April 29, 2025 • 28 mins
We explore the world of veterinary practice financing with Joe Persichetti, Senior Vice President and Head of Healthcare Business Banking at US Bank, who shares insights on how veterinarians can secure funding and navigate the path to practice ownership. Joe brings nearly 25 years of experience helping healthcare professionals achieve their dreams of practice ownership, expansion, and growth.
• Student debt is not a barrier to practice ownership - focus on payment management rather than total debt
• Building the right team of financial advisors, CPAs, attorneys, and healthcare-focused bankers is crucial for work-life balance
• Veterinary practices remain financially strong and "recession-resistant" businesses, making them attractive to lenders
• The industry is seeing a resurgence in both startups and independent practice acquisitions
• Engage with lenders early in the process for guidance, not just after finding a practice to purchase
• When choosing a lender, ask if they specialize in healthcare, what terms they offer, and what happens after the loan closes
• Local banking relationships with dedicated representatives are more valuable than call centers for busy practitioners
• Practice ownership offers greater income potential and autonomy compared to associate positions
Reach out to US Bank's Healthcare Business Banking team to learn how they can help you achieve your practice ownership goals. Find your team early - the right financial partners can make all the difference in your success.
Host Information
Bill Butler – Contact Information
Direct – 952-208-7220
https://butlervetinsurance.com/
https://www.linkedin.com/in/billbutler-cic/
Schedule a Strategy Session with Bill – Strategy Session
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Welcome to the Veterinary Blueprint Podcast brought to you
by Butler Vet Insurance.
Hosted by Bill Butler, theVeterinary Blueprint Podcast is
for veterinarians and practicemanagers who are looking to
learn about working on theirpractice instead of in their
practice.
Each episode we will bring yousuccessful, proven blueprints
from others, both inside andoutside the veterinary industry.
Bill Butler (00:22):
Welcome to today's episode and outside the
veterinary industry.
Welcome to today's episode.
Welcome back to the VeterinaryBlueprints podcast, where we
bring business andentrepreneurship to the
veterinary practice owners andmanagers across North America.
I am your host, bill Butler,and today we have an incredible
guest joining us, someone whoknows the ins and outs of
practice financing forveterinarians.
Joining me today is JoePersichetti, the Senior Vice
(00:45):
President and Head of HealthcareBusiness Banking at US Bank.
With nearly two decades ofexperience in practice finance,
joe has worked with thousands ofhealthcare professionals to
help them secure funding, expandtheir practice and navigate the
complex world of banking.
From startups to acquisitionsand everything in between.
He's been at the forefront ofhelping practices grow.
Joe, welcome to the VeterinaryBlueprints Podcast.
(01:06):
I am thrilled to have you withus today.
Joe Persichetti (01:08):
Likewise Thanks for having us Bill Happy.
Bill Butler (01:09):
Friday, happy Friday.
Well, why don't you give ourlisteners a little background on
yourself?
I know you have an extensivebackground in finance and
banking overall practice financeand banking and you're now at
US Bank.
So how did you get into thisoverall and how?
Joe Persichetti (01:28):
do you wind up at us bank?
Sure, so I mean I've beenfortunate enough in my my entire
career is really surroundedaround financing and banking and
for the last 24 years it's beenhealthcare specific and helping
doctors, dentists andveterinarians across the country
.
Really, you know, live theirdreams and acquire start
practices, grow them, expand, etcetera.
And that really started toresonate early on in my career
(01:52):
of how important that was right.
Because if you're in acommunity and I used to have a
small Italian restaurant in asmall town in Columbus Ohio as
well and realizing when you'repart of a community how
important healthcare is, rightBoth in medical and veterinarian
, and having access to care forboth your pets and yourself are
(02:15):
extremely important, and so itjust kind of stuck with me that
the best thing that I could dowould be to continue to give
back in that world.
So two years ago, roughly twoyears ago, I came over to US
Bank because I was fortunateenough for them to give me a
call world.
So two years ago, roughly twoyears ago, I came over to US
Bank because I was fortunateenough for them to give me a
call and really they've been inhealthcare financing in some
form or fashion for the last 100years.
But they had reached out andasked me you know, what could
(02:37):
they do differently, that Iwould be interested in helping a
new initiative to expand andgrow even further in healthcare
at US Bank.
And really, when I thoughtabout that, it was an
interesting comment right oflike what's not being done or
what could be done a little bitdifferently.
And I really looked at who wewere serving and going back to
that community base of whatclients need in the healthcare
(03:01):
profession.
And it's really access to localbankers, not just on the front
end, not just when they'regetting their lending.
And you've got a businessdevelopment officer that helps
you with your loan.
But what about the servicing ofthat loan?
What about all the otherproducts that you decide to bank
with?
Because, let's be honest, ifI'm a healthcare provider, I'm a
veterinarian, whoever it mightbe, I don't have enough time in
(03:22):
my day.
I'm serving clients, I'mserving my patients.
I don't have enough time tocontact four or five different
bankers, right?
So if I have access to a localperson, that I have their phone
number and I can reach out andsay, hey, I'm having an issue
with my checking account or thisdeposit's not working.
The quicker that we can getthem back working on their
(03:42):
patients, the better.
And that's kind of what I wentback to US Bank with is I was
like let's expand and make surethat we have the right products,
but let's also make sure thatwe're servicing them, both on
new requests lending's veryimportant but also on the back
end, Because a lot of peoplethey move their service to call
centers or 1-800 numbers and theproblem with that is our
(04:06):
healthcare providers get one ortwo classes in school that are
around running a business notnearly enough, absolutely and
then as they get better at itand they expand and they have
multiple practices, then their,their needs and their issues
become bigger as well.
So having that quicker accesswhere you know your bankers down
the street, down the street, wethought was very important,
(04:26):
especially on the servicingaspect of it.
So that's what we did.
We just hired our 101st personin the last 12 months to be
focused on healthcare-specific.
So we have bankers all acrossthe country not just looking for
new lending from a developmentstandpoint, but also
relationship managers so thatour clients know who to work
with after the loan is done.
Bill Butler (04:47):
So I know that's a relatively new initiative for US
Bank specifically and growing.
You know, I know that you'vebeen on a hiring spree, I've
seen it here in Minnesota withour local US Bank rep and so you
know, from an initiativeperspective I think, what are
the one or two things besidesthat, that personal touch that
that you're trying to bring tothe veterinary or health care
(05:10):
space with this build?
Joe Persichetti (05:12):
I think you have to start with expertise,
right.
So, going back to what are whatour clients, what our health
care providers need, which isquick access to advice, we need
our bankers to be experts.
