Veterinarians Take on Shared Ownership
The revolutionary new model for veterinary practices
In Brief: Inspire Veterinary Partners is offering a unique form of veterinary practice structure for practices looking to transition to a more employee-centric structure.
The Details: Practices looking to transition their structure and sell to Inspire will first meet with business leaders, and later the CEO, to discuss community goals as well as what compensation and benefits will look like. Practices that join Inspire are structured so that most employees have an opportunity to purchase equity. They will also enjoy generous compensation and benefits as well as a greater say in the operations of the practice.
The Benefits: Inspire encourages a cooperative approach to management, and top level management is qualified veterinarians and employees. This allows the management process to feel more collaborative, and employees to feel like they have a voice. In addition, Inspire’s commitment to generous compensation and individualized benefit plans allows them to keep employees happy and supported. Structures where long-term benefits are prioritized over the short term gains of shareholders allows for not only higher employee morale, but greater service to customers and the community, both of which are parts of Inspire’s mission.
The Questions: Like KKR, Inspire is part of the employee ownership + private equity movement. Throughout the broader employee ownership movement questions have abounded as to the integrity and intentions of private equity firms attempting employee ownership. Similar questions remain as to whether Inspire’s approach is true to the employee ownership movement and beneficial to the employees under its umbrella.
Go Deeper: Check out the original article here.