C.E. – The Business of Veterinary Practice Ownership
Objective: To outline and discuss options available to veterinarians on practice ownership. It can be starting up, maintaining, or expanding the business of their practices. To provide best in practice concepts and practical how-to strategies that contribute to ownership profitability, how to prepare for ownership, and how to ready a practice for selling.
Bank of America, Simmons, and McGregor Firm
Address: Springhill Suites- 12111 State St, Draper
City: UT Zip code: 84020
Program title: The Business of Veterinary Practice Ownership
Contact person: Angel Klein Phone: 480-476-4822
March 9 th 2023 Time: 6:00pm – 8:00pm
Number of hours: 2
Bank Of America
Running your business like a CEO: Building your team of experts, growth opportunities. Things to keep in mind as growth potential approaches and reviewing cash flow/health of your practice with the mindset of how lenders review. Best practices to start now, not just for growth but also retirement.
BIO – Angel Klein
Bank of America Practice Solutions 2016-Present. Provides veterinary specific practice financing – startups, practice acquisition, practice expansions, practice relocations, commercial real estate, equipment, and debt consolidation loans. Manages and operates a book of business of over $20 million. Maintains strong relationships with brokers, CPAs, Attorneys, Contractors, and Equipment Vendors to ensure client satisfaction. Angel is also a member of the Arizona Veterinary Medical Association as well as partners with the American Veterinary Medical Association (AVMA), American Animal Hospital Association (AAHA) She is often hosting transition seminars and other educational speaking engagements at various schools, conventions, societies & local events providing education regarding practice ownership, and how to best position oneself for any future lending need. Angel travels all over the country, but focuses on her 4 state market of Utah, Arizona, New Mexico and Nevada
BIO – Kate Owens
Dr. Kate Owens is a veterinary practice broker with Simmons and Associates Intermountain. She wants to help practice owners have a successful transition into the next step in their careers and find buyers the practice of their dreams. She has represented numerous sellers in practice sales to both private veterinarians and corporations. She has also assisted in facilitations, associate buy-ins/outs and represented buyers in transactions.
Prior to joining Simmons in 2020, she had a successful veterinary career as a practice owner. Kate graduated from Colorado State University in 2007 with combined degrees of Doctor of Veterinary Medicine and Master of Business. After several years of practicing as an associate vet, she started a house-call small animal practice, purchased a small animal hospital, and merged another practice into her hospital. She managed both practices and practiced at the small animal hospital until she sold the hospital to a national corporation. She later sold the mobile practice to another local hospital. Kate lives in Colorado and still likes to keep a hand in veterinary practice by continuing to work at the local animal shelter.
How do you sell or buy a veterinary practice? For the seller: how to prepare your practice for a sale, what does the process of selling look like, what to expect in a sale, and what to avoid. For the buyer: how to prepare for buying a practice, what to look for (or avoid) in a practice, what is the process of buying.
Bio – Sean Wood
Sean is an attorney for McGregor & Oblad, PLLC. Sean focuses his legal practice on veterinary business law. He represents both veterinarians purchasing a practice, and veterinarians selling practices to both private buyers and to corporations. Over the last two years Sean has represented veterinarians in purchase/sale agreements totaling more than $125 million dollars. He also represents veterinarians in startups, real estate contracts and transactions, commercial leases, employment agreements, entity formation, and partnership agreements. Sean also has experience in real estate transaction actions, title, collections, litigation, and bankruptcy.
Sean is a native of Utah, and while he has lived many other places, including China, Australia, and Sacramento, California, he has lived in Layton, Utah for the past decade. Sean earned his undergraduate degree at Weber State University, and his law degree from The University of the Pacific, McGeorge School of Law. Sean and his wife, Ariane, have two girls and one boy (Sydney age 6, Ashton age 5, Lucy age 3), and he enjoys just about any activity that includes his kids, including hiking, boating, riding scooters and bikes, swimming at the grandparents’ pool in St. George, and watching the Utah Jazz (and he is cautiously optimistic that Ryan Smith will make good on his promise to bring a non-cable, reasonably priced streaming option to watch the Jazz).
You don’t know what you don’t know. Sean’s presentation will cover the legal issues that buyers and sellers need to know and be aware of when buying or selling a practice, as well as common pitfalls and problem areas. Sean will also discuss both legal and practical strategies on how to navigate the purchase/sale transaction. If time allows, Sean will also discuss important considerations in regards to hiring professionals for a purchase/sale transaction, and the common legal documents that will be reviewed or drafted for a purchase/sale transaction.