Winter 2015 - Profitable Practice

REVIEW OF FIFTEEN DOGS
SCOTIABANK GILLER
PRIZE WINNER
ESTATE AND
WEALTH PLANNING
PUBLICATION MANAGEMENT AGREEMENT #41073506
A HELPFUL RESOURCE FOR YOU AND YOUR PRACTICE
BACK ISSUES AVAILABLE ONLINE AT PROFITABLE-PRACTICE.COM/MAGAZINE/VETERINARY
WINTER 2015
VETERINARY EDITION
GOATS:
WHO KNEW?
PROFITABLE PRACTICE
WINTER 2015
EDITOR’S PAGE
ROI Corporation Brokerage
PUBLISHER
ROI Corporation Brokerage
is Licensed under
the Real Estate and
Business Brokers Act,
2002 (REBBA).
James Ruddy
Goats, Cheese And
Content Notes
by James Ruddy
EDITOR
Karen Henderson
10 |MORE ABOUT GOATS
Goat Illustration And
15 Facts About Goats
MANAGING ASSOCIATE EDITOR
Natalia Decius
PROJECT MANAGER
JAMES RUDDY
2 |FEATURE INTERVIEW
Orin Litman
WITH MANAGING ASSOCIATE EDITOR
FULLCONTACTMARKETING.CA
Graham Ruddy
11 |FEATURE INTERVIEW
Debbie Nightingale
Haute Goat Farm
EDITOR’S ASSISTANT
AND ILLUSTRATOR
WITH EDITOR
HOW TO REACH US
5 |PRACTICE MANAGEMENT
Thinking Of Selling?
A Common Misconception
Of Sellers – Episode #1
JON J. WALTON
6 |BOOK REVIEW
Fifteen Dogs by André Alexis
13 |CANINE TECHNOLOGY/EXERCISE
Dog Powered Scooter/Trike
KAREN HENDERSON
KEN GOLDSTEIN
9 |MORE ABOUT GOATS
Goats: Who Knew?
GRAHAM RUDDY
[email protected]
1155 Indian Road,
Mississauga, ON L5H 1R8
15 |LEASE ADVICE
Estate And Wealth Protection In
Your Veterinary Office Lease
JEREMY D. BEHAR
SUBSCRIBER SERVICES
[email protected]
1-888-764-4145
PERMISSIONS
REVIEWED BY KAREN HENDERSON
7 |STAFF MANAGEMENT
How To Use Behavioural Profiling
(Disc) For Effective Recruitment
And Retention
LETTERS TO THE EDITOR
[email protected]
16 |FEATURE INTERVIEW
Lynn Johnston
WITH MANAGING ASSOCIATE EDITOR
19 |MONDAY MORNING MILLIONAIRE
How And Why I Bought
A Model S Tesla
DR. MILAN SOMBORAC
21 | S
ubscription Information
And More
Back Issues of Profitable Practice Magazine are available at:
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Goats and goat products
This issue features an interview with
Debbie Nightingale and her husband
Shain Jaffe who own and operate HauteGoat, a farm that produces goat milk and
goat products. While goat farming is not
new to Ontario, it is on the rise. More and
more farmers (large and small) and entrepreneurs are turning to the production of goat
milk and goat products—in particular—goat
cheese. Cheese fairs across the country
have a significant percentage of goat cheese
available for purchase. Much of it is locally
grown and often the cheeses produced are
classified as an artisan variety with new
flavours and production techniques occurring with regularity. Many of the fromageries
in Quebec have well-established reputations
for producing fine goat cheese.
Graham Ruddy, in his article
Goats:Who Knew? explores the growing
awareness and importance of goat farming
and goat products by both consumer and
producers across Canada.
This publication complies with the Canadian
Advertising-Editorial Guidelines and is
published by ROI Corporation Brokerage
for educational, marketing and informational
purposes only. Our contributors are seasoned
professionals who have agreed to share their
advice in Profitable Practice and some of them
partially fund this publication designed to
provide our readers with timely information
about industry news, analysis and stories
in support of the veterinary profession
across Canada.
profitable-practice.com
Ken Goldstein informs readers on the
benefits of behavioural profiling when
professionals are adding staff to
their practices.
Karen Henderson reviews Scotiabank
Giller Prize winner Fifteen Dogs by Andre
Alexis. Karen also provides an account of
how dogs are used to power scooters.
Feature interviews
•
Orin Litman, the award winning CEO
of VetStrategy. Dr. Litman owns, operates and shares in the management of 34
veterinary practices in Canada.
He explains some of the details of
VetStrategy’s corporate approach to
the provision of veterinary medicine.
His interview can be found on page 2.
•
Lynn Johnston is the artist, cartoonist
and creator of the Syndicated Strip
For Better or For Worse©. She is also the
creator of Farley, The English Sheep
Dog/Mascot of The Farley Foundation.
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Neither author nor publisher accepts any
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indirectly, by the information, ideas, opinions or
other content in this publication.
Dr. Milan Somborac provides another
chapter of his Monday Morning Millionaire
series on the benefits of managing your own
investment portfolio. He will be publishing,
in the next year, a second edition of
Monday Morning Millionaire. Clients of
ROI Corporation, Brokerage will be
able to obtain a free copy by contacting
[email protected].
Content notes
Jeremy D. Behar outlines and explains how
to negotiate your lease agreement to ensure
you have the proper estate and wealth protection.
Jon J. Walton provides Episode #1 of the
common misconceptions veterinarians have
about selling their practices.
Things to remember: subscription
information can be found on the inside
back cover of the magazine. Profitable Practice
encourages our readers to send us comments and suggestions; if you would like to
write for us or have a story to tell, contact:
[email protected].
For back issues of the magazine go to
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/veterinary.
PROFITABLE PRACTICE
1 |EDITOR’S PAGE
Goats, Cheese And
Content Notes
James Ruddy
James Ruddy is the Editor of
Profitable Practice Magazine
and can be reached at
[email protected].
1
FEATURE INTERVIEW
Feature Interview:
Orin Litman
Your site says you want to grow in
three ways; the first is through acquisition,
which is pretty straightforward.
The second says you wish to partner
with veterinarians who want to step
back from the administrative side of the
business. How does this work?
With Managing Associate Editor
I want to stress that we ‘do not take over a practice’ in the
manner that everyone would expect. Every practice is different
and we respect the heritage of each practice.We don’t walk in
and try to change the practice—their pricing policy or their
positioning in the marketplace. The clients are used to their
veterinary practice and we want to ensure that the human
clients stay happy. We provide value by taking the administration out of the hospital and allowing the staff to focus on
patients and clients.
PROFITABLE PRACTICE
As far as partnerships go, we recently acquired a majority
share in a group of eight practices in Atlantic Canada, the
Halifax/Dartmouth area. A few years ago they had amalgamated into a single corporation—there were ten owners
involved in the corporation. For a number of reasons, seven
out of the ten were at the point in their careers where they
were ready to move out of ownership; three wanted to stay
involved. The real benefit to them is they no longer have to
deal with the back end of the business… they are still owners but can now concentrate on caring for their patients and
clients. They are leveraging our management and operating
systems; backend jobs like payroll, marketing and accounting
moved to our head office.