So that's the first thing thatwe looked at because, again,
like I, can put them local, butif they only work with a doctor,
dentist or veterinarian once aquarter, or if they only work
(05:34):
with dentists or they only workwith doctors and they don't
understand a veterinarian'sneeds, they're all different.
The terminology is different,the degree of need in all of the
products, merchant payments,wealth, etc.
So that was the second thingthat was important to us is to
find people that had a healthcare background wherever it was,
whether it was internal at USBank or external people that we
(05:57):
brought on, and so that was thesecond piece that we kind of
focused on.
Bill Butler (06:01):
Yeah, I know the credit merchant piece here in
Minnesota has been big for along time and now you're
building out some of these othercomponents.
Well you know, as we talk aboutveterinarians and the thought
of owning a practice, I'm seeinga lot of startups happening a
lot of perpetuation in the oneand two-by-doc practices just in
the industry.
(06:22):
A lot of perpetuation in the oneand two-by-doc practices just
in the industry.
You know from your experienceand background in animal health
and you know you've been at thisa lot longer than I have.
What do you see, you know, doyou get asked often about
work-life balance, and can youhave work-life balance if you're
a practice owner?
Joe Persichetti (06:38):
I do.
It's probably one of the toptwo questions that we get and I
think that you know I don'tprobably lead by example.
I think I could be betterpersonally at work-life balance.
I have four kids at home andprobably, you know, get thrown
into different places, but I getthat question a lot, especially
(06:59):
with people that are justcoming out of school, or one or
two years out of school, wherethey're like, I've looked at the
different options.
I think the one thing that thatveterinarians have today that
maybe 10 years ago was there butnot as prevalent is access to
information, and I think theyask more questions, which is a
good thing.
They can research stuff,they're listening to your
podcast, they go to some ofthese shows and they're getting
(07:24):
more information, which is great, and they're also asking a lot
more questions.
So they're asking I know what'savailable, I could go the
corporate route, I could startmy own practice, I could buy my
own practice.
I think I want to be anindependent owner, but is that
even possible and can I stillenjoy my kids and things like
that?
And I think the first thingthat we tell them is build a
(07:44):
team around you.
Right, like if you try to do itand that's the one that I
struggle with Right, it's likeif you try to do everything
yourself, it's harder to getstuff done.
So the most important thingthat you can do is, before you
make that decision of startingor acquiring a practice, is sit
and ask questions of who do Ineed around me?
You need a banker that canunderstand healthcare, so that
(08:05):
you're not trying to educateyour own banker, your own local
banker, on what you need and whyyou need working capital if
you're starting up a practiceand how why, if you're starting
a practice from scratch.
You need an interest onlypayment period, but you also
need a you know a health, youknow a veterinarian specific
advisor and CPA, an attorneythat understands how these
(08:28):
acquisitions work.
So the more you build a teamaround you, the better off you
can be from a from a work lifebalance standpoint.
Bill Butler (08:36):
Well, and having just been down at WVC in Vegas,
genius Vets had a symposium onstartups there's no shortage, as
you mentioned, there's noshortage of information out
there and if you're aveterinarian and you're
interested in this and youhaven't been to one of these big
national shows VMX, wvc, aha,avma you know the big players
(09:04):
WVC, aha, avma you know the bigplayers that you know not that
there aren't good resources atyour local MVMA.
You know we have a lot of thoselocally but also nationally,
and you know.
So there's tons of resourcesout there and you know generally
what's interesting is.
You know the bankers generally,know all the players.
You know, as you mentioned, theCPAs.
You know the bankers generallyknow all the all the all the
players.
You know, as you mentioned, theCPAs, the attorneys, the
insurance, because it all fallsinto that acquisition or that
(09:27):
startup.
And so working with a bankerwho's got experience in the
marketplace can be an advantageversus you trying to go out and
find and vet people from the getgo.
Joe Persichetti (09:36):
Yeah and not.
I mean, not only does it helpfrom a work life balance
standpoint, but it also can saveyou money, right?
If you don't, if you don't rushinto a decision and you just
ask the right questions, thefirst thing that you should do
is start at home and write whatis important to you, you know,
is it the hours that you work ina day?
Is there a certain income thatyou need for you and your spouse
(09:59):
If you have one to to live offof?
What are your priorities?
And once you have that prioritylist, you kind of build your
perfect dream practice whetherit's a startup, acquisition or
whatever around that.
And asking questions up frontbefore signing on a lease space
or negotiating on a deal, sothat you're not trying to
backtrack or adding additionalexpenses later, is a great way
(10:22):
to start it.
Bill Butler (10:23):
Yeah, what trends you know.
Sitting in your chair it was alot different than my chair you
see quite a bit more.
You've got a.
You know, as you said, you justhired 101 people across the
United States.
You know what trends are youseeing in veterinary lending and
animal health, specificallywith startups?
You know we touched on a littlebit, but what are you seeing in
the industry?
I mean?
Joe Persichetti (10:43):
we are seeing, probably in the last five years,
a resurgence of startups, ofpeople that are, whether they're
confident or they just theywant to build.
They go to WVC or they go tosome of these events and they
see their dream office anddecide let's, you know, let's
start it, you know, instead ofsomething else.
So we are seeing more startups.
(11:03):
Certainly a ton of independentacquisitions still happening as
well.
I think the bigger questionsthat we get is that one how are
the performance?
So the performance is stillextremely strong, which is, from
a bank standpoint, what we lookat first right In these.
You know a new business or abusiness transitioning hands how
is that performing?
And these are still, you know Inew business or a business
transitioning hands how is thatperforming?
And these are still, you know Idon't want to say recession
(11:24):
proof, but recession resistantbusinesses that do really really
strong.
Especially, you look at youknow animal health and what
happened during COVID andeverybody went out to get a, you
know a new pet or to expand,and that demand out there on
your the healthcare needs ofyour animals is strong which
means that you know we need moreoffices, especially in growing
(11:46):
areas.
You look at where I'm at todayin Columbus, Ohio.
We have a lot of tech companiescoming in, like Intel and
Facebook and things like that.
That means more jobs.
It means more communities.
It means you need more healthcare, both for yourself and your
pet care both for yourself andyour pet.
Same thing in parts of Texas,as businesses have moved
corporate offices into Texas.
More construction going on.
(12:07):
So I think the first thing thatwe get asked is are these still
viable from a bank standpoint orfrom a numbers?
And the answer is yes, thatthey're performing very, very
well.
We've seen what we call revenuecurves, which is the
anticipated revenue of aveterinarian office in year one,
two and three, as they'restarting up continuing to grow,
meaning that the revenue isexpanding, which is great.
(12:29):
And then the last thing that weget asked is I'm coming out of
school with significant debt.
