Veterinarians Open a Practice With Help From The SBDC

Dr. Julie Magyar, Client 11399, contacted Reed Kennedy, counselor of the NRV SBDC in July 2004. She desired assistance in starting a veterinary practice. Mr. Kennedy assisted Dr. Magyar with development of a business plan, loan package, and start-up assistance.

Dr. Magyar had been in practice for a number of years, working for other veterinarians in several local practices. Her husband is also a vet, they had recently had their second child, and they wanted to establish a new practice together, with each staggering shifts somewhat so one of them could be with the children a majority of the time. Dr. Magyar had a site picked out, an attractive brick building under construction near Radford University. She developed a comprehensive business plan, and together she and Mr. Kennedy worked on the financial projections. Her loan application was approved by both the banks where she submitted it. It took less than two months to develop the plan and obtain loan approval.

Dr. Magyar contributed $40,000 in owner financing and received a $120,000 loan in commercial bank financing with BB & T. She opened for business in October 2004 with nine jobs created. Having done a great job on her "homework," the clinic was an immediate success.