Article by: Amy Schaefer
Succession planning is critical for all businesses, especially businesses located in rural communities. CEDA team member Amy Schaefer, working on behalf of the Blue Earth Economic Development Authority has been working diligently to assist in a succession planning venture for an important business in Blue Earth – Makotah Veterinary Center in hopes of attracting a new veterinarian to take over the practice. In July of 2019, three representatives from Iowa State University School of Veterinary Medicine met with several representatives from Blue Earth, Mn and Faribault County, as well as Dr. Bogan, veterinarian and owner of Makotah Veterinary Center. Recommendations from the meeting lead to assisting Dr. Bogan’s development of a succession plan and the creation of a marketing packet.
In August a five (5) page packet was completed, printed and distributed to over 60 existing veterinary clinics. In November, Schaefer took it one step further and reached out to nearly every veterinary school in the country to share the opportunity.
In October, Schaefer submitted the paperwork for the VMLRP, Veterinary Medicine Loan Repayment Program, designating Makotah as a Shortage Situation. This program helps qualified veterinarians pay off a significant amount of debt incurred in pursuit of their Veterinary Medicine degrees. Veterinarians may have $25,000 paid off per year for up to 3 years if they provide farm animal veterinary service in designated shortage situations for three years. Makotah Veterinary Center is in a designated shortage area.
Dr. Bogan states “Amy Schaefer has been helping me find a veterinarian to join my practice in Blue Earth. She has been working tirelessly and thinking outside the box to try to make this happen.”