Navigating the financial landscape of veterinary startups, this episode offers expert insights into securing loans, building credit, and preparing for long-term success.

In the episode, Rob and Anthony Principe discuss the challenges new veterinary practice owners face when seeking financing, how to position themselves for loan approval, and what banks look for in startup applicants.

In addition, Anthony Principe is a Senior Vice President at Bank of America with over 20 years of experience in healthcare banking. He specializes in helping veterinary professionals launch and grow their practices through tailored financial solutions.

Listeners who want to reach out to Anthony can do so at Anthony.Principe@bofa.com, and those who want to reach Rob can do so at Rob@RMontgomery-Law.com.

‍

FULL TRANSCRIPT:

‍

Bumper  

Welcome to the veterinary startup practice podcast with Attorney Rob Montgomery, where Rob and his veterinary industry guests seek to demystify the process of starting up a veterinary practice. Since Rob is a lawyer, we need to tell you that this podcast is for informational purposes only, and shouldn't be considered legal advice. listening to this podcast does not and will not create an attorney client relationship. As is always the case, you should formally consult with legal counsel before proceeding with any legal matter. And now, here's Rob Montgomery.

Rob Montgomery  

Hello, everyone. I'm Rob Montgomery, and welcome to the Veterinary Startup Practice Podcast, where, as we like to say, we are seeking to demystify the process of starting a vet practice by bringing in experts, thought leaders from the veterinary world to talk about the startup process—what to do, and sometimes, even more importantly, what not to do. I'm really excited for today's guest. He is someone that's been in the companion animal industry since 2007: Anthony Principe. He started his career as a diagnostic sales professional for IDEXX Laboratories, working in Northern California and Northeast regions. During his time there, he worked with multiple departments to collaborate on client innovation. In 2019, Anthony joined CareVet as the Director of Business Development for the East Coast, where he acquired hospitals. While working at CareVet, he provided solutions to selling veterinarians that aligned with their vision, culture, and community outreach. This role also enhanced his skill set to understand office business operations and the valuation process. Anthony joined Bank of America in September of 2024 as the Vice President of Regional Business Development Officer overseeing the Northeast. Anthony's background has provided great benefits for the Northeast, as he understands practice workflows, revenue opportunities, client experience, and establishes solutions for veterinarians as they consider lending opportunities. Anthony has originated lending products from startups, practice sales, acquisitions, commercial real estate purchases, expansions, second locations, refis, and equipment loans. His goal is to understand his client's vision and to be transparent—to make sure his clients have all the facts in front of them to make the best, sound decision that will be impactful for their future success. And as we've talked about on some of the other episodes, when you're working with people that have this experience and knowledge of the industry, they're bringing to you more than just a commodity. You know, this is what Anthony is able to do. It goes beyond just helping somebody process a loan. He's really helping to guide his clients through the process, and he's highly respected. So I'm really thrilled to have him with us today. And so now, without further ado, here's Anthony Principe. Welcome, and thanks for being on the show.

Anthony Principe  

Well, thank you, Rob. I really appreciate you having me on the show here today, and I'm excited to go over the first-time owner profile, banking process, and whatever may come about in this call. It's very exciting for me here at the bank and what we're doing and what we're seeing currently as activity in the market. And, you know, furthermore, I'm just happy that my Boston Red Sox were able to have one win in the series against your Phillies there. So that was some joy here before this call.

Rob Montgomery  

Yeah, yeah, absolutely. I mean, as we're recording this, the Phillies and Red Sox just wrapped up a three-game series in Philadelphia. The Phillies won the first two, the Red Sox took the third. The first game—a walk-off catcher interference, Anthony—is probably one of the stranger finishes to a Major League Baseball game that I've seen in some time. But it's happy to see the Phillies take the series. But as I said to you, the Red Sox are my favorite American League team, which makes them my second favorite baseball team. So I've been cheering for the Red Sox in the American League since the mid-1970s, back to the Luis Tiant days and Carlton Fisk and all those guys. So I am a fan. I've been to Fenway a bunch of times, and I've had lots of fun there when I've been visiting friends and watching the Sox play. So it's bittersweet when I see the Phillies play and beat them.

