About Our Program
- General Considerations
- Partnership and Stock Option Program
- Qualifying Period and Vesting
- Practice Transition Options
The Pathway to Partnership Program (“P2Program”) is a unique means to reward and retain valued doctors in our veterinary practices. What our firm can offer exceeds the monetary compensation that can be offered by veterinary practices either privately or corporately owned. The Pathway to Partnership Program is intended to financially reward doctors in a manner that provides a tax-shielded means of increasing personal wealth.
Additionally, for those doctors repaying student debt based upon income, compensation is partitioned from W-2 reporting requirements. Furthermore, should the doctor wish to restructure student debt upon achieving partner level, additional opportunities may be available for loan restructure repayment at more attractive interest rates than rates offered by student loan funding sources. The Chief of Staff pathway is reserved for doctors that have at least five years of practice experience.
The P2 Program is a means for the associate to gain an ownership stake in the practice without out of pocket investments. Equity is gained by the associate in a growing investment (the practice) and additional (non-salary, dividend) income is shielded or deferred from taxation and income-based student loan repayment requirements. This equity and ownership plan is customized to the doctor and the practice involved.
The goal is for the doctor to gain a 20% ownership stake in the practice within three years. The doctor will function as the Chief of Staff and be responsible for all medical and surgical aspects of the practice. Business management aspects of the practice are handled by TJ&A and its business partners.
A qualifying period is required prior to entering the P2Program and is for a period of six months. The Pathway candidate is required to work at practices owned by the company and with the doctors and staff of the member practices. The schedule, timetable and position commitment is determined prior to joining the company and will be consistent with the basic structure of the employee’s contract. At the end of the qualifying period, the comprehensive and complete pathway plan will be executed and become a part of the employee’s agreement with TJ & A.
The pathway period is for three years and the goals, objectives and requirements are customized for each practice and each Pathway Partner. Hard target goals are centered around revenue growth, personal and professional development and staff enrichment.
Short-term and long-term partnerships allow you to buy the practice when you’re ready or continue to utilize Legacy Veterinary Group’s support services. Ready to retire or sell the practice? We have you covered with 100% asset purchases. We invest not only in the practice but in the real estate as well, allowing much more attractive transition options for owners. We value the expertise of our partner veterinary practitioners and feel that both Legacy Veterinary Group and the practice benefit from long-term partnerships.
Compensation and Benefits
The doctor is paid based on a production basis. Doctors on the chief of staff pathway are compensated in two forms:
- base salary and
- production-based salary
All pertinent services and productions attributed to a doctor are considered for salary compensation. Boarding and grooming are exempt from production-based calculations unless they are medically required and prescribed by the doctor. The base salary will vary between hospitals and experience levels. Production-based salaries are not available for new graduates.
The doctor’s salary is increased to pay the health care premium until the company-wide plan starts on 9-1-2021.
A suitable allowance will be available to offset or pay for continuing education.
After vesting, doctors can participate in a retirement plan with a 3% match.
Competitive 14-21 days of PTO per year as well as PTO for Continuing Education.
Annual dues for AVMA and NCVMA are paid by the company for AVMA and NCVMA.
Annual NC veterinary license renewal fees and NC privilege license fees are paid. Renewal fees for DEA licensure are paid.
Professional liability insurance is paid by the company. Employees are encouraged to have a personal policy as well.