2
VetStrategy partners with and manages companion animal hospitals and currently owns
34 practices across Canada. Orin Litman, the
Co-founder and CEO of VetStrategy, agreed to
answer the following.
Please tell us why you started
VetStrategy; what was it you were
seeing in the veterinarian industry
that pushed you in this direction?
First of all, my wife Dr. Michelle Cutler is a veterinarian.
She graduated in 2000 and was working for The Annex
Animal Hospital in downtown Toronto with Dr. Bernie
Caplan, whom we grew to know very well.
At the same time I was working for the Katz Group,
which owned IDA, Medicine Shoppe, Rexall and
Guardian Drugstores. Dr. Caplan kept saying that we
needed to get new people into the veterinary business to ‘help us help ourselves’. As a result of ongoing
conversations, I started to study the veterinary industry.
There had been quite a bit of practice consolidation
happening in the UK and the United States, but very
little in Canada.
As I was doing my research, my partner Jon Shell and
I stumbled across a case study from Harvard Business
School about an organization called Pet Doctors in
the UK. At the time I believe they owned 18 practices.
We emailed Garret Turley at Pet Doctors with whom
we ended up spending several days learning about his
business. Garret was extremely encouraging about the
concept, and he volunteered to help us avoid the mistakes he had made, which we, of course, subsequently
made anyway.
After returning to Toronto, I asked Bernie Caplan if he
knew of any practices for sale. He did and within three
months I had quit my job and became the receptionist
at McLean Animal Hospital. My wife had just had our
first baby, was on maternity leave and here I was working
in a clinic with no clue what to do! And that was really
how the whole thing started.
It says on your website that you are
the largest 100 per cent Canadian
owned company in this business; are
there others who are not Canadian?
Yes, the largest group is called VCA - Veterinary Centers of America and Antech Laboratories. They own
practices throughout Canada and the US.
We are able to provide a lot of value to a partner. By now, we
have encountered virtually every problem that exists in this
business and have catalogued the solutions to these problems.
Our approach is not to implement all of these solutions at
each practice. Rather, we look at it as having a toolbox, and
if there is a problem or an opportunity in a practice, we can
access the solution and implement it.
The third way you grow is by helping
an associate buy into his or her practice.
Please explain.
We often see associates who would love to be owners but
may not be able to afford it. Or maybe they can afford it but
don’t have confidence in their ability to manage a practice
with a sizeable staff and all the financial requirements by
banks, government remittances, marketing etc. So we will
either facilitate an associate buy into the practice or bring
the associate along to the point where they can assume an
ownership position along side us.
Do you look for specific types of practices to acquire, or will you consider any
practice that is for sale?
Generally a practice needs to be a certain size, especially if we
are going into a new geographic area. We prefer the practice
has at least three veterinarians because things happen in life
that may take a veterinarian to a new province or part of the
world. If that were to happen, you could still get along with
Orin Litman
two veterinarians until a third can be found, so the clients can
be serviced properly.
Do clients notice if you have purchased
‘their’ practice?
We leave it up to the owner whether they want to make an
announcement. If they do, we have a communications plan to
manage the message and work closely with the staff to ensure
clients know what the implications of the change in ownership are. However, many times the owner prefers that we do
not make an announcement. In these cases, clients generally
do not notice. Changes are made gradually; we may do some
equipment upgrades, a fresh coat of paint, maybe a new sign.
You claim your business model enhances
staff retention. How so?
One of the great things about our organization is that we can
provide great opportunities that allow people to grow in their
careers, which they may not be able to do if they were
to stay in the same job in the same practice. For example,
someone might want to become a practice manager, but
there is already one in the clinic, so there is no place for that
individual to go. We will move people among a group of
clinics, or even to another part of the country so they can
advance their career. In fact we advertise positions available
throughout our network.
Most of our home office is made up of people that came
from practices we acquired. We have bookkeepers, operations
directors, transitions staff, and others who in both places were
able to take advantage of opportunities that constantly arise
in our organization.
What role does your corporate medical
staff play?
My wife Dr. Michelle Cutler is our national medical director.
Her role is to coordinate and facilitate continuing education
within the practices. She also manages our vendor relation3
PRACTICE MANAGEMENT
What are you most proud of?
I certainly am proud of the wonderful care we provide our
clients and their pets, but I will say I am most proud of our
people. We will take technicians right out of school and train
them to the point where they can assume a senior management role if desired. Our head office is filled with people
who have moved from our clinics for new opportunities.
People are no longer leaving the industry the way they used
to, because organizations like ours can provide so many more
opportunities.
You are a busy, focused individual. What
do you do to recharge?
I have three boys who are ten, eight and five. We like to go to
the cottage and water ski; we play hockey where I am involved
in coaching. The interesting thing about working with my
wife is that we get to go on medical director tours of our
practices. The most recent was a trip out west with the whole
family where we visited practices in Victoria and Alberta and
were able to see several parts of this beautiful country.
Do you have animals?
Yes, at the moment only one dog but there has always been
animals in our house and always will be. It’s just a matter of
how many at any given point in time!
Do you have anything else you would like
to add?
At the end of the day we can provide liquidity for veterinarians and do deals quickly and effectively. We add value to our
hospitals by relieving them of the burden of administration,
allowing the staff to focus on what’s important—treating
patients and interacting with their owners.
How well known are you? How do you
get the word out about VetStrategy?
We are present at all the industry events and trade shows.
We have two full time development officers who meet with
veterinarians across the country. I would say that if you were
in the industry, there is a good chance you have at least heard
of us.
It’s time to switch gears and learn more
about you. One thing I read was that you
were selected a finalist for the Ernst and
Young Entrepreneur of the Year for 2014.
How does that make you feel?
Of course it’s validation and recognition, but for me it’s an
individually focused award. It’s unfortunate that the award is
not for Entrepreneurial Organization of the Year, which in
my case is probably closer to the truth. It makes me proud of
the organization I have built.
4
Orin Litman
Orin Litman is co-founder and CEO of
VetStrategy and is in charge of acquisitions,
real estate, and development. Prior to becoming involved in the veterinary industry, Orin
worked with Katz Group Canada where he
was involved in franchising, acquisitions,
real estate, and development. He was also
a member of the LEADE R Entrepreneurship
Program and has been involved in management consulting where he has focused on
alternative energy and professional spor ts.
Orin also holds an MBA from the Ivey Business
School at the University of Western Ontario and
can be reached at [email protected].
Thinking of Selling? A Common
Misconception of Sellers - Episode #1
by Jon J. Walton
Editor’s Note: This is Episode #1 concerning
common misconceptions practitioners have about
selling their veterinary practices. From time to
time, Profitable Practice will publish additional episodes by the author.
“WE CAN WRAP THIS UP
QUICKLY”
Making the decision to sell your business is one of the
biggest decisions you as a practitioner will make in your
professional career. Many sellers take years pondering
their own personal “right time” to sell. Often what
pushes them over the edge is a series of events that
weigh on them emotionally; whether it is compassion
fatigue, staff issues, an ever-changing industry or a combination of many things that causes them stress.
Suddenly and abruptly, a seller hits the proverbial “brick
wall” that many marathon runners experience. It is time
to sell, and the end cannot come soon enough.
