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REVIEW OF FIFTEEN DOGS SCOTIABANK GILLER PRIZE WINNER
GOATS: WHO KNEW?
ESTATE AND WEALTH PLANNING
VET
ERIN
ARY
ED
ITIO
N
WIN
TER
2015
PUBLICATION MANAGEMENT AGREEMENT #41073506
A HELPFUL RESOURCE FOR YOU AND YOUR PRACTICEBACK ISSUES AVAILABLE ONLINE AT PROFITABLE-PRACTICE.COM/MAGAZINE/VETERINARY
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EDITOR’S PAGE
James Ruddy James Ruddy is the Editor of Profitable Practice Magazine and can be reached at [email protected].
by James Ruddy
Goats, Cheese And Content Notes
Goats and goat productsThis issue features an interview with Debbie Nightingale and her husband Shain Jaffe who own and operate Haute-Goat, 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 entrepre-neurs 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 occur-ring 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.
Content notesJeremy D. Behar outlines and explains how to negotiate your lease agreement to ensure you have the proper estate and wealth pro-tection.
Jon J. Walton provides Episode #1 of the common misconceptions veterinarians have about selling their practices.
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].
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, oper-ates 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.
Things to remember: subscription information can be found on the inside back cover of the magazine. Profitable Practice encourages our readers to send us com-ments 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 profitable-practice.com/magazine /veterinary.
HOW TO REACH US
LETTERS TO THE EDITOR
[email protected] 1155 Indian Road,
Mississauga, ON L5H 1R8
SUBSCRIBER SERVICES
[email protected] 1-888-764-4145
PERMISSIONS
Profitable Practice: Veterinarian Edition is printed and distributed 3 times a year by Jamieson-Quinn Holdings Ltd. dba Advertising In Print for ROI Corporation Brokerage. The contents of this publication are protected by copyright and may not be reproduced without the written permis-sion of ROI Corporation Brokerage.
Please return undeliverable addresses to: 200 - 896 Cambie Street, Vancouver, BC, V6B 2P6. Tel: 604-681-1811 Fax: 604-681-0456. Publication Mail Agreement No. 41073506.
While the publisher has exercised every effort to ensure that the information presented is complete and accurate, it may contain errors, omissions or information that has subsequently become outdated by industry changes or conditions, new laws or regulations, or other circumstances. Neither author nor publisher accepts any liability or responsibility to any person or entity with respect to any loss or damage alleged to have been caused, directly or indirectly, by the information, ideas, opinions or other content in this publication.
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
ROI Corporation Brokerage
PUBLISHER ROI Corporation Brokerage is Licensed under the Real Estate and Business Brokers Act, 2002 (REBBA).
James Ruddy EDITOR
Karen Henderson MANAGING ASSOCIATE EDITOR
Natalia Decius PROJECT MANAGER FULLCONTACTMARKETING.CA
Graham Ruddy EDITOR’S ASSISTANT
AND ILLUSTRATOR
1 | EDITOR’S PAGE Goats, Cheese And Content Notes JAMES RUDDY
2 | FEATURE INTERVIEW
Orin Litman WITH MANAGING ASSOCIATE EDITOR
5 | PRACTICE MANAGEMENT Thinking Of Selling? A Common Misconception Of Sellers – Episode #1 JON J. WALTON
6 | BOOK REVIEW Fifteen Dogs by André Alexis REVIEWED BY KAREN HENDERSON
7 | STAFF MANAGEMENT How To Use Behavioural Profiling (Disc) For Effective Recruitment And Retention KEN GOLDSTEIN
9 | MORE ABOUT GOATS
Goats: Who Knew? GRAHAM RUDDY
10 | MORE ABOUT GOATS Goat Illustration And 15 Facts About Goats
11 | FEATURE INTERVIEW
Debbie Nightingale Haute Goat Farm WITH EDITOR
13 | CANINE TECHNOLOGY/EXERCISE Dog Powered Scooter/Trike KAREN HENDERSON
15 | LEASE ADVICE Estate And Wealth Protection In Your Veterinary Office Lease JEREMY D. BEHAR
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 | Subscription Information And More
PROFITABLE PRACTICEW I N T E R 2 0 1 5
profitable-practice.com
Back Issues of Profitable Practice Magazine are available at: profitable-practice.com/magazine/veterinary
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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?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 adminis-tration out of the hospital and allowing the staff to focus on patients and clients.
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 amal-gamated 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 own-ers 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.
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 prac-tices 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
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 owner-ship 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 relation-
With Managing Associate Editor
Feature Interview: Orin Litman
VetStrategy partners with and manages com-
panion 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 busi-ness 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 mis-takes 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 Cen-ters of America and Antech Laboratories. They own practices throughout Canada and the US.
