/quote]I know things are different today with a litigious society but I went solo after just 4 years. There were loads of things I hadn't done and as Gillian says a surgical textbook and some patience the operating table is your oyster - some of the things I did first time were the best results because I was careful and not over-confident. Of your specific example just think of limb amputation as soft tissue surgery with a saw in the middle and if you do a full 1/4 not even that!!

When I think back to how I just got on with it and dealt with problems as they came I can't imagine doing it now so get on with it while you're young enough to still be full of enthusiasm.

Also as Gillian also says the staff management was the biggest problem but I was lucky enough to also have great staff most of the time and periods of great stability with a core team for 10 years or more.

Just think yourself lucky - I have waves of being terrified about retiring.

RE: Thinking of selling up?

Richard Carter — Mon, 26 Nov 2018 18:32:29 GMT

agree - you build your clients on personal recommendations. Don't bother with phone books or other advertising unless you sponsoring something for the local school or dog club.

RE: Thinking of selling up?

Gillian Mostyn — Mon, 26 Nov 2018 15:08:23 GMT

You'll be fine. With a good grounding in surgery and a really good textbook, the world is your op table! Just know when it is more appropriate to refer.

Ian and I were only graduated 4 years when we opened our own practice....and it worked out really well for us. For the first 12 years anyway...

My only advice would be to be honest about your own ability to manage people. It is, in my opinion, by far the hardest bit of running a practice. For me, being assertive enough to say no, and tackling problems early, were my weak points. But, luckily, the vast majority of staff were lovely.

Get a great 'people person' receptionist. Our first receptionist (who only left after acquisition by CVS 14 years later) was one of our biggest assets. She had the knack of making every client feel special and valued. And as the majority of clients will first come due to personal recommendation (or so our in house surveys always said), she was invaluable.

As I said, we sold after 14 years due to personal reasons, but it has now left us financially secure in a way we couldn't have been as assistants.

RE: Thinking of selling up?

An On MRCVS — Mon, 26 Nov 2018 13:26:53 GMT

Hi all,

Thanks again for all the messages and offers of support and guidance, and hints and tips. Its very much appreciated and all very helpful and food for thought!

Glad things are going well so far for you Dinu :-) And Gina, unfortunately Worcester is a little out of the area that's doable for me.

Its really encouraging that everyone thinks its a worthwhile venture, although I do keep going through waves of being terrified of the whole prospect!! Less so from the business aspect, but more if I encounter clinical things that I've had little experience of - I've never done a forelimb amputation just by virtue of always having worked in practices with orthopods who are clever and fix almost everything!

Anyway, thanks again for all the input :-)

RE: Thinking of selling up?

grumpyoldman — Sun, 25 Nov 2018 14:32:15 GMT

Pick the right spot ,good population size and demographics. Put yourself out ,work hard ,and be prepared to pick up 60 -80 new clients a month, you will start to make a living after 18 months -2years. Get good at DIY , and breathing life back into second hand kit . Pick the lay staff very carefully, you need adaptability and flexibility as well as genuine loyalty and commitment. Don't run before you can walk, don't start taking time off and employing people before you can afford them. You need the turnover to support 2 salaries to have 2 vets ,thats £480K. That is the hardest jump after that 3-8 etc gets easier and less noticeable. Good Luck .