Anthony Principe  

Well, we definitely appreciate your support up here in the Northeast. Thank you for your appreciation.

Rob Montgomery  

I'm sure everybody in Boston cares that Rob Montgomery likes CareVet too. So Anthony, your experience is just really incredible, and you've touched so many different angles in the companion animal industry for—jeez—nearly, you know, 20 years now. You know, you're with Bank of America and really able to bring that experience to the banking world and to help your clients and customers with that. But tell me, what are some of the misconceptions that your clients and customers have when they're coming to you for a practice loan? Like, what things do they not realize? Where are the ahas? Tell our audience—what are some of the things that they don't understand or that they're not really doing right to help prepare for a practice loan for a veterinary practice?

Anthony Principe  

Yeah. Well, thank you. In my conversations with potential borrowers that want to do a startup or a loan request for an acquisition of a practice, there's a lot of fact-finding that I want to make sure I cover as we discover who they are and what their vision is, and how it can be most impactful for them in presenting the right solution for long-term results. And so a lot of my conversation is around what is their comfort and what is their discomfort, and just really being specific about how we can best serve them, right? Because we have to have a mutual interest in order to move forward, but we have to make sure that we're building rapport. And it's really a business relationship with Bank of America, because after a loan funds, we also have a great platform and host of benefits to support them to make sure they're successful. And so in the beginning of a discovery, it's making sure they have the value of what is being able to be accomplished with their skill sets, and then applying that into a loan, and making sure that it's a loan that they can grow with and afford. So getting to know them is very important. And, you know, we call it our first-time owner profile, and what that means is we go through certain benchmarks. So we need to understand their work history—how long have they been a veterinarian? An associate is two-plus years—great. And then it's important for us to understand their income earnings, right? How much are they making? How much have they made since they've been a veterinarian? Does it meet our threshold? If so, fantastic. And then getting to understand their debt, right? And we look at debt in two different lenses. One is the student loan debt, which veterinarians have to feel comfortable with. The amount of student loan debt they have—a lot of the times we talk about that. And whenever I ask, "Do they have student loan debt?" the response is always, "Yes, I do have student loan debt," and that's okay.

Rob Montgomery  

The question is usually how much, right? Not where?

Anthony Principe  

Exactly. But for us at the bank—your Bank of America—student loan debt is actually really good debt because it's got them in this position to be able to start the conversation about: How do I become an owner, and what are the pathways I take, right? And it's given the skill set that they apply every day, seeing their clients and providing superior service, okay? I just want to make sure that it's not bad debt, right? That's really important there. And then filtering down to personal debt—getting to understand their purchasing behaviors and how much debt they have. Little to no credit card debt is always a benefit for a borrower, because the more debt they have, you have to understand, well, why is that? Are there any one-time expenses that you had in the last year or last two years, right, that have accrued this debt? So, you know, for example, sometimes we have conversations like, "I had to do a renovation of my home," you know, that was rather expensive. Or it may be something that's just not routine, right, like buying a new car that we paid for with cash—whatever it may be. So we just need to make sure that we understand how they pay off that debt, if it's continuing to revolve, and just make sure that we manage that appropriately. And then after that, we need to make sure we understand their liquidity. Liquidity is how much cash savings they have, and that's in their personal checking, savings, or their brokerage accounts. It does not include retirement, just because of the capital gains tax rate of pulling that out—we want to be mindful of that. So the cash savings is important because we need to make sure that we have enough in cash savings—a range of 5 to 10%, or a minimum of $25,000 to $40,000 as well, depending on what loan product they have.

Rob Montgomery  

Anthony, you said 5 to 10%—you're talking about 5 to 10% of the loan amount. So if somebody's borrowing, for example, $750,000 for a startup, they need to have 5 to 10% of that loan amount in cash or some sort of liquid—very liquid—asset, right?

Anthony Principe  

That's correct. And a sweet spot for us, you know, in that range, is around 7%, right? And the reason why we require that, Rob, is we want to make sure that they have a rainy day fund just in case there's an event at the practice. For example, if the pipes freeze and they have to be closed for a certain amount of time as they repair the pipe and any interior damage to the building, right? Because they're not going to be earning revenue during that time. So if they have to be able to pay for the loan, they have that cash savings in their bank account to continue to make the payments.

