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At Fetch Kansas City 2024, Chris Rocchio, DVM, emphasized the importance of early planning and professional advice when selling, buying or starting a veterinary practice. He spoke with dvm360® at the conference and shared what he believes are the best steps you can take – and the biggest pitfalls to avoid – when taking one of the biggest steps of your career.
Start early
For Rocchio, helping veterinarians transition or exit practice is more than just a job—it’s a passion. With ten years of experience, he knows firsthand the challenges and opportunities that come with this process. One of the best ways to set yourself up for success is to start sooner than you think.
“Most of us don’t want to think about selling our practice, and we keep putting off starting that process,” Dr. Rocchio noted. His advice is clear: start early. “These transition times aren’t two years like they used to be – they’re three to seven years now. The sooner you start the process, the better we can evaluate it, troubleshoot problems and manage the entire process.”
Seek mentoring and guidance
Rocchio repeatedly stressed the importance of seeking professional help rather than trying to navigate the complex process alone. He reported numerous cases in which veterinarians who wanted to sell their practice after receiving an attractive offer were surprised to learn that their practice was worth much more.
“Veterinarians are smart and sometimes we feel like we can do anything…but I really don’t think veterinarians should go out and try to sell their own practice without getting professional help,” Rocchio advised. “We probably know hundreds of stories like this where a client says, ‘I got this offer. It’s $8 million,’ and after our evaluation, it turns out to be $12 million.”
His message is simple but powerful: “Start early and get help. Just because you’ve talked to us about it doesn’t mean you have to sell your practice tomorrow.”
The corporate market and opportunities for associates
In today’s market, corporate buyers are more prominent, and this trend brings both challenges and opportunities. Rocchio said, “It’s a huge corporate market right now… But there are opportunities to get shares for our associate physicians and for sellers to retain shares.”
He explained the potential benefits of these corporate partnerships: “When we work with our clients, we always ask ourselves if there is an opportunity for the other associated veterinarians to take on some responsibility in the transition process. This will help ensure that our practices are still profitable 10 years from now and continue to care for our clients, our community and the veterinarians who work there.”
Private sales are still possible if that is your goal
Despite the dominance of corporations, Rocchio and his team continue to support veterinarians who prefer private sales. “We are all about helping veterinarians achieve their goals. If you want to sell to a private individual, we will help you do that. We will not try to talk you out of it,” he said.
He concluded by reflecting on the importance of personal responsibility within the veterinary profession: “The more personal responsibility veterinarians have in our profession, the healthier our profession will be.”
By planning early, seeking professional help, and carefully considering both corporate and private sale options, veterinarians can ensure they make informed decisions that benefit their practice, their colleagues, and the future of the profession.