What many owners fail to realize is the full extent the
sale of a practice is a process. It takes planning and time
if owners wish to achieve the highest sale price and
reduce or eliminate any future liability.
Generating an offer that is acceptable to you, the vendor is only the first piece of the puzzle. To be successful,
a practitioner must market his/her practice properly,
generate interest, weed out the tire-kickers and release
appropriate amounts of information when needed—
while withholding other facts for the due diligence
stage.You as the practitioner should not give out your
“secret sauce” recipe for practice success to every
potentially interested purchaser who comes knocking.
Finally, when the pool of buyers is down to one candidate who will be able to see the sale through to the
end (after some back and forth negotiations) and you
settle on an agreement to purchase that both parties are
satisfied with.
Congratulations, you have now conditionally sold your
business, and the heavy lifting is over—right?—well
not so much. This is a common misconception seller
practitioners may have. In all actuality, the work has just
begun and the next few months will likely be a test for
them emotionally.
Unlike an offer made on a house in a competitive market, an offer to purchase a business in a similar market
will almost certainly have multiple conditions in place.
An offer that is considered “clean” is typically conditional upon:
1. Financing
2. Due Diligence
3. Lease transfer and negotiation of the facility
As a vendor, you have to understand that waiving
conditions in the sale of a practice takes time. It is not
feasible to waive these conditions in say, one week.
It can in fact take months depending on how organized
and prepared the seller is. Remember, it is not simply
the purchaser who is examining the business, but also
his/her team of advisors that includes a bank official,
an accountant, a lawyer, and so on.
As many veterinarians have never owned a practice
before, or because of the consolidation now evident in
the practice sales market, have owned many practices,
the different levels of buyer sophistication are great.
This means that as a vendor, even when your practice
is sold conditionally, you will need to properly assist
the buyer and that buyer’s team in a very timely manner and answer a lot of questions. There will be many
questions and they will vary in their complexity. Also
the seller will likely be asked about a business plan that
enhances the buyer’s likelihood of success in the future.
All of this can be a long process—but it is prudent that
you the vendor and your advisory team keeps the buyer
motivated and excited over these months to ensure the
transaction stays on track and closes properly. A buyer
not being properly prepared to deal with an emotional
seller and that seller’s team is one of the leading factors
causing a conditionally sold practice to fail.
The sale of a business is not a process to be taken
lightly.You as the practitioners have worked long and
hard and cannot afford to take your foot off the gas
when the end is in sight. Any veterinarian contemplating a move or at the end of their career should get
what he/she deserves for his/her practice. Be properly
prepared, and have expectations of timelines and emotions in check.
Bottom Line:This is the first episode of a series by the author
of common misconceptions veterinarians have when it comes to
selling their practices.
PROFITABLE PRACTICE
ships, so if there are new products coming on the market, or
there are new services or diagnostic tests that are becoming
commonplace, she ensures that everyone has access to all
these developments. She interacts closely with a team called
the Clinical Review Committee, which has a representative
from every one of our operations. Once a year they meet to
talk about the following calendar year—what they want to
learn about, products they want to focus on and so on. My
wife will then get in touch with the required experts and do
the required research to enable the yearly plan to move ahead.
It is then the responsibility of the individual committee
members to take all this back to the staff at their own clinics.
Jon J. Walton
Jon J. Walton is a national sales
representative at ROI Corporation,
Brokerage and is one of the directors
of the Hamilton Academy of Veterinary Medicine. He can be reached at
519.829.5953 or [email protected]
5
BOOK REVIEW
STAFF MANAGEMENT
Fifteen Dogs
by André Alexis
Winner of the
2015 Scotiabank
Giller Prize
How To Use Behavioural Profiling (Disc)
For Effective Recruitment And Retention
by Ken Goldstein
Reviewed by Karen Henderson
6
The author calls Fifteen Dogs an apologue. According
to Wikipedia, an apologue or apolog (from the Greek
ἀπόλογος, a “statement” or “account”) is a brief fable
or allegorical story with pointed or exaggerated details,
meant to serve as a pleasant vehicle for a moral doctrine
or to convey a useful lesson without stating it explicitly.
Unlike a fable, the moral is more important than the narrative details. As with the parable, the apologue is a tool
of rhetorical argument used to convince or persuade.
The story begins when two drunk Greek Gods sitting
in a Toronto tavern decide on a wager: Hermes and
Apollo will grant human intelligence to a random
group of animals, and if even one of them is happy at
the moment of death, Apollo would owe his brother a
year’s servitude. “Human intelligence is not a gift. It’s
an occasionally useful plague,” says Apollo. “No,” says
Hermes, “Intelligence is a difficult gift, but it
brings happiness.”
So they randomly give human consciousness to 15 dogs
boarded in a veterinary clinic nearby, and the novel
unfolds from there, following the lives of these 15 until
their deaths, an emotional road to follow, but also a
most rewarding, learning journey for a dog lover.
Three of the dogs choose to stay at the clinic; the
remaining 12 set out in complete confusion, drawn to
the smells of the Toronto lakeshore. Of course there
is trouble from the moment the dogs are free; where
were they, and who would lead them? Their inability to
adopt the ‘gift’ of human intelligence led to the deaths
of several dogs, killed by the others because they are
‘too human’ and do not fit into a pack mentality. More
are poisoned or killed by cars, until we end up following the last two, Majnoun and Prince, the poet.
Majnoun develops an almost human relationship
with his owner Nira; they talk together, read together,
watch movies together. When she fails to return from
a weekend trip, the dog is utterly lost. He reverts to his
‘doggedness’ in that he sets up a vigil, absolutely sure
she will return. The author writes: No dog could have
doubted or misunderstood Majnoun’s resolve or the depths
of his longing. They all knew what it was like to wait, and
every once in a while, one would join Majnoun, silently sitting at a slight remove, sharing his task as a mark of respect.
Heartbreak for humans.
During this time he asks himself many questions, but
two stand out: What would it really be like to be human? Ultimately something impossible to answer, but
to only speculate: To be unable to distinguish the smell
of snow in winter from the smell of snow in early spring?
He also asked himself what it meant to be a dog, and
what was he, really? More heartbreak, caused by those
thoughtless, interfering Gods.
The book ends with Prince, the poet, the dog who became so enamored of language that he feared his death
would end the existence of his work and language.
A note on the text: The poems in Fifteen Dogs are
written in a genre invented by Francois Caradec for the
OULIPO. It was invented after Francois Le Lionnais, a
founder of the group, wondered if it were possible to
write poetry that has meaning for both humans and animals. In Fifteen Dogs, each poem is what Caradec called
a ‘Poem for a dog’. That is, in each poem the name of a
dog will be audible – to the listener or to the dog – if the
poem is said aloud, though the name is not legible.
For instance, the name of Prince, the poet dog himself,
can be found here:
Longing to be sprayed (the green snake
writhing in his master’s hand),
back and forth into that stream –
jump, rinse: coat slick with soap
(continued on page 21)
Every time that I meet someone, inevitably the
subject of what I do comes up, and I let him
or her know that I am a Behavioural Profiler
(CPBA). They quite often respond with the same
two questions: Are you like the guys on Criminal
Minds? Are you profiling me now? Obviously
they have some sort of notion that all profiling is
like what they see on television, so this becomes
their perception.
