She Grew From 1 to 3 Veterinary Practices—Here’s How

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She Grew From 1 to 3 Veterinary Practices—Here’s How

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How do you grow a veterinary practice from a small operation into a multi-location business without having to personally manage every employee, every decision and every dollar? Eric Miller sits down with Dr. Katie Stover. Dr. Stover is the owner of Red Barn Animal Hospital. Over nearly a decade of ownership, the business has grown from 11 employees to 32, now includes seven veterinarians, and Katie is currently working on acquiring a third location. But scaling the practice required Katie to change how she operated as an owner. In this episode of the Financial Beast Podcast, Katie breaks down what she's learned about veterinary practice ownership, building a management team, expanding locations, managing cash flow and making sure the success of the business also creates financial progress at home. You'll discover: • How Katie became a veterinary practice owner early in her career • Why having the previous owner as a mentor helped her transition into ownership • How becoming a mother forced her to build a stronger management team • How she grew from 11 employees to 32 • What it takes to manage seven veterinarians across multiple locations • Why hiring self-managing people became critical to the practice • How Katie expanded the physical footprint of the business • Why she bought 13 acres and built a 6,000-square-foot veterinary facility • How she thinks about seasonal cash flow and financial reserves • Why practice owners need to pay themselves first • How owning veterinary real estate contributes to long-term wealth • Why Katie is preparing for her eventual exit years before she plans to sell • How she's building retirement assets without depending entirely on the sale of the practice • Why she would rather have control over who eventually buys the business • What Katie would tell veterinarians who are afraid of practice ownership Katie's story is a great example of what happens when a veterinarian stops trying to personally carry the entire business and starts building the people, systems and financial structure necessary to scale. And perhaps most importantly, the practice isn't the end goal. It's an asset that's supposed to create a better life for the owner. If you're a veterinarian, physical therapist, dentist, optometrist, chiropractor or other healthcare practice owner trying to grow your business while building personal wealth, this episode is for you. CHAPTERS: 00:00 Scaling a Successful Veterinary Practice 03:10 Becoming a Veterinary Practice Owner 06:08 Building a Management Team 07:11 Growing to Three Veterinary Locations 11:29 Growing From 11 to 32 Employees 13:13 Managing Seven Veterinarians 16:09 Paying Yourself as a Practice Owner 18:00 Managing Veterinary Practice Cash Flow 20:35 Building Wealth Through Veterinary Real Estate 21:53 Preparing to Sell a Veterinary Practice 27:20 Why Veterinarians Should Consider Ownership 29:03 The Highs and Lows of Veterinary Ownership _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/ Get Social With Us Website: https://www.econologicsfinancialadvisors.com LinkedIn: https://www.linkedin.com/company/econologics Facebook: https://www.facebook.com/econologicsfinancial Instagram: https://www.instagram.com/econologicsfinancialadvisors X / Twitter: https://x.com/FinancialBeasts Vimeo: https://vimeo.com/econologics 🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

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