Is that going to prevent mefrom getting financing?
And really you should talk toadvisors early.
It doesn't mean that it has tobe a bank.
It could be your CPA, it couldbe a consultant, whatever it
might be.
But you should ask thosequestions because really it's
expected that you're gonna havethat level of debt.
(12:51):
You're furthering your careerin a healthcare field.
What you should be moreconcerned about instead of the
debt itself is less about thethree or four or 500,000 of debt
that you got and more aboutwhat is my payment.
And there's a lot of differentpayment options out there now.
Between all the federal based,there's some independently based
programs that extended out.
(13:12):
So cashflow is what you shouldlook at first.
And going back to that comment Imade about your first step
should be sitting down as afamily and be like what do we
want to do?
What are our goals?
How much do I need to make?
And if you know that questionon the student loan piece it
becomes, can I get the paymentof my student loans to be a
reasonable payment so it allowsme to do all these other things?
(13:35):
So really, that's the mostadvice that a lot of my bankers
give you know, veterinariansthat are asking the questions
across across the country isLook at your payment and make
sure that it that it's not likebecause there's still that
there's some debt you want topay down quickly, right, like
cars, credit cards, pay them offeach month.
(13:55):
You know all that stuff.
But from a student loan or froma home mortgage do you have the
right payment?
Because if you're under themindset of I only want to pay
down debt quickly, but you getyourself underwater, then that
can be a bigger challenge.
So it's easier to be flexibleand make sure that you have a
payment that you can work withand then back into it from there
(14:15):
.
Sure.
Bill Butler (14:17):
And I think what I took away from that, joe, is the
short answer is student debt isnot a barrier to practice
ownership.
That's right and I think itjust goes, having been at WVC,
not only was US Bank there, butevery bank under the sun.
The veterinary space is a safebet from a business perspective,
(14:38):
which is why the banks arethere, because they know it's a
safe bet.
Safe bet from a businessperspective, which is why the
banks are there, because theyknow it's a safe bet.
And, as you said, there's, youknow there's a little bit of
risk I don't want to sayrecession, but coming back down
to earth, post COVID for the,for the animal health industry,
but it's still very, you know,stronger than a lot of other
industries out there, and soit's very attractive for lenders
(15:00):
.
So it's about finding the rightlender.
Well, you know part of thatprocess in thinking about
talking to a lender, you knowhow long does the loan process
take, or what should I comeprepared if I'm going to.
You know if I'm going to talkto a US bank rep in my local
state or at.
You know if I come up to yourbooth at AVMA, you know what
should I have ready or whatshould I be prepared with?
Joe Persichetti (15:21):
I mean, that's a great question.
I think the first thing that Iwould say is the length of time
depends on how far along in theprocess you're in.
If you bring your lender inafter you have found a practice
that you've identified that youwant to purchase and you have a
close date and you've got allthe financials of that business
(15:41):
that you're looking to acquire,that should take a week to two
weeks for somebody to look atand decide if that's a deal that
cash flows and meets the thingsto approve.
As far as when you shouldengage your lender, I would do
it as early as possible becausethey might one they'll make sure
that you're introduced to it tothe team that Bill and I are
talking about.
They might one they'll makesure that you're introduced to
it to the team that bill and Iare talking about.
(16:02):
But two it they also it mightchange your mind on.
You know, did you write the?
Did you ask the right questions?
So if you're looking to startup a practice, you might not.
You might be like I can't evengo to a bank because I don't
even know where to go.
I don't even know where I wantto and I don't know how much
it's going to cost.
Yeah, and I think that's the,that's the, the home mortgage
mentality, right, like, find itin business lending.
(16:28):
It's almost like bring them inearly as a consultant so that we
can at least say well, what areyou looking to do?
This is what you know.
Historically, the averagepractice looks at Um, what areas
are you looking at?
Are you looking at yourcommunity or a community next to
you?
Why are you asking, or why areyou looking in that community?
Um, so, and then if you bringus in early, where it's more of
(16:49):
a pre-approval, it could be alonger process because you
haven't even found the locationand stuff like that yet.
But I would still suggest orencourage bringing a lender in
early, just so that they can askthe right questions for you.
Bill Butler (17:02):
And you know, as far as bringing items to the
table, you know, obviously,having your personal finances in
decent shape, right?
You know, obviously, havingyour personal finances in decent
shape, right.
Like you know, you don't wantto have fifteen thousand dollars
in credit card debt and youjust bought two cars and you've
got an eight percent mortgageand all these things you go.
They want to buy a practicelike having some of those things
in order.
As you said, making sure thatyou're paying down your credit
(17:23):
card but I heard this fromanother lender is uh, as you
said, paying down down debt isnot necessarily always the best
thing to do, and so if you'vegot $50,000 or $60,000 cash in
the bank, don't think I shouldthrow that at my student loans
to get my student loan debt down.
You're better off potentiallyleaving that money in the bank.
Joe Persichetti (17:41):
Yeah, I think you know the banks in this space
, especially the ones that arehealthcare specific or have
healthcare divisions, andthere's a lot of great banks out
there.
Look at the entire pictureright, and what I mean by that
is a veterinarian out of schoolfor two years that is just
starting to make money, stillhas student loan.
(18:01):
Debt is going to look differentand that's okay than somebody
that's been out 10 years andmaking a ton of money over that
10-year period, and so thatbecomes the character piece of
underwriting, which is how muchhave you made over the last
couple of years, what should youhave and where is it?
So it's kind of spending thatpiece.
The other piece that you'rementioning is get advice early
(18:24):
on, whether it's a CPA, a lender, a consultant, somebody in the
industry that you trust around.
You know that people will callit liquidity, but it's really
cash, and the reason that it'simportant is in an event of a
rainy day, which can happen inany you know personally, not
even just in any field do youhave some money in case
something happens, whether it'sto you or your family, or you
(18:46):
need to pause your business.
So, going back to your point,bill, you know taking all of
your cash and, being like, mybanker's going to want to see
that I have zero debt.
So I just made $100,000.
I'm going to pay it all off.
Bill Butler (18:58):
I'm going to pay off all my cars.
Joe Persichetti (19:01):
And that becomes a challenge because
again, all I care about on thatcar payment is your actual
payment.
Can you afford that payment inyour income?
So they're making sure thatyou're talking to people is key
because again, you don't want toliquidate yourself because you
have to have some money setaside for a rainy day.
Bill Butler (19:19):
Yeah, you know, when I go to meet with a lender
whether it's a you know us bankor any of the other banks out
there what are some questionsthat you think are key to ask
that lender to make sure they'reworking with the right one.
You know the first chapter ofmy book I asked.
You know nine questions youshould ask your insurance agent
if you're going to work withthem.