How often when you are hiring a new employee do
you make the decision whether or not to hire based
on your perception that they are who they say they are
in the interview? Can you tell just by talking to them?
Behavioural Profiling as part of your hiring process can
help affirm what you felt, heard and observed during
the interview.
Behavioural Profiling (DISC) will help you understand how people consistently behave. A person’s
behaviour is a fundamental, ingrained and important
part of who they are.
Have you ever had the experience that someone you
had hired turned out to be completely different on
the job than they were in the interview? You needed
a team player and got someone who just could not
work as part of a team? You needed someone who
had attention to detail and you got someone who
was all over the map? Did you wonder why it did not
work out? If you have had this happen, you are not
alone.
Behavioural Profiling can also help you identify what
kind of employee you need and want for a particular
position in your practice.
PROFITABLE PRACTICE
PROFITABLE PRACTICE
The last book I reviewed for Profitable Practice
about dogs had me weeping all the way through it.
I was hoping this one would be different—and it
was. I got to be inside a dog’s body, head and heart,
and although there were some tough times, it was
a revelation.
7
MORE ABOUT GOATS
Here are some basic traits that
Behavioural Profiling will help to identify:
Goats: Who Knew?
1. Some people need individual success; some need to be
part of a team.
2.Being around people and action energizes some people;
by Graham Ruddy
being alone energizes others.
3.Some people need time to finish a task completely be-
fore moving on to a new task; some people need many
and varied tasks going on at the same time.
4.Some people need rules and regulations; some people
need to always find ways to work outside the rules.
Research has consistently shown that behavioural traits
can be grouped together into four styles. These styles measure Dominance, Influencing, Steadiness and Compliance,
thus the acronym DISC. People with similar styles tend to
exhibit specific types of behaviour common to that style—
that is just who they are.
Goats are a part of a trend toward do-it-yourself (DIY)
farming initiatives. DIY farmers can be anyone with
a small parcel of land who is willing to produce the
things they consume. Their goal is to create a healthy
cycle of resource consumption and knowledge based
on organic production and sustainability. To re-iterate,
they want to know where their food and goods come
from and how they are produced.
There are many Behavioural Profiling tools available. I
prefer to use the DISC Assessment, which produces a
comprehensive multi-page report about the candidate,
based on answers given by the candidate, to be used as part
of the hiring process. The DISC assessment highlights the
potential hire’s value to your practice, how to and how not
to communicate with them, and what kind of environment
they will flourish in, amongst other variables.
The Behavioural Profile model, using DISC, analyses behaviour styles or patterns. There is no right or wrong, good or
bad Behavioural Profile. The profile that will fit the best will
depend upon the position itself and the culture within the
practice.
Once you understand a person’s Behavioural Profile it will
help you to decide, skill sets aside, (Behavioural Profiling
does not measure clinical or skill sets), if they will integrate
successfully into your office and the position they have
been hired for.
Behavioural Profiling can also be an effective tool for use with
existing employees as part of team building or help with goal
setting and performance reviews. It should lead to better and
more effective communication.
Positively understanding and valuing yourself
and your staff ’s wants and needs should lead to a
successful and sustainable practice.
Whatever your process for recruitment and retention of
staff, make sure that it is done consistently regardless of
the position.
The financial effect of a bad hire, the negative impact on
patients and on existing staff should always be considered
when hiring. Nothing happens in a vacuum. I encourage you
to use all the resources available to make the right hire.
Successful practices make successful practices!
Bottom Line: One of the most challenging tasks you as a practice
owner have is to hire the right person for your health care
practice. Slow down, decide which human resources assessment
tool(s) you will select and use them consistently.Your team will
thank you.
Ken Goldstein
Ken Goldstein is the Founder and Managing
Director of the Goldstein Group. He is a Cer tified Professional Behavioural Analyst who uses
Behavioural Profiling as par t of his People
Management Solutions consulting organization.
Email: [email protected] www.gcentric.ca
8
The growing interest and awareness of food culture has many people joining movements that advocate a back-to-our-roots way of life. Often these
movements incorporate sustainable living through
small farming operations and people producing
their own food. Goats for centuries in many parts
of the world have been a major part of the daily
process of providing for human needs and wants.
Recently North Americans have recognized or have
renewed their interest in goats as an easily attainable
source of protein and dairy products. Goats do not
need huge enclosures and though they are herd animals
their sociable nature can be satisfied simply by having
just two animals. Their milk cycle is larger than that of
a cow and a healthy animal from most of the popular
domesticated breeds will produce between two and
four litres of milk daily. For individual production or
for small farming, goats appear to be a sustainable
option when it comes to providing fresh milk on
the table everyday.
In addition, goat milk can be transformed into an assortment of dairy, medicinal and beauty products that
have become highly desirable in many western spas,
gourmet shops and marketplaces. Smaller goat op-
Opinions and perspectives are constantly changing…
what is right and what is wrong when it comes to
healthy lifestyle choices? More and more of us are
becoming aware of the value and role goats have had in
many cultures. Who knew that goat meat is the number
one consumed meat in the world and that countless
millions of people drink goat milk daily? As the western world continues to learn of the value of goats and
goat products, changes will be made in many industries,
including our current animal product industries.
Goats may be the cure to certain dietary tropes that
are negatively impacting human consumption and the
well-being of the planet. If more farmers (large and
small) chose goats as a mainstream form of resource and
production in the west—handled correctly—it could
be a large step forward to a healthier way of life for
everyone.
Bottom Line: An account of the importance of goat farming
and the related manufacture of goat products and how it may
be beneficial to our society.
PROFITABLE PRACTICE
erations tend to produce commercial products more
organically and with sustainability in mind. Many
consumers want to know that a product comes from a
source that cares for its animals and resolves to lessen
the impact on the environment. These consumers are
loyal to products and brands that have been produced
this way and are less likely to purchase products from
big box stores. Many of these products are only available online or at the production site.
Graham Ruddy
Graham Ruddy is an illustrator and
editorial assistant for Profitable Practice
who has been involved in TV production,
animation and commercial sound design.
9
MORE ABOUT GOATS
FEATURE INTERVIEW
Debbie Nightingale
Haute Goat Farm
Goat Illustration And
15 Facts About Goats
with Editor
Popular Varieties of Goats
Top Left: Toggenburg
Top Right: Boer
Bottom Left: Anglo Nubian
Center Bottom: Argentata Dell Etna
Bottom Right: Saanen
10
15 Facts About Goats
1.Goats were the first animals to be used for milk
by humans.
2. There are over 210 breeds of goats in the world.
3.There are approximately 450 million goats around
the world.
4.Goats were first brought to America by Columbus
in 1493.
5.Goats do not eat tin cans, clothing or garbage, but
are selective eaters when provided with a wellbalanced diet.
6.Goats are bovines and are closely related to cows
and antelopes.
7.The natural life expectancy for goats is around
8 to 12 years and in some cases, goats can live
over 15 years.
8.Vomiting in goats is almost always due to
remnants of gill slits that mammals shared somewhere back down the evolutionary tree.
10.Goats are one the cleanest animals and are much
more selective feeders than cows, sheep, pigs and
even dogs.
11. Goat milk is higher in calcium, vitamin A and nia-
cin than cow milk.
