For many practice owners, the finish line is clear: Build a successful business, sell it (hopefully for a large sum), and use that lump sum to retire. It is usually the default path, but what if the value of your business was not the determining factor in your ability to retire?

What intrigues me most about the story I am going to tell today is what we help practice owners do all the time. This is, in fact, one of the major focal points that we try to get clients to focus on. Many people want to do this, but they just do not know how. The concept is clear, but the execution is not easy.

A while ago, we had the opportunity to work with a veterinarian whose story challenged that narrative entirely because she did not need to sell her practice to retire. In fact, she could have given it away and still had more than enough to retire. Her business became the cherry on top of a cake she had already baked, and it all came down to how she prepared.

This veterinarian and her husband had done something that is, unfortunately, rare: They built a life and a financial foundation that did not depend on the practice. They saved a lot of their money and made intentional decisions with the surplus.

Every year, instead of letting extra money sit in her business checking account where it earned nothing, she gave those dollars a job. Some went into an individual retirement account to build retirement savings with tax advantages. Some went into life insurance, which not only protected her family but also grew cash value she could access later. She used permanent life insurance, certificates of deposits, real estate investment trusts, stocks, bonds, and mutual funds to stay diversified and help capture long-term market returns.

By spreading her money across these different areas, she turned idle cash into tools that supported her protection, growth, and future income—all without overcomplicating the process.

Over time, the assets she accumulated outside her business grew to a point where the sale of the practice became optional, and with that independence came the ultimate luxury: choice.

She did not need to entertain a $6 million offer from a corporation or feel rushed or worried about whether a buyer would pay top dollar. Her wealth was already secure, which gave her the freedom to decide who would own her practice next.

However, most owners are not in that position. More often, we speak with people who feel backed into a corner because they have spent decades building something valuable but haven’t built personal assets to match. They may want to sell to a younger veterinarian, but when corporate shows up with a check that an associate cannot match, they feel like they have no choice. That is not freedom—it’s lack of planning.

It is also risky because corporate multiples fluctuate with the economy. What was once a strong offer can quickly disappear when markets shift. Owners who rely solely on that big payday can find themselves vulnerable and disappointed.

One of the most overlooked issues we see is money sitting in the business, doing nothing, also known as “dead cash.” It is not reinvested, generating income, or supporting personal wealth. We have seen owners with hundreds of thousands of dollars left in checking accounts, unsure of what to do with it.

Often, the default is to pay off a mortgage or reinvest in new equipment, which could feel productive but is not always the best use of capital. The real question is: What is the highest and best use of every dollar? In this case, our client moved that dead cash out and made it work for her strategically.

Of course, transitioning a practice is about more than numbers; culture, leadership, and employee retention play massive roles. Our client knew exactly who she wanted to take over and developed key people in her practice who were invested in the mission and the future. Because she was not financially dependent on the sale, she could prioritize who bought her practice over how much she got for it.

The transition was not simple, and it required legal work to ensure that if those successors ever sold the business to a corporation, she would still benefit. The deal was structured with protections in place.

What surprised her most, though, was the realization that accumulating assets is only part of the equation. When we asked how she and her husband planned to turn those assets into income in retirement, they were not sure. Like many people, they assumed they would “live off the interest.”

That is a risky plan, and it is entirely dependent on market performance.

We helped her design a retirement income strategy that provided predictability and efficiency. She learned how to generate a consistent income from her assets without relying entirely on investment returns. That single shift made her retirement not only possible but also sustainable.

Perhaps the most powerful part of this story is that her lifestyle did not have to change. The life she lived before retirement—modest, intentional, fulfilling—is the same one she continues to enjoy. There was no need to “scale down” or make sacrifices. Her plan was already in motion, and retirement simply became the next chapter.

Too often, practice owners reach their 60s and think they have more time. The decision to sell does not usually come slowly; it shows up suddenly, often when burnout peaks or health declines. If you are not prepared, you may find yourself forced to accept a deal that does not reflect the value you have built or the future you want.

Succession planning does not have to lock you in; it simply gives you more options, and good plans include contingencies. Life happens, associates leave, and buyers change their minds, but with a strong plan in place, none of that derails your future.

So, do not wait until you are ready. Start designing your exit while you still love what you do. Build wealth outside your business and protect what you have built. Make sure your next chapter is a choice and not a compromise.

Material discussed is meant for general informational purposes only and is not to be construed as a recommendation or advice. Please note that individual situations can vary; therefore, the information should be relied upon only when coordinated with individual professional advice. Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. Florida Veterinary Advisors is not registered in any state or with the US Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. CA Insurance License #0K80141, AR Insurance License #15823672. 8269216.2 Exp 8/27

Articles

What if selling your practice was not the only way out?

