Page 36 - Traditions Policies and Procedures

o Standard transaction takes 3-6 months to complete. 3 months is pretty good. 6 months
means someone typically make it difficult. Brokers sometimes make things more
difficult. It would probably be better to find a place not represented by brokers.
o Since we are not practicing ourselves.We would be best served to keep the original
doctor stays in transition, at LEAST one year so it’s not so sudden.
 Financing:
o Bank of America and Wells Fargo are going to REQUIRE liens. They are too old school
and structured. They are way too conventional NOT to ask for liens.
o First Command, Live Oak, and Calico can probably do the deals without liens.
 Pathway Partners (in DFW) is Darrin Nelson (previously with Trupanion) and Shawn McVey all
with VGP (buying group I am involved with) Zoetis and MWI involved too. It’s over 2,000
practices in a VERY SHORT time. Gary is not sure how all of these big players have got in bed
together. There are BIG names in this group.
o Others coming to market place are using investment capital and want to buy the BIGGER
practices. All of these entities are looking for bigger practices than we want. They want
more meat on the bone and less risk. Buying a one doctor practice is very risky because
of how much it will change. It’s even more risky with the owners of these entities are
NOT vets. They don’t know what the heck to do when there is trouble. We do.

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