Veterinary Financial Podcast

We asked Terry O’Neil, CPA, CVA and partner-in-charge of Katz, Sapper & Miller’s Veterinary Services Group about the lessons he’s learned from analyzing the financial data of over 600 veterinary hospitals, practice valuation, buying and selling veterinary practices, and contingency plans in times of crisis.

• What are the key lessons Terry has learned from analyzing the financial data of over 600 veterinary hospitals?
• What trends in veterinary medicine will continue into the future?
• How can practice owners optimize their financial documents when selling their practice?
• Advice for practice owners hesitant to sell to a corporation instead of an individual
• Advice for veterinarians looking to buy a practice
• Key Performance Indicators and how to look at them
• Tips to avoid missed charges
• Is it possible to suspect embezzlement simply by looking at financial statements?
• What are some “what if” scenarios a practice might need to develop a contingency plan for? 

Ways to connect with Terry:

https://www.linkedin.com/in/terenceoneilcpacva/

Email: [email protected]

Ways to connect with Veterinary Financial Summit: 

https://VetFinancialSummit.com/

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

Thank you to our Partners:

CareCredit: https://www.carecredit.com/vetmed/

TeleVet: https://televet.com/

Royal Canin: https://www.royalcanin.com/

Galaxy Vets: https://galaxyvets.com/

Eckard Enterprises: https://eckardenterprises.com/

Securos Surgical: https://www.securos.com/

This is Part 2 of 2 bonus episodes in which we talk about everything to expect at the virtual Veterinary Financial Summit coming up on September 18th & 19th. In this episode focused on the second day of the Summit, we discussed:

• What is on the Agenda for the second day the Summit
• What the Soapbox Series is
• How we will be wrapping up the Summit by helping attendees create their own financial plan

Ways to connect with Veterinary Financial Summit: 

www.VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

Thank you to our Elite Partners:

CareCredit: https://www.carecredit.com/vetmed/

TeleVet: https://televet.com/

Royal Canin: https://www.royalcanin.com/

Galaxy Vets: https://galaxyvets.com/

Eckard Enterprises: https://eckardenterprises.com/

This is Part 1 of 2 bonus episodes in which we talk about everything to expect at the virtual Veterinary Financial Summit coming up on September 18th & 19th. In this episode focused on the first day of the Summit, we discussed:

• Why we started the Vet Financial Summit
• How the Vet Financial Summit is different from other conferences
• Who should attend the Summit
• What is on the Agenda for the first day the Summit
• What is The Great Debate and how will it work?
• What the Vet Financial Mastermind is and what is involved
• How Speaker Roundtables work
• The movie we are showing for Movie Night!

Ways to connect with Veterinary Financial Summit: 

www.VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

Thank you to our Elite Partners:

CareCredit: https://www.carecredit.com/vetmed/

TeleVet: https://televet.com/

We asked Collin Hart, CEO and Managing Director of ERE Healthcare Real Estate Advisors, about the process of selling a veterinary practice, the difference between healthcare real estate and veterinary real estate, how practices are valued versus how practice real estate is valued, and how practice owners can avoid common mistakes when leasing property.

• What process happens when a vet sells a practice?
• How Collin got started with real estate in general and healthcare real estate, specifically.
• What is the difference between healthcare real estate, veterinary real estate, and other types of real estate?
• Who are the most common buyers of veterinary practices in a sale-leaseback scenario?
• How is a practice valued versus how is practice real estate valued?
• How has veterinary real estate changed in recent years?
• When should a practice owner consider what to do with their practice real estate?
• What are common mistakes with leases that practice owners can avoid?
• What are the ideal terms for a lease and how is a lease structured to maximize real estate value?
• What role does ERE Healthcare Real Estate Advisors play in this process?

Ways to connect with Collin:

www.ereadv.com

LinkedIn: https://www.linkedin.com/in/collinhart/

Mobile: (702)839-8737

Email: [email protected]

Ways to connect with Veterinary Financial Summit: 

www.VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

Thank you to our Partners:

CareCredit: https://www.carecredit.com/vetmed/

Securos Surgical: https://www.securos.com/

We asked Melanie Barham, veterinarian and Founder of The DVM Project, about her interest in alternate career paths, becoming a project management professional, ways to apply project management concepts to finances, and her contract negotiation course.

- What is The DVM Project?

