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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
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