This article originally appeared in the Summer 2025 issue of EquiManagement. Sign up here for a FREE subscription to EquiManagement’s quarterly digital or print magazine and any special issues.
The 2024 American Veterinary Medical Association (AVMA)/American Association of Equine Practitioners (AAEP) Report on the Economic State of the Equine Veterinary Profession showed owners of equine practices were more satisfied than associates. They reported greater satisfaction with their job (81%), lifestyle (72%), and compensation (74%) than associates, who reported 50%, 48%, and 54%, respectively. Perhaps the more striking finding from this survey was the percentage of associates who reported being dissatisfied to very dissatisfied with their job (21%), lifestyle (23%), profession (29%), and compensation (19%). Only 7% of owners reported being dissatisfied or very dissatisfied with their job or compensation and 14% with the lifestyle and profession. This is a stark difference, but not surprising.
Practice ownership can significantly increase a veterinarian’s financial success—profits from a veterinary business can make marked differences in the lifetime earnings of owners versus associates. In the 2024 AVMA/AAEP report, practice owners on average earned $65,000 more income than associate equine veterinarians, even after controlling for other factors.
According to Frederic Ouedraogo, PhD, AVMA Assistant Director of Economics, practice ownership or co-ownership is associated with several benefits, including higher lifetime earnings and improved work-life balance. “It’s important that we start as a profession to think about ways to promote and encourage ownership,” he said. Ouedraogo noted that the percentage of private practitioners who are owners declined from 43% in 2007 to 33% in 2019. With the increase in large corporate firms owning equine veterinary practices, some associates no longer see a clear path to practice ownership.
However, practice ownership isn’t only about monetary gains. Owners can create practices that follow their vision for their careers and lives. They make decisions about what services they will offer and what boundaries they will set. This creates a culture that is an expression of their values. They can limit their services to an area of interest, limit their growth to a select group of compatible clients, or limit their work hours to fit other priorities. Their choices shape the practice, and they have control over how life as an equine veterinarian looks. Practice ownership provides freedom to pursue a professional as well as personal vision for one’s life, while reaping marked financial benefits.
Figures from the 2024 AVMA/AAEP report also revealed that of those equine veterinarians who graduated in 2000 or later, more than 60% are considering leaving equine practice: 29% of 2020-2021 graduates, 18% of 2010-2019 graduates, and 16% of 2000-2009 graduates. In addition, almost twice as many associates (23%) as owners (12%) have decided to leave equine practice for reasons other than retirement. This is a serious challenge for the equine veterinary industry, and one solution to keeping equine practitioners serving horses might be increased practice ownership. The data seem to support this idea.
Related Reading
- Starting Your Own Equine Practice
- How to Achieve Your Compensation Goals in Equine Practice
- The Business of Practice: 2024 AVMA AAEP Report on the Economic State of the Equine Veterinary Profession
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