Episode 27: Are You Really Profitable? Understanding Your Financial Statements

In this episode of The Vet’ed Podcast, hosts Steven Hermann and Kale Flaspohler dive into a critical question for veterinary practice owners—are you truly profitable? They explore common financial misconceptions and the ways financial statements can be misleading if not properly analyzed.

From rent calculations to owner compensation, bulk orders, and hidden expenses, Steven and Kale break down the key areas where financial statements might not reflect reality. They also discuss the importance of using percentages rather than dollar figures when assessing profitability, ensuring comparisons are accurate across different-sized clinics and locations.

With insights from real-world veterinary financial data and a deep dive into industry benchmarks, this episode offers invaluable guidance for practice owners looking to optimize their financial health. Plus, the hosts share their thoughts on how pricing decisions are often driven by fear rather than data—leading to missed opportunities for sustainable growth.

Tune in for a conversation that’s both eye-opening and practical, helping you take control of your financial future and answer the question: Are you really profitable?

In this episode of The Vet’ed Podcast, Steven Hermann explores the intersection of current events and growth mindset with a focus on the veterinary business world. He discusses how staying informed can lead to improved adaptability, critical thinking, and empathy, all while avoiding information overload. Steven highlights the importance of being proactive, curating your news intake, and how events in the world of veterinary medicine—like shifts in the workforce—can create unique opportunities for growth. Tune in for insights on how staying current can benefit your business and your team while maintaining a future-focused, learning-driven culture.

For more resources and to follow along with Steven, check out these sources:

• FDA Layoffs and Drug Safety for Animals
• Peter Zion on Birth Rates and Economic Impact

Episode 26: A Journey Through Veterinary Medicine with Dr. Peter Weinstein

In this episode of The Vet’ed Podcast, hosts Steven Hermann and Kale Flaspohler sit down with Dr. Peter Weinstein to explore his journey into veterinary medicine, from childhood inspirations to becoming a leader in the profession. Dr. Weinstein shares how an early fascination with animals, science, and the works of James Herriot set him on the path to veterinary school. He recounts his first experiences in a clinic, working through the parvovirus epidemic of the 1970s, and how those formative years shaped his dedication to the field.

The conversation delves into the challenges of veterinary school admissions, resilience, and the importance of grit in achieving professional success. Dr. Weinstein reflects on his own journey—navigating rejections, pursuing a master’s degree to strengthen his application, and ultimately finding his way to the University of Illinois. He also discusses his transition from aspiring equine orthopedic surgeon to small animal internal medicine and his decision to move to Southern California for better opportunities and climate.

Beyond personal experiences, the discussion touches on leadership, teamwork, and communication as key traits of successful practice owners. The hosts and Dr. Weinstein even ponder an intriguing question—does the perseverance required to get into veterinary school later translate to business ownership? Could there be a link between those who faced initial setbacks in admissions and their likelihood of running a successful practice?

This episode is packed with insights, reflections, and thought-provoking discussions on what it takes to thrive in veterinary medicine. Tune in to hear Dr. Weinstein’s story and gain valuable wisdom from his decades of experience in the industry!

In this episode of The Vet’ed Podcast, host Steven Hermann explores the leadership mindset and how veterinarians can lead without fear. Drawing from his recent talk at the Missouri Veterinary Medical Association Convention, he emphasizes that leadership starts with self-management. Referencing James Clear’s Atomic Habits, Hermann discusses how expectations and fear often hold professionals back, advocating for adaptability and resilience instead.

He highlights the importance of delegation, empowering teams, and overcoming the fear of failure. Citing Maria Montessori’s philosophy, he stresses that true leadership allows others to succeed independently. Additionally, he ties in the wisdom of Dune author Frank Herbert, reminding listeners that fear is the “mind-killer” that prevents growth and progress.

The episode closes with a call to reflection: What fear is holding you back? What excuses are limiting your growth? Leadership is a practice, not perfection—so take the next step today.

In this episode of The Vet’ed Podcast, hosts Steven Hermann and Kale Flaspohler sit down with Dr. Scott Frey of Cooper County Animal Hospital to discuss the journey of transitioning out of practice ownership. Dr. Frey shares his perspective on trust, stewardship, and the importance of ensuring that the practice serves its owner—not the other way around.

He reflects on passing the torch to Dr. Reuter and her team, emphasizing the value of trust in a smooth transition. The conversation also dives into what’s next for Dr. Frey, from riding motorcycles through the Colorado mountains to scuba diving and restoring classic vehicles. With a strong philosophy on maintaining balance between work and personal life, he shares valuable insights for veterinarians considering a transition in their own careers.

