Editor’s note: Dr. Yee’s practice opened in July, but we’re still catching up on telling the story. Dr. Yee is hard to keep up with!
What once was a dream became a reality when Dr. Kristi Yee opened the doors of her Hometown Veterinary Practice to pet-owners in July.
Dreams are wonderful, to be sure, but they stay dreams without planning, hard work and vision. And in the next few posts, we’re going to be sharing some of that in chronicling Dr. Yee’s journey.
This briefcase contains the work of not only Dr. Yee, but also her CPA and her attorney. She signed the paperwork on Dec. 7, 2019, with not a clue about the unanticipated problems ahead: Dealing with a global pandemic while trying to open a new business.
But we’re getting ahead of ourselves a little. In fact, the signing was 13 years in the making, from the time Dr. Yee was graduated, and in truth probably longer. From an article in Veterinary Practice News:
Kristina Yee, DVM, of Rochester Hills, Mich., had a head start on thinking like a business owner. She comes from a family of entrepreneurs and has lectured on finances at the nation’s schools and colleges of veterinary medicine. An experienced practitioner, she knew when she started as an associate 13 years ago that she wanted her own practice.
“A couple deals fell through, but then, everything just lined up,” she says. “The location was a mile from home, and the price worked. I was comfortable as an associate, but you always want to be able to do things your way.”
Owning a successful business offers financial advantages associate veterinarians never see, both O’Brien and Yee agree. But for anyone stressing over their student loan debt, the biggest advantage for practice owners is the ability to take a profit over and above taking a salary out of the business. And that profit—assuming you have the knowledge and the skill to make it happen—is what will free you of your student and business loan debt more quickly.
“I know from speaking at veterinary schools and with colleagues that for many, there’s hesitancy thinking about taking out a business loan when you have student loans,” Yee explains. “We’re not used to carrying that level of debt, and it’s scary.
“But when you own your own practice, you can pay student loans off faster. Your outcome is a better work-life balance because of the investment in yourself.”
In the next couple of weeks, we’ll bring you up-to-date on Hometown Veterinary Hospital, from a blank space to logo design, sign placement, choices for everything from flooring to paint. Which would you choose? Stay tuned and find out.