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Dr. Link Wellborn, CEO of Veterinary Management Groups and Chief Veterinary Officer at Covetrus, joins Peter and Martin to talk through his five-decade career as an independent practice owner in Tampa, the origins of VMG, and the Covetrus acquisition that reshaped the organization's structure. The conversation covers the headwinds facing independent practices today, including impending excess veterinary capacity, affordability pressures, and the mid-level practitioner debate, as well as the case for AI as a practical tool for reducing administrative burden and improving practice efficiency. Dr. Wellborn also shares his model for supported ownership transitions, pairing seasoned owners with associate veterinarians who want to buy into small practices that corporate consolidators overlook.

Drs. Charlie and Andrea Benson, owners of Monarch Veterinary Clinic outside Chicago, share how they went from 10 years as associates to opening their own practice in under two years, with a nudge from Veterinary Ownership Advocates and a fast-moving search for the right building. The conversation covers how they divided responsibilities from day one, what surprised them most about managing people as owners, and how Andrea built a client base through hyper-local community engagement and social media before the doors ever opened. Charlie also walks through how he navigated a non-compete while still making himself findable to clients who wanted to follow him.

Dr. Rick DeBowes of Washington State University joins Peter and Martin to talk about what veterinary students are not learning in school and why it costs them, and their patients, more than they realize. DeBowes describes the hands-on business rotation he co-developed with economist Jeff Sanford, in which students spend five days inside a working practice analyzing compliance rates, unintended discounts, revenue by doctor, and the gap between the medicine offered and the medicine actually delivered. The conversation covers clinical communication as a foundation for revenue, the case for required business education at the COE level, and why DeBowes believes independent practice owners are better positioned than ever to compete, if they understand what they are actually selling.

What does it look like when someone is genuinely built for veterinary medicine and practice ownership from the very beginning? Dr. Lauren Anthony has been answering that question her whole life, from hiding in a petting zoo trailer at age three to rehabilitating beta fish in her dorm room to opening Atlas Pets in Frisco, Texas just three years out of vet school. In this episode, Dr. Anthony joins Dr. Peter Weinstein and Martin Traub-Werner to talk about the very intentional path she and her husband (and co-owner) Dr. Anthony took from vet school to opening day, including strategic associate positions, out-of-pocket CE investments, a CPA hired six months before they opened, and a deeply held belief that independent practice is where veterinary medicine gets its soul back. This one will make you want to rethink everything about how you're building your career. Show Notes Episode Guest: Dr. Lauren Anthony, co-owner of Atlas Pets, Frisco, TX In This Episode: Dr. Peter Weinstein and Martin Traub-Werner sit down with Dr. Lauren Anthony — one of the most intentional early-career practice owners they've encountered — to dig into how she and her husband opened Atlas Pets less than three years out of vet school, and why the independent practice model is so central to their mission. The Origin Story Dr. Anthony knew she wanted to be a veterinarian before she could spell the word — though she learned to spell it early and surrounded it with stick dogs. She grew up in Avon-by-the-Sea on the Jersey Shore, studied animal science at University of Connecticut (where she ran an unofficial wildlife rehab operation from her dorm room), and entered vet school already knowing she wanted to own. Meeting Her Co-Owner — At VBMA Dr. Lauren Anthony and her husband met through the Veterinary Business Management Association, already independently planning to own practices. Within a week, they knew they'd build one together. They were strategic about their associate positions from day one — she took a role focused on soft tissue surgery and internal medicine; he pursued orthopedics — each deliberately building the skill sets they'd need. The Transparency Conversation From her second associate position, Dr. Anthony was upfront with her employer about her ownership goals. Her boss — who was nearing retirement and majority corporate-owned — was supportive, helped her think through options, and ultimately encouraged her path. Her takeaway: more associates should have this conversation, and more owners planning exits should be having it too. Build or Buy? They built — but got lucky. The space they leased had already been retrofitted as an emergency veterinary hospital by a practice that was outgrowing it. Rather than spending their loan on construction, they put the money into equipment and the services they envisioned from day one. Risk Mitigation, Early Career Edition Dr. Anthony was strategic about minimizing student debt long before opening — choosing in-state tuition, establishing Texas residency before vet school, and encouraging her team members to do the same. She hired a financial advisor the day she graduated and brought on a CPA six months before opening. The CPA became their data-driven sounding board for every major financial decision. What Makes Atlas Pets Different Atlas Pets offers specialty-level procedures — TPLOs, soft palate surgeries, echocardiograms, advanced soft tissue — out of a family-owned independent practice, at a price point that reflects not having overnight staff or residency programs to fund. Both Drs. Anthony continuously invest in advanced CE, often paying out of pocket. They consult with specialists regularly (half their wedding party were specialists). They block an hour for surgical consultations. And they hire for motivation and values first, skills second. The Name Atlas is their horse.