You know what are one or twoquestions that a veterinarian
(19:40):
who's going to you know acquireor start a practice, whether
it's about, you know, build abuilding or leasehold
improvement or acquire somethingwhat are a couple of questions
they should ask that you knowyou think are critical for them.
Joe Persichetti (19:57):
I think number one is are you healthcare
specific?
And I think where that'simportant goes back to our
comment earlier, where you couldsave yourself time, most
importantly, money and justoverall experience by having
somebody that's looked at yoursituation a few different times
before.
The second piece of that iswhat are the terms that you guys
offer?
Because you know, going back tocash flow, if it's a local bank
(20:18):
and they only go to seven yearterms and you have all this
student loan debt and you reallyneed a 10 year or 15 year term,
that seven year term might putyou in the wrong space.
What are your?
What is the flexibility of your, of your prepayment?
Again, events happen you want toacquire another office and that
bank doesn't want you toacquire another office and you
have to move your, move yourbanking relationship.
(20:39):
You know is it going to costyou additional money.
So what are your terms?
What is your?
What is your overall structure?
Do you offer a hundred percentfinancing to acquire a,
including working capital, somoney to pay the first couple
months of deals as you'restarting to get?
You know the account you got topay for that insurance up front
.
Bill Butler (20:57):
You know I'm going to ask for 25% down,
unfortunately, to get theinsurance started.
It'll put you on a payment plan.
But you know getting equipmentand you know, even if it's an
existing practice, there's goingto be some you're going to need
some working capital in thebank to pay some bills as you
get things going and then Ithink, lastly.
Joe Persichetti (21:18):
So, if the first three are do you work with
a lot of healthcare lenders ora lot of healthcare clients?
What are your terms and what isthe flexibility of offering
100% financing and workingcapital?
And then, the last piece, whichis not asked enough, is what
happens after my loan.
If I have a question on my loan, or the payment doesn't go
(21:39):
through, or the deposit thatyou're requiring me to have I'm
not able to get checks in, whodo I call?
Because, again, you have a fewhealthcare.
Veterinarians are such a uniquebusiness, right, because not
only are you, you know, helpingwith the office and the even if
you have an office manager,you're, you're part of that but
most importantly, you're workingwith your patients, which is
(22:02):
why most veterinarians got intothis in the first place, because
of their love and care foranimals.
So when you have a 10 hour day,but you've got patients all day
and you still have to eat, soyou don't pass out like you have
a 20 minute window to fix yourbanking problem, whether it's
your credit card machines notworking or your deposit and
that's the question that mostpeople don't ask is okay, I do
(22:23):
my loan with you.
What happens next?
Do I call a 1-800 number?
Do I call you?
If I don't call you, who is itKnowing that?
Again, it goes back to time andefficiency.
The quicker you can get aholdof somebody so that you can go
back to generating revenue andhelping patients is better for
everybody.
Bill Butler (22:41):
There's nothing worse as a business owner,
speaking from my own chair, thanhaving a problem with banking
at 445 on a Friday trying to geta payment in and you're're like
, well, I've got to run payrollon Monday and this needs to be
in the bank, and all of thoseproblems and just having that
relationship with somebody whoknows how to fix it, Especially
(23:02):
if there's an issue and you haveto take time out of your day,
which means that you have totell a patient to hold on of
your day, which means that youhave to tell a patient to hold
on and you know if that animal'ssick or you know it backs up,
you have to cancel that.
Joe Persichetti (23:14):
That's again revenue that you're losing, so
it all adds up.
Bill Butler (23:17):
Well, as we start to wrap up here, joe, I think
the question that I would ask isif I was a veterinarian
listening to this podcast or outthere in the world and I wanted
to start a practice, can I doit?
Is it viable for me to do intoday's market with the current
environment?
You know, you hear aboutcorporates, you see a lot of
things happening in the space.
(23:37):
You know we were down at WVCand they were talking about the
mid-level practitioners and sothere's a lot of disruption in
the marketplace.
But if I'm a veterinarian, Iwant to start a practice.
Can I Do?
You think it's possible?
Joe Persichetti (23:50):
Yeah, I think the short answer is yes.
I think the more importantlonger answer is everybody has
their own unique wants, right Ofyou know, what I value in my
life is probably different thanyours, and vice versa.
So sitting down and creatingthat, that key, and making sure
that you know exactly what youwant, both personally and
professionally, I think is thestarting place.
(24:10):
But from a numbers standpoint,we are seeing a ton of demand.
These are great, viablebusinesses I mentioned.
The revenue is continuing togrow year after year.
So when you talk about some ofthe other things, expenses are
also growing, yes, but so is therevenue right.
So you're still're still ableto make.
You know the income that youexpect, or you wanted to when
(24:31):
you were getting out of school.
So the short answer is yes, andthe longer answer is make sure
that you understand the biggerpicture of exactly what you're
looking for and then build itfrom there.
Bill Butler (24:40):
Well, I think that's great advice, joe.
One thing that I've done withmy business over the years is
create that vision and then, youknow, make decisions based on
that vision.
So you know, you brought thatup a number of times, sitting
down at home and spending somequiet time thinking about what
do I want my practice to looklike?
How much money do I want tomake?
You know, what color are thewalls in my practice?
I mean things like that matter,because then when you're making
(25:03):
those decisions, it helps guideyou along the way and can put
you where you want to be From arevenue or from an ownership
perspective I don't know if it'stalked about a lot or enough
what's the difference betweenassociate pay and owner pay?
I mean, you see the numbers andwhat owners are making out
there.
Joe Persichetti (25:23):
If you're a veterinarian who wants to make
some money, where do youmaximize that, and so that's the
beauty of it, right, is that ifyou're an owner, you determine
for the most part right, therecould be some regional things
how much square footage, howmany animals can you see in a
day, things like that but youdetermine your own schedule, the
(25:45):
revenue is more in your controland you can make more money
significantly because of thefact that you don't have to rely
on an owner telling you as anassociate.
These are the cases that you'llsee today and kind of be capped
.
And there's other things thatyou can do.
Again, going back to creatingyour own team, working with the
(26:07):
right insurance partner, workingwith the right attorney and CPA
.
There's ways to maximize yourexpenses so that you can make
more money in your office bydoing certain things.
Bill Butler (26:15):
Yeah Well, that's great advice, joe.
We really appreciate the time.
We'll have some informationabout how to reach out to you
and the US Bank in the shownotes.
If there was one tip forveterinarians out there that you
would leave them with, whatwould it be?
It would be find your teamearly.
Find your team early.
That's like from the podcastperspective.
