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As you have probably noticed, this issue of the Simmons E-Times has a new look.  Simmons has unveiled a new, revitalized brand logo and a new website this month !  Read all about it, and more, in this issue of the E-Times.

IN THIS ISSUE:

Simmons' New Look
SEF Awards $10,000 at WVC
Where you need to be in 2008
Don't let this happen to you!

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Simmons, the nations leading provider of veterinary brokerage services, unveiled a new, revitalized brand logoand a new website.  This announcement represents a significant milestone in the company’s history and further signifies the company’s dedication to the veterinary industry it serves. 

“Our new company brand conveys the strength associated with the Simmons name.” said Dr. Doyle Watson, Simmons’ President and co-founder. "The current logo has been reliable and distinguished - and we don’t want to lose those characteristics - but not as open and friendly as it could be.  The new clean symbol along with our name communicates a forward-thinking brand to our nationwide market.” 

Simmons’ new branding also includes a new tagline.
“’Your future ι our business’ is a simple expression that declares to veterinarians that whether one's future includes buying or selling a veterinary practice, Simmons is here to put our years of experience to work for you through the transition process.” said Dr. Watson. 

The bold, freshly designed website, www.simmonsinc.com, offers expanded functionality. 

• Searchable ‘Education Library’.  Users will be able to search industry related articles, check lists, speaker notes and other useful information.  Veterinarians can find the answers to questions from “Is my practice worth one year’s gross” to “How do I avoid practice purchase pitfalls”.
  Access speaker notes from a variety of topics presented by the Simmons’ advisors.
• SIM Roadmap allowing veterinarians to take a quick survey to get the right expert to contact them when buying or selling a practice.
• The site also provides listings of all Simmons’ practices for sale, calendar of events, meetings and speaking engagements.

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2008
National SEF Winner

This year at the Western Veterinary Conference in Las Vegas, NV, the SEF awarded Natalie Barrett, from Kansas State University, with the 2008 National Business Aptitude Award.

Natalie Barrett received $10,000 and the trip to the Western Veterinary Conference.  Natalie was selected from among the national candidates based upon her resume and her well-crafted solutions to the SEF Business Case Study.

“Natalie’s essay is really on point and specifically addresses the issues clearly with excellent insight.  She really gets it,” said Dave Gerber, DVM, a Simmons professional and SEF trustee.  “Her presentation is clear and concise with exceptional ideas and follow through.” 

The SEF was created to educate practitioners and students about the business of veterinary medicine.  To get the word out, the SEF reaches veterinarians through its various speaking engagements, seminars, newsletters, and other communication programs.

In 2007, the SEF awarded $1,500 to one veterinary student at each participating school in the nation through its Business Aptitude Award Program.  From these winners, one student was chosen to receive the $10,000 award based on their solution to the SEF Case Study submitted. In 2008, the SEF is proud to announce that the individual awards for each school will increase from $1500 to $2000.

 

Photo from L to R:  Dr. Dave Gerber, Simmons Northwest, Natalie Barrett, Dr. Sue Wiseman, SEF, Dr. David King, Simmons Southcentral, Dr. Byron Farquer, Simmons Pacific

For further infomation go to www.simmonsedfund.org

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Don't Let This Happen To YOU!

Dr. L was ready to purchase her first veterinary practice, now all she need was a loan. The practice was represented by a practice broker who gave her advice to use one of the well established practice acquisition lenders that he had used often in the past. These lenders are experienced and could get the loan closed in less than 30 days. Dr. L ignored the practice broker’s advice and instead took the advice of her neighbor, a mortgage broker, who told her she could get Dr. L the loan. 

Not only did Dr. L use her friend for a lending source but also as legal counsel and business advice. Four months and several promises later, Dr. L still had no loan. She was about to lose her earnest money deposit  when she finally took the advice on the experienced practice broker and called one of his recommended lenders. Two weeks later the loan was approved and Dr. L was in her new practice shortly thereafter. Even though the mortgage broker never delivered on the promised loan and in fact nearly caused the demise of the sale with poor and incompetent advice, she still billed (and was paid by) Dr. L for her services.

Moral of the Story:  Brokers who specialize in only veterinary practice sales and who have owned practices themselves are invaluable. Not only will they help to properly price the practice and locate qualified buyers, but also to negotiate the best price and terms, help to arrange financing, and shepherd the countless details through to closing. Simply put, they will know what needs to be done and how to orchestrate all parties so that it alls gets done. All of these professionals, working together, allow the veterinarian to keep doing what he or she does best---practice medicine.