Building and maintaining a strong, sustainable independent veterinary practice segment requires the practice owners of today to nurture those of tomorrow. An experienced mentor’s advice and support can make the difference between a successful independent practice and one that is forced to close its doors. If you’re a current (or former) owner of an independent veterinary practice, have you considered mentoring your future colleagues?
Benefits for mentors, mentees and veterinary medicine
Why mentor an aspiring practice owner? Isn’t that just training your competition? Actually, a thriving independent segment benefits most businesses and their consumers, by fostering innovation and competition.1 For comparison, think about your local internet companies; how many choices for a provider do you have? Independent veterinary practices offer clients more choice in the market and can balance the increasing market power of corporate practice.2
If selling your practice is part of your exit and retirement strategy, wouldn’t you want to leave your clients and staff in knowledgeable hands? Along with the recognized benefits of mentoring in veterinary clinical practice, mentoring potential buyers is a good idea for anyone who wants to sell their business in the future.3
Mentors learn from the experience too. As a mentor, you may be asked to think more deeply about the reasons behind your own choices or actions. There’s nothing quite like answering questions to teach you something new.
Topics that matter
Mentoring future practice owners goes beyond the mentoring for clinical and interpersonal skills common in many associate mentoring relationships.1 The following additional mentoring topics are critical for helping less-experienced practice owners succeed.
Financial topics
Basic financial and business knowledge is the bedrock of running a practice. Most veterinarians have little or no formal business training and will be eager to learn these skills. Help your mentee learn to read financial statements, understand concepts like COGS and margins, and analyze the financial trade-offs of using different pricing and compensation strategies. Explain what you look for in a financial advisor or business consultant, so they can find their own when the time is right. If your mentee is a candidate to purchase your clinic, consider sharing the financial benchmarking information you receive as a VMG member As a VMG member, your mentee can participate in one of our financial training courses specifically designed for veterinary practice owners.
Leadership
Effective leadership is a key factor in a practice’s success. Leadership-related factors are significantly related to associate satisfaction in private vs corporate practice.4 Associates working in practices with ineffective leaders are less likely to remain with that practice, creating more churn and practice disruption.5 Effective leaders create and maintain the practice culture, demonstrating desired behaviors, embracing tough conversations, and paying attention to the needs of their staff and clients. Attending and then discussing VMG Professional Development programs can help your mentee master the skills they will need to hire and retain staff, manage performance, and create a place that attracts clients and staff members who stay for the long term.
Building community relationships
Practice owners, particularly those in smaller communities, are deeply woven into the fabrics of their towns. Knowing how to interact with other business owners, local government, and community groups is a skill that is rarely taught. Yet those very ties into the community can help a practice attract and retain clients, take advantage of local opportunities, and survive challenges from economic downturns and natural disasters. Share stories with your mentee of how you built those relationships, how you maintain them, and any lessons you have learned along the way. Help them avoid obvious mistakes that can derail their business.
Working with suppliers
Every practice exists as part of a veterinary ecosystem that includes the suppliers of products and services we need to care for our patients. New or future independent veterinary practice owners may struggle to find their feet in these relationships, believing that they have little negotiating power or are too small to be worthy of a big supplier’s attention. Show your mentee how your VMG membership makes a difference. Explain the power of working with our preferred providers to participate in special programs for products and services that will help them in every aspect of practice: therapeutics, diagnostics, nutrition, equipment, client services, practice management – even financial services and shipping.
Making it work
Whatever topics you and your mentee choose to cover, be sure to invest the time and energy in the relationship that is required to make it successful. Review the 2023 mentoring guidelines from AAHA.6 Read our blog on the three keys to successful mentoring in practice (LINK TO BLOG 1), and seek advice and suggestions from your VMG Peer Group members. As you and your mentee invest more energy in your mentoring relationship, you will both see greater growth and value in return.
Mentoring is an investment in the future
Mentoring the next generation of independent practice owners is one way to leave a powerful legacy to the veterinary profession. (LINK TO LEGACY BLOG) Supporting tomorrow’s potential practice owners will help to build a strong independent veterinary practice segment that will offer clients the choices and care they want for their animals.
References
- Social Market Foundation. ‘Consumers and the economy are getting a bad deal because companies don’t face enough competition.’ (2017). Accessed 22 November 2024. Available online: https://www.smf.co.uk/consumers-economy-getting-bad-deal-companies-dont-face-enough-competition-event/#:~:text=Published:%2002%20October%202017,a%20’crisis%20of%20capitalism‘
- Steinbach, S. (2023). ‘The corporatization of veterinary medicine: an empirical analysis of its impact on independent practices.’ (2023). Agricultural & Applied Economics Association Annual Meeting, Washington DC. July 23-25, 2023.
- Quicksall, M. S. “Inclusive mentorship for the next generation of veterinary professionals.” Veterinary Clinics of North America: Small Animal Practice 54.6 (2024): 869-880.
- Kogan L.R., Rishniw M. ‘Differences in perceptions and satisfaction exist among veterinarians employed at corporate versus privately owned veterinary clinics.’ JAVMA (2023) 261:1838-1846.
- McKay C.H., Vaisman J.M. ‘Psychological safety, purpose, path, and partnership reduce associate veterinarian desire to leave current employment.’ JAVMA (2023) 28;1(aop):1-7.
- Tait J., Carpenter T., Davidson, S., Kendall, T., Lakoski, J., Neff, J., Williams, F., Worth, A. ‘The American Animal Hospital Association Mentoring Guidelines.’ Published 27 June 2023. Accessed 4 June 2025. Available online https://www.aaha.org/resources/2023-aaha-mentoring-guidelines/ .