Most practice owners know inventory is a problem. Few realize just how much it's quietly costing them. In this episode, Martin and Peter sit down with Emmitt Nantz, co-founder of Inventory Ally, to unpack why COGS is the most overlooked profit lever in veterinary medicine and why fixing it doesn't require firing anyone or seeing more patients. Emmitt also makes a compelling case that veterinary medicine is a service business first, and that practices winning long-term lean into client relationships, not just transactions. In this episode: Why COGS, not revenue or labor, is the biggest and most actionable profit leverHow most practices carry 30–40% more inventory than necessaryThe hidden opportunity cost: staff counting pills instead of delivering careOnline pharmacy as a complement to in-house inventory, not a replacementClient lifetime value vs. average transaction; the real measure of successThe Stethoscope & Spreadsheet Seven: Emmitt answers Questions #1 and #4Timestamps: 00:00 — Intro & welcome 00:53 — Emmitt's background: 20 years in vet med ops, Banfield, SmartFlow, IDEXX & Inventory Ally 04:25 — Breaking down the P&L: revenue, labor, and COGS 06:37 — The PE arbitrage opportunity and why COGS is the answer 08:53 — The emotional case for fixing inventory over cutting staff 09:43 — Inventory as an enabler of service, not the service itself 12:10 — Why practices over-order and the 30–40% excess finding 14:41 — Headwinds and tailwinds for independent practices 19:00 — The cost of inaction is getting exponentially higher 21:57 — The opportunity cost of staff time on inventory vs. client care 23:00 — Online pharmacy: complement, not replacement 26:52 — Does online pharmacy inflate your COGS percentage? 27:29 — It's not about the percent; it's about the dollar 30:30 — Client lifetime value vs. average transaction 32:25 — The Stethoscope & Spreadsheet Seven begins 32:54 — Question #4: What is your greatest joy in this work? 33:30 — Question #1: If not vet med, what would you have done instead? 37:31 — Emmitt's final thought: treat supplier relationships as partnerships 38:22 — Outro Mentioned in this episode: Inventory Ally · inventoryally.comVeterinary Management Groups (VMG) · myvmg.comSmartFlow (acquired by IDEXX) · Banfield Pet Hospital · Galaxy VetsNew episodes every two weeks. Supported by Veterinary Management Groups (VMG) · myvmg.com

He's the recently wrapped up president of the AVMA, a boarded radiologist who's been practicing teleradiology since the early 90s, and one of the most candid voices in veterinary medicine today. In this episode, Martin and Peter sit down with Dr. Michael Q. Bailey for a wide-ranging conversation about AI, radiology, and the economic forces squeezing both practices and pet owners. In this episode: Teleradiology from the early 90s to today and why the fundamentals haven't changedAI in veterinary radiology: why you must always keep a human in the loopHow AI bias works and why geography and breed matter more than you thinkThe biggest economic headwinds: student debt, supply costs, and public perceptionThe gold standard problem: when ideal care leaves patients with no care at allCommunication as the single best tool to reduce complaints and litigationWhat AVMA is doing, and being honest about what it isn't yet doing, for independent practicesThe Stethoscope & Spreadsheet Seven: Dr. Bailey answers Questions #5 and #6Timestamps: 00:00 — Intro & welcome 00:59 — Introducing Dr. Michael Q. Bailey, AVMA President & boarded radiologist 01:07 — His background: Queens, Rutgers, Tuskegee, Michigan State, Ohio State & Capitol Hill 02:43 — Martin asks the important question: Yankees fan? 03:44 — Radiology's evolution: from dunk tanks to digital to AI 04:40 — Teleradiology since the early 90s and why access to care still drives it 07:47 — Why vets must put their own eyes on every radiograph, even with AI 11:51 — AI bias explained: geography, breed, and what Stephen Hawking warned us about 12:49 — The biggest economic issues facing the profession 13:09 — Student debt, supply costs & the third-party payer problem 17:47 — Pet health insurance: Scandinavia has 70% coverage. The US has 4% 19:21 — The gold standard problem 21:49 — California graduates 8,000 lawyers a year. The US graduates fewer vets in two years 22:58 — Good communicators don't get sued. Good doctors do. Be both. 26:47 — What is AVMA doing to support independent practices? 29:57 — The Stethoscope & Spreadsheet Seven begins 30:37 — The $100,000 CT scanner story and what it taught him about risk 31:37 — Nia the Labrador Retriever; the lesson she taught without saying a word 34:20 — "Three years, and then you get parole" Mentioned in this episode: American Veterinary Medical Association (AVMA) · avma.orgAVMA Annual Conference — Anaheim, CA · July 2026Tuskegee, Michigan State & Ohio State Colleges of Veterinary MedicineNew episodes every two weeks. Supported by Veterinary Management Groups (VMG) · myvmg.com