The discussion wraps up with reflections on life’s constant transitions—whether professional or personal—and how staying intentional with priorities can make all the difference. If you're a practice owner or veterinarian navigating change, this episode is packed with wisdom and inspiration. 

 Key Topics Discussed:
✔️ Trust and stewardship in practice transitions
✔️ The mindset shift from owner to associate
✔️ Pursuing passions beyond veterinary medicine
✔️ Finding balance between work, family, and personal growth
✔️ The importance of not letting your practice own you

In this special mini-episode of The vet’ed podcast, host Steven Hermann sets the tone for 2025 with an inspiring discussion about mindset. What does mindset mean, and why is it crucial for success—both in the veterinary industry and in life? Steven explores the definitions of mindset, reflects on its evolution, and shares personal stories about overcoming challenges and finding purpose.

This episode emphasizes the power of shared experiences, purpose-driven optimism, and even choosing a word of the year to guide your focus. Whether you’re running a veterinary practice, leading a team, or simply looking for inspiration, this short yet impactful episode will get you thinking: What’s your mindset for 2025?

Tune in, reflect, and join the conversation—because mindset matters.

In this thought-provoking episode of The Vet’ed Podcast, hosts Steven Hermann and Kale Flaspohler are joined by Dr. Anthony Chadwick, founder of The Webinar Vet, to explore the transformative power of technology and AI in the veterinary industry. Together, they discuss how digital tools and AI can enhance efficiency, improve client communication, and combat burnout in veterinary practices.

Dr. Chadwick shares insights on leveraging AI as an augmentation tool rather than a replacement, highlighting real-world applications like automating clinical records and streamlining daily workflows. The conversation also emphasizes the importance of resourcefulness in addressing challenges such as staffing shortages and the adoption of new technologies.

Tune in to discover how embracing innovation can help veterinary professionals stay ahead in a rapidly evolving industry, and why being an "AI-driven business" might be key to thriving in the future.

In this episode of The Vet’ed Podcast, Steven and Kale sit down with Kyler Saffo, a small veterinary clinic owner and second-generation leader of a family practice. Kyler shares her inspiring journey of stepping into ownership, balancing the challenges of running a growing clinic, and honoring the legacy her father built. She discusses the importance of fostering trust within her team, adapting to change in a practice with long-standing staff, and navigating the ever-evolving veterinary industry.

Kyler also opens up about her passion for mental health advocacy, highlighting her work with a St. Louis-based ministry focused on supporting teen girls through a holistic program called Soul Shepherding. This episode emphasizes the value of independent veterinary clinics, the power of community connections, and the critical role of mental health awareness—reminding us that small, locally owned clinics are not only essential for care but also for building stronger, more resilient communities.

In this episode of The Vet’ed Podcast, hosts Steven and Kale delve into the themes of gratitude, mindset, and the power of intentional decision-making in veterinary practice ownership. They discuss the importance of taking breaks to recharge, creating a supportive team culture, and shifting perspectives from being solely a veterinarian to also being a business owner. With practical examples and thoughtful insights, they explore how incremental changes can drive success, how to align personal and professional goals, and why the happiest veterinarians are often practice owners. 

They also highlight the value of collaboration, delegation, and embracing individuality in shaping a practice that reflects its owner’s vision. As always, Steven and Kale infuse their conversation with humor, authenticity, and actionable advice, making this episode both inspiring and relatable. Don’t miss it!

In this episode of The vet'ed podcast, hosts Steven & Kale talk about a critical topic for veterinary professionals: navigating economic uncertainty in an ever-evolving industry. From rising tariffs on imported veterinary equipment to shifts in client behavior post-COVID, the hosts explore numerous external economic factors currently affecting the veterinary landscape. They discuss how unpredictable changes, such as potential trade wars and immigration policies, can lead to increased costs for medical supplies and wage inflation. These changes challenge veterinary practices to manage rising expenses without compromising care or staff welfare.

The episode also touches on internal adjustments that can help practice owners remain agile in uncertain times. For instance, reducing extended hours—a trend many practices adopted during the pandemic—might ease staffing pressures and align with current client demands. They highlight the significance of embracing varied perspectives and encourage listeners to view uncertainty as an opportunity for growth, challenging them to become more efficient, proactive business owners.

Concluding on a positive note, the hosts express their gratitude to contributing experts and share their excitement about upcoming milestones, including the podcast’s one-year anniversary. They emphasize their mission of creating a space for diverse voices in the veterinary community, where different viewpoints and experiences can inspire innovative solutions. By fostering open discussions, The vet'ed podcast continues to be a valuable resource for veterinary professionals seeking guidance on practical, forward-thinking strategies for a successful practice.