4.6 • 682 Ratings
🗓️ 15 February 2025
⏱️ 7 minutes
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0:00.0 | Brought to you by CHM, a biblically based alternative to health insurance. |
0:06.3 | Learn more at CH Ministries.org slash budget. |
0:09.0 | My question is, should I take out a loan to purchase a family veterinary practice? |
0:17.0 | No way. |
0:18.1 | I hope you weren't listening to the last five minutes of the show. Oh, geez. |
0:21.9 | I was listening. Yes. Okay. Tell us why you were the exception. Oh, incredible. Now, |
0:27.4 | tell us more about this business. Yes. So, this is a father-daughter business. My father |
0:34.5 | owns the business. I have been working in the business for almost 11 years now |
0:41.3 | as an associate veterinarian. I'm not a partner. I'm not an owner. And I work full-time as a veterinarian. |
0:49.2 | I've got two little girls, beautiful little girls, one and four and a half. And my amazing husband works as a |
0:57.1 | school teacher. Awesome. And my, my, I guess my, currently the practice, um, is grossing last year in 24. |
1:13.6 | We gross 1.3 million and our profits are 80,000 a year. |
1:18.6 | My biggest question and my brother actually said that I should call and ask about this because my gut reaction is absolutely |
1:30.2 | no. I do not want to purchase this practice with a loan. But the reason the question is coming |
1:37.3 | up is because my husband and I, in June, finally paid off $250,000 in student loans. Yeah, you did. Congrats. Way to go. Thank you. Thank you. |
1:49.1 | And we are debt-free except our mortgage for the first time in our lives. Awesome. And it's |
1:56.0 | amazing. And you're like, why would I want to go back into hundreds of thousands of dollars of debt? |
2:02.0 | Absolutely. yes. |
2:03.2 | So is your dad trying to get you, is he trying to get you to buy this, or has he offered it to sell to you? |
2:07.2 | How did it come up? |
2:09.7 | Yeah, so we've been talking about it for years now. |
2:13.7 | I'm pretty vested emotionally in the business. |
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