Why retirement should not depend on selling your practice 

Melissa Evans, CVT, LVT, VTS (ECC), discusses vital parameters veterinary technicians should track during the unblocking process in cats with urethral obstruction.

Monitoring vitals in blocked cats

Melissa Evans, CVT, LVT, VTS (ECC), owner and founder of Melissa Evans, VTS (ECC) Veterinary Nurse Consulting, discusses patient monitoring during the unblocking process for feline urethral obstruction, a topic she presented on at the Fetch dvm360 Conference in Kansas City, Missouri, in late August. In this clip, Evans talks about how technicians can assist the veterinarian while also tracking vital parameters such as electrocardiogram (ECG), pulse oximetry, and blood pressure. She also discusses the importance of closely monitoring patients for pain, movement, or increased heart rate. Moreover, Evans notes that she pays particular attention to the ECG, as cats experiencing an obstruction are more prone to electrical conductivity.

Below is a transcript of the video, which has been lightly edited for improved clarity.

 During the unblock, when I'm monitoring, sometimes I'm doing 2 things at once, so I'm assisting the doctor as well as monitoring. So, I definitely want to make sure that my patient is hooked up to an ECG. I want to make sure they're hooked up to a pulse oximeter.

Blood pressure can get in the way sometimes of the unblock because we usually put it on a back foot. So if we have the ability to put it on a front leg, then we can get blood pressure on there.

And I'm going to be looking at [the patients] really closely and making sure that they're not showing signs of pain, moving, increased heart rate, anything like that. Because blocked cats can often have electrical conductivity issues with their heart, I'm also going to keep a close eye on that ECG.

And when the doctor doesn't need my hands, I will absolutely put my stethoscope in and listen because I really think that while all the monitoring tools in the world are great, that we are the best tool, and so we should use that as often as we can.

Melissa Evans, CVT, LVT, VTS (ECC), discusses vital parameters veterinary technicians should track during the unblocking process in cats with urethal obstruction.

After a cat located in San Fransisco, California, tested positive for H5N1 highly pathogenic avian influenza, the FDA, state and local public health and agriculture partners, and federal partners suggest that after further testing, there a link between the strain detected in the cat and certain lots of RAWR Raw Cat Food Chicken Eats, a product the cat ate before falling ill.

According to the FDA, the San Francisco Department of Public Health was notified that a cat ate Lot CC 25 093 before becoming ill with H5N1 and was euthanized.

 Initial PCR testing of the open product detected H5N1. Subsequent whole genome sequencing (WGS) of a diagnostic sample from the cat and the open sample from Lot CCS 25 093 was performed by the US Department of Agriculture (USDA) National Veterinary Service Laboratories (NVSL). 

The FDA then collected and tested 2 retail samples of the same RAWR Chicken Eats product with a different lot number (CC 25 077) and Sell By Date (09/18/26), each testing positive for Influenza A Virus, and a WFS performed on one sample was also positive for H5N1.

WGS results also indicated that H5N1 from all 3 samples were within the same WGS cluster, indicating relatedness. This cluster involves a virus lineage detected from approximately November to December 2024. It is no longer circulating, supporting the idea that the infected cat became ill from eating the Lot CCS 25 093 of the Chicken Eats product.

Additional cat food company announces recall over H5N1 concerns

NVSL testing of the cat, Lot CCS 25 093, and Lot CCS 25 077 identified the H5N1 as genotype B3.13. This genotype virus was found in other brands of raw poultry-based pet foods that were associated with the illness or death of cats.

The RAWR Raw Cat Food Chicken Eats, Sell by 09/18/26, and RAWR Cat Food Chicken Eats, Sell by 10/03/26, are sold in 2.5-pound resealable frozen plastic bags that have 40 1-oz sliders in them in retail stores nationwide and online. The bags are white and yellow with black lettering, and have the lot code CCS 25 077 or CCS 25 093 printed in the center of the back of each bag.

At this time, the FDA is not aware of any human cases of H5N1 contracted through exposure to contaminated food.

The H5N1 virus can result in illness and death in birds and mammals, such as domesticated cats, large felids, and dogs. However, cases in dogs usually present with mild clinical signs and low mortality compared to cats. Currently, there are no known dogs with highly pathogenic avian influenza in the United States, but other countries have seen fatal cases. There is a list of animals that have tested positive for the virus on the USDA’s APHIS website.

