In this episode, we sit down with Tommy Thompson, a renowned figure in the veterinary industry. Having established several practices and Veterinary real estate companies, Tommy joins us to delve into the intricate process of exiting the business. He emphasizes the advantages of initiating the selling process early, shedding light on seeking professional advice during business transitions. Understanding that veterinarians play a crucial role in nurturing client relationships, he underscores the significance of ensuring the happiness of both staff and veterinarians within the hospital.
Drawing from his personal experience, Tommy walks us through the complexities involved in transitioning out of a business, urging entrepreneurs to evaluate their desires to expand or exit their ventures. Listen in as he encourages individuals to put out feelers and explore potential offers while acknowledging the arduous nature of the undertaking. Stressing the need for an early start, he explains how embarking on the process sooner rather than later can facilitate a smoother transition. Finally, he examines the impact of private equity’s rise in veterinary medicine, highlighting the changes it has brought about, both in general and for independent hospital owners.
This episode contains a testimonial from a current client that may not be representative of all client experiences. No cash or non-cash compensation was provided by SignatureFD for this testimonial.
Listen to the Full Episode:
What You’ll Learn In Today’s Episode:
- How Tommy got into Veterinary medicine and how he became a practice owner.
- Tommy’s advice for anyone thinking about exiting their practice.
- Why he recommends always seeking professional advice to help with business transitions.
Resources In Today’s Episode:
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Disclosure: Travis York is the owner of Three and One Vet Advisors and a partner of SignatureFD. Three and One Vet Advisors is a veterinary consulting and strategic planning firm of which SignatureFD has no involvement or ownership. James Yost is a partner and wealth adviser at SignatureFD. SignatureFD is an investment adviser registered with the U.S. Securities and Exchange Commission. Three and One Vet Advisors and SignatureFD are not affiliated. Mr. York provides all non-investment advisory services through Three and One Vet Advisors. The opinions of the guests and the contents of this podcast are intended to be educational only and should not be relied upon as investment, tax, business, or planning advice. You should consult with a professional advisor prior to taking any course of action that may impact you or your business.