Over one-third of veterinary practice owners are looking to sell their practice within the next three years, according to newly-published research.

The study, undertaken and published by accounting and advisory firm HLB Sheehan Quinn, also noted that achieving a better work-life balance is a “top aspiration” of 60% of practice owners and 85% of their employees, with many reporting that their workloads increased due to Covid-19.

It appears that Covid-19 has resulted in a higher turnover for almost half of veterinary practices, though this is largely due to an increase in pet ownership, resulting in a greater demand for services.

Some 47% of respondents said that their turnover increased in 2020, partly due to and influx of new pet owners and people working from home having more time to interreact with their pets.

With regard to corporate activity, more than 20 practices have been purchased by the corporates operating in Ireland. The study noted that there is “no indication” that the practice of veterinary medicine has been negatively impacted.

“Like many businesses across Ireland, veterinary practices had to find new ways of working in 2020 to cope with the impact of the Covid-19 pandemic. Those who fared best adapted their working practices, finding ways to overcome difficulties and take advantage of emerging opportunities,” said Mark Butler, HLB managing partner.

Addressing the fact that a third of practice owners indicated an intention to sell up within three years, Butler noted that any potential buyers will examine a practice’s “financial track record”.

Because of this, he noted, practice owners obtaining advice in advance of any transaction will “identify and address potential problems”.

“Look for experts with experience in the sector, as traditional valuation methods may not suit veterinary practices,” Butler noted.