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.

Listeners will gain a comprehensive understanding of the differences between private ownership and private equity models, the significance of preventive medicine in veterinary care, and the challenges veterinarians face in balancing their passion for animal care with financial sustainability. Chris also highlights the supportive role of partners and lenders, like Bank of America Practice Solutions, in helping veterinary practice owners navigate the complexities of practice management and achieve long-term success.

This episode is a must-listen for veterinarians, practice owners, and anyone interested in the business side of veterinary medicine, providing actionable insights and expert advice on achieving financial stability and operational excellence in the veterinary field.

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.

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.

n 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. James also touches on the significance of accurate pricing, the importance of communication with clients, and the need for innovation in the veterinary field.

Throughout the interview, James conveys a sense of dedication to his employees and clients, showing that his passion for the business goes beyond financial success. He aims to create a positive impact in his community and the veterinary industry by fostering a culture of collaboration, innovation, and continuous improvement.

1. **Introduction and Background**:

2. **Early Career and Business Start**:
- James Rericha's initial experiences and memories in the veterinary field.
- His work in college and his family's history in business.
- Steven's The transition from grocery store management to the veterinary industry.

3. **R Veterinary’s Beginnings and Growth**:
- James and his wife, Dr. Katie Rericha, started their first clinic.
- Challenges and learning experiences in the initial years, including staff turnover and business management.
- Expanding the business and acquiring more veterinary practices.

4. **Business Strategy and Management**:
- The importance of having a good team and empowering practice managers.
- The role of coaching and training in improving management skills.
- The transition to a more corporate structure while maintaining an independent practice ethos.

5. **Acquisitions and Expansions**:
- The process and criteria for acquiring new practices.
- Challenges faced during acquisitions, such as integrating new teams and managing remote locations.
- The importance of cultural fit and long-term planning in acquisitions.

6. **Operational and Financial Management**:
- Discussion on software and data management for multiple clinics.
- Strategies for maintaining profitability and handling payroll, AP, and inventory.
- The significance of accurate financials and proper valuation for acquisitions.

7. **Innovation and Diversification**:
- R Veterinary’s involvement in various projects, including construction, maintenance, and crematory services.
- The development of new products, such as 3D paw prints, and the importance of innovation in the veterinary field.
- The goal of being the largest employer in their county and the vision for future growth.

8. **Personal Insights and Philosophy**:
- James’s personal journey and mindset as a business owner.
- The balance between business success and personal fulfillment.
- The role of long-term vision and purpose in driving business decisions.

➡️ Visit the Pro Partners Team to learn more and to access helpful resources! www.propartnersteam.com

👋 You can connect with us at (clarity@ppwteam.com) We're thankful for your input!

**Main Topics of Episode 8: Practice Dashboard**

1. **Introduction and Podcast Purpose**
- Purpose of the podcast: educate, advocate, and inspire veterinarians.

2. **Jerry Seinfeld and Comedy Work Ethic**
- Discussion about Jerry Seinfeld's daily dedication to writing jokes.
- Mention of Seinfeld's upcoming movie about Pop-Tarts.
- Comparison of Seinfeld and Chris Rock's work ethics to business preparation.

3. **Core Value of Purpose and Preparation**
- Correlation between the comedians' work ethic and their business's core value of preparation.
- Emphasis on being prepared for client meetings and ensuring quality service in the veterinary space.

4. **Practice Dashboard and KPIs**
- Introduction to the practice dashboard concept.
- Importance of Key Performance Indicators (KPIs) and benchmarks in veterinary practices.
- Use Case of the Period Totals Report from Avimark.

5. **Challenges and Solutions in Veterinary Practice Management**
- Discussion on various metrics like Average Client Transaction (ACT) and how discrepancies can indicate underlying issues.
- Examples of potential issues like missed charges and inconsistent practices among veterinarians.
- Importance of standardizing best practices and communicating value to clients.

6. **Systematic Evaluation and Improvement**
- Steps to systematically evaluate and improve practice metrics.
- Emphasis on consistent and accurate record-keeping.
- Coaching and support for veterinarians to ensure they deliver best medicine practices.

7. **Economic Indicators and Financial Health**
- Discussion on economic indicators such as payment types and their trends.
- Importance of understanding the financial health of the practice through various reports.
- Examples of how to analyze and interpret these financial metrics.

8. **Importance of Communication and Consistency**
- Ensuring all staff understand and communicate the value of services provided.
- Consistency in delivering quality service across all veterinarians in the practice.

9. **Continuous Improvement and Adaptability**
- Encouragement to focus on one KPI at a time for continuous improvement.
- Importance of adaptability and being prepared to pivot as needed, similar to comedians' performances.

10. **Call to Action and Engagement**
- Encouragement for listeners to engage with the podcast on social media and provide feedback.
- Invitation for suggestions on future topics and sharing success stories in the veterinary space.

Thanks for listening! If you’ve been helped by this podcast, we’d be grateful if you’d consider subscribing, sharing, and leaving us a comment!

➡️ Visit the Pro Partners Team to learn more and to access helpful resources!

propartnersteam.com
thevetedpodcast.com

👋 You can connect with us at (clarity@ppwteam.com) We're thankful for your input!

Welcome to Episode 7 of The Vet'Ed Podcast! In this captivating installment, we had the pleasure of sitting down with the brilliant Jason Merckling, the Regional Sales Manager at IDEXX.

During our conversation with Jason, we delved deep into his remarkable journey, exploring the twists and turns that led him to his current role. We gained valuable insights into his day-to-day life at IDEXX, uncovering the intricacies of his responsibilities and the challenges he faces in the dynamic veterinary industry.

Moreover, Jason provided us with a comprehensive overview of IDEXX's pivotal role in the industry, shedding light on the innovative solutions and technologies they offer to support veterinary professionals worldwide.

Watch the full episode to immerse yourself in these insightful conversations, and gain a deeper understanding of the veterinary industry's landscape.

Diving into the financial vital signs of a business.
Temp = gross profit
Respiration rate = labor
Pulse of the body = net income
Analyzing the heartbeat of success.