Episode 17
Finishing The Year Strong
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The Vet’Ed Podcast
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.
Episode 16
How To Market Your Practice
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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.
Episode 15
Navigating Your Next Convention Successfully
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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.
Episode 14
Buying a Practice: Part 3
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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.
Episode 13
Guest: Chris Howard, National Sales Director at Bank of America
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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.
Episode 12
Buying a Practice: Part 2
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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.
Episode 11
Guest: Carlee Tucker, Winfield Veterinary Hospital
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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.
Episode 10
Is Veterinary Ownership in Your Future?
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