Rob Montgomery  

It's a rainy day fund.

Anthony Principe  

Yeah, right, right. Exactly, exactly. Making sure that we understand the startup requirements—you know, we can always talk through that and make sure that they have the right amount in a loan to afford with the liquidity in hand. So there is that range there, but we want to make sure that they're protected with their loan, that it's affordable, and that they can grow in it and be set up for success.

Rob Montgomery  

Okay, I'm going to talk about that in a minute, but let's just—I'm going to go back to a few of the things you just said. Just break some of this down. So we're talking about, you know, you're looking at what we're calling the good debt, which is their student loan debt, which, as you said, that's why they are a professional able to practice veterinary medicine. Then we've got the personal debt, which is probably what we'll call not the good debt, necessarily, and then liquidity. So some of the things that I kind of see when I'm having conversations with people that are going through this process, or considering this process—or even maybe sometimes, more often, people that are not considering the process because they don't understand this—you know, I feel like a lot of people, Anthony, look at the debt and they say, "Well, I've got $350,000 worth of student debt. I can't possibly take on more debt. Like, why would I do that?" And I kind of feel like, well, you're already into this for $350K. I think you need to think about what you need to do to position yourself to be able to make more money and to generate what you're really due as a veterinary professional—by owning your own practice. And that might mean that you have to borrow some more money, which is also, in my world, more good debt. Because when you're looking at this debt, I feel like they need to consider: What is the return on this debt? What is the return on this investment, so to speak? They've invested in themselves with their student loans to get the degree. Now, I feel like they need to also be prepared to invest in a practice loan to acquire or start up. And that's just more good debt that hopefully—and it should—throw off more money for them so that they're able to pay off their student debt, and eventually the practice debt.

Anthony Principe  

You're exactly right, Rob, and I look at it the same way. And so does the bank. And I think professionals felt—going... I'm sorry.

Rob Montgomery  

Yeah. And I think, like with that, I think that people say, like, "I can't get a loan because I have $350,000 of student debt," and I want to just kind of circle back on that, because my understanding is—and you guys are looking at liquidity, which is, you want to make sure that they've got some cash on hand to deal with kind of the rainy day fund—but the bank is more focused on the cash flow. What is the monthly payment that's due on that debt, more so than the lump sum liability of the total amount, right? I mean, you're worried that they can pay their expenses. The big number—that's not as much of a factor, is my understanding. Is that correct?

Anthony Principe  

That's correct. And the cash flow analysis is done to show us what is the affordable monthly payment, right, within that loan request. And so bringing on new debt is going to give them the opportunity, as an owner, for an increase in income and also having a long-term asset for themselves as well. Where, comparably, being an associate in a veterinary practice, they may have a healthy salary and benefits, but when they're ready to retire, the question is, well, what is your retirement going to look like in a vehicle—401(k), IRA—compared to having that practice with good debt based on your production skill sets and what you can achieve and eventually replicate or just grow within that one practice in 20 years. And it's a good conversation to have because, as you said, like your return on investment—I can really be specific with veterinarians and understand their skill sets. You know, dentistry—do you offer dentistry? Is that how you represent your community? And talk about workflows and talk about DVM production compared to non-DVM production, phrasing that out about where revenue is being captured and how it's being maximized to its full efficiencies within their own protocol notations at the practice. So I'd really like to present a full picture of the lifespan of business, but in the first five years, to build a plan to make sure that they're going to be successful with how they operate, build their team internally, and how they represent their clients with their protocols and their services—and make sure that they are able to succeed based on what they can do through production and revenue analysis.