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Orin Litman
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Orin Litman Orin Litman is co-founder and CEO of VetStrategy and is in charge of acquisitions, real estate, and development. Prior to becom-ing involved in the veterinary industry, Orin worked with Katz Group Canada where he was involved in franchising, acquisit ions, real estate, and development. He was also a member of the LEADER Entrepreneurship Program and has been involved in manage-ment consulting where he has focused on alternative energy and professional sports. Orin also holds an MBA from the Ivey Business School at the University of Western Ontario and can be reached at [email protected].
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.
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.
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 manage-ment 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 veterinar-ians 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.
by Jon J. Walton
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Thinking of Selling? A Common Misconception of Sellers - Episode #1Editor’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 epi-
sodes 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 com-bination 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 ven-dor 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 can-didate 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 mar-ket, 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 condi-tional 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 man-ner 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 contemplat-ing 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 emo-tions 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.
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 Veteri-nary Medicine. He can be reached at 519.829.5953 or [email protected]
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by Ken Goldstein
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STAFF MANAGEMENT
How To Use Behavioural Profiling (Disc) For Effective Recruitment And Retention
Reviewed by Karen Henderson
Fifteen Dogs by André Alexis Winner of the 2015 Scotiabank Giller Prize
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.
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 nar-rative 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 follow-ing 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 sit-ting 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 hu-man? 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 be-came 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 ani-mals. 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)
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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 under-stand 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.
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The growing interest and awareness of food cul-
ture has many people joining movements that ad-
vocate 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 as-sortment of dairy, medicinal and beauty products that have become highly desirable in many western spas, gourmet shops and marketplaces. Smaller goat op-
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 avail-able online or at the production site.
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.
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 west-ern 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.
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Goats: Who Knew?by Graham Ruddy
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.
MORE ABOUT GOATS
Here are some basic traits that Behavioural Profiling will help to identify:1. Some people need individual success; some need to be
part of a team.
2. Being around people and action energizes some people; 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 mea-sure 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.
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 behav-iour 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 GoldsteinKen Goldstein is the Founder and Managing Director of the Goldstein Group. He is a Certi-fied Professional Behavioural Analyst who uses Behavioural Profiling as part of his People Management Solutions consulting organization.Email: [email protected] www.gcentric.ca
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Goat Illustration And 15 Facts About Goats
15 Facts About Goats1. 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 well-balanced 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 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
remnants of gill slits that mammals shared some-where 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.
Source and for more interesting facts about goats go to: https://www.famu.edu
MORE ABOUT GOATS
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with Editor
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 life-
style, 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 Camp-bellford 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 suc-cessful. 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!
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Debbie Nightingale Haute Goat Farm
Popular Varieties of GoatsTop Left: Toggenburg
Top Right: Boer
Bottom Left: Anglo Nubian
Center Bottom: Argentata Dell Etna
Bottom Right: Saanen
Illustrated by Graham Ruddy
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Why goats and goat products?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 be-lieve 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!
Describe a typical day for you and Shain.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 rou-tine 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).
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 re-ceptive 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 disbud-ding, 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.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 busi-ness as necessary.
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 ani-mals, more people coming to visit the farm and a whole lot more grandkids!
Any regrets?Absolutely none!!!
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.
by Karen Henderson
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.
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 worksEssentially 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 co-operate. 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 PR
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inventor Mark Schuette encourages creativity, such as starting a dog in the traditional “out front” position - but connect-ing 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 sus-tained period.
• Dogs younger than one year (although generally quicker to adapt to the restriction of the rigging) should not be al-lowed 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 increas-ingly 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 of slope.
• Generally let the dog set the pace and only use some scooter kick tugging on the harness and or vocal encour-agement for motivation.
• Tires should always be inflated at the maximum allowed and “feel” hard.
• The harness and rigging should always be checked before 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.
• Scooter fenders must always be in place so as to keep foreign objects/dirt from striking the dog’s face/eyes.
• The single dog should generally be located on the right side to allow them to be on the grass/dirt whenever pos-sible (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.
• 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.
• Never leave the dog unattended while hooked into the system. Carry a leash and tie them up to a strong stationary object.
• Always use sturdy foot ware yourself when scootering. It’s recommended that new riders use a helmet, gloves and long pants.
• Always carry a tire patch kit or an extra tire tube, a tire pump, a basic tool kit and some spare parts since you will get a flat and also have to repair things.
Customer commentsThe website features many letters from customers, raving about the scooter and how much fun they are having with their dogs.
Products availableThere are numerous styles available, from single to multiple dog scooters and trikes.
