What does an economist see when he looks at independent veterinary practice? In this episode, Martin and Peter sit down with Dr. Matt Salois, President of Veterinary Management Groups (VMG), for a wide-ranging conversation about where independent practice is headed, what's holding it back, and why the practices willing to be disciplined and intentional are the ones with the brightest future. Matt also tackles Question #3 of the Stethoscope & Spreadsheet Seven, and his answer might surprise you.

In this episode:

• Why independent veterinary practices are far more sophisticated than they're given credit for
• The two biggest headwinds: complexity and a shrinking margin for "good enough"
• The key tailwinds: speed, agility, and the ability to make decisions close to the point of care
• VMG's "Proudly Independent" initiative, shifting the conversation from fear to identity and strength
• Why the future of vet medicine will be shaped by productivity and execution, not chasing the next shiny technology
• Navigating generational differences in a profession with five generations of vets, owners, and employees
• VMG's mission to tell a bigger story about why independence in veterinary medicine is worth preserving

Timestamps:
00:00 — Intro & welcome
00:47 — Introducing inaugural guest Dr. Matt Salois
02:01 — Matt's background: economist, recovering academic, and how he found veterinary medicine
03:06 — Why Matt's path into vet med was serendipity, not strategy
04:21 — Peter takes credit for bringing Matt into the profession at AVMA
04:43 — Matt's early career: chief economist for the state of Florida
05:13 — From Elanco Animal Health to AVMA to VMG
08:01 — How Matt came to lead VMG, and the phone call that started it all
10:29 — What VMG members are dealing with day to day
10:51 — VMG's role in one sentence: helping independent owners navigate complexity
13:16 — Where is the profession going? Unpacking the headwinds
16:04 — Complexity as the defining challenge of independent ownership today
20:56 — The tailwinds: why independent practices have real competitive advantages
23:31 — Independent practices start from a higher bar than most businesses and don't get enough credit
23:51 — VMG's "Proudly Independent" initiative: from defense and fear to identity and strength
26:05 — Navigating five generations of vets, pet owners, and employees simultaneously
27:25 — On generational divide: humility, adaptability, and letting go of "the right way"
30:04 — What Matt is most excited about at VMG
30:47 — VMG by the numbers: nearly 2,400 member practices and growing
31:11 — Helping members become stronger operators and leaders, not just connected peers
33:20 — Technology, AI, and why execution matters more than innovation
34:56 — It's still about the people; technology is adjunctive
35:20 — VMG's mission to tell the story of independent veterinary medicine
36:18 — The Stethoscope & Spreadsheet Seven: Matt picks Question #3
36:56 — What keeps Matt up at night? Ideas, and a whole lot of gin and club soda
40:24 — Closing reflections from Peter and Martin
43:16 — Outro

Mentioned in this episode:

• Veterinary Management Groups (VMG) · myvmg.com
• American Veterinary Medical Association (AVMA)
• VMG's "Proudly Independent" initiative

New episodes every two weeks. Supported by Veterinary Management Groups (VMG) · myvmg.com

Most practice owners know inventory is a problem. Few realize just how much it's quietly costing them.

In this episode, Martin and Peter sit down with Emmitt Nantz, co-founder of Inventory Ally, to unpack why COGS is the most overlooked profit lever in veterinary medicine and why fixing it doesn't require firing anyone or seeing more patients. Emmitt also makes a compelling case that veterinary medicine is a service business first, and that practices winning long-term lean into client relationships, not just transactions.

In this episode:

• Why COGS, not revenue or labor, is the biggest and most actionable profit lever
• How most practices carry 30–40% more inventory than necessary
• The hidden opportunity cost: staff counting pills instead of delivering care
• Online pharmacy as a complement to in-house inventory, not a replacement
• Client lifetime value vs. average transaction; the real measure of success
• The Stethoscope & Spreadsheet Seven: Emmitt answers Questions #1 and #4

Timestamps:
00:00 — Intro & welcome
00:53 — Emmitt's background: 20 years in vet med ops, Banfield, SmartFlow, IDEXX & Inventory Ally
04:25 — Breaking down the P&L: revenue, labor, and COGS
06:37 — The PE arbitrage opportunity and why COGS is the answer
08:53 — The emotional case for fixing inventory over cutting staff
09:43 — Inventory as an enabler of service, not the service itself
12:10 — Why practices over-order and the 30–40% excess finding
14:41 — Headwinds and tailwinds for independent practices
19:00 — The cost of inaction is getting exponentially higher
21:57 — The opportunity cost of staff time on inventory vs. client care
23:00 — Online pharmacy: complement, not replacement
26:52 — Does online pharmacy inflate your COGS percentage?
27:29 — It's not about the percent; it's about the dollar
30:30 — Client lifetime value vs. average transaction
32:25 — The Stethoscope & Spreadsheet Seven begins
32:54 — Question #4: What is your greatest joy in this work?
33:30 — Question #1: If not vet med, what would you have done instead?
37:31 — Emmitt's final thought: treat supplier relationships as partnerships
38:22 — Outro

Mentioned in this episode:

• Inventory Ally · inventoryally.com
• Veterinary Management Groups (VMG) · myvmg.com
• SmartFlow (acquired by IDEXX) · Banfield Pet Hospital · Galaxy Vets

New episodes every two weeks. Supported by Veterinary Management Groups (VMG) · myvmg.com

Running an independent veterinary practice takes equal parts courage and insanity. You carry the weight of the medicine and the weight of the business, often at the same time. This show is for the people who do that every day.

In this first episode, hosts Dr. Peter Weinstein (the stethoscope) and Martin Traub-Werner (the spreadsheet) introduce themselves and lay out why they believe there is no better moment for independent practices to show their strength. Roughly 75 percent of companion animal practices are independently owned, yet corporates hold an outsized share of revenue and staff. With corporate consolidation hitting some headwinds, Peter and Martin make the case for a genuine resurgence of locally owned and operated practice.

Along the way you will hear how a New York kid raised on All Creatures Great and Small became a California practice owner, and how a self-described business guy who started with lemonade stands at age eight went on to build VetSuccess, sell it to Vetsource, and launch the bookkeeping firm VetBooks. They dig into the bell curve of practice profitability, why owning a job is not the same as owning a business, and the idea that passion drives profit.

The episode closes with the debut of the Stethoscope and Spreadsheet Seven, a set of rapid-fire questions every future guest will face without warning. Peter and Martin put each other in the hot seat first.

This is the introduction. Future episodes will feature industry leaders and independent practice owners sharing their wins, challenges, and frustrations. If you would like to be a guest, reach out. We want to hear your story.

The Stethoscope and the Spreadsheet is brought to you with the support of VMG.