Uncharted podcast asks whether practice ownership is still possible
CURRENT BRIEF VERSION: A new Uncharted Veterinary Community podcast is tackling a question that's sitting with a lot of associates right now: is practice ownership still realistic, and if so, is the better path buying a hospital, starting one, or staying put? In episode 380, Dr. Andy Roark talks with Roy Jane about the ownership decision through the lens of today's market, where independent ownership is colliding with high debt loads, a changed financing environment, and a slower, more complicated consolidation cycle than the one many veterinarians watched during the pandemic-era deal boom. That backdrop matters. The American Veterinary Medical Association's 2025 economic report shows average DVM debt for 2024 graduates reached $168,979 across all graduates and $202,647 among those with debt, while 38.5% graduated with $200,000 or more in DVM debt. At the same time, corporate dealmaking has cooled from its peak, and industry observers say the days of easy, high-multiple exits are largely over. Uncharted is also putting that ownership question in a practical context through related programming, including a recent Practice Owner Summit for owners and would-be owners focused on working on the business itself, not just the medicine. (learn.unchartedvet.com)
Why it matters: For veterinary professionals, the episode lands in the middle of a real workforce and succession problem. AAHA reported in 2024 that many sellers would prefer to transition to another doctor, but associate buyers often can't match corporate pricing, even as consolidation activity has moderated and valuations have reset. AVMA's latest practice-owner survey still found most respondent practices were independently owned, suggesting private ownership remains the dominant model on the ground, even if the capital pressures around entry are getting harder to ignore. And for associates who do not buy in, ownership decisions still shape their careers: in another Uncharted episode, Dr. Gene Bauer described getting a call from his boss that the practice had been sold the day before, underscoring how suddenly ownership changes can land on clinical teams. For associates, that makes ownership less of a simple yes-or-no decision and more of a strategic one: build equity through a buy-in, pursue a startup with a different cost structure, or stay employed if debt, mentorship, or risk tolerance don't line up yet. (aaha.org)
What to watch: Expect more discussion this year around succession planning, alternative deal structures, ownership education, and training programs meant to help associates become viable future buyers rather than defaulting to corporate exits. (aaha.org)