The benefitsThis 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 course it’s NOT the only way to exercise dogs - just one great way.
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).
Karen HendersonKaren Henderson is the Managing Associate Editor of Profitable Practice and can be reached at [email protected]
Is your veterinary office lease set up for long term estate and wealth protection?As you progress in your career, it’s important to anticipate the unexpected and be prepared well in advance. Take preven-tive 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.
Death and disability protection in the leaseWith 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.
Protection afforded by the death and disability clause• 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.
• 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 leaseIs 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 ten-ant. 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 (con-tinued 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 guaranteesIdeally 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 measuresNegotiating the details in your office lease requires tenacity, a keen eye for planning, and a thorough review of your person-al 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. BeharJeremy 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 North America. Since founding Cirrus Consulting Group in 1994, Jeremy has expanded the company from its sole focus on office lease negotiation services to a broad line, world-class healthcare con-sulting organization. For a complimentary consultation, contact a Cirrus team member by calling 1.800.459.3413 or emailing [email protected].
Estate and Wealth Protection In Your Veterinary Office Leaseby Jeremy D. Behar
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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 or-ganized foundation and how they wanted to contrib-ute. 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 Foun-dation 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. Govern-ments 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 veterinar-ians 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.
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Feature Interview: Lynn Johnstonwith Managing Associate Editor
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 com-patible 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 vet-erinarian 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 chick-ens 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 sup-plies, 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.
Comic Strip “For Better or For Worse” featuring Farley
Lynn Johnston (photo copyright Ed Eng)
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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.
Farley Toy
THE FARLEY FOUNDATION
BackgroundThe 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 own-ers. This is particularly true for the elderly or persons with disabilities, who depend heavily on their pets for companion-ship. That’s why the Farley Foundation provides funding for veterinary services to elderly or disabled pet owners who can-not 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 un-foreseeable 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 government assistance.
Other pet owners assisted by the Foundation are individu-als 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 physi-cal disabilities, to own pets.
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 Supple-ment – GIS.
• Disabled individuals receiving the Ontario Disability Sup-port Payment (ODSP) or the Canada Pension Plan – Disability (CPP Disability).
• Women at risk of abuse entering registered women’s shel-ters, and who are participating in the OVMA SafePet Program.
• 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 pur-chase your own Farley pooch, visit www.farleyfoundation.org.
Lynn JohnstonLynn Johnston is a Canadian icon—a cartoon-ist 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 Cartoonist Society’s Reuben Award. You can reach Lynn through her website www.fborfw.com.
by Dr. Milan Somborac
Editor’s Note: Profitable Practice is pleased to serial-ize 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 self-
employed professionals like dentists, veterinar-
ians and optometrists.
The self-employed need to save and invest in order to build up a pension over and above the Canada Pen-sion 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 pub-lished within the next twelve months and will show how in detail. (ROI Corporation, Brokerage clients will get a copy at no charge by contacting [email protected].) 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. PR
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For now, the reader can profit from three myth busters that we present here.
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 concentra-tion— the diametric opposite of diversification. The makeup of a three hundred million dollar Rockefeller stock portfo-lio 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.
By choosing a low-cost exchange traded funds that mir-rors 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.
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 mar-kets 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, portfo-lio 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 perfor-mance could not be distinguished from that of the dartboard portfolios!
Concerning market timing, over the 35-year period from 1970 to 2005, the PBS show Wall Street Week gained increas-ing 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-
man’s term for this activity. Please note the expression “illu-sion of skill”, please note economics Nobel Laureate.
Why a model S P85D Tesla?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.
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, com-modities trading, triple inverse exchange-traded funds, penny stocks, derivatives trading, foreign currency exchange trading or any of the many ways and financial “innovations” promis-ing 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.”
Milan Somborac DDSMilan Somborac practices dentistry in Collingwood, Ontario and is the author of Your Mouth, Your Health . He also serves as the editorial consultant for this magazine. He can be reached toll-free at 1.866.445.0551 or by email at [email protected].
Jon J. WaltonJon J. Walton is a national practice sales representative for ROI Corporation, Brokerage.
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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 tri-umph. 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 condescend-ing.
Just in case...
Quotes From John J. WaltonOn seller and practice buyer communication
Although nothing may be wrong with your practice, how things are communicated during the long transaction process all impact on the pur-chaser’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.
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 dem-onstrate 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.
Advice to recent graduates
Your career will be full of many difficult deci-sions, beginning directly out of school. Use those around you, ask for mentorship and build a team of industry professionals to help guide you through your journey. Remember, you are not alone.
Karen HendersonKaren Henderson is the Managing Associate Editor of Profitable Practice and can be reached at [email protected]
