steven

kale

Lindo

EDUCATING

ADVOCATING

INSPIRING

The

Vet’ed

PodCast

FOR THE Privately Owned ​Veterinary Practices!

In episode 17 of The Vet'ed Podcast, titled "Finishing the Year Strong" - Hosts Steven Hermann ​and Kale Flaspohler discuss key steps for veterinary practices to successfully close out the year. ​They focus on financial management, emphasizing the importance of reviewing profit and loss ​statements, ensuring sales tax exemptions are up to date, and avoiding unnecessary purchases ​solely for tax deductions.

Steven and Kale also touch on the significance of time management and planning during the final ​quarter of the year. They caution listeners not to underestimate how quickly time can pass during ​the busy holiday season, noting that between Thanksgiving and year-end festivities, there is ​often less time to address critical tasks than expected. They emphasize that many practices are ​caught off guard, thinking they have ample time to make adjustments, only to find that November ​and December are not as productive as hoped. By encouraging veterinarians and practice owners ​to start these conversations and actions now—whether it’s securing new equipment, reviewing ​tax strategies, or making staffing decisions—the hosts advocate for a proactive approach that ​ensures the year ends on a solid foundation and that plans for the upcoming year are well in ​motion.

Overall, the episode encourages reflection on the practice’s financial health, operations, and ​team dynamics to ensure a strong year-end and prepare for the upcoming year.

In Episode 16 of "The Vet'ed Podcast," hosted by Steven Hermann and Kale Flaspohler, the ​conversation focuses on effective strategies for marketing veterinary practices. They discuss how ​traditional marketing methods like billboards or newspaper ads aren't as effective in the ​veterinary space. Instead, they emphasize the importance of networking, client retention, and ​forward booking as key components of a successful marketing strategy.

They also highlight the role of customer experience, starting from the moment clients enter the ​clinic, in shaping a practice's reputation and building long-term relationships.

The episode further touches on the potential impact of using social media, especially TikTok, to ​showcase the clinic’s culture and engage clients in a more personable way. Throughout the ​episode, they share practical insights on growing and sustaining a veterinary business, using ​both innovative marketing approaches and strong client service.

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.