Navigating Veterinary Law with Peter Tanella - The Evolution of Veterinary Transactions

EP 002

In this episode, Bill Murray interviews Peter Tanella from Mandelbaum Barrett, a law firm specializing in veterinary transactions. Peter, an attorney with deep roots in veterinary law, shares his insights into the ever-evolving landscape of practice sales, including the differences between corporate and private transactions. They discuss how trends in ownership are shifting, as well as the importance of understanding legal and cultural nuances when entering or exiting a veterinary practice.

A key part of the discussion centers on the value of setting realistic expectations and building a strong advisory team. Peter advises veterinarians to prioritize cultural fit and alignment with potential buyers to ensure long-term success. His expertise in veterinary law offers listeners a clearer understanding of the complexities involved in practice transitions, making this episode a must-listen for those considering a sale or partnership.

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• Takeaways

  • Mandelbaum Barrett offers a full-service approach to veterinary law.

  • Understanding the value of your practice is critical for a successful sale.

  • Cultural fit is just as important as financial considerations in practice sales.

  • Setting expectations early on can lead to smoother transactions.

  • A strong advisory team is essential for navigating practice sales.

  • The veterinary industry is seeing a shift back to private practice transactions.

  • Startup practices are becoming more common in the veterinary field.

  • Corporate deal structures have become more complex in recent years.

  • Associates play a crucial role in the value of a practice during a sale.

  • Planning for post-sale transitions is vital for both sellers and buyers.

• Chapters

  • 00:00 Introduction to Full-Service Legal Practice

  • 08:00 Navigating Transactional Work in Veterinary Medicine

  • 10:57 The Shift in Corporate Deal Structures

  • 13:52 Cultural Considerations in Veterinary Transactions

  • 16:56 Building a Strong Advisory Team

  • 19:56 Preparing for Practice Sale: Key Considerations

  • 22:49 Advice for Sellers: Valuation and Expectations

  • 25:48 The Importance of Timing in Selling a Practice

  • 29:01 Personal Reflections and Future Aspirations