Explore every episode of the podcast 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. 

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

In this episode of Consolidate That!, we talk to Andrew Schultz, Business Development & Clinical Services for Midmark Animal Health and Project Director for Midmark Academy.

Andrew chats about implementing anesthesia checklists, simulation-based training, and how a desire to bring the benefits of immersive simulation training evolved into veterinary education.

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Topics discussed:

• Fear of anesthesia is the number one reason pet owners do not follow recommendations for dental procedures
• Checklists can help avoid many anesthetic complications
• 2020 AAHA Anesthesia Guidelines
• Robert Keegan, DVM, DACVAA, the inventor of the anesthesia simulation program
• Simulated learning offers a safe environment

This week, Steve Kemph, Vice President of Field Operations at Galaxy Vets, joins Ryan Leech and Dr. Ivan Zak to talk about the nuances of regional management and how to impact change at the hospital.

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Topics discussed:

• Steve's career story in the veterinary industry
• Сriteria for a successful regional manager
• How to affect change in a hospital
• The value of having a DVM and MBA
• Operating model of scaling

Shannon Gervais, Director of Veterinary Hospital Integrations at Galaxy Vets, is welcomed by Ryan Leech and Dr. Ivan zak to discuss post-acquisition clinic integration, how the WSJF prioritization framework helps in the stabilization phases, and the importance of managing the change accurately.

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Topics discussed:

• The Integration process at Galaxy
• 3 Stabilization Phases
• How the WSJF (Weighted Shortest Job First) framework is used at Galaxy Vets

Today on Consolidate That! Dr. Ivan Zak and Ryan Leech continue discussing the value creation plan by looking at a regional level within the organization.

We take a deeper dive into Galaxy Vets’ regional structure and chat about the value creation items such as capacity management, diversity of tasks for veterinary professionals, centralized scheduling, and more.

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Topics discussed:

• What is a Solar System Model
• Another look at the use of clinic space
• Benefits for hospital teams: flexible scheduling and task variety
• Internal software: UPMO application

Kristine Stump, the VP of Mergers & Acquisitions at Galaxy Vets, joins us this week to discuss planning and executing successful mergers and acquisitions. During the conversation, Kristine shared her knowledge of how sellers can better prepare for the sale of their company, what a buyer is looking for, and what success looks like in M&A.

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Topics discussed:

• What does the due diligence process look like
• How to become a prepared seller
• What should the seller know about the buyer
• Ways to have a smooth transition
• What successful M&A looks like at Galaxy Vets

In this episode, Ryan and Ivan dig into the initial steps new Galaxy Vets clinics undergo post acquisition and the importance of trust throughout. Learn what to look for in your own value creation plans. 

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Topics discussed:

• What are the classic changes after the acquisition
• Galaxy Vets’ ownership program
• Operational excellence as a strategy
• Effective communication of the changes

This week, Ryan & Ivan welcome Michael Greenberg of the Veterinary Care Accessibility Project to talk about one of the most significant challenges in our industry - access to veterinary care. Hear more about the developed metrics and data-driven tools to help improve access to care.

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Topics discussed:

• One of the greatest challenges in companion animal welfare today
• Metrics and data-driven tools developed by the Veterinary Care Accessibility Project
• What is the veterinary care accessibility score
• Major barriers to vet care

The Founder of the National Center for Employee Ownership, Corey Rosen, Ph.D., and author of tax code 1042 joins Ivan and Ryan to uncover the benefits of ESOP for employees and business owners as an exit strategy.

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Topics discussed:

• What is an ESOP (Employee Stock Ownership Plan)?
• The only Employee Owned company in veterinary consolidation
• Employee ownership in the veterinary domain
• Ways to share ownership
• Barriers for employee ownership in the veterinary business

This week on Consolidate That!, Ryan and Ivan speak with Captain Rory Lubold, Vice President of IT at Galaxy Vets, about data security for veterinary clinics and the key aspects of multicultural leadership.

