If you work in a veterinary practice or in the pet industry or in a business that supplies goods or services to the industry and you have something to say - why not become a 'Guest Blogger'?
For more information click here to read our: Guidelines for Guest Bloggers
On June 3rd 2016, the world lost one of its most admired sports heroes when Muhammad Ali passed away. Ali will go down in history as an inspiring figure in many ways. As an athlete, he was an Olympic Gold Medallist, ranked by most (and most notably by himself) as the greatest of all time. As an activist, he was probably the most well-known conscientious objector to the Vietnam War. As a sports personality, he was renowned for his eloquence and was near-universally loved.
In fact, one of the only ways that Ali was not considered the greatest is in his choice of how and when he decided to retire from boxing.
In 1979, Ali won a rematch with Leon Spinks, becoming the only man to take the heavyweight title three times. Ali retired at this point and, if it had stuck, he would have gone out at the pinnacle of his career… Unfortunately it did not stick. He soon came back out of retirement, and his final two fights after that were marked by harsh losses to fighters who never could have touched him when he was in or near his prime. Many of those at the match said it was more like watching a senseless beating than a fight. Sylvester Stallone (Rocky Balboa himself!), sitting ringside for Ali’s second last match against Larry Holmes in 1980, said it was “like watching an autopsy on a man who is still alive.”
While Ali’s athletic career, before his first retirement, has inspired generations of people around the world, his choice of when to finally step out of the ring provides us with some lessons about the importance of recognising when it is time to hang up the gloves and walk away. Or, in business-owner terminology, when it is time to exit your business, at least as its owner.
Even the most successful businesses require ongoing energy, reinvestment and leadership to remain at their best.
Compromises to our dexterity, speed, stamina and energy, which can’t help but be liabilities for our businesses if we don’t identify them early and act to mitigate their impact.
We hold on despite evidence telling us that it may be time to exit.
Ali kept busy and made plenty of money after he retired from boxing. He worked on his own terms, doing charity work, endorsements…he even helped the government with hostage negotiations.
On several occasions I have had clients who were once proud giants of the veterinary industry, but who probably should have stepped out of the ring sooner. Veterinarians who once had the envy and admiration of their peers coming to me with businesses that were shadows of their former selves. The decline of their businesses was due to a lack of drive, interest and reinvestment, with fewer hours spent in the practice year after year.
The truth is that the extra few years that they stayed in practice ownership were like the last extra few years that Ali spent in the ring – misplaced and damaging to their legacy.
Simon Palmer is the Founder and Managing Director of Practice Sale Search, Australia’s leading vet practice brokerage. With more than 20 years’ experience in practice sales, Simon has extensive knowledge of and insight into the vet industry. He is a licensed business broker and real estate agent. His company, Practice Sale Search, sells over 100 dental and vet practices every year. Simon is a regular contributor to major Australasian vet publications, and presents seminars on Exit Planning which are essential for any veterinarian thinking of selling their practice with the next 5 years.
Connect with Simon:
The dream of owning your own veterinary clinic hasn't disappeared. The path to getting there has changed. There’s a conversation we hear constantly in this industry. It happens in the car park after a long shift, or over a wine at a conference. Someone sighs: “Ah, one...
