Consolidate That!

For this finale episode of Consolidate That, Ivan and Ryan take a moment to look back on their nearly three-year podcast journey discussing the veterinary industry and consolidation. They also introduce two new podcasts: "The Bird Bath," covering veterinary industry news, and "The Bark Side," exploring how independent practices can apply corporate strategies.

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Topics discussed:

• Podcast Milestone and Gratitude
• Reflection on Past Topics and Notable Guests
• Introduction of New Podcasts

In this episode, Bill Snow, an experienced M&A professional with over 30 years of experience in investment banking and M&A, discusses various aspects of mergers and acquisitions with Ryan Leech and Dr. Ivan Zak, particularly in the context of veterinary practices. They cover a range of topics, including the difficulties of sourcing deals, conducting due diligence, negotiating with sellers, and successfully integrating acquired businesses.

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Topics discussed:

• Finding suitable veterinary practices for the acquisition
• How to thoroughly assess the target clinic's financial, operational, and legal aspects
• Key aspects to consider in the negotiations

In this episode of Consolidate That! Ryan and Ivan are joined by Sarah Hale, Pet Resort Manager at Danville Family Vet, to talk about the successful model of integrating grooming, daycare, and boarding services with veterinary care, creating a 'one-stop shop' for pet owners while boosting revenue and client loyalty.

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Topics discussed:

• Successful integration of grooming, daycare, and boarding with veterinary care
• Building strong client relationships and offering pet-beneficial services
• Positive impact of offering daycare services for pets and fostering trust

In this episode, Ryan and Ivan invite Colin Carr, Founder and CEO of CARR, to discuss the role of real estate in veterinary practice negotiations and the challenges consolidators face when acquiring multiple clinics. The conversation delves into various aspects of real estate, including negotiations during acquisitions, dealing with existing leases, and the benefits of involving both an attorney and a real estate agent in the process.

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Topics discussed:

• Understanding the real estate market and its value
• Assisting professionals in real estate transactions
• Strategies for negotiating healthcare real estate

In this episode, Kathy Joling, Sr. Manager of Benefits Strategy at Galaxy Vets, joins Ivan and Ryan to discuss the significance of educating employees about their benefits package. They chat about the importance of employees having a complete understanding of accessible benefits, the value of Employee Assistance Programs (EAPs), and how EAPs contribute to improving work-life balance.

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Bo Burlingham, an author who has written about entrepreneurship and small businesses for many years, joins Ryan Leech and Dr. Ivan Zak to discuss the concept of The Great Game of Business, the employee ownership business model, open book management, and the importance of building great businesses through relationships and shared outcomes.

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Topics discussed:

• The concept of The Great Game of Business
• The role of shared ownership
• The significance of building strong internal and external relationships within an organization

Ryan Leech and Dr. Ivan Zak welcome Dr. Richard Gebhart, a veterinarian and entrepreneur, to discuss the dynamics of veterinary practice consolidation and highlight opportunities for independent practices. Dr. Gebhart shares his journey as a veterinarian-turned-entrepreneur and his experience in selling his practice to VCA in 1986, emphasizing the benefits, challenges, and impact on the team. 

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Topics discussed:

• VCA's first acquisition of a veterinary clinic
• Dynamics of practice consolidation in the veterinary industry
• Maintaining culture and continuity of care in veterinary practices

This week, Ryan Leech and Dr. Ivan Zak discuss the findings of the third annual burnout study in veterinary medicine. They delve into the divergent correlation between financial security and burnout, consider different compensation models, and explore alternative profit-sharing approaches that could benefit the entire veterinary hospital staff. They also highlight a research paper on burnout triggers in veterinary medicine, providing actionable frameworks for reducing burnout.

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Topics discussed:

• Burnout study goals: Insights & Solutions
• Surprising correlation between financial security & burnout
• Alternative profit-sharing for staff benefit

Today's guest, Dr. Alan G. Robinson, shares insights on improving organizational performance through frontline employee ideas, emphasizing the need for thousands of small ideas over one big idea. He highlights the importance of a management approach that fosters creativity, psychological safety, and modern solutions. Additionally, we talk about the design thinking process and how it involves defining problems well, voting, having diverse opinions, and making it a daily part of the job.

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Topics discussed:

• Small ideas from frontline employees drive performance and innovation
• The design thinking process in innovation and problem-solving
• Management transformation for creativity

In this episode, Dr. Katie Rohrig from Danville Family Vet shares her experience working in the veterinary medicine industry and her approach to managing burnout. 

The discussion highlights the six triggers of burnout and how they apply to the veterinary domain. Dr. Rohrig also talks about challenges the industry faces, including client management and communication, and insufficient rewards for staff. 

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

Topics discussed:

• Dr. Rohrig's experience at Danville Family Vet
• Approaches to managing burnout in veterinary medicine, including prioritizing joy, enjoying work, and more
• Addressing challenges in client communication

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.

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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.

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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