That's like two thirds ofeveryone's top tip is find a
(26:37):
team early, and you know there'sno shortage, as you mentioned,
of resources out there forpeople to find their team,
whether it's insurance, cpas,builders, architects, practice
consultants, brokers they're allout there and they're just
itching to help veterinariansachieve their dreams, and they
can do it with US Bank andPractice Finance Division headed
(26:57):
by Joe Persichetti.
Well, thanks so much, joe, foryour time today.
Joe Persichetti (27:02):
Really appreciate your insights.
Yeah, thank you.
Bill Butler (27:04):
All right, as always, everyone remember to
like, share and review thepodcast.
It helps us get our message outto all the veterinarians out
there and practice managerslooking to grow their business
and practice withentrepreneurship and business
insights.
Thanks so much for joining usin today's episode.
Welcome to the Veterinary Blueprint Podcast brought to you
by Butler Vet Insurance.
Hosted by Bill Butler, theVeterinary Blueprint Podcast is
for veterinarians and practicemanagers who are looking to
learn about working on theirpractice instead of in their
practice.
Each episode we will bring yousuccessful, proven blueprints
from others, both inside andoutside the veterinary industry.
Bill Butler (00:22):
Welcome to today's episode and outside the
veterinary industry.
Welcome to today's episode.
Welcome back to the VeterinaryBlueprints podcast, where we
bring business andentrepreneurship to the
veterinary practice owners andmanagers across North America.
I am your host, bill Butler,and today we have an incredible
guest joining us, someone whoknows the ins and outs of
practice financing forveterinarians.
Joining me today is JoePersichetti, the Senior Vice
(00:45):
President and Head of HealthcareBusiness Banking at US Bank.
With nearly two decades ofexperience in practice finance,
joe has worked with thousands ofhealthcare professionals to
help them secure funding, expandtheir practice and navigate the
complex world of banking.
From startups to acquisitionsand everything in between.
He's been at the forefront ofhelping practices grow.
Joe, welcome to the VeterinaryBlueprints Podcast.
(01:06):
I am thrilled to have you withus today.
Joe Persichetti (01:08):
Likewise Thanks for having us Bill Happy.
Bill Butler (01:09):
Friday, happy Friday.
Well, why don't you give ourlisteners a little background on
yourself?
I know you have an extensivebackground in finance and
banking overall practice financeand banking and you're now at
US Bank.
So how did you get into thisoverall and how?
Joe Persichetti (01:28):
do you wind up at us bank?
Sure, so I mean I've beenfortunate enough in my my entire
career is really surroundedaround financing and banking and
for the last 24 years it's beenhealthcare specific and helping
doctors, dentists andveterinarians across the country
.
Really, you know, live theirdreams and acquire start
practices, grow them, expand, etcetera.
And that really started toresonate early on in my career
(01:52):
of how important that was right.
Because if you're in acommunity and I used to have a
small Italian restaurant in asmall town in Columbus Ohio as
well and realizing when you'repart of a community how
important healthcare is, rightBoth in medical and veterinarian
, and having access to care forboth your pets and yourself are
(02:15):
extremely important, and so itjust kind of stuck with me that
the best thing that I could dowould be to continue to give
back in that world.
So two years ago, roughly twoyears ago, I came over to US
Bank because I was fortunateenough for them to give me a
call world.
So two years ago, roughly twoyears ago, I came over to US
Bank because I was fortunateenough for them to give me a
call and really they've been inhealthcare financing in some
form or fashion for the last 100years.
But they had reached out andasked me you know, what could
(02:37):
they do differently, that Iwould be interested in helping a
new initiative to expand andgrow even further in healthcare
at US Bank.
And really, when I thoughtabout that, it was an
interesting comment right oflike what's not being done or
what could be done a little bitdifferently.
And I really looked at who wewere serving and going back to
that community base of whatclients need in the healthcare
(03:01):
profession.
And it's really access to localbankers, not just on the front
end, not just when they'regetting their lending.
And you've got a businessdevelopment officer that helps
you with your loan.
But what about the servicing ofthat loan?
What about all the otherproducts that you decide to bank
with?
Because, let's be honest, ifI'm a healthcare provider, I'm a
veterinarian, whoever it mightbe, I don't have enough time in
(03:22):
my day.
I'm serving clients, I'mserving my patients.
I don't have enough time tocontact four or five different
bankers, right?
So if I have access to a localperson, that I have their phone
number and I can reach out andsay, hey, I'm having an issue
with my checking account or thisdeposit's not working.
The quicker that we can getthem back working on their
(03:42):
patients, the better.
And that's kind of what I wentback to US Bank with is I was
like let's expand and make surethat we have the right products,
but let's also make sure thatwe're servicing them, both on
new requests lending's veryimportant but also on the back
end, Because a lot of peoplethey move their service to call
centers or 1-800 numbers and theproblem with that is our
(04:06):
healthcare providers get one ortwo classes in school that are
around running a business notnearly enough, absolutely and
then as they get better at itand they expand and they have
multiple practices, then their,their needs and their issues
become bigger as well.
So having that quicker accesswhere you know your bankers down
the street, down the street, wethought was very important,
(04:26):
especially on the servicingaspect of it.
So that's what we did.
We just hired our 101st personin the last 12 months to be
focused on healthcare-specific.
So we have bankers all acrossthe country not just looking for
new lending from a developmentstandpoint, but also
relationship managers so thatour clients know who to work
with after the loan is done.
Bill Butler (04:47):
So I know that's a relatively new initiative for US
Bank specifically and growing.
You know, I know that you'vebeen on a hiring spree, I've
seen it here in Minnesota withour local US Bank rep and so you
know, from an initiativeperspective I think, what are
the one or two things besidesthat, that personal touch that
that you're trying to bring tothe veterinary or health care
(05:10):
space with this build?
Joe Persichetti (05:12):
I think you have to start with expertise,
right.
So, going back to what are whatour clients, what our health
care providers need, which isquick access to advice, we need
our bankers to be experts.
So that's the first thing thatwe looked at because, again,
like I, can put them local, butif they only work with a doctor,
dentist or veterinarian once aquarter, or if they only work
(05:34):
with dentists or they only workwith doctors and they don't
understand a veterinarian'sneeds, they're all different.
The terminology is different,the degree of need in all of the
products, merchant payments,wealth, etc.
So that was the second thingthat was important to us is to
find people that had a healthcare background wherever it was,
whether it was internal at USBank or external people that we
(05:57):
brought on, and so that was thesecond piece that we kind of
focused on.
Bill Butler (06:01):
Yeah, I know the credit merchant piece here in
Minnesota has been big for along time and now you're
building out some of these othercomponents.