12. Goat meat is lower in fat and cholesterol compared
to beef, pork, mutton and poultry.
13. China has the most goats (over 170 million).
14.Boer goats are considered the leading meat breed
in the U.S. today. Mature males can weigh between
260 to 380 pounds and the females may weigh
between 210-300 pounds.
15.The pharaoh Cephranes thought so much of his
goats that he had 2,234 buried with him.
poisonous plants.
9.Wattles are those little tufts of hair that covers the
skin that dangles from the throat of some goats.
Wattles serve no function and are thought to be
Source and for more interesting facts about goats go
to: https://www.famu.edu
Debbie Nightingale and her husband Shain Jaffe
started Haute Goat in December of 2013. It was
an adventure for both of them to leave family,
friends and familiarity behind for a country lifestyle, which they both love. Their company farm
is based on the production of Nigerian Dwarf
Goats and is located in Cambellford, Ontario.
Their company produces and sells goat cheese
chocolates, goat milk salted caramels, raw goat
milk soap, balms and creams. Together they came
up with a business plan that works, they continue
to set long term goals and much of their time is
spent marketing their products and doing research
to produce new and original goat products to sell.
Debbie agreed to answer the following.
Your story (or journey as it may be)
of leaving Toronto to come to Campbellford and start Haute Goat has
been documented in the Toronto Star,
The Globe and the National Post. Can
you give us a summary of how Haute
Goat came about?
We love our goats and we love to talk about our goats.
And we love the milk they produce (6 per cent BF or
higher—which is the highest of all the goat breeds and
utterly delicious). So we looked into starting a goat
cheese venture. As we got further into the research it
soon became clear that the costs were going to be well
over $1M. As a result, we looked at other ways to start a
‘goat’ business. I’d been making a hand, foot and cuticle
cream from the milk that had already been fairly successful. We looked at doing other premium goat milk
products—both edible and non-edible products like
skin care lotions. We launched at the Gourmet Food &
Wine show in December 2013 and had a very positive
reception. We’d found a unique spot in the marketplace.
And—it seems everyone loves goats!
PROFITABLE PRACTICE
PROFITABLE PRACTICE
Illustrated by Graham Ruddy
11
CANINE TECHNOLOGY/EXERCISE
Why goats and goat products?
Dog Powered Scooter/Trike
Goats just make you smile. At first my husband didn’t want
to have goats, but he indulged me—and now he’s just crazy
about them. They just make you feel good. I couldn’t believe that you just have to say ‘goat’—and people smile. And
everyone loves to talk about goats. And as it turns out, goat
milk is not only good for people who are lactose intolerant,
but its also one of the best moisturizers on the planet. When
I first started making the cream, people would tell me how
well it worked on eczema, psoriasis and of course dry skin.
And it’s true!
by Karen Henderson
Describe a typical day for you and Shain.
Tell us how and why your business works
so well.
There are a few things we can point to. Our products are
both unique and very high quality. They are also unusual.
Once a customer has tried out products, he/she is more receptive to try new things we may introduce. We try very hard
to provide great customer service—whether speedy delivery
for online orders, or spending time with a customer who
wants to know more about goat care and feeding. We try to
make everyone feel special.
How often do you require the services
of a veterinarian?
Depends a lot on the season. Kidding season seems to require
more time and more complications with things like disbudding, etc. Otherwise, ordinarily we may need a veterinarian
once a month or so. We do the basics ourselves, but Ron our
veterinarian is a great resource and treats our horses as well.
Describe your relationship with your
veterinarian, Dr. Ron Herron.
You are in the process of relocating your
business to Port Hope. Please tell us why
this happened.
I can’t tell you how difficult this decision has been for us. We
love our Campbellford farm and community. As our Haute
Goat business has been growing, we find the bulk of our
business comes from Toronto. So we figured that being closer
to Toronto would increase our business. It also helps that our
kids and grandkids are there!
With all that is going on in your lives,
how do you and Shain relax and unwind?
Hmm… good question. Truth is, handling the animals is
very relaxing for us—they just replenish your soul.
Where do you see yourselves in
five years?
We hope to have a much younger and energetic person in
place to run the business. We also hope to have more animals, more people coming to visit the farm and a whole lot
more grandkids!
Any regrets?
Exercising your pooch using a bicycle/scooter has just
become a little easier and safer for the dog, thanks to
DogPoweredScooter.com, based in Bend, Oregon. The
company founder, Mark Schuette’s goal is to make ‘dog
mushing’ accessible to everyone, safely and conveniently.
How it works
Absolutely none!!!
Shain and I can’t say enough about how much we like and
appreciate Ron. He is thorough, knowledgeable, caring and
compassionate with the animals—but also gets down to business as necessary.
Debbie Nightingale and Shain Jaffe
Debbie Nightingale and Shain Jaffe started
Haute Goat in 2013 and have had success in
creating a company that sells high quality goat
products that are in high demand. Debbie and
Shain can be reached at [email protected]
or [email protected] or call 416.402.8144.
12
Remember the scooter you had as a kid…
pushing yourself along with one foot?
Now you are riding that same scooter with
a dog attached, and he is your power source.
Essentially you ride the scooter as if the dog weren’t
there. You push yourself along with one foot, the other
remains on the scooter.
Your turns are basically the
same as without a dog - and
more than adequate for a
90-degree sidewalk turn.
There are no commands
necessary (but you can add
them as a courtesy); the
dog can see and feel everything you and the scooter
are doing. The dog is also supported side-to-side by the
rigging/harness so they don’t need to be concerned
with avoiding contact with the sides of the bar - even
in sharp turns. They actually can brace and lean on the
rigging for support horizontally AND vertically. The
dog actually adds to the
stability of the scooter. For
instance, when you step off
the scooter, when stopped,
the dog/dogs hold it up
near vertical. With the tire
upgrade you can even use
the scooter on well-packed
smooth snow or shallow
fresh powder snow.
Brakes are strong and the dog can feel the rear pull on
the harness when braking and soon begins to cooperate. Getting your dog going initially is the only
“training” involved. It’s all about getting your dog over
the spookiness of being so close to the scooter and
the side-to-side restriction. Half the dogs allow you
to clip them in and are walking/trotting along side in
the first 20-minute session. Then you are done, they
just get more comfortable each time out. The rest are
more spooked and take several sessions to allow a clip
in. Don’t clip them in immediately. Walk, and then trot
them under the bar without
being clipped in by having your
spotter holding them in the
middle of the bar to keep them
from contacting it.
You are sent instructions on
how to get them started, but the
PROFITABLE PRACTICE
There is no typical day—which is one of the things I love
about our life these days. Of course animals have to get fed,
watered and pens are cleaned—that’s probably the most routine thing we do. Otherwise, our days are often spent at the
kitchen table developing products, calling potential retailers,
doing sales trips, talking to journalists and others about goats
(we breed and sell our registered Nigerian kids as well).
13
LEASE ADVICE
inventor Mark Schuette encourages creativity, such as starting
a dog in the traditional “out front” position - but connecting the line to the post at the midpoint of the scooter - then
slowly shortening the line to the final “along side” position.
You can also take the unit inside the house where the dogs’
“flight” instinct may be less, and hook them in and walk in
circles, have them sit and even lie down while hooked in.