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Topics discussed:

• How to evolve technology for veterinary professionals
• Communication and adaptation of changes in the hospital
• Data protection tips for the vet practice

Dr. Donna Gurney, the Founder of Tutum Psychology, talks about the concept of resilience and factors that influence levels of resilience. Our hosts explore practically application and steps that can be implemented across the vet industry.

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Topics discussed:

- Resilience

- Individual- and occupation-specific factors

- Comparison of resilience factors in medical and veterinary domains

- Ways to improve people’s resilience

Dr. Andrew Ciccolini joins Ivan and Ryan to discuss creating a non-profit component within an organization. As the Director of Non-Profit Initiatives at Galaxy Vets and Medical Director at the National Mill Dog Rescue, Dr. Ciccolini leads the mission of Galaxy Vets Foundation, strategic corporate social responsibility, and elaborates on how the organization can benefit from the charity element.

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Topics discussed:

- Andrew’s career story in the vet industry

- Galaxy Vets Foundation's mission

- What is corporate social responsibility

- Where a Foundation fits into an organization

This week on Consolidate That! Ryan and Ivan are joined by Laura Durfee, Vice President of People and Culture at Galaxy Vets, for a discussion about employee satisfaction and the importance of the feedback loop.

Laura shares her vision about the bottom-up approach to culture and the role data plays in employer success in retention.

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Join our webinar “Measuring to Improve: A Data-Driven Approach to Employee Well-Being”: https://bit.ly/3a5jrW4

Topics discussed:

- Human approach to culture

- Ways to measure and promote employee satisfaction

- What role does data play in employer success in retention and culture

- Importance of the feedback loop

This week, Ryan Leech and Dr. Ivan Zak sit down with Tina Stofiel, VP of Membership Services at Galaxy Vets, for a conversation about the membership services.

The conversation starts off with a brief understanding of what memberships are and how they differ from wellness plans. Hear about the Galaxy Vets’ vision of the holistic approach to membership services and the opportunities to increase access to care.

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Topics discussed:

- Tina’s career story in the veterinary industry

- The difference between wellness plans and membership models

- The holistic approach of membership services

- Designing the personalized care concept

- Opportunities and expectations from Galaxy Vets membership models

Dr. Taylor Miller of Not One More Vet (NOMV) talks about how wellness education and normalizing mental health conversations can help vet professionals deal with challenging client relationships.

Dr. Miller expands on her belief that our own health begets improvements in client health.

Topics discussed: 

• Impact of curbside practice on client communication
• Impact of the pandemic on mental health
• How anxiety changes the way our brain processes information
• Consequences on client relationships and veterinary professional QOL
• The Veterinary Oath initiative and NOVM statement

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This week on Consolidate That! Ryan and Ivan speak with Dr. Helene Seljenes Dalum, a veterinarian and  Ph.D. candidate at the University of Oslo. Helene shared some of the results of a recently published study on vets in Norway and outlines the necessary prerequisites to reduce mental health stressors.

Topics discussed: 

• About #NORVETproject
• The stigma of mental health
• What are the prerequisites to prevent mental health issues
• The role of the organization in helping avoid burnout

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Dr. Sarah Wallace joins Dr. Ivan Zak and Ryan Leech to talk about Telehealth and its reach across the entire organization. Dr. Sarah guides us through her deep expertise of growing veterinary medicine virtually.

Topics discussed: 

• Dr. Sarah’s path to Galaxy Vets
• Increasing hospital capacity through the implementation of telemedicine
• The misconception that telemedicine is inferior to in practice medicine
• How a department should be viewed as an entire ecosystem in the Business Model Canvas

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Ryan Leech and Dr. Ivan Zak of Galaxy Vets talk in-depth about the Business Model Canvas and how it beats out the old school business plan model! 

Our hosts share the details outlined in the Business Model Canvas, including value proposition, customer relationships, channels, revenue streams, and more. Tune in to hear all you need to know about the revolutionary new way Galaxy Vets is approaching its business model!

