Final Flashcards
Function of marketing
Advertising
Avoiding commodification
Parts of a marketing plan
- Goals
- Analysis
- Objectives
- Strategy
- Action plan
- Execution
Key components of a website
- Clear contact info at top of page
- Mobile friendly site
- Easy to find contact info with address
- Presence/use of a blog
Search Engine optimization
- site updates
- good links back and forth
- interaction with social media
- good use tags for content
Steps of conflict management model
- Awareness
- Identification
- Response
Request for fulfilling needs
- Specific
- Ask for something the other can say or do
- Use positive language
- Open ended and not attached to outcome
- Right of refusal
- Invitation for other to share honestly
- Win-Win
Fundamental requirements to resolve conflict
- want to resolve
2. willing to resolve
Body language and communication
10% of communication is words
30% of communication is sounds
60% of communication is body language
Things to know before interview
- Do homework on interviewer
- Reflect on challenges
- What motivates you?
- Core values/passions
- Ask questions
SARI method
Subject
Action
Result
Impact - most imp, interesting fact/take away
*If you could go back in time and change something about an interaction, what would it be?
Pros of buying a practice
- Good lending environment
- Overstock rural practices
- bargains
Cons buying a practice
- More buyers than sellers for 2M suburban practices
- investors want to buy vet practices
- Commercial real estate can be $$$$
Broker Pros buying a practice
- Awareness of marketplace
- Can find financing and offer legal advice
- Close deal quickly
Broker Cons buying a practice
- Commission up to 8%
- Work for seller
- Non-disclosure
- No visits / No communication
- Can bully with expertise
- Can use poor valuations
Asset purchase vs stock Pros
- No responsibility for prior operations/liabilities
- Asset purchases can be depresciated
- Goodwill can be amortized
- Employment begins at purchase
- New credit hx
- Don’t inherit worker comp or neg hx
Asset purchase vs stock Cons
- No hx with supplier
- Have to interview and rehire employees
- Renegotiate new lease
- apply for business licenses and permits
Valuation establishes
Fair market value
Things required for a valuation
- revenue analysis
- expense analysis
- tax returns
- asset analysis
- customer data/eval market environment
- protocols in place
valuation equals
assets +((O earning - buyers salary) * multiplier or risk)
Steps to buying a practice
- Valuation
- Financing
- Buy/sell agreement (attorney)
- Real estate closing
- Ernest money
Headaches
- Financing - diff req’t diff lenders
- Brokers may put up barriers
- Owners may have unreasonable expectations
- Buyers may have unreasonable expectations
Owner should sign
full disclosure statement
Lenders
- Compare lenders
- Commercial/conventional
- equity - may want 25% down
- collateral requirement
- 100% financing capital plus working capital
Starting a practice
- Market research
- Financial feasibility
- Business plan
- Source of money
- Legal requirements
Non compete covenants are used to protect
goodwill of established employer
Core skills for euthanasia
- Non-verbal awareness
- Open ended injury and reflection
- Empathy
Medical errors TEAM model
Truth, teamwork, transparency
Empathy
Apology and Accountability - explain
Management - communicate reg w/client
Dog bite scienter law
You know your dog is a biter
Owner is liable
Dog bite strict liability
In FL there is no first bite law
Bite risks
- 4.5 million bites/yr
- 800,000$ medical costs
- children 5-9 most affected
- May is dog bite prevention week
Dangerous dog definition
- Dog has aggressively bitten, attacked, or endangered a human on public or private property
- Dog has severely inj or killed a domestic animal
- When unprovoked, chased or approached someone in a menacing fashion
Liability for drug compounding
- FDA
- Vet state board
- Lawsuits by clients
- Fraud
- Prosecution for animal abuse if causes inj
Controlled Substances Act
DEA, state
CII drugs need separate recording so that it’s readily retrievable
If CII drugs lost by breaking or stolen must
Notify DEA
Notify police
Vet’s job to report injuries that are
not accidental
Practice tips
- Discuss the issues
- Develop a client hand-out on responsible pet ownership
- Educate your clients
- Refrain from using terms like guardian or family member
- Have current and accurate client information
- Read local paper and be pro-active in your state assoc
