Dr Matt Redgewell on the power of two practices (Advertorial)

Growing up on a small beef cattle farm, Dr Matt Redgewell caught a love of working with animals from an early age. ‘The local vet used to come out, and I really admired the job – to the point where I arranged some work experience. Then I spent a lot of my school holidays at one of the local vets,’ he said.

After graduating with his vet science degree from James Cook University in 2013, Dr Redgewell returned to the Yarra Valley to work at Seville Veterinary Clinic with then owner, Dr Mailyn Price.

Within his first week at the clinic, succession planning was in motion, and an agreement was made between him and Dr Price. ‘[She] said, “One day I'd like to sell the practice to you,” and that stuck with me,’ he said.  

They set up a gradual, well-planned transition over the years, with Dr Redgewell taking full ownership of the clinic in February 2023.  

When opportunity knocks

Weeks before the takeover officially took place, Dr Redgewell was approached by another vet, Dr Don Finlay, from nearby Upper Yarra Veterinary Clinic. After 30 years of practising, Dr Finlay was also retiring, and wanted to know if he would be interested in purchasing his practice.  

While Dr Redgewell and his wife Andrea – also a vet – hadn’t planned on expanding to a second clinic so quickly, they saw it as a chance to expand their service, covering more of the Yarra Valley. ‘A vast majority of our clients are already in that area, and so a competitor going in there would probably mean we might lose some business,’ Dr Redgewell said.  

No time for a transitional plan, negotiations began quickly. ‘We managed to strike a deal where I would buy the second practice about two or three weeks later. So, a week after I’d got finance to buy one big clinic, I had to ring BOQ Specialist back and say, “Hey, I'm going to buy another one”,’ said Dr Redgewell. 

 BOQ Specialist support 

Dr Redgewell says BOQ Specialist made the transition and process very easy. ‘Luke James and the team at BOQ Specialist were amazingly supportive. It was a testament to the bank, especially that they allowed us to borrow more when we had just bought one clinic,’ he said.  

With eight veterinarians working across two sites, the couple are now looking to the future, which may involve using their self-managed super funds to purchase the premises of one or both practices. ‘That's our next plan,’ said Redgewell. ‘I didn't want to overreach by buying the two businesses and then buying the premises at the same time. And that's allowed us good cashflow and to get ourselves stable, because it's all been new for us.’ 

BOQ Specialist has over 30 years' experience delivering tailored solutions to veterinary professionals. For more information on how we can help visit boqspecialist.com.au or speak to your dedicated finance specialist on 1300 160 160