steven

kale

Lindo

EDUCATING

ADVOCATING

INSPIRING

The

Vet’ed

PodCast

FOR THE Privately Owned ​Veterinary Practices!

In episode 15, Steven and Kale emphasize the importance of planning before attending a ​convention by identifying key sessions, companies, and setting specific goals. They introduce the ​"72-Hour Rule," which encourages acting on ideas or opportunities within 72 hours of returning ​to prevent information overload.

They provide tips for evaluating products and vendors, such as checking guarantees, asking for ​client references, and ensuring products meet your needs without deceptive marketing. They also ​stress the importance of following up on key takeaways, focusing on actionable items, and ​sharing them with your team for successful implementation.

Additionally, they advise assessing the credibility of speakers, distinguishing between fiduciaries ​and other financial advisors, leveraging referrals, ensuring software solutions allow data access, ​and having a clear convention plan without mixing it with vacation time for maximum benefit.

In this episode, we discuss the importance of celebrating the successful purchase of a practice. ​We emphasize the significance of taking a moment to appreciate this major milestone, even ​though the process might feel anticlimactic due to the digital nature of modern transactions. ​Celebrating the deal is not just about the new owner but also about acknowledging and engaging ​the entire team involved in the practice.

We explore strategies for reflecting on the transition, stressing the need for a moment of pause ​to alleviate stress and recharge. This reflection period benefits both the new owner and the staff, ​fostering a positive start to the new phase of the practice.

The episode also covers the importance of actively marketing the new ownership. It's an excellent ​opportunity for the new owner to present their vision, reinforce continuity, and engage with the ​community. We highlight how effective marketing can set a positive tone and build enthusiasm ​among clients and staff alike.

In this insightful episode, we are joined by special guest Chris Howard, the National Sales ​Director for Bank of America Practice Solutions, for a deep dive into the financial and operational ​aspects of veterinary practice ownership and management. Chris brings a wealth of knowledge ​and experience, sharing his journey and offering valuable perspectives on the intricacies of being ​a National sales director.

Chris discusses critical financial elements involved in acquiring and managing a veterinary ​practice, emphasizing the importance of understanding the financial landscape, maintaining a ​balance between profitability and quality care, and the role of strategic financial planning. He ​sheds light on the process of securing financing for practice acquisition, the impact of private ​equity on the industry, and the importance of aligning one's skill set and production levels with ​financial goals.

In Episode 12: Buying a Practice Part 2, Steve and Kale dive into a mix of personal and ​professional topics, delivering valuable content with a touch of humor and light-hearted banter. ​They start with personal health updates, contrasting recent illnesses and fitness routines, before ​shifting focus to the intricate processes involved in business transactions, covering evaluation, ​negotiation, and finalization phases in detail.

The episode delves into the financial aspects of buying a practice, explaining purchase price ​considerations, financing options, and the differences between asset sales and stock sales. Steve ​and Kale emphasize the importance of financial statements and business valuation. On the legal ​front, they provide an overview of key documents like the Letter of Intent (LOI), discussing its ​non-binding nature and role in negotiations, along with the significance of confidentiality clauses ​in business agreements. Negotiation strategies are also explored, including the use of ​confidentiality clauses, non-compete agreements, and the vital role of legal counsel.

We are excited to bring you Episode 11 of The Vet'ed Podcast, where hosts Steve Hermann and ​Kale Flaspohler engage in an enlightening conversation with Carlee Tucker, a prominent figure in ​veterinary medicine. Carlee brings her wealth of experience as a veterinary professional, offering ​deep insights into the challenges and rewards of caring for animals. Her journey from veterinary ​school to becoming a respected voice in the field is a testament to dedication and passion.

Throughout the episode, Carlee delves into the intricacies of veterinary practice, discussing ​everything from the latest advancements in animal healthcare to the emotional connections ​forged with patients and their owners. Steve Hermann and Kale Flaspohler skillfully guide the ​discussion, steering it towards poignant moments where Carlee shares heartfelt stories of her ​experiences in the field. Listeners are treated not only to practical advice on pet care but also to ​profound reflections on the impact animals have on our lives. Carlee's advocacy for ​compassionate veterinary care resonates deeply, underscoring the podcast's mission to educate ​and inspire both aspiring veterinarians and pet owners alike. This episode of The Vet'ed Podcast ​not only informs but also leaves a lasting impression, highlighting the dedication and empathy at ​the core of veterinary medicine.

