066: Financial Wellness Series: Part Two w/ Stith Keiser & Larry Alexander
We are back for Part 2 of our Financial Wellness Series, and today we are diving into the specifics of practice ownership. Everything from how to find a practice, what to look for and how to get the money to buy in is on the table today as Stith Keiser rejoins us and gives us some tips on how to be successful in ownership.
Stith believes in finding your ‘why’ in order to hold onto your passion and really make it as a lasting practice owner. In addition, he explains the importance of understanding need versus demand, why you need to like more than medicine to be an owner, and why you should be looking at your loan as an accountability tool.
There’s always lots of options to talk yourself out of a big decision, but if you are ready to put in the work and make your dream of ownership a reality, it can be accomplished with the help of the right lender. First Financial Bank is a premium partner of the veterinary field and Larry Alexander also joins us on today's episode to get down to the nitty-gritty about what it takes financially to make your own ownership dreams come true.
Larry is highlighting why First Financial Bank chooses to hire representatives from the veterinary field and not just bankers, reasons FFB values networking and peer to peer conversation in order to make businesses thrive, and how you can help them understand your needs to be successful in the short and long term.
Once you are able to understand your own skill set and how it can be best leveraged to make the industry better, you may be ready to see the business from the other side and step into an ownership position. By finding a lender without judgment, like First Financial Bank, and setting yourself up with the knowledge provided by someone such as Stith, you can be sure that you are stepping into this new role with your best foot forward.
Have you thought about taking the plunge and buying into or starting your own practice? Share what most excites and worries you about the perspective in the comments below.
In This Episode
How to have the hard conversation when you decide to buy a practice
Finding a lending partner that is right for you and holds the same values
Analyzing how much cash in the bank you really need to buy a hospital
What to expect from the first thirty days after taking on an ownership role
Creating a custom business solution with three main key players for success
“It’s start with your ‘why’ as a veterinarian and your ‘why’ as an owner. Because we are just wasting our time worrying about location or financing if we don’t know what it is we want to do as practice owners.” (2:25) - Stith
“Ownership is not just medicine, you don't buy a practice to buy a job.” (5:16) - Stith
“As a lender, what we are trying to do is really just learn more about everyone's situation. Because I think every situation is unique.” (13:48) - Larry
“You are not alone, whatever you think might be your struggle or your hurdle, I guarantee someone else has been there.” (16:40) - Larry
“With our service model and the experience we have on our team drawing from the industry, not from a banking background, I think we are able to offer a local service and that local feel that I believe vets try and treat their patients and clients with.” (21:28) - Larry
“My ‘why’ is helping whoever I am working with achieve their ‘why’.” (32:28) - Stith