Well you know, as we talk aboutveterinarians and the thought
of owning a practice, I'm seeinga lot of startups happening a
lot of perpetuation in the oneand two-by-doc practices just in
the industry.
(06:22):
A lot of perpetuation in the oneand two-by-doc practices just
in the industry.
You know from your experienceand background in animal health
and you know you've been at thisa lot longer than I have.
What do you see, you know, doyou get asked often about
work-life balance, and can youhave work-life balance if you're
a practice owner?
Joe Persichetti (06:38):
I do.
It's probably one of the toptwo questions that we get and I
think that you know I don'tprobably lead by example.
I think I could be betterpersonally at work-life balance.
I have four kids at home andprobably, you know, get thrown
into different places, but I getthat question a lot, especially
(06:59):
with people that are justcoming out of school, or one or
two years out of school, wherethey're like, I've looked at the
different options.
I think the one thing that thatveterinarians have today that
maybe 10 years ago was there butnot as prevalent is access to
information, and I think theyask more questions, which is a
good thing.
They can research stuff,they're listening to your
podcast, they go to some ofthese shows and they're getting
(07:24):
more information, which is great, and they're also asking a lot
more questions.
So they're asking I know what'savailable, I could go the
corporate route, I could startmy own practice, I could buy my
own practice.
I think I want to be anindependent owner, but is that
even possible and can I stillenjoy my kids and things like
that?
And I think the first thingthat we tell them is build a
(07:44):
team around you.
Right, like if you try to do itand that's the one that I
struggle with Right, it's likeif you try to do everything
yourself, it's harder to getstuff done.
So the most important thingthat you can do is, before you
make that decision of startingor acquiring a practice, is sit
and ask questions of who do Ineed around me?
You need a banker that canunderstand healthcare, so that
(08:05):
you're not trying to educateyour own banker, your own local
banker, on what you need and whyyou need working capital if
you're starting up a practiceand how why, if you're starting
a practice from scratch.
You need an interest onlypayment period, but you also
need a you know a health, youknow a veterinarian specific
advisor and CPA, an attorneythat understands how these
(08:28):
acquisitions work.
So the more you build a teamaround you, the better off you
can be from a from a work lifebalance standpoint.
Bill Butler (08:36):
Well, and having just been down at WVC in Vegas,
genius Vets had a symposium onstartups there's no shortage, as
you mentioned, there's noshortage of information out
there and if you're aveterinarian and you're
interested in this and youhaven't been to one of these big
national shows VMX, wvc, aha,avma you know the big players
(09:04):
WVC, aha, avma you know the bigplayers that you know not that
there aren't good resources atyour local MVMA.
You know we have a lot of thoselocally but also nationally,
and you know.
So there's tons of resourcesout there and you know generally
what's interesting is.
You know the bankers generally,know all the players.
You know, as you mentioned, theCPAs.
You know the bankers generallyknow all the all the all the
players.
You know, as you mentioned, theCPAs, the attorneys, the
insurance, because it all fallsinto that acquisition or that
(09:27):
startup.
And so working with a bankerwho's got experience in the
marketplace can be an advantageversus you trying to go out and
find and vet people from the getgo.
Joe Persichetti (09:36):
Yeah and not.
I mean, not only does it helpfrom a work life balance
standpoint, but it also can saveyou money, right?
If you don't, if you don't rushinto a decision and you just
ask the right questions, thefirst thing that you should do
is start at home and write whatis important to you, you know,
is it the hours that you work ina day?
Is there a certain income thatyou need for you and your spouse
(09:59):
If you have one to to live offof?
What are your priorities?
And once you have that prioritylist, you kind of build your
perfect dream practice whetherit's a startup, acquisition or
whatever around that.
And asking questions up frontbefore signing on a lease space
or negotiating on a deal, sothat you're not trying to
backtrack or adding additionalexpenses later, is a great way
(10:22):
to start it.
Bill Butler (10:23):
Yeah, what trends you know.
Sitting in your chair it was alot different than my chair you
see quite a bit more.
You've got a.
You know, as you said, you justhired 101 people across the
United States.
You know what trends are youseeing in veterinary lending and
animal health, specificallywith startups?
You know we touched on a littlebit, but what are you seeing in
the industry?
I mean?
Joe Persichetti (10:43):
we are seeing, probably in the last five years,
a resurgence of startups, ofpeople that are, whether they're
confident or they just theywant to build.
They go to WVC or they go tosome of these events and they
see their dream office anddecide let's, you know, let's
start it, you know, instead ofsomething else.
So we are seeing more startups.
(11:03):
Certainly a ton of independentacquisitions still happening as
well.
I think the bigger questionsthat we get is that one how are
the performance?
So the performance is stillextremely strong, which is, from
a bank standpoint, what we lookat first right In these.
You know a new business or abusiness transitioning hands how
is that performing?
And these are still, you know Inew business or a business
transitioning hands how is thatperforming?
And these are still, you know Idon't want to say recession
(11:24):
proof, but recession resistantbusinesses that do really really
strong.
Especially, you look at youknow animal health and what
happened during COVID andeverybody went out to get a, you
know a new pet or to expand,and that demand out there on
your the healthcare needs ofyour animals is strong which
means that you know we need moreoffices, especially in growing
(11:46):
areas.
You look at where I'm at todayin Columbus, Ohio.
We have a lot of tech companiescoming in, like Intel and
Facebook and things like that.
That means more jobs.
It means more communities.
It means you need more healthcare, both for yourself and your
pet care both for yourself andyour pet.
Same thing in parts of Texas,as businesses have moved
corporate offices into Texas.
More construction going on.
(12:07):
So I think the first thing thatwe get asked is are these still
viable from a bank standpoint orfrom a numbers?
And the answer is yes, thatthey're performing very, very
well.
We've seen what we call revenuecurves, which is the
anticipated revenue of aveterinarian office in year one,
two and three, as they'restarting up continuing to grow,
meaning that the revenue isexpanding, which is great.
(12:29):
And then the last thing that weget asked is I'm coming out of
school with significant debt.
Is that going to prevent mefrom getting financing?
And really you should talk toadvisors early.
It doesn't mean that it has tobe a bank.
It could be your CPA, it couldbe a consultant, whatever it
might be.
But you should ask thosequestions because really it's
expected that you're gonna havethat level of debt.
(12:51):
You're furthering your careerin a healthcare field.
What you should be moreconcerned about instead of the
debt itself is less about thethree or four or 500,000 of debt
that you got and more aboutwhat is my payment.
And there's a lot of differentpayment options out there now.
Between all the federal based,there's some independently based
programs that extended out.
(13:12):
So cashflow is what you shouldlook at first.
And going back to that comment Imade about your first step
should be sitting down as afamily and be like what do we
want to do?
What are our goals?