What does it take to leave the comfort of corporate veterinary medicine and build something entirely your own? Dr. Mike Hanlon and Dr. Shelley Hanlon — co-owners of Olive Animal Hospital just outside Indianapolis — did exactly that. In this episode, they share the full story: meeting at a corporate practice, working out non-competes on opposite sides of the city, and spending two years quietly laying the groundwork for a practice they'd always envisioned. They talk about the team culture they were determined to build differently, the financial transparency they've baked into their client relationships, and why they chose a de novo startup over an acquisition. Oh, and somewhere along the way, they also got married and had six kids. Just a typical entrepreneurial journey. Show Notes Episode Guests: Dr. Mike Hanlon & Dr. Shelley Hanlon, owners of Olive Animal Hospital, Indianapolis, IN In This Episode: Dr. Peter Weinstein and Martin Traub-Werner sit down with Drs. Mike and Shelley Hanlon — a married couple, business partners, and the proud independent owners of Olive Animal Hospital. Two years in, they're already outgrowing their space. Here's what they covered: The Origin Story Mike and Shelley met while working together at a corporate consolidator practice — not as a couple, but as colleagues first. Shelley (Purdue '16) always knew she wanted to own a practice. Mike (Iowa State '15) had entrepreneurial instincts from vet school, including a stint with his own equine ambulatory practice. After eight years in corporate medicine, the culture deterioration that followed a key practice manager departure made their decision to leave easy. The Non-Compete Chapter Both had non-competes to honor. Rather than fight them, they each took associate roles on opposite sides of Indianapolis for two years — and used that time to build Olive's business plan, assemble their advisory team, and lay every brick before opening day. Building the Right Team Their first move wasn't hiring a lawyer — it was talking to a CPA, who sent them to a banker, who helped structure their entire advisory team. Their banker (experienced in de novo medical practice loans, not vet-specific) became their strategic anchor. References from local independent practice owners filled in the rest. Why De Novo, Not Acquisition They wanted to build the culture from scratch, not inherit someone else's problems. Olive was named as their "veterinary child" — and every decision around the practice reflects that intentionality. Their Practice Culture Mike and Shelley's complementary interests (he's surgical, she's internal medicine) make for a genuinely collaborative practice. Their mission: empower a team of veterinary professionals to learn and grow so they can deliver exceptional patient care and client relationships. People are placed in roles that fit them — no cross-training someone into a job they hate. Financial Transparency as a Practice Philosophy Prices are posted on their website. Costs are discussed openly at every appointment. When clients have financial constraints, the Hanlons work with them — spacing out care rather than presenting an all-or-nothing invoice. They've seen this trust-building approach pay off when clients need to say yes to bigger diagnostics later. The Future of Vet Med Shelley raised real concerns about the growing cost gap between what pet owners can afford and what medicine now costs — and what that means for veterinarian mental health. Mike reflected on the evolving models for vet school clinical education and what rising student debt means for the next generation of practitioners. Their Advice for Prospective Practice Owners If you're even remotely thinking about it — do it. Independent practice owners can offer competitive benefits, control their own culture, and deliver the kind of relationship-b

