Practice ownership is possible, but the path is getting narrower

CURRENT FULL VERSION: Practice ownership is back at the center of a key veterinary career debate. In Uncharted Veterinary Community’s new podcast episode, “To Buy, to Start, or to Stay — Is Practice Ownership Possible?,” Dr. Andy Roark and Roy Jane tackle a question many associates are quietly asking: if you want autonomy, equity, and a long-term stake in your work, is ownership still attainable, or has the market moved too far toward consolidation and capital intensity? The episode frames ownership not as a default career milestone, but as a strategic choice with three distinct paths: buy, build, or remain an associate until the right opportunity appears.

That framing reflects how much the ownership landscape has changed. AVMA’s 2025 Economic State of the Veterinary Profession report shows that independently owned practices still made up 93.9% of respondents in its 2024 Veterinary Practice Owners Survey, so independent medicine remains the dominant structure by count. At the same time, AVMA documents a long-term rise in corporate business forms and a decline in sole proprietorships, underscoring that ownership is no longer following the same straightforward handoff model many older veterinarians expected. (ebusiness.avma.org)

The economics are a major part of the tension. AVMA reports that average DVM debt for graduates with loans was $202,647 in 2024, with average debt across all new graduates at $168,979. For associates weighing a purchase or startup, that debt burden can collide with lending requirements, down payment expectations, and the personal risk tolerance needed to take on a hospital. That helps explain why ownership may be attractive in principle, but difficult in execution, especially early in a veterinarian’s career. (ebusiness.avma.org)

There are signs, though, that the market may be giving independents a bit more room than it did at the peak of consolidation. AAHA reported in 2024 that some advisors were seeing a “reset” in the acquisition market, with less of the earlier bidding-war environment. In that same reporting, owner-to-associate sales were described as supportive of private ownership and community continuity, but usually tied to lower purchase prices and bank-driven valuation formulas. In other words, the path may be more available than it looked a few years ago, but it still requires realistic pricing, patient planning, and often a seller who values legacy over the highest possible multiple. (aaha.org)

That point lines up with prior Uncharted guidance on succession and partnership. In an earlier Uncharted discussion about bringing in a future owner, Jenn Galvin warned against vague promises that an associate will “eventually” get the chance to buy in. Her advice was to define a concrete trial period, establish a decision point, and put intentions in writing so the associate isn’t left waiting years for a deal that never materializes. That’s a practical distinction for veterinary teams: ownership pathways can help recruit and retain doctors, but only if they’re credible, time-bound, and legally structured. (unchartedvet.com)

Uncharted has also explored the flip side of that uncertainty: what happens when a practice is sold before associates ever get a shot at ownership. In a separate podcast conversation, Dr. Gene Bauer described getting a call from his boss that the hospital had been sold the day before, with the new corporate owner already in place and the seller soon exiting. Roark framed that kind of ownership change as stressful and full of unknowns for the clinicians who “go along for the journey,” a reminder that succession planning is not only about preserving independence but also about reducing disruption for teams when ownership changes hands. For associates, that makes early, explicit conversations about future ownership more than a career nicety; it can determine whether they are preparing for a transition or being surprised by one. (unchartedvet.com)

There’s also a growing ecosystem trying to make ownership more accessible. AVMA previously highlighted fellowship-style programs designed to help recent graduates build clinical and business skills on a path toward ownership, while AAHA has published guidance aimed at helping independent practices prosper and think more deliberately about exit and entry strategies. Uncharted, for its part, continues to market owner-focused education through offerings such as its Practice Owner Summit and leadership certificate programming, signaling demand for more structured business and leadership development around practice ownership. Those efforts suggest the profession increasingly sees ownership as a workforce issue, not just a finance issue. If associates believe the only viable options are employment or corporate acquisition, practices may lose one of their strongest long-term retention tools. (avma.org, unchartedvet.com)

Why it matters: For veterinary professionals, this story sits at the intersection of workforce stability, practice economics, and care delivery. Ownership can offer clinicians more control over scheduling, staffing, standards of care, and long-term wealth creation, but it also demands business fluency and financial resilience that many associates haven’t been trained for. For current practice leaders, the message is just as important: if you want to preserve an independent hospital or create an internal succession plan, you likely need to start earlier, coach for ownership explicitly, and be transparent about timeline, valuation, and expectations. And if you do not, the alternative may not be a neutral status quo; it may be a sale that leaves associates and staff adjusting in real time to decisions they had no role in shaping. (aaha.org, unchartedvet.com)

What to watch: The next signal to watch is whether more practices move from informal succession talk to formal ownership pathways, especially as debt pressure remains high and consolidation appears less frenzied than in prior years. It’s also worth watching whether more veterinarians seek out formal owner training, from fellowships to conferences and leadership programs, before they ever sign a purchase agreement. If lenders, educators, and practice leaders can narrow the gap between “interested in ownership” and “able to close a deal,” associate-to-owner transitions could become a more meaningful answer to both retention and independence in veterinary medicine.