- How she became interested in alternate career paths

- How she decided to become a project management professional and what subjects she learned about

- How she helped put together a massive virtual conference in only 3 months

- How useful her project management skills have been in different aspects of her career

- How she approaches a project step by step

- What her negotiation course entails and how it came about

- Tips for colleagues on negotiating contracts or other aspects of their careers

Ways to connect with Melanie:

https://www.thedvmproject.com/

Facebook: https://www.facebook.com/thedvmproject

Instagram: @thedvmproject

LinkedIn: https://www.linkedin.com/in/melaniebarhamdvm/

The Successful Negotiator Course: https://thedvmproject.podia.com/cdd38af1-fe20-4d93-b6bc-6dd0c035c4db

Ways to connect with Veterinary Financial Summit: 

VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

Thank you to our Partners:

CareCredit: https://www.carecredit.com/vetmed/

Securos Surgical: https://www.securos.com/

We asked Matt Salois, PhD, Chief Economist & Head of Veterinary Economics for the AVMA, about how veterinary practices have thrived during COVID, what practice owners should be doing to mitigate loss in revenue due to competitors or economic downturns, and if it is possible to provide cost-effective care without sacrificing the wellbeing of the veterinary team.

- What makes a vet practice resilient?

- How can practice owners minimize the effects of economic downturns?

- How should we respond to increased competition from PetMed Express, Chewy & Amazon?

- Is it possible to make a profit providing low-cost care while ensuring staff is taken care of?

- What leads to behavior change when it comes to finances?

- What is the relationship between money and wellbeing?

- What separates practices that have thrived due to increased demand during COVID versus those that have adapted in ways that make them more successful?

- What is the data on practices that are thriving now versus before COVID?

Ways to connect with Matt Salois:

https://www.linkedin.com/in/msalois/

Ways to connect with Veterinary Financial Summit: 

VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

We asked Jamie O’Kane, Certified Public Accountant and Certified Tax Coach, about her experience working as a tax strategist (with vets in particular), common questions, mistakes, and lessons she has learned. Jamie is the owner and operator of Abundant Beans Tax & Accounting and the host of The Abundant Beans Podcast.

- What is a Tax Strategist?

- What is goal-based tax planning?

- Where do vet business owners often leave money on the table?

- How Jamie began working with vets in particular

- What are some lessons learned from the business owners Jamie has interviewed for her own podcast?

- What are some common mistakes to avoid as an owner?

- What are the prerequisites to being successful in business?

Ways to connect with Jamie O’Kane:

Abundant Beans Tax & Accounting: https://www.abundantbeans.com/

The Abundant Beans Podcast: https://www.abundantbeans.com/podcast/

LinkedIn: https://www.linkedin.com/in/veterinaryaccountant/

Ways to connect with Veterinary Financial Summit: 

VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

LinkedIn: https://www.linkedin.com/company/vetfinancialsummit

Email: [email protected]

We asked Isaiah Douglass, a Certified Financial Planner, to weigh in with his expert advice on burning financial questions we’ve received from colleagues. Isaiah is a partner in Vincere Wealth Management and the host of the Veterinarian Success Podcast. 

- How do financial planners get paid? 

- When to know if you need a financial planner / advisor

- What are the purposes and benefits of seeking financial advice?

- How to save for the “tax bomb” at the end of income-driven student loan repayment

- What is the difference between compound interest vs. simple interest?

- Why Isaiah is such a big advocate for practice ownership

- What self-limiting beliefs keep vets from building wealth?

Ways to connect with Isaiah Douglass:

Veterinarian Success Podcast: VeterinarianSuccessPodcast.com

Vincere Wealth Management: VincereWealth.com

Veterinarian Financial Advisor Network: VeterinarianFinancialAdvisorNetwork.com

LinkedIn: https://www.linkedin.com/in/isaiah-douglass-mba-cfp®/

Ways to connect with Veterinary Financial Summit: 

VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

Email: [email protected]

We all wear multiple hats: clinician, possibly practice owner, parent, cook, grocery shopper, investor, and so much more. In this episode, we talk with Dr. Dani McVety, founder and CEO of Lap of Love Veterinary Hospice, about how to juggle all of these roles.

• Is there such a thing as work/life balance?
• How her roles have changed over the course of her career
• How to prioritize financial goals
• Juggling parenting, work, and finances
• Her thoughts on entrepreneurship and burnout
• Common questions she gets from vet students and new grads
• Her best advice for our listeners

You can find Dani McVety on Facebook at https://www.facebook.com/drdanimcvety

To learn more about Lap of Love, visit LapofLove.com.

Ways to connect with Veterinary Financial Summit: 

VetFinancialSummit.com

Instagram: @vetfinancialsummit

Facebook: https://www.facebook.com/VetFinancialSummit

Email: [email protected]

The Veterinary Financial Podcast helps veterinarians navigate personal finance, tackle student loans, and build the life they want with guidance from financial planner Meredith Jones, DVM.

For inquiries, contact us at [email protected] or visit our website at https://allvetfinancial.com