Join us on The Vet’ed Podcast as we dive into the world of veterinary practice ownership and ​management. This episode covers the intricate details and considerations involved in owning ​and running a successful veterinary practice. We start with a discussion on the perception of ​high costs in veterinary care, exploring the investments required for quality service provision. ​Next, we delve into the considerations for entering ownership in a veterinary practice, including ​financial preparedness and having essential conversations with current owners. We discuss ​personal and professional factors in assessing readiness for ownership, such as workload, ​responsibility, and financial planning.

The conversation then shifts to navigating the process of buying or starting a practice. We cover ​strategies for finding and approaching potential practices for purchase or partnership, ​emphasizing the importance of networking and proactive engagement. The episode also includes ​a detailed discussion on financial planning, negotiation, and decision-making in practice ​acquisition, highlighting the significance of communication and alignment between all parties ​involved. Whether you're a seasoned veterinarian considering ownership or a recent graduate ​exploring your options, The Vet’ed Podcast provides invaluable insights and advice to help you ​navigate the journey of veterinary practice ownership. Tune in to gain expert perspectives, ​practical tips, and real-life experiences from industry professionals.

In this interview, James Rericha, owner of R Veterinary, discusses his journey and experiences in running a veterinary practice. The conversation highlights his partnership with his wife, Dr. Katie Rericha, and their shared vision of innovating and growing their business while maintaining independence from private equity influence. James discusses his entrepreneurial journey, emphasizing his and his wife Katie’s commitment to the veterinary industry. They started their first clinic in 2016 and have since expanded to eight clinics, despite initial challenges like staff turnover and the financial struggles of new acquisitions. James highlights the importance of having a supportive partner and the guidance he received from the ProPartners Team in growing his business. James emphasizes the importance of having a good support system and being adaptable in the veterinary industry. He talks about the challenges they faced during their first acquisition, such as staff turnover and learning to manage a business. Over time, they expanded their practice to eight locations, focusing on empowering practice managers and ensuring a good cultural fit within their team. He reflects on the value of private ownership, the benefits of building a strong, supportive team, and the long-term goals of expanding their business sustainably.

Episode 9

Interview with James Rericha,

owner of R Veterinary.

Welcome to Episode 8, where we focus on enhancing veterinary practice ​management. The episode begins by outlining the podcast's goal to ​educate, advocate, and inspire veterinarians. It draws a parallel between ​the meticulous work ethics of comedians like Jerry Seinfeld, who ​dedicates time daily to writing jokes, and the need for preparation in ​veterinary businesses.

The discussion covers the importance of Key Performance Indicators ​(KPIs), practice dashboards, and consistent service delivery, stressing ​the need for preparation in client interactions and service quality. It also ​addresses challenges such as discrepancies in billing and service ​consistency, advocating for systematic evaluation and improvement of ​practice metrics.

The episode emphasizes the importance of communication, consistency ​in service delivery, continuous improvement, and adaptability. Finally, it ​encourages listener engagement and feedback to foster a community of ​continuous learning and sharing within the veterinary field.

Episode 8

Practice Vital Signs - Pt. 2 of 2 - ACT and ​More

Welcome to Episode 7! In this episode, we got a chance to sit with Jason Merckling, a regional sales manager at IDEXX. He shed light on his life, journey to IDEXX and how important veterinary medicine and technology is.

Episode 7

Special guest: Jason Merckling. Regional Sales Manager at IDEXX.

Welcome to Episode 6! In this episode, we embark on a deep dive into the financial vital signs of a business. Just as vital signs are essential indicators of health, understanding key metrics is crucial for the success of any enterprise.

Episode 6

Delving into the financial vital signs of a business! Examining the pulse of success.