Charlotte's Story
From Grad Programme to Branch Partner
As an aspiring vet student, Charlotte Moreton might not have thought that just three years after graduating she would be a veterinary business owner. Arriving at vet school from a very modest background, Charlotte knew what she had to do to achieve her dream of becoming a veterinary surgeon.
‘Coming from a relatively humble background, I didn’t have the easiest of starts that other students may have enjoyed. Without the two jobs I held up all the way through vet school, I simply wouldn’t have been able to complete the course and join the profession.’
Completing her EMS at a local Medivet clinic (Medivet Orrell Park), Charlotte was keen to enjoy the support that the Medivet New Graduate Programme offered, and came back to the clinic as soon as she qualified. Quickly learning, developing and growing in a supportive team environment, Charlotte blossomed into one of the brightest talents at the clinic.
‘In the first few years working at the clinic, I was enjoying the professional and financial security that came with becoming a qualified vet. All the hard work I had put in through my early years had paid off and I was so happy.’
When an opportunity for Partnership became available in another local Medivet clinic, Charlotte had mixed feelings.
‘I had a number of conversations with my clinical mentor who really believed in me. It felt like a hugely exciting but scary proposition. I really wanted to pursue this opportunity but was worried that I didn’t have the financial means to purchase a Partnership at such an early stage of my career. My family wasn’t in a position to lend me any money and I thought the chance would pass me by.’
After meeting with the Medivet Branch Partnerships team, however, Charlotte learned about Medivet’s new Deferred Payment Plan option.
‘With just a 10% deposit, Medivet were prepared to give me the equity in the clinic with no upfront payment needed. I didn’t need to go to a bank or secure a huge loan.’
The Deferred Payment Plan allows a Branch Partner to pay Medivet for the equity at a later date. The 10% deposit required can either be self-funded or provided by a small business loan that Medivet help organise.
‘After a few short phone calls the 10% deposit was organised and I was ready to become a business owner!’
The Partnership has number of options to pay for the equity; repaying the payment early or after a period of 10 years, giving everyone the flexibility to organise their own finances and cash flow. As the Partner grows their clinic and see their earnings increase, they could either pay down the Deferred Payment periodically or use the guaranteed exit multiples that the new Branch Partnership Agreement provides.
‘When I combined the Deferred Payment Plan with the new Branch Partner Agreement, I can really plan my financial future. As the clinic grows, I can see my equity value growing. It’s amazing to think that the longer I stay the more valuable my equity becomes. This allows me to use the value I have created to act as a means of paying for the equity purchased on day one’.
Medivet’s new funding model has completely revolutionised the accessibility of veterinary business ownership.
‘I always thought that qualifying as a vet and earning a good living was my ultimate objective. I assumed that clinic ownership simply wasn’t an option for someone from my background and with my financial means. Medivet Branch Partnership transformed my career opportunities and has extended my horizons beyond what I thought possible. I am so excited to have the chance to grow in a completely new way!’.
