So you’re a veterinary associate. You enjoy your work with no headaches from bills, taxes or staff salaries. Sounds like the best of both worlds right? Possibly, but more than likely you’re leaving more than just a pile of paperwork on the table - you’re leaving $7,000,000.
According to Veterinary Economics Benchmarks 2013, a veterinary associate earns an average of $80,000 per year. Of course, this varies based on age, hours worked, services provided and experience. On the other hand, the average owner of a veterinary practice earns approximately $282,682 per year. Now you know why an owner puts up with all of the paperwork, expenses, people, and stress.
That brings the difference in the amount an associate makes and the amount that an owner of a practice makes to $202,682 per year. To put that in perspective, the difference could purchase a house, luxury car, or raise a child through high school every year.
If you multiply the extra $202,682 per year earned from ownership by the average career length of 35 years, you will quickly learn that the owner of a practice will make $7,093,870 more than an associate over an average career.
If this new owner were to invest this extra income each year, the amount of money that could be made is substantially more than $7 million. Not only that, unlike the veterinarian who remains an associate, the veterinarian who has bought a practice has something to sell at the end of their career.
For every year you wait to purchase a practice, it costs you $202,638. If you do not ever own, it cost you at least $7 million.How much extra fun can you have with an extra $7,000,000+.