Topics discussed: 

• How Business Model Canvas serves to replace the old business plan
• The nine sections outlined in the Business Model Canvas.
• Three things a business model needs to achieve: create, deliver, and capture value.
• The importance of identifying and understanding the connection between the customer and the value proposition.
• The application of the Business Model Canvas within Galaxy Vets.

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Galaxy Vets’ Head of Finance, RJ Peters, joins us to discuss M&A value stream mapping, creating a people-first culture and his early impressions of Kanban methodology.

RJ shines a light on what pawnshops, childcare, and the veterinary industry have in common! 

Topics discussed: 

• RJ’s unique background in consolidation
• Utilizing Kanban from day one
• Strategies for collaborating across the organization
• How happiness leads to success

Galaxy Vets COO Emmitt Nantz talks about the theory of constraints, value stream mapping, subjective-objective assessment plans (SOAP), and “the five why’s.” For each of these concepts, Emmitt provides an example of how they can be applied in a veterinary clinic setting in order to reduce bottlenecks, improve employee and client experiences, and ultimately make your organization run as efficiently as possible.

Topics discussed: 

• Applying the theory of constraints to veterinary industry consolidation.
• Challenges of scaling processes from one hospital to many.
• A key to preventing bottlenecks in your organization.
• Value of “the five why’s” concept and an example of how this could play out in a veterinary hospital setting.
• The method that Galaxy uses to find solutions to their problems.

Cory Friedman, Managing Director of the Veterinary Division at Alera Group, joined to talk about how consolidators approach health insurance and other benefits.

We tackled the question of benefits from an acquisition and integration standpoint and the inevitable challenges within consolidation. Cory shared some of the best practices when it comes to the delicate balance of consolidating benefits post-acquisition.

Topics discussed: 

• How to approach the question of benefits from an acquisition and integration standpoint.
• Incremental steps to take to achieve uniform benefits and the difficulty of doing so. 
• The best time to announce to your employees that your practice is being acquired.
• Advantages of acquisition and the importance of communicating them to employees.
• Why you should take the steps to consolidate benefits as soon as possible.
• The value of consulting an advisor in the consolidation process.

Today we are doing one of our first dives into Galaxy Vets by bringing in a special guest from inside the organization, Dr. Lauren Catenacci, our Head of People and Culture.

The conversation starts off with a brief understanding of what culture is and its relationship to core values. Hear about the three levels of analysis used to assess the cultural fit of potential clinics and some practical examples of culture within an organization.

Topics discussed: 

• An explanation of organizational psychology and defining culture. 
• Building culture from your core values.
• How culture can evolve.
• The three levels of analysis to assess the cultural fit of clinics.
• Some examples of how culture plays out in practice and the psychology underneath.

Ryan Leech and Dr. Ivan Zak cover the most recent burnout survey results. This year's survey looks at the change and dynamics of burnout from 1,600 veterinarians across different demographics, including gender and work-life balance. 

Our hosts share the innovative techniques and experiments that Galaxy Vets will be implementing that support the ultimate goal: preserving the mental health of each of employees to mitigate the high rates of burnout and suicide in the industry.

Topics discussed: 

• Key findings of the survey on burnout.
• What factors contributed to lower burnout rates among veterinarians.
• How consolidation can bring positive results to our industry when done right.
• Five core values of Galaxy Vets.
• Some insights for the onboarding process at Galaxy Vets. 

Ivan and Ryan are thrilled to be returning with this first episode of our second season, where they discuss the formation and insights into Galaxy Vets, including strategy, leaders, practices, and more. 

Topics discussed: 

• Kicking off with an exciting pivot; season two includes our Galaxy Vets journey.
• Framework called Three P's and Three S's.
• Galaxy Vets mission: giving veterinary medicine back to veterinarians.
• Reinventing how we do vet medicine, vertical integration, providing equity, and more.

Austin Hair, Partner at Leaders Real Estate Development, shares his experiences locating, leasing, acquiring, and moving to the perfect property. We discuss how long-term leases protect the tenants, and when is the right time to reach out for help from a broker.

Topics discussed:

• Choosing to buy or lease, depending on the lifecycle of your consolidation journey.
• How long-term leases actually protect the tenants.
• Establishing your location vs. moving to a new space
• Best strategies when negotiating a lease.

In this episode, we sit down with Dr. Edward Kanara, Founder of Kanara Consulting Group, to talk about the difficulties of unified management, and how businesses can only function optimally if leadership decisions are made with best medical care practices as the priority. 

We discuss the challenges of differing goals between management and veterinary medical practitioners, and how with the right approach these spaces can be unified to create thriving businesses that still prioritize patient care.

Topics discussed:

• The difficulties of unified management and creating win/win value propositions.
• How leadership must understand that employees have to believe in what they're doing. 
• The importance of explanatory communication coming from corporate. 
• The importance of workplace culture; staff retention is crucial in the current environment.
• Ed brings to the table the potential benefit of hybrid commission models.

Instinct Science Software’s Founder and CEO, Dr. Caleb Frankel, joins us today to guide us through the changing dynamics and goals in the veterinary market, and how Instinct is becoming a full-blown PIMS. Diving into software as a huge factor in work-life balance and burnout, this episode focuses on the ways that it's also a definitive avenue to resolve the burnout crisis. 

Topics discussed:

• How staffing issues and burnout are tied to software choices.
• How PIMS providers frequently appear and disappear, and the challenges they face. 
• Caleb talks about tackling the tricky issue of data protection.
• Discussing consolidation issues of how management and vets have differing goals.
• How consolidators need to take heed of the warning signs regarding staff retention.
• The ways Instinct is unique; easy installing, solving ancillary problems, and more!

Today we are joined by Klint Kendrick, the author of The HR Practitioner’s Guide to Mergers and Acquisitions Due Diligence, to cover various topics, from how to incorporate Maslow’s hierarchy of needs into your business, to the integral role that trust plays in organizational leadership. 

Without the proper communication and change management plan, employees can be left feeling confused, stressed, and insecure, which can have tangible consequences for your staff turnover, customer retention, and ultimately, your bottom line. 

Topics discussed:

• A breakdown of the roundtable approach that Klint takes to M&A.
• How to help employees start their ‘change journey’.
• Why you should inform employees of your plans at the appropriate time.
• The hard factors to consider when doing due diligence: finance, operations, and compliance.
• The soft factors to consider when doing due diligence: leadership and culture.
• Insights into Maslow’s hierarchy of needs and its role in your organization.

Our guest Shawn McVey of Pathway Vet Alliance joins us to cover the keys to effective process implementation in a veterinary hospital, the importance of structure in the workplace, and the five main issues experienced in veterinary practices.

Topics discussed:

• Main cultural issues that are experienced in veterinary practices.
• Keys to implementing processes effectively. 
• The importance of structure in the workplace. 
• Five main issues experienced in veterinary practices. 
• Examples of processes that should be in place

Today we are joined by Angela Morisette from Scratchpay. She walks us through Scratchpay's various services and pivots and how they go to market with large consolidators. 

We also hear a detailed description of the user's experience and some interesting findings when working with veterinary groups.

Topics discussed:

• How Scratchpay differs from CareCredit.
• The different ways that Scratchpay goes to market with large consolidators.
• How sending out a digital invoice versus a paper statement drastically increases collection rates.
• How Scratchpay is complementary to both insurance and wellness plans.
• Diving deeper into problem-solving for common wellness plan issues. 

Dr. Tom Bankstahl, CEO at Veterinary United, joined us for this inspiring conversation about his aspirations for a long-term veterinary-owned group and keeping a safe space for veterinary medicine.

Tom also runs us through how he implements his People First policy, how he is creating spaces for people to grow as people as well as professionals.

Topics discussed:

• Putting people first, and Tom's implementation of that principle in his organization.
• What is NLP, and how it can be used to help people understand their emotions.
• The power of happiness. 
• Attracting people that mirror your energy.
• Tom speaks about the growth process as an independent practice, versus backed by investors.