How much do I need to make?
And if you know that questionon the student loan piece it
becomes, can I get the paymentof my student loans to be a
reasonable payment so it allowsme to do all these other things?
(13:35):
So really, that's the mostadvice that a lot of my bankers
give you know, veterinariansthat are asking the questions
across across the country isLook at your payment and make
sure that it that it's not likebecause there's still that
there's some debt you want topay down quickly, right, like
cars, credit cards, pay them offeach month.
(13:55):
You know all that stuff.
But from a student loan or froma home mortgage do you have the
right payment?
Because if you're under themindset of I only want to pay
down debt quickly, but you getyourself underwater, then that
can be a bigger challenge.
So it's easier to be flexibleand make sure that you have a
payment that you can work withand then back into it from there
(14:15):
.
Sure.
Bill Butler (14:17):
And I think what I took away from that, joe, is the
short answer is student debt isnot a barrier to practice
ownership.
That's right and I think itjust goes, having been at WVC,
not only was US Bank there, butevery bank under the sun.
The veterinary space is a safebet from a business perspective,
(14:38):
which is why the banks arethere, because they know it's a
safe bet.
Safe bet from a businessperspective, which is why the
banks are there, because theyknow it's a safe bet.
And, as you said, there's, youknow there's a little bit of
risk I don't want to sayrecession, but coming back down
to earth, post COVID for the,for the animal health industry,
but it's still very, you know,stronger than a lot of other
industries out there, and soit's very attractive for lenders
(15:00):
.
So it's about finding the rightlender.
Well, you know part of thatprocess in thinking about
talking to a lender, you knowhow long does the loan process
take, or what should I comeprepared if I'm going to.
You know if I'm going to talkto a US bank rep in my local
state or at.
You know if I come up to yourbooth at AVMA, you know what
should I have ready or whatshould I be prepared with?
Joe Persichetti (15:21):
I mean, that's a great question.
I think the first thing that Iwould say is the length of time
depends on how far along in theprocess you're in.
If you bring your lender inafter you have found a practice
that you've identified that youwant to purchase and you have a
close date and you've got allthe financials of that business
(15:41):
that you're looking to acquire,that should take a week to two
weeks for somebody to look atand decide if that's a deal that
cash flows and meets the thingsto approve.
As far as when you shouldengage your lender, I would do
it as early as possible becausethey might one they'll make sure
that you're introduced to it tothe team that Bill and I are
talking about.
They might one they'll makesure that you're introduced to
it to the team that bill and Iare talking about.
(16:02):
But two it they also it mightchange your mind on.
You know, did you write the?
Did you ask the right questions?
So if you're looking to startup a practice, you might not.
You might be like I can't evengo to a bank because I don't
even know where to go.
I don't even know where I wantto and I don't know how much
it's going to cost.
Yeah, and I think that's the,that's the, the home mortgage
mentality, right, like, find itin business lending.
(16:28):
It's almost like bring them inearly as a consultant so that we
can at least say well, what areyou looking to do?
This is what you know.
Historically, the averagepractice looks at Um, what areas
are you looking at?
Are you looking at yourcommunity or a community next to
you?
Why are you asking, or why areyou looking in that community?
Um, so, and then if you bringus in early, where it's more of
(16:49):
a pre-approval, it could be alonger process because you
haven't even found the locationand stuff like that yet.
But I would still suggest orencourage bringing a lender in
early, just so that they can askthe right questions for you.
Bill Butler (17:02):
And you know, as far as bringing items to the
table, you know, obviously,having your personal finances in
decent shape, right?
You know, obviously, havingyour personal finances in decent
shape, right.
Like you know, you don't wantto have fifteen thousand dollars
in credit card debt and youjust bought two cars and you've
got an eight percent mortgageand all these things you go.
They want to buy a practicelike having some of those things
in order.
As you said, making sure thatyou're paying down your credit
(17:23):
card but I heard this fromanother lender is uh, as you
said, paying down down debt isnot necessarily always the best
thing to do, and so if you'vegot $50,000 or $60,000 cash in
the bank, don't think I shouldthrow that at my student loans
to get my student loan debt down.
You're better off potentiallyleaving that money in the bank.
Joe Persichetti (17:41):
Yeah, I think you know the banks in this space
, especially the ones that arehealthcare specific or have
healthcare divisions, andthere's a lot of great banks out
there.
Look at the entire pictureright, and what I mean by that
is a veterinarian out of schoolfor two years that is just
starting to make money, stillhas student loan.
(18:01):
Debt is going to look differentand that's okay than somebody
that's been out 10 years andmaking a ton of money over that
10-year period, and so thatbecomes the character piece of
underwriting, which is how muchhave you made over the last
couple of years, what should youhave and where is it?
So it's kind of spending thatpiece.
The other piece that you'rementioning is get advice early
(18:24):
on, whether it's a CPA, a lender, a consultant, somebody in the
industry that you trust around.
You know that people will callit liquidity, but it's really
cash, and the reason that it'simportant is in an event of a
rainy day, which can happen inany you know personally, not
even just in any field do youhave some money in case
something happens, whether it'sto you or your family, or you
(18:46):
need to pause your business.
So, going back to your point,bill, you know taking all of
your cash and, being like, mybanker's going to want to see
that I have zero debt.
So I just made $100,000.
I'm going to pay it all off.
Bill Butler (18:58):
I'm going to pay off all my cars.
Joe Persichetti (19:01):
And that becomes a challenge because
again, all I care about on thatcar payment is your actual
payment.
Can you afford that payment inyour income?
So they're making sure thatyou're talking to people is key
because again, you don't want toliquidate yourself because you
have to have some money setaside for a rainy day.
Bill Butler (19:19):
Yeah, you know, when I go to meet with a lender
whether it's a you know us bankor any of the other banks out
there what are some questionsthat you think are key to ask
that lender to make sure they'reworking with the right one.
You know the first chapter ofmy book I asked.
You know nine questions youshould ask your insurance agent
if you're going to work withthem.
You know what are one or twoquestions that a veterinarian
(19:40):
who's going to you know acquireor start a practice, whether
it's about, you know, build abuilding or leasehold
improvement or acquire somethingwhat are a couple of questions
they should ask that you knowyou think are critical for them.
Joe Persichetti (19:57):
I think number one is are you healthcare
specific?
And I think where that'simportant goes back to our
comment earlier, where you couldsave yourself time, most
importantly, money and justoverall experience by having
somebody that's looked at yoursituation a few different times
before.
The second piece of that iswhat are the terms that you guys
offer?
Because you know, going back tocash flow, if it's a local bank
(20:18):
and they only go to seven yearterms and you have all this
student loan debt and you reallyneed a 10 year or 15 year term,
that seven year term might putyou in the wrong space.
