Buying his dream home and his own practice

Dr Todd Dalton had just purchased his first home when his veterinary practice came up for sale.

  5 minutes

When a golden opportunity presented itself to veterinarian Dr Todd Dalton, he wisely took some valuable financial advice before making a commitment. Dr Dalton had been working as a vet at Woodvale Park Veterinary Hospital in northern Perth for about 18 months.

An Australian by birth, he grew up and was educated in the USA, before moving to Queensland to complete his veterinary studies. After graduation he worked at clinics in Brisbane and Sydney before moving to Perth with an idea of one day purchasing his own practice.

“The owner of Woodvale Park Veterinary Hospital approached me and asked if I was interested in buying the practice,” says Dr Dalton. “I’d worked there long enough to have an idea of what the income would be if I went ahead. It was a very attractive proposition.”

Overcoming problems

The only problem was that Dr Dalton and his wife, Dr Flaminia Coiacetto, a veterinary pathology specialist at Murdoch University, had recently purchased their first home. He was concerned about whether they could balance these two large commitments.

“I spoke to some of the major banks and they weren’t interested,” says Dr Dalton. “I had heard of BOQ Specialist and met up with consultant Darren Tomlinson. He came out to the practice, looked everything over and gave me a clear idea of what my commitments would be if I took over the practice. That’s the advantage of dealing with BOQ Specialist—they’re experts in the field of medical, veterinary and dental practices.”

New look

Dr Dalton took ownership of Woodvale Park Veterinary Hospital in April 2019. While the practice had been operating successfully since 1996, it was looking a little old and dated. A graphic designer was employed to create a new logo and a totally new web page. A new sign and business cards were created, along with new uniforms for the staff.

“All these changes refreshed the practice and made it feel like it was mine,” he says. “It allowed me to stamp it with my own style.”

Right decision

Woodvale Park Veterinary Hospital has been under new ownership now for just six months and while it’s been a steep learning curve for Dr Dalton, he’s certain he made the right decision. “It was the right thing to do and I’m sure it’s all going to work out well,” says Dr Dalton. “It certainly helps having my wife by my side as she truly understands the profession. She has faith in me and that’s the most important thing from my perspective.”

While the main plan at the moment is to pay off the loan as quickly as possible, Dr Dalton does have a few future upgrades in mind.

“The room we’re using as a kitchen was originally a consult room,” says Dr Dalton. “I’d like to convert that back into a consult area so we have two spaces to see clients. There’s also a large area at the back of the building that could be converted into a new kitchen.”

Bright future

Having just purchased the couple’s first home, Dr Dalton was presented with options from BOQ Specialist, which gave him the ability to carefully consider all the pros and cons before moving into practice ownership. This passionate vet is now happily investing his expertise and skill into the business. In the time he’s owned Woodvale Park Veterinary Hospital, patient numbers have increased and all signs point to a prosperous future.

“It truly was a golden opportunity to purchase the practice where I worked and maintain the relationships I had built with our clients,” says Dr Dalton. “BOQ Specialist made it possible due to their expert knowledge of the veterinary profession and business. The future looks bright and I couldn’t be happier.”

 

Thinking about starting or growing your practice? Click on the link to find out more about our tailored financial solutions for setting up a practice. Or ready to take the next step? Contact us to find out how we can tailor a practice finance solution for you, or call us on 1300 160 160.

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