Welcome to The Vet'ed Podcast, where hosts Steven Hermann and Kale Flaspohler offer insights and stories from the world of veterinary practice ownership and management.

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.