Animals with weak immune systems or that are very old or young are at risk of contracting the virus. Animals with the virus typically present with the following signs, according to the American Veterinary Medical Association

Neurologic signs such as blindness, incoordination, seizures, and tremors

While there have been no identified cases of H5N1 infections among anyone handling raw pet food products, humans are still at risk of being infected if an active virus gets into their eyes, nose, or mouth. Because of this, it is crucial for people to wash their hands after handling any pet food products and to sanitize contact surfaces.

FDA notifies pet owners that tests show H5N1 contamination in certain lots of RAWR Raw Cat Food Chicken Eats. News release. US Food and Drug Administration. September 3, 2025. Accessed September 4, 2025. 

https://www.fda.gov/animal-veterinary/cvm-updates/fda-notifies-pet-owners-tests-show-h5n1-contamination-certain-lots-rawr-raw-cat-food-chicken-eats?utm_medium=email&utm_source=govdelivery

American Veterinary Medical Association. Avian influenza in companion animals. American Veterinary Medical Association. Published 2025. https://www.avma.org/resources-tools/animal-health-and-welfare/animal-health/avian-influenza/avian-influenza-companion-animals

The food was tested prior to a cat testing positive for H5N1 highly pathogenic avian influenza prior to ingesting one of the infected lot numbers.

Raw cat food tests positive for H5N1 

Photos courtesy of Dechra Veterinary Products

Kristen Larson, DVM, a past scholarship recipient.

Dechra Veterinary Products has opened its 2025 Veterinary Scholarship Program in partnership with the American Veterinary Medical Foundation (AVMF). Five student scholarships were added this year, for a total of 25 scholarships in areas aligned with Dechra’s therapy offerings, in support of the next generation of veterinary professionals.

The program will provide 20 scholarships to veterinary students across 4 fields: dermatology; equine sports medicine; internal medicine; and a new category, anesthesia, surgery, and critical care—each valued at $2500. Additionally, 5 veterinary technician scholarships, valued at $2000 each, will be awarded to eligible candidates. Dechra is 1 of only 3 companies nationwide offering technician-specific awards, according to the company.

“Investing in veterinary education is a long-term priority for Dechra,” Jill Stohs, DVM, senior director of veterinary professional services and medical affairs at Dechra, said in a news release. “By partnering with AVMF, we are not only providing financial relief but also recognizing students who demonstrate leadership, ambition, and a clear commitment to advancing animal health. These scholarships help shape the future of the veterinary profession and strengthen the communities in which we live and work.”

Over the past several years, Dechra has invested nearly $1 million in support of veterinary education. This includes scholarships, mentorship opportunities, hands-on learning experiences, and educational events that reach thousands of students annually.

The company’s partnership with AVMF reflects just 1 part of Dechra’s broader commitment to education and charitable giving. In addition to its scholarship program, Dechra supports students through its Student Ambassador Program, targeted mentorship opportunities, and its partnership with Diversify Veterinary Medicine Coalition to help remove inequity barriers.

Kristen Larson, DVM, was a 2024 Dechra Equine Sports Medicine Scholarship recipient.

Applications for the 2025 Dechra veterinary scholarships are currently being accepted through September 30, 2025. Winners will be announced in the fall, with funds distributed in December 2025. More information, including eligibility details and application guidelines, is available online through AVMF at 

https://www.avmf.org/grants-and-scholarships/scholarships/

“At AVMF, we believe that by investing in the education of veterinary students, we are shaping the future of animal health and empowering tomorrow’s veterinarians with the skills they need to treat animals effectively," Heather Case, DVM, board chair of the AVMF, said in the release. “We are immensely grateful to Dechra for their generous support and continued partnership. Their investment enables us to extend essential support to veterinary students and technicians across multiple fields, ensuring that the leaders and innovators of tomorrow have the resources and recognition they deserve.”

Dechra expands AVMF scholarship program, adding new category focused on anesthesia, surgery, and critical care. News release. Dechra. September 3, 2025.

The Veterinary Scholarship Program is a partnership of the American Veterinary Medical Foundation and Dechra Veterinary Products.

Scholarship program expands to include anesthesia, surgery, and critical care

A new therapy created for protection against the most prevalent genotypes of porcine circovirus type 2 (PCV2) has been launched on the veterinary market. The porcine circovirus vaccine, type 2, killed baculovirus vector (Ingelvac Circoflex AD; Boehringer Ingelheim [BI]), is the first vaccine to combine PVC2a and PVC2d antigens in a single dose, according to BI.

