Legacy Planning Guide
Legacy Planning for Veterinarians and Veterinary Practice Owners
We know this isn't the most comfortable topic to sit down with. But if you've taken the time to open this page, you're already ahead of most people. Veterinary practices share many challenges with medical practices — but with the added complexity of livestock clients, agricultural businesses, and unique DEA obligations. A practice worth $400K-$1.5M needs a succession plan.
Why Veterinarians face unique challenges
Every profession has its own blind spots when it comes to legacy planning. Here are the ones that come up most often for veterinarians — and the ones that tend to catch people off guard.
DEA controlled substance registration cannot be inherited — DEA must be notified within 48 hours
Large animal and equine practices have clients with immediate daily care needs
Veterinary drug inventory disposal requires licensed veterinarian
Practice goodwill heavily tied to personal relationships with animal owners
State licensing board must be notified immediately — cannot practice without a licensee
Documents every veterinarian should have
You don't need to have everything perfect from day one — but having these documents in place means your family won't be left guessing when it matters most.
- 1
DEA controlled substance closure protocol with emergency contact instructions
- 2
Practice buy-sell agreement with a licensed veterinarian successor
- 3
Large animal client list with emergency contact procedures for ongoing care needs
- 4
Equipment inventory with values and financing terms
- 5
Legacy letter to clients about your love of animals and the practice's mission
Mistakes that cost families the most
These aren't meant to scare you — they're meant to protect you. Each one is a real scenario we've seen play out, and each one is completely avoidable.
No DEA plan — federal compliance failure exposes the estate to penalties
Large animal clients unreachable — cattle or horses go untreated in urgent situations
No successor licensed vet — practice must close until a buyer is found
Drug inventory lost or improperly disposed — DEA liability
No buy-sell agreement — practice sold at distressed price under deadline pressure
Your first 3 steps as a veterinarian
Don't know where to start? These are the three most impactful moves for veterinarians who are just beginning to think about legacy planning.
Get a professional veterinary practice valuation (AVMA Practice Consulting can help)
Create or review your funded buy-sell agreement with practice associates
Document DEA notification and controlled substance disposal procedures
Frequently asked questions for veterinarians
Can a non-veterinarian own my practice after I die?
In most states, no — veterinary practices must be owned or co-owned by a licensed DVM. The financial value can be captured through a properly structured buy-sell agreement with a licensed colleague.
How do I value my veterinary practice for estate planning?
General practices typically sell for 60–80% of annual revenue; specialty and emergency practices command higher multiples. A recent professional valuation from a veterinary practice broker is essential for accurate estate planning.
What happens to DEA registration and controlled drug inventory?
Your DEA registration cannot transfer to another person. Your executor must notify the DEA within 30 days and arrange licensed disposal of all controlled substances — this process must be fully documented in your succession plan.
Should I have a buy-sell agreement with my associates?
Absolutely — a funded buy-sell agreement ensures a licensed colleague can acquire the practice at a fair price without your family navigating a rushed sale under pressure.
Ready when you are
Your legacy deserves more than a basic will.
AI-guided tools that help you create letters, plan your estate, and protect your business — all in plain language, all in your own words.
Start for $9.99/monthCancel anytime. Browser-first privacy.
Where to start on My Loved Ones
Our AI-guided tools walk you through each document step by step — no legal jargon, no blank pages staring back at you. Here's what we recommend for veterinarians:
Related guides
Important disclaimer
This content is for general informational purposes only and does not constitute legal, tax, or financial advice. It was created with the assistance of AI and may contain inaccuracies. Laws and regulations change frequently — always consult a qualified attorney or financial advisor before making estate planning decisions.