Always keep a good grip on the handlebars and weight on
the footplate with a new dog
- you don’t want it taking the
scooter without you! Basically
if your dog pulls on a leash and
is comfortable being next to a
bicycle, they are a good candidate
for the scooter.
Safety guidelines
•All dogs must be in their prime or younger if you expect
them to pull the full weight of the unit/rider for any sustained period.
•Dogs younger than one year (although generally quicker
to adapt to the restriction of the rigging) should not be allowed to pull hard for any sustained period, in other words
the rider should be kicking and doing all the work.
•After one year you can slowly allow the dog to increasingly express and even encourage their pulling drive.
•Dogs older than 10 yrs. should generally NOT be regu-
larly exercised in these vehicles. The dog’s pace should be
of their control and not that of the rider.
•The maximum rider weight (to expect the dog to pull,
and power the whole unit) is 100 lbs. more than the dogs’
weight. (e.g. if the dogs’ weight is 50 lbs. the max. rider
weight should be 150 lbs.) If there are multiple dogs you
would add up the total dog weight then add your 100 lbs.
•The rider needs to always help when going up any grade
•Watch your dog often for signs of over exertion, limping,
uneven harness pressure, etc. Check the temperature of
pavement on warm days, look for broken glass on your
path and steer away so the dog avoids any danger; look at
your dog’s paws often.
•Always keep your dog’s claws clipped short.
•Reduce usage in warm weather (over 21 deg.) and
severely limit usage in hot weather (over 27 deg.)
•Always travel near water sources and or carry water.
•Let the dog out of the system often (every 1/2 hr. or less)
to drink, swim, free play, etc.)
•For extensive use (more than 3 times a week with more
than 6.4 km an outing) on pavement, use quality booties
that fit well with some padding at the bottom of the paw.
•Always carry a tire patch kit or an extra tire tube, a tire
Death and disability protection in
the lease
the system. Carry a leash and tie them up to a strong
stationary object.
It’s recommended that new riders use a helmet, gloves
and long pants.
pump, a basic tool kit and some spare parts since you will
get a flat and also have to repair things.
Customer comments
The website features many letters from customers, raving
about the scooter and how much fun they are having with
their dogs.
Products available
Protection afforded by the death and
disability clause
The benefits
•
Early Termination Rights: This gives a veterinarian (or their
estate or family) the option to terminate the lease before
its expiry date if the doctor is unable to work. Often the
landlord will insist on charging an “early termination fee”
when this right is exercised. Not ideal however this is still
a better option than the alternative which is paying out
the rent and other rent obligations (i.e. operating costs)
for the remainder of the term. Total rent multiplied by the
number of months remaining on the lease can easily add
up to hundreds of thousands of dollars.
Of course it’s NOT the only way to exercise dogs - just one
great way.
•The harness and rigging should always be checked before
Bottom Line: If you love to cycle with your dog, investigate this new
option. It works for both of you, but most importantly is safer for
your dog(s).
each ride and corrected if out of adjustment. Also make
sure the outrigger bar is angled back to the rear a few
degrees, past 90, so as to allow the outside rigging to hook
up (take the load) at the same time as the inside rigging
thus equalizing the pull on the dog’s body.
•The single dog should generally be located on the right
side to allow them to be on the grass/dirt whenever possible (while keeping the tires on the pavement for low
friction rolling) and to avoid any oncoming traffic on
sidewalks and auto traffic on bike lanes.
14
•
Veterinary Practice Assignment: This option gives you
or your family the right to sell the practice and transfer
the lease to another tenant in the event you are unable
to work.
Personal guarantees on the office lease
•Scooter fenders must always be in place so as to keep
foreign objects/dirt from striking the dog’s face/eyes.
With age comes the natural likelihood of declining health.
If you are no longer able to work due to disability, who will
pay off your debts and monthly rental obligations – you, your
family, or estate? The last thing you’ll want to have to worry
about in this situation is any financial burden to your family.
Simply put, including a death and disability clause in the office
lease provides you or your estate with options. Upon passing
or disability, you (or the estate) could terminate the office lease
altogether, avoiding unnecessary financial obligations.
There are numerous styles available, from single to multiple
dog scooters and trikes.
•Tires should always be inflated at the maximum allowed
and “feel” hard.
Is your veterinary office lease set up for
long term estate and wealth protection?
•Always use sturdy foot ware yourself when scootering.
•Never leave the dog unattended while hooked into
•Generally let the dog set the pace and only use some
scooter kick tugging on the harness and or vocal encouragement for motivation.
by Jeremy D. Behar
As you progress in your career, it’s important to anticipate the
unexpected and be prepared well in advance. Take preventive measures to negotiate protection language into your
office lease before you sign it to give you the assurance and
peace of mind that your loved ones and wealth will
be protected.
This system offers more freedom than a leash AND more
control, since the dog can only go forward and cannot turn
to pull you over to the side.YOU have precision steering
control over the dog, with no commands or training required.
of slope.
Estate and Wealth
Protection In Your
Veterinary Office Lease
Karen Henderson
Karen Henderson is the Managing
Associate Editor of Profitable Practice
and can be reached at
[email protected]
Is the lease signed by you personally or your incorporated
entity? When the lease is signed in the veterinarian’s name,
personal guarantees could keep you or your estate on the
hook financially, long after assigning the lease to a new tenant. In addition, depending on the guarantee provisions, the
lease could state that if the tenant who takes over the lease
defaults, the landlord can come after the original tenant
(you), for what is owed for the remainder of the term (continued liability). This is not an ideal scenario to put yourself
or your family through in the event that you sell the practice
or have transferred the lease due to death or disability.
Negotiating personal guarantees
Ideally you want to negotiate personal guarantees out of the
lease, exposing you to the least amount of personal risk as
possible. Try and improve the language to state that when the
lease is transferred to another tenant, the original tenant is no
longer financially responsible for the lease.
If you are unable to remove this language, try and improve
it by attaching a time limit to the guarantee. For instance,
maybe the language can be amended to state that you will
only be responsible for rent for a maximum of one year after
the lease is assigned.
Taking preventive measures
Negotiating the details in your office lease requires tenacity, a
keen eye for planning, and a thorough review of your personal and practice goals. Before you sign the lease, remember to
review it first to ensure it provides ample death and disability
protection that will combat the unexpected and prevent you
and your family or estate from assuming any practice debt that
may arise. After all, you can’t put a price on peace of mind.
Bottom Line:This article provides sound, straightforward advice on
your estate and wealth protection when it comes to your office lease.
Jeremy D. Behar
Jeremy D. Behar is the President and CEO
of Cirrus Consulting Group. With over 100
years of combined experience, the Cirrus
Consulting Group is the pre-eminent leader
in office lease negotiations and commercial
real estate in Nor th America. Since founding
Cirrus Consulting Group in 1994, Jeremy has
expanded the company from its sole focus
on office lease negotiation ser vices to a
broad line, world-class healthcare consulting organization. For a complimentary
consultation, contact a Cirrus team member
by calling 1.800.459.3413 or emailing info@
cirrusconsultinggroup.com.
15
FEATURE INTERVIEW
Feature Interview: Lynn Johnston
with Managing Associate Editor
PROFITABLE PRACTICE
Lynn Johnston (photo copyright Ed Eng)
16
Artist, cartoonist and creator of the syndicated
strip For Better or For Worse©. Creator Of Farley
The English Sheep Dog/Mascot of the
Farley Foundation.
Lynn; I know you have just made a
major move across the country, so I
thank you so much for taking the time
to talk with Profitable Practice. After the
OVMA started the foundation in 2002,
how did you get involved?
I saw that the Ontario vets had a wonderful, well organized foundation and how they wanted to contribute. They saw huge potential, but just wanted to do
more. So they contacted me, asking if they could use
the Farley dog character from my strip as a mascot for
the Foundation.
I said I would love to do that, so we gave them several
licensed images for their use exclusively. It took off
wonderfully well! In addition to the images, we had
Farley the dog made up into a plush toy for the Foundation to sell. We don’t make any money on the toys
other than covering our costs. The toys go to events
as prizes, they are sold on the website, and available in
hospitals and other locations where people are willing
to take the dog.
How have you seen the Foundation
make a difference?
My understanding is that each member veterinarian
has a certain amount of money to work with. The
veterinarian will know which of his clients cannot
afford to pay for badly needed care, and so will be able
to provide the care by billing the Foundation. The
Foundation is definitely making a difference!
Has there been any effort to replicate
this type of foundation across Canada?
We were really hoping that this would happen, but
the problem lies in the foundation model itself. A
foundation has to be carefully managed; it takes time
and people who are committed to the work. Governments watch foundations carefully to ensure the money
raised is used appropriately. It’s a business that requires
experienced accounting and managing. So how can
you get a busy veterinarian who already has too much
to do, to take on a foundation! I know that veterinarians across Canada would love to do this—after all,
people become veterinarians because they care about
both pets and people. We actually had a meeting with
the people here in Toronto who said they could not
supervise foundations in other provinces, as wonderful
as it would be.
Comic Strip “For Better or For Worse” featuring Farley
Do you stay in regular touch with the
Foundation?
Yes I do, as their needs are always changing. For example,
they may need to design a shirt for a cycling event and always
ask my opinion about what they create in-house. They are
very respectful of the Farley character—we have a very compatible relationship. We have added to the material we have
provided over the years and support everything they do.
Tell us about the original Farley.
He was a big, bouncy Sheepdog who needed a lot of exercise
and attention. Also he was very hard to train. When I got
pregnant and had a baby boy, Farley was not that thrilled with
the competition, so he went to a farm in the country where
I think he ended up having a much better life.Years later I
did get a small black Spaniel who was a joy and a part of the
family in the strip.
I know you spent time with your
husband’s sister Beth, a community veterinarian in Manitoba. Was this before or
after you got involved with the Foundation?
This was before; time spent with her did not influence my
subsequent decision to work with the Foundation, but what
it did do was show me what a veterinarian’s life was really
like. As I wrote on the web site, Beth did her work for the
love of it. When people couldn’t pay, they brought us chickens or fresh pies. Never did a patient go untreated—even in
the middle of the night, sick animals were treated and cared
for. Calves were born, piglets too and abandoned kittens were
nursed by hand until they were big enough for adoption. It
was a hard job, and I was part of it for a season, carrying supplies, cutting sutures, holding a flashlight and holding hands.
Are you still writing the strip?
No, I am retired. The original ran for 35 years in 2000 papers;
I felt that the story had run its course and when I ended up
separating from my husband the time was right to end it.
Now it is in reruns in about 1000 papers, something I never
would have imagined. In fact, people often think that it’s
being recreated all over again, something that is surprising to
me since there are no cell phones, flat screen TVs… any of
the trappings of modern day life in the strip.
It also runs on my site; I often write comments about how a
certain part of the strip came to be, which is fun for me.
17
MONDAY MORNING MILLIONAIRE
Any final words?
I would love the Foundation to go national, but failing that,
I consider it an honour to be asked to help veterinarians care
for needy pets by lending Farley’s name and image to the
Farley Foundation.
How And Why I Bought A
Model S Tesla
by Dr. Milan Somborac
Lynn Johnston
Lynn Johnston is a Canadian icon—a car toonist known for her newspaper comic strip For
Better or For Worse. Johnston had a close
friendship with Charles M. Schulz, creator of
Peanuts; she wrote the introduction to The
Complete Peanuts: 1981-1982. She was the
first woman and first Canadian to win the
National Car toonist Society’s Reuben Award.
You can reach Lynn through her website
www.fborfw.com.
Farley Toy
When establishing its eligibility criteria, the Farley Foundation
Board of Directors took into consideration society’s neediest
individuals and today the Foundation proudly supports:
• Seniors receiving the Federal Guaranteed Income Supplement – GIS.
THE FARLEY FOUNDATION
• Disabled individuals receiving the Ontario Disability Support Payment (ODSP) or the Canada Pension Plan – Disability
(CPP Disability).
Background
• Women at risk of abuse entering registered women’s shelters, and who are participating in the OVMA SafePet Program.
The Farley Foundation was established by the Ontario
Veterinary Medical Association (OVMA) in 2002 to assist
people in need by subsidizing the cost of veterinary care for
pets that mean the world to them.
Pets are important to the health and well-being of their owners. This is particularly true for the elderly or persons with
disabilities, who depend heavily on their pets for companionship. That’s why the Farley Foundation provides funding for
veterinary services to elderly or disabled pet owners who cannot otherwise afford such treatment.
What is unfortunate is that pet owners can’t always predict
their financial futures. Many of the pet owners assisted by the
Farley Foundation are individuals who were once completely
capable of paying for their pet’s care, but through some unforeseeable circumstance (i.e. accident or illness resulting in a
life-long mental or physical disability, loss of income through
retirement) now find themselves financially dependent on
18government assistance.
• Individuals receiving financial assistance through Ontario
Works.
The Farley Foundation reviews its eligibility criteria annually to
ensure that the greatest number of people and pets possible are
assisted through the Foundation, and within the Foundation’s
current financial means.
As of now, the Foundation has dispersed over $2.6 million since
2002 and has helped 6460 animals. Approximately 80 per cent
of Ontario veterinarians are involved in some way with the
Foundation, either applying to the Foundation for funding to
help a pet, or participating in the many fund raising events held
each year.
To learn more about the Foundation, participate, donate or purchase your own Farley pooch, visit www.farleyfoundation.org.
Editor’s Note: Profitable Practice is pleased to serialize chapter summaries of Monday Morning Millionaire
previously available online and written under the
pen name Friedrich the Austrian. As indicated above
the author’s real name is Dr. Milan Somborac, a
Collingwood, Ontario based dentist. He has removed
the book’s availability online, as he believes its
investment advice will be adversely affected if it is
in wide circulation. Profitable Practice will continue
to serialize Monday Morning Millionaire in
future issues.
The how part is easy; it is available to all selfemployed professionals like dentists, veterinarians and optometrists.
The self-employed need to save and invest in order to
build up a pension over and above the Canada Pension Plan and the Old Age Security programs. By being
lifelong do-it-yourself (DIY) investors, self-employed
professionals can save the price of a Tesla, two in fact, by
avoiding advisory fees. The upcoming second edition
of my book Monday Morning Millionaire will be published within the next twelve months and will show
how in detail. (ROI Corporation, Brokerage clients
will get a copy at no charge by contacting stephanie@
roicorp.com.) Following the methods that the book
will outline, in addition to saving the price of a Tesla,
DIY investors will outperform the vast majority of
portfolios managed by professionals. In truth, my wife
and I bought the Tesla with one week’s winnings in
the stock market which the book will also describe;
nevertheless, as the beginning of this paragraph states,
all self-employed professionals could buy one simply by
being DIY investors and eliminating advisory fees over
a lifetime.
PROFITABLE PRACTICE
Other pet owners assisted by the Foundation are individuals who benefit from pet ownership (according to study after
study), but financial circumstances would otherwise make it
impossible for this group, such as people with mental or physical disabilities, to own pets.
19
Quotes From John J. Walton
First, let us deal with the myth of diversification. While the
vast majority of advisors preach diversification, all great
fortunes in history, all of them, were built through concentration— the diametric opposite of diversification. The makeup
of a three hundred million dollar Rockefeller stock portfolio was made public several years ago. It held seven stocks.
Seven! Each was a variation of Standard Oil Co. of New
Jersey after its government-mandated breakup in 1911 under
the Sherman Anti Trust Act, so, practically, the portfolio held
one stock. Concentration made J. D. Rockefeller the richest
man on the planet. Diversification as preached today benefits
brokers by generating more commissions more often. It does
not do much for investors.
Why a model S P85D Tesla?
On seller and practice buyer communication
Consumer Reports gave it the highest rating they ever awarded
to an automobile! It is probably the most talked about car
these days primarily because it goes from zero to sixty in 3.5
seconds! That is flash. Now for substance. Because there is no
engine allowing a deep crumple zone, it is the safest vehicle
out there.
Although nothing may be wrong with your
practice, how things are communicated during the
long transaction process all impact on the purchaser’s and his/her advisors’ confidence in the
business and the opportunity it provides. Often,
the longer the transaction drags on, the less likely
it will to be finalized and closed.
The second myth we need to dispel is that “experts” can pick
stocks. Since every transaction has a buy and a sell side only
one of which is correct, picking the right stock has a 50 per
cent chance of being correct. All information is available to
all. (The exception is nonpublic information that is available
to insiders only and trading based on it is illegal.)
The third myth is that “experts” can time markets. Since markets go up OR down, again, the “expert” has a 50 per cent
chance of being correct.
Two notable experiences support the fact that stock picking
and market timing are myths.
Starting in 1988 The Wall Street Journal ran 142 overlapping,
six-month contests for a period of some 14 years using its
journalists to throw the darts at a newspaper stock listings
page. The dartboard portfolios were compared to portfolios
made up by professional analysts, portfolio strategists, portfolio managers, investment officers, quantitative strategists and
analysts and other “pros.” The “pros”’ mostly-manufactured
job titles were a good deal more impressive than their record.
For 90 per cent of the contests the “pro” portfolio’s performance could not be distinguished from that of the
dartboard portfolios!
And more substance. With an internal combustion engine
(ICE), twenty per cent of the energy in a gas tank moves the
car forward. The other 80 per cent is wasted to generate noise
and heat. In an electric vehicle, 80 per cent moves the car
forward wasting only 20 per cent of the energy stored in the
battery. Multiply the single car waste created by the millions
of cars on the road to get an idea of the staggering amount of
pollution that the electric car will eliminate once it replaces
the internal combustion engine. The ICE needed sixty years
to replace the steam engine. The electric vehicle will need
decades to replace the ICE with the oil companies doing
everything possible to stand in the way.
Bottom Line:The bottom line here is—be a do-it-yourselfer investor
by buying and buy an electric vehicle from your savings on your
advisory fees.
Editor’s Note: Here are some illuminating words from
Dr. Somborac about his second edition of Monday Morning
Millionaire.
This book will show you how, using the stock market, you
can make and even surpass your usual weekly income
before you get out of bed on Monday morning! I do it every
Monday that is not a holiday. Otherwise, Tuesday. We are not
talking here about day-trading, junior mining stocks, commodities trading, triple inverse exchange-traded funds, penny
stocks, derivatives trading, foreign currency exchange trading
or any of the many ways and financial “innovations” promising to teach you how to make serious money without heavy
lifting. (I use quotes in an ironic sense to mean so-called.)
When asked which financial “innovation” he saw as the
most valuable, the respected American economist and former
chairman of the Federal Reserve Board, Paul Volcker,
scornfully said, “The ATM machine.”
Concerning market timing, over the 35-year period from
1970 to 2005, the PBS show Wall Street Week gained increasing popularity by featuring the failure of a stream of “pros” to
predict the direction of the market.
Yes, stock picking and market timing can result in “an illusion
of skill”, to use economics Nobel Laureate Daniel Kahne-
Milan Somborac DDS
Milan Somborac practices dentistry in
Collingwood, Ontario and is the author of
Your Mouth, Your Health. He also ser ves as
the editorial consultant for this magazine.
He can be reached toll-free at 1.866.445.0551
or by email at [email protected].
On staffing and practice transition
After consultation, many purchasers decide to
keep the existing staff for at least one year at the
same rate of pay, number of hours and current
benefits. Many realize they do not want to upset
a smoothly running practice.This period of time
allows staff to get to know the purchaser and demonstrate how valuable they are to the practice, and
why the previous owner put his/ her confidence
in them.The practice will be experiencing enough
change for the clients to digest; changes in staffing
at this time may not be a wise decision.
On retirement
This is the stage all veterinarians work toward.
It is important to recall that those who plan
properly typically realize financial stability
sooner. All veterinarians should ask themselves:
How much is enough? They should know their
practice’s value and know where they would like
to be financially in order to work towards and
achieve their goals.
I will not spoil the ending for you, nor will I reveal which God wins
the bet; needless to say there is more heartbreak, but also soaring triumph. I will tell you that along with the sorrow, there is also a sound
note of humour to be found in the descriptions by the dogs of how
things/people smell; the language is so vivid, you feel like you must
be a dog.
During the book, we ‘learn what dogs hate’: To be talked down to,
to be manhandled indiscriminately, to be thoughtlessly petted. Now,
having read the book, I wonder: How would my dog Sammy view
me, his master, if he acquired human intelligence? Would he see me
as kind and considerate, or thoughtless, condescending or—God
forbid, boring? I will admit that I now try to speak to him differently:
When I say ‘good dog’ I make sure it is positive, and not condescending.
Just in case...
Karen Henderson
Karen Henderson is the Managing
Associate Editor of Profitable Practice
and can be reached at
[email protected]
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Advice to recent graduates
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man’s term for this activity. Please note the expression “illusion of skill”, please note economics Nobel Laureate.
By choosing a low-cost exchange traded funds that mirrors the economy as a whole we can invest in concentrated
diversification or diversified concentration. (The S&P 500,
symbol SPY and the NASDAQ index, symbol QQQ are
good ETF examples.) Instead of betting on a single stock we
are betting on a single economy, the U.S. economy. Empires
do have a 100 per cent failure rate but the end of the empire
is nowhere is sight.Yet.
20
(continued from page 6)
For now, the reader can profit from three myth busters that
we present here.
21