What are your?
What is the flexibility of your, of your prepayment?
Again, events happen you want toacquire another office and that
bank doesn't want you toacquire another office and you
have to move your, move yourbanking relationship.
(20:39):
You know is it going to costyou additional money.
So what are your terms?
What is your?
What is your overall structure?
Do you offer a hundred percentfinancing to acquire a,
including working capital, somoney to pay the first couple
months of deals as you'restarting to get?
You know the account you got topay for that insurance up front
.
Bill Butler (20:57):
You know I'm going to ask for 25% down,
unfortunately, to get theinsurance started.
It'll put you on a payment plan.
But you know getting equipmentand you know, even if it's an
existing practice, there's goingto be some you're going to need
some working capital in thebank to pay some bills as you
get things going and then Ithink, lastly.
Joe Persichetti (21:18):
So, if the first three are do you work with
a lot of healthcare lenders ora lot of healthcare clients?
What are your terms and what isthe flexibility of offering
100% financing and workingcapital?
And then, the last piece, whichis not asked enough, is what
happens after my loan.
If I have a question on my loan, or the payment doesn't go
(21:39):
through, or the deposit thatyou're requiring me to have I'm
not able to get checks in, whodo I call?
Because, again, you have a fewhealthcare.
Veterinarians are such a uniquebusiness, right, because not
only are you, you know, helpingwith the office and the even if
you have an office manager,you're, you're part of that but
most importantly, you're workingwith your patients, which is
(22:02):
why most veterinarians got intothis in the first place, because
of their love and care foranimals.
So when you have a 10 hour day,but you've got patients all day
and you still have to eat, soyou don't pass out like you have
a 20 minute window to fix yourbanking problem, whether it's
your credit card machines notworking or your deposit and
that's the question that mostpeople don't ask is okay, I do
(22:23):
my loan with you.
What happens next?
Do I call a 1-800 number?
Do I call you?
If I don't call you, who is itKnowing that?
Again, it goes back to time andefficiency.
The quicker you can get aholdof somebody so that you can go
back to generating revenue andhelping patients is better for
everybody.
Bill Butler (22:41):
There's nothing worse as a business owner,
speaking from my own chair, thanhaving a problem with banking
at 445 on a Friday trying to geta payment in and you're're like
, well, I've got to run payrollon Monday and this needs to be
in the bank, and all of thoseproblems and just having that
relationship with somebody whoknows how to fix it, Especially
(23:02):
if there's an issue and you haveto take time out of your day,
which means that you have totell a patient to hold on of
your day, which means that youhave to tell a patient to hold
on and you know if that animal'ssick or you know it backs up,
you have to cancel that.
Joe Persichetti (23:14):
That's again revenue that you're losing, so
it all adds up.
Bill Butler (23:17):
Well, as we start to wrap up here, joe, I think
the question that I would ask isif I was a veterinarian
listening to this podcast or outthere in the world and I wanted
to start a practice, can I doit?
Is it viable for me to do intoday's market with the current
environment?
You know, you hear aboutcorporates, you see a lot of
things happening in the space.
(23:37):
You know we were down at WVCand they were talking about the
mid-level practitioners and sothere's a lot of disruption in
the marketplace.
But if I'm a veterinarian, Iwant to start a practice.
Can I Do?
You think it's possible?
Joe Persichetti (23:50):
Yeah, I think the short answer is yes.
I think the more importantlonger answer is everybody has
their own unique wants, right Ofyou know, what I value in my
life is probably different thanyours, and vice versa.
So sitting down and creatingthat, that key, and making sure
that you know exactly what youwant, both personally and
professionally, I think is thestarting place.
(24:10):
But from a numbers standpoint,we are seeing a ton of demand.
These are great, viablebusinesses I mentioned.
The revenue is continuing togrow year after year.
So when you talk about some ofthe other things, expenses are
also growing, yes, but so is therevenue right.
So you're still're still ableto make.
You know the income that youexpect, or you wanted to when
(24:31):
you were getting out of school.
So the short answer is yes, andthe longer answer is make sure
that you understand the biggerpicture of exactly what you're
looking for and then build itfrom there.
Bill Butler (24:40):
Well, I think that's great advice, joe.
One thing that I've done withmy business over the years is
create that vision and then, youknow, make decisions based on
that vision.
So you know, you brought thatup a number of times, sitting
down at home and spending somequiet time thinking about what
do I want my practice to looklike?
How much money do I want tomake?
You know, what color are thewalls in my practice?
I mean things like that matter,because then when you're making
(25:03):
those decisions, it helps guideyou along the way and can put
you where you want to be From arevenue or from an ownership
perspective I don't know if it'stalked about a lot or enough
what's the difference betweenassociate pay and owner pay?
I mean, you see the numbers andwhat owners are making out
there.
Joe Persichetti (25:23):
If you're a veterinarian who wants to make
some money, where do youmaximize that, and so that's the
beauty of it, right, is that ifyou're an owner, you determine
for the most part right, therecould be some regional things
how much square footage, howmany animals can you see in a
day, things like that but youdetermine your own schedule, the
(25:45):
revenue is more in your controland you can make more money
significantly because of thefact that you don't have to rely
on an owner telling you as anassociate.
These are the cases that you'llsee today and kind of be capped
.
And there's other things thatyou can do.
Again, going back to creatingyour own team, working with the
(26:07):
right insurance partner, workingwith the right attorney and CPA
.
There's ways to maximize yourexpenses so that you can make
more money in your office bydoing certain things.
Bill Butler (26:15):
Yeah Well, that's great advice, joe.
We really appreciate the time.
We'll have some informationabout how to reach out to you
and the US Bank in the shownotes.
If there was one tip forveterinarians out there that you
would leave them with, whatwould it be?
It would be find your teamearly.
Find your team early.
That's like from the podcastperspective.
That's like two thirds ofeveryone's top tip is find a
(26:37):
team early, and you know there'sno shortage, as you mentioned,
of resources out there forpeople to find their team,
whether it's insurance, cpas,builders, architects, practice
consultants, brokers they're allout there and they're just
itching to help veterinariansachieve their dreams, and they
can do it with US Bank andPractice Finance Division headed
(26:57):
by Joe Persichetti.
Well, thanks so much, joe, foryour time today.
Joe Persichetti (27:02):
Really appreciate your insights.
Yeah, thank you.
Bill Butler (27:04):
All right, as always, everyone remember to
like, share and review thepodcast.
It helps us get our message outto all the veterinarians out
there and practice managerslooking to grow their business
and practice withentrepreneurship and business
insights.
Thanks so much for joining usin today's episode.
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