In this episode
Introduction to Dawn Bloomer:
- Background as a veterinarian
- Transition into business strategy and mergers & acquisitions
The Journey to Business Acquisitions:
- Dawn's early ambitions and career as a veterinarian
- The shift from veterinary practice to business consulting
- Involvement in business acquisitions and mergers
Challenges in Professional Services Practices:
- The struggle of professionals in managing businesses
- The importance of business knowledge beyond professional training
Exit Planning for Business Owners:
- The lack of preparedness among practice owners for selling their businesses
- Insights into the process of selling a veterinary practice
Trends in the Veterinary Industry:
- The rise of corporate practice groups
- Shifts in market dynamics during and post-COVID-19
Broader Industry Perspectives:
- Similarities across various professional practices like chiropractors, lawyers, etc.
- The importance of diversifying client reliance away from individual professionals to the brand
Technological Advancements in Service Industries:
- Embracing technology for better business operations
- Future trends in telemedicine and virtual consultations
Planning for an Exit:
- The ideal timeline for exit planning
- The significance of separating personal identity from business roles
Key Takeaways:
- Professional service practice owners often lack the necessary business training to prepare their businesses for sale.
- Building a strong brand and transferring goodwill to the brand instead of an individual is crucial for a successful exit.
- Leveraging technology can help professionals scale their businesses and improve customer service.
- The timeline for preparing a business for sale should ideally be 5 to 10 years to maximize options and value
Listen here: