1. Farrier Business SuccessorIf Vets Can Do it Why Can’t We? Mike Pownall, DVM McKee Pownall Equine Services mike@mpequine.com www.slideshare.net/mpownall

2. Who’s Making Money Today?

3. Who Wishes They Were?

4. Farrier/Vets or Vets/Farrier More in common that you think Solo Bill clients Work hurt Retire & close up shop

7. What Do We Do?

8. Job vs. Business Job = An activity that earns money but does not create a residual value. Business = An activity that earns money ANDcreates a residual value

9. Components of a Succesful Business Goodwill Employ Great Farriers Excellent Business Processes Ability to Grow the Business

10. Goodwill Reputation associated with business

11. Employ Great Farriers Can’t have a business if nobody works for it. Potential partner or purchaser.

12. Business Processes AR Inventory

13. AR Collection at time of service

14. Inventory

15. Business Growth Marketing your business Creating a brand Social media

16. What Makes You Special?

17. What Happens When You’re Special? Value = Loyalty= Less Price Sensitivity

18. If you reduce your prices… you have to sell MORE to maintain your margin

19. Good, Cheap & Fast You can be 2 but not all 3 Good and fast not cheap Cheap and fast not good Good and cheap not fast

21. Giving Value Marketing Branding

22. What the #*^%*@ is Marketing? Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Wikepedia.com

29. The Farrier Business? How are we going to give value?

30. Marketing Competition Customer Customer Customer

31. Marketing Strategy Identify our challenges Create a plan How we will do it How will we measure it

32. Competition

33. Bargaining Power of Clients The internet Relative abundance of farriers Health of the local economy Non-traditional competition Price sensitivity Different breeds or disciplines

34. Threat of New Entrants New farriers in an area The internet Non-traditional hoof practitioners

35. Bargaining Power of Suppliers Increased costs from suppliers Decreased competition

36. Threat of Substitute Product Non farrier practitioners Internet

37. Competitive Rivalry New farriers Price cutting by other farriers

38. Who is Your Client?

39. Are You Missing Clients Market Segmentation Clients Breeds

40. What Does Your Client Want? Million $ Question

41. What do you offer?

42. What Does Your Client Think of You? Surveys? www.surveymonkey.com

43. Keeping Your Clients Branding

44. What is Branding What you stand for What you want to be know for Promise of Quality Service Performance Customer Experience

45. Why the Brand is so Important Develops a businesses identity Creates processes to deliver Springboard for change Clarity in an organization

48. 5 Steps to a Brand Based on values, vision and mission Driven by leadership. Develop with communication Make it fun Encourage change

49. Mission, Vision & Values

50. Mission Statement Concise statement of business strategy from a clients POV What do we do? How do we do it? Who do we do it for? Not-differentiating

51. Vision Statement What you want the practice to be .

52. Value Statement “The nature of our motivation determines the character of our work” Dalai Lama Differentiating

53. Leadership Fitzpatrick

54. Your Staff is Key? We shoe horses We deliver the brand Happy employees = happy clients

55. Communication

56. Have Fun

57. Evolve

58. Other Impacts To Your Business Earn a living while not shoeing Something to sell

59. Does it Work? Less HR headaches More fun at work Business growth Decreased costs Loyal clients Fired clients!!

60. Final Words Essential Be patient Be consistent

61. Spreading the Word? That’s next!