“These 2 genotypes are responsible for over 90% of clinical cases,” Gerard Ensink, global head of swine at Boehringer Ingelheim, said in a news release.

 “Our customers can count on us for continuous vaccine innovation. With Ingelvac Circoflex AD, we’re further advancing protection against evolving PCV2 threats.”

PCV2 is the cause of porcine circovirus-associated disease (PCVAD) and is one of the most common viruses in the swine production industry. PCVAD compromises the immune system of pigs and enhances coinfections, putting these animals at higher risk of respiratory, reproductive, and digestive diseases. Signs of PCVAD can include severe weight loss, trouble breathing, and diarrhea.

 to protect pigs ages 3 weeks and older against disease caused by PCV2a and PCV2, as well as 

. This product (Circumvent CML) contains a subunit vaccine based on PCV2a. It has an immunity duration of at least 16 weeks for PCV2d, and an unknown immunity duration for PCV2a.

Granted a product license approval by the USDA, the PCV2 vaccine from BI is indicated for healthy pigs aged as young as 2 weeks. It is administered through an intramuscular 1-mL dose. This vaccine is available in 50-dose and 250-dose presentations.

The BI vaccine’s efficacy was demonstrated through multiple studies with data submitted to the USDA. Immunity onset occurs 2 weeks post vaccination, and the duration is at least 6 months.

2 automatic swine syringes are introduced to the veterinary market

Steve Boren, vice president, US Livestock at BI, noted that the vaccine reflects the company’s commitment to PCV2 control and empowering producers to manage herd health. “In an industry where disease is a constant challenge, this next-generation vaccine offers broader, safer, longer-lasting immunity against the most prevalent PCV2 genotypes and can help proactively strengthen a herd’s immune system,”

PCV2d has become a predominant genotype in the US and around the world, according to BI. “We’ll continue to closely monitor PCV2 and other diseases impacting pig performance to help producers stay ahead of emerging risks,” Ensink said.

Boehringer Ingelheim launches swine vaccine with advanced protection against porcine circovirus type 2 in the United States. News release. Boehringer Ingelheim. September 3, 2025. Accessed September 3, 2025. 

https://www.boehringer-ingelheim.com/us/media/press-releases/boehringer-launches-swine-vaccine-advanced-protection-against-pcv2

Summary of studies supporting USDA product licensure. USDA. March 21, 2025. Accessed September 4, 2025. 

https://www.aphis.usda.gov/sites/default/files/2025-04/124-19k5r9.pdf

Novel vaccine on the market for viruses in pigs. 

. June 8, 2023. Accessed September 4, 2025. 

https://www.dvm360.com/view/novel-vaccine-on-the-market-for-viruses-in-pigs

Circumvent CML. Product label. Merck Animal Health. Accessed September 4, 2025. https://merckusa.cvpservice.com/product/view/1047582

The therapy from Boehringer Ingelheim provides protection against porcine circovirus type 2.

A new vaccine for swine is launched in the US

Melissa Evans, CVT, LVT, VTS (ECC), discussed these common endocrine conditions in a dvm360 interview.

Identifying diabetic emergencies

What are the most common diabetic emergencies in veterinary medicine? Melissa Evans, CVT, LVT, VTS (ECC), owner of Melissa Evans, VTS (ECC): Veterinary Nurse Consulting, discussed these endocrine conditions in a 

interview at the 2025 Fetch dvm360 Conference in Kansas City, Missouri.

Evans is an experienced emergency, intensive care unit, and critical care technician with additional experience in shelter, wildlife, and disaster medicine. She is a RECOVER CPR–certified instructor who has worked in referral and specialty hospitals in New Jersey and New York. Evans is also a relief technician for specialty hospitals throughout New York, New York.

At the Fetch conference, Evans presented a series of continuing education sessions, including on focused on diabetic emergencies. In the session, she discussed emergency diabetic conditions and the role of technicians in providing nursing care. In this video, she addresses the most common of these conditions.

Researchers study vitamin D metabolism in dogs with diabetes

The following is a transcript of the video:

 There are 2 that I see most commonly. The first one is hypoglycemia, where the blood sugar is too low. There's a couple of reasons for this, either the patient has gotten too much insulin, or the patient isn't eating the way they're supposed to, and they're still getting insulin. The other one is the opposite, hyperglycemia—so diabetic ketoacidosis, where the body isn't able to use glucose for energy, so it breaks down fatty acids and then uses ketones for that energy. This causes a wide range of problems, acidosis, the patient becomes lethargic, the patient becomes very sick, and they need a lot of care.

From needles to pills: transforming feline diabetes care