Running an independent veterinary practice takes equal parts courage and insanity. You carry the weight of the medicine and the weight of the business, often at the same time. This show is for the people who do that every day. In this first episode, hosts Dr. Peter Weinstein (the stethoscope) and Martin Traub-Werner (the spreadsheet) introduce themselves and lay out why they believe there is no better moment for independent practices to show their strength. Roughly 75 percent of companion animal practices are independently owned, yet corporates hold an outsized share of revenue and staff. With corporate consolidation hitting some headwinds, Peter and Martin make the case for a genuine resurgence of locally owned and operated practice. Along the way you will hear how a New York kid raised on All Creatures Great and Small became a California practice owner, and how a self-described business guy who started with lemonade stands at age eight went on to build VetSuccess, sell it to Vetsource, and launch the bookkeeping firm VetBooks. They dig into the bell curve of practice profitability, why owning a job is not the same as owning a business, and the idea that passion drives profit. The episode closes with the debut of the Stethoscope and Spreadsheet Seven, a set of rapid-fire questions every future guest will face without warning. Peter and Martin put each other in the hot seat first. This is the introduction. Future episodes will feature industry leaders and independent practice owners sharing their wins, challenges, and frustrations. If you would like to be a guest, reach out. We want to hear your story. The Stethoscope and the Spreadsheet is brought to you with the support of VMG.

What does an economist see when he looks at independent veterinary practice? In this episode, Martin and Peter sit down with Dr. Matt Salois, President of Veterinary Management Groups (VMG), for a wide-ranging conversation about where independent practice is headed, what's holding it back, and why the practices willing to be disciplined and intentional are the ones with the brightest future. Matt also tackles Question #3 of the Stethoscope & Spreadsheet Seven, and his answer might surprise you. In this episode: Why independent veterinary practices are far more sophisticated than they're given credit forThe two biggest headwinds: complexity and a shrinking margin for "good enough"The key tailwinds: speed, agility, and the ability to make decisions close to the point of careVMG's "Proudly Independent" initiative, shifting the conversation from fear to identity and strengthWhy the future of vet medicine will be shaped by productivity and execution, not chasing the next shiny technologyNavigating generational differences in a profession with five generations of vets, owners, and employeesVMG's mission to tell a bigger story about why independence in veterinary medicine is worth preservingTimestamps: 00:00 — Intro & welcome 00:47 — Introducing inaugural guest Dr. Matt Salois 02:01 — Matt's background: economist, recovering academic, and how he found veterinary medicine 03:06 — Why Matt's path into vet med was serendipity, not strategy 04:21 — Peter takes credit for bringing Matt into the profession at AVMA 04:43 — Matt's early career: chief economist for the state of Florida 05:13 — From Elanco Animal Health to AVMA to VMG 08:01 — How Matt came to lead VMG, and the phone call that started it all 10:29 — What VMG members are dealing with day to day 10:51 — VMG's role in one sentence: helping independent owners navigate complexity 13:16 — Where is the profession going? Unpacking the headwinds 16:04 — Complexity as the defining challenge of independent ownership today 20:56 — The tailwinds: why independent practices have real competitive advantages 23:31 — Independent practices start from a higher bar than most businesses and don't get enough credit 23:51 — VMG's "Proudly Independent" initiative: from defense and fear to identity and strength 26:05 — Navigating five generations of vets, pet owners, and employees simultaneously 27:25 — On generational divide: humility, adaptability, and letting go of "the right way" 30:04 — What Matt is most excited about at VMG 30:47 — VMG by the numbers: nearly 2,400 member practices and growing 31:11 — Helping members become stronger operators and leaders, not just connected peers 33:20 — Technology, AI, and why execution matters more than innovation 34:56 — It's still about the people; technology is adjunctive 35:20 — VMG's mission to tell the story of independent veterinary medicine 36:18 — The Stethoscope & Spreadsheet Seven: Matt picks Question #3 36:56 — What keeps Matt up at night? Ideas, and a whole lot of gin and club soda 40:24 — Closing reflections from Peter and Martin 43:16 — Outro Mentioned in this episode: Veterinary Management Groups (VMG) · myvmg.comAmerican Veterinary Medical Association (AVMA)VMG's "Proudly Independent" initiativeNew episodes every two weeks. Supported by Veterinary Management Groups (VMG) · myvmg.com