There is little doubt that veterinary practice start-up’s is a hot topic of conversation. Our veterinary funding solutions team Graham Scott and Keith Dickinson give their thoughts on why this is happening and what the banking sectors attitude is towards prospective new veterinary practice owners.
After a difficult period during the initial lockdown last year, the veterinary sector has made an impressive comeback and underlined the resilience that this sector has. As many commentators have already noted, pet ownership has rocketed in line with ‘the working from home’ message from central government and the fact that many see pet ownership as having a positive effect on their mental health.
Independent practices in particular have seen income levels rise and client numbers move substantially upwards. As a direct result we have experienced a significant increase in enquiries at Shire for start-up finance this year, as veterinary surgeons look to meet demand.
Certain of the funders have noted the buoyant state of the market and the fact that many clients prefer not to use the ‘corporate’ practices and have been supportive of these new starts. The key message we get from the funder, is the need for a detailed business case, supported by robust financial forecasts.
At Shire we are delighted to help with initial enquires and assist prospective owners with their plans.
Funding & Acquisition Consultant Shire Insurance & Finance Brokers
I have been arranging veterinary finance for over 30 years and I don’t think there has ever been a better time than now, to source finance for new-starts and for buying into a partnership.
The reasons are simple.
- The veterinary sector is buoyant, despite (or because of) the pandemic.
- The banks are responding with an appetite for borrowing.
- The dawning realisation that new veterinary practices rarely fail, most do well and some do very well indeed.
There is a lot to consider with start-up finance. Our expertise means that you will benefit from years of knowledge, understanding and trust built within the veterinary profession. We can help you source a practice, with area demographics, income projections and business plans. We are well placed to advise you which organisations you should partner with and the banks you should speak with to obtain the best terms.
Managing Director Shire Insurance & Finance Brokers
For further info download our Veterinary Practice Start Up Guide