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In this episode of the Inventory Nation Podcast, I am delighted to be joined by Ed Fegan! Ed and I discuss managing a practice like a business. Ed highlights the goal of Veterinary Business Professors and talks about why most practices can benefit from business coaching and training.
EPISODE HIGHLIGHTS
- Grew new practice over 150% in 3 years.
- Sold the practice in 2019.
- Location of the practice was one of the keys to success of the practice. There were 7,000 to 8,000 cars per day driving past the sign and building.
- The goal of Veterinary Business Professors is to provide courses and tools for practice managers to run their business more effectively and efficiently.
- Most veterinarians do not have a deep knowledge of running many aspects of a business.
- Veterinary practices also need business knowledge specific to their business.
- Having common values and supportive leadership is critical to helping a practice thrive.
- Ask other people and clinics and ask for help and info about equipment, services, etc.
- Join a practice group if it is possible to help learn from and teach others.
- Lean heavily on your reps for knowledge from other clinics and trends in the business.
MEET ED FEGAN
Ed Fegan is the founder of Veterinary Business Professors, a company that provides courses, systems, and tools to help veterinary owners and practice managers better run the business side of veterinary medicine. Ed understands your business challenges, as he was in the trenches for 20 years as practice manager at multiple successful practices. Ed is married to Deborah W. Fegan DVM, who he met while going to Purdue University – Go Boilers! Prior to becoming a practice manager, Ed was a Captain in the Army Corps of Engineers, Director of Engineering for a material handling systems design-build company, and Vice President of Technology for a Card and Gift Store chain. He is a voracious reader and lifelong learner who is excited to bring the benefit of his experience to your business. Reach out to Ed today at veterinarybusinessprofessors@gmail.com.
