Consolidate That!

Today we chat with Sarah Dalton, a Client Care Coordinator at Danville Family Vet, about her recent essay on compassion fatigue in the veterinary industry. She’ll cover what it is, why it’s a problem and the importance of this topic in the field.

During the conversation, we share the ways to prevent and manage it, including implementing techniques such as self-care, support groups, and client education in a veterinary practice.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• What does vet med look like behind the scenes
• Strategies outlined in the essay for preventing and managing compassion fatigue
• The importance of client education

In this episode, Dr. Jeff Smith of Danville Family Vet discusses his experience as a veterinarian in a small town, his challenges, and how he overcame them. He talks about his decision to join Galaxy Vets, explains the advantages of the equity ownership model, and how it can help smaller practices cope with the rapid changes in the field.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• Dr. Jeff Smith’s experience and challenges faced by a small-town vet
• Benefits of joining the employee-owned veterinary group
• Advancements in the veterinary field and the need for resources to cope with them
• Support and resources necessary for managing workload and keeping up with changes in the industry

Ryan Leech and Dr. Ivan Zak discuss a recent two-part episode of Freakonomics about the impact of private equity ownership on the veterinary market and consolidation.

They explore the different perspectives presented in the episode, including those of executives, economists, and veterinarians. Our hosts also touch on the importance of trust and alignment between executive teams and private equity firms and the challenges clinics face in achieving growth.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Helpful links:

• Galaxy Vets
• Freakonomics Radio: Should You Trust Private Equity to Take Care of Your Dog? (Part 1)
• Freakonomics Radio: Do You Know Who Owns Your Vet? (Part 2)

In this episode of Consolidate That, Ryan Leech discusses with Dr. Ivan Zak his observations and takeaways from attending the Victus Group’s WVC Annual Conference in Las Vegas, one of the largest conferences in the veterinary industry. Ryan covers various topics related to the latest trends and changes in veterinary medicine, including the impact of developing technologies, telemedicine, the recent layoffs in the industry, and more.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Ryan Leech and Dr. Ivan Zak continue to explore employee ownership.

Shannon Gervais, Head of People Operations at Galaxy Vets, joins them this week to discuss this new concept in the veterinary industry, uncover the components of cultural integration stages at Galaxy Vets, and explain the importance of understanding business fundamentals on all levels of an organization.

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This week Steve Kemph, Vice President of Field Operations at Galaxy Vets, talks about employee ownership, what components drive the culture, and how creating a bottom-up approach can drive sustainable results.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• Instilling business acumen
• Managing and measuring results
• Bottom-up performance

We begin our third season of Consolidate That! by discussing the changes that have taken place in the veterinary business over the past year.

In this episode, Fritz Buerger, Managing Director of William Blair, will share his observations on what has changed in veterinary practice acquisition, how macro factors affect the world of investment compared to 2021, and what we may expect from 2023.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• A brief overview of changes in the veterinary business for 2022
• The impact of macroeconomic and social factors on the investment environment
• A piece of advice on creating wealth from Mr. Fritz Buerger
• Thoughts on what to expect from the market in 2023

The second season of Consolidate That! ends with a discussion of the criteria and factors that a consolidation group pays attention to when communicating with a potential partner practice. Using Galaxy Vets as an example, Ryan Leech and Dr. Ivan Zak discuss in detail such aspects as core values alignment, hospital reputation, location, and financial health.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• Part Two of New Market Realities; focused on the consolidator’s view
• What to know about pre-acquisition assessment
• The importance of having a well-defined post-acquisition strategy
• See you next season!

Figuring out how to sell your veterinary practice is a process filled with important decisions and questions to ask. Even in the current consolidation market, where there are no multiples of 18x or 20x, selling your clinic can be extremely rewarding if you take the right approach. This week, Ryan Leech and Dr. Ivan Zak discuss what to consider before partnering with a group and how to make a successful exit for you and your team.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• A quick overview of the current veterinary consolidation market
• What to know about selling a vet hospital
• What are the criteria for finding the right partner

Like many professionals, veterinarians go through various stages of life and may be motivated by different things at different times. In this episode, Galaxy Vets’ Head of Community Engagement Dr. Tara McCarthy joins Ryan and Ivan to discuss the need to create flexibility in veterinary medicine and how Galaxy Vets provides a choice to veterinary professionals.

Donate: Official account of the Armed Forces of Ukraine: https://bit.ly/3NvODNm

Topics discussed:

• Creating more flexibility in vet medicine
• What small changes can make a positive difference in culture
• What benefits Galaxy Vets offers for employees

Helpful links:

• Dr. Tara McCarthy on LinkedIn
• Galaxy Vets