Rob Montgomery  

Yeah, that's great stuff. And I wanted to get you started talking—getting into the loan amounts a few minutes ago—and I want to get back to that. But before we do that, I want to just kind of drill down a little bit more on some of the stuff that you just said, because I think this is really what makes you invaluable to your customers in the lending space. And, you know, I think, Anthony, I kind of perceive you as—you're like the Swiss Army knife of the companion animal industry. You know, you've touched so many different places, and you have the understanding of cash flow, what practices are worth, building businesses during your time at CareVet, your experience at IDEXX—like you're coming from so many different places. You're not just a guy that's showing up selling them a loan. You have this greater understanding. But I want to kind of talk a little bit about, you know, sort of the elephant in the room, so to speak. You know, when you talk about a corporate buyer or a corporate practice group, like a CareVet or any of them, I feel like this is really where the intersection of what we're trying to accomplish here really, really hits. Because I see, when I look at the CareVets and the other corporate groups, you know, when you look at, okay, what are your options as somebody that graduated vet school three, four years ago? You can go work for a private practice—there are probably more privately owned practices—but there's probably more opportunity in the corporate space. So while I think a lot of people feel like they need to take those types of jobs, then beyond that, what does a path to ownership look like? And I think a lot of times, the corporate vet groups snap up the quote-unquote "good practices" and make it harder for an associate veterinarian to explore a good acquisition. And I feel like that doesn't have to be the end of the story. And that's where I'm really passionate about startups in the vet space—that, you know, if the corporate groups are spending lots of money and basically pricing people out of that market, it's not like the choice is, "Well, I can't buy a practice because I don't have $8 million, or I can't borrow $8 million to buy one, so therefore I'm going to have to be an associate vet for the rest of my career." There is another option, and that is, I think, a startup that's done right. But I kind of want to hear what your thoughts are as to where those opportunities lie, and really talk to the people about what the alternatives are to just simply going to work as an associate for a corporate vet practice.

Anthony Principe  

Yes. Well, corporate practices have value, right? Depending on if you're an associate there considering working with them as an associate, you do build skill sets. But the corporate appetite has evolved, and so there are different structures of acquiring practices that may not make it worth an associate's time, right? And they just need to understand that, listen, a corporate entity is going to be acquiring practices, but the appetite has slowed down a little bit, just because of the current market and consolidation that we had during COVID, okay? Fast forward to today—there are a lot of healthy practices that you can build in a community or identify a community that you want to start up in, and just talk about the benefits of that, right, and what goes into the process. And then, sure, they're mindful of, hey, a corporate can offer me a great income, but I'm going to have to work hard and do a lot of the revenue earning for them, where I get back a small percentage of that. And then it's really filtering down from there. If you have that skill set and you are able to apply that and start up your own practice, our loans have had a success rate of 99.5% since 2008. So we are really going to position the associate who is open-minded about doing a startup with the best solution possible that is working within their cash flow of who they are. And if we can really agree on a mutual interest that's beneficial for both parties, and that we're protecting them with the right solution as well, then we can get through the myths of a startup competing against corporate entities, right? I mean, I've talked to a lot of brokers on what they're seeing, and it has slowed down with corporate acquisitions—but they're still there. But those corporate acquisitions are turnkey hospitals that have multiple doctors, more than one location maybe, and there's not a lot of lift there with investing into the practice. So for an associate, they can think about it: "Okay, I have this skill set. I can do these great procedures. I have good experience, wherever I worked previously, a good clientele. I understand the team, the culture, and responsibilities that everyone has a role in at the practice to make sure that we are operating efficiently and also exceeding client experience of the visit and continuing to build a bond with the client—and the results will follow." And making sure that finances are going to be a part of that, but they're not going to be a stall in the conversation. It's not going to hold them down. It's just really making sure they understand the cost analysis and opportunity risk of building their own practice where they've identified a location and making sure that it grows. And just going back to 2008—99.5% successful repayment structure and loans—I think really speaks volumes that they can be able to start a practice, build it to what they want it to be, have the autonomy to practice as they see fit, and not work under the guidance of production numbers, secondary visits, and whatever the corporate structure may be. And I'm not trying to bash corporate medicine. I'm not here to say that—there's a reason for it. But the value of starting up your own practice, being able to create your vision and make it reality, is the most rewarding, gratifying experience you're going to have and be successful at the end of the day—and not just producing a number for a corporate group where you get a small percentage of that.

Rob Montgomery  

Yeah, well, it's really powerful stuff, and that's really what it's all about. And I think, as you said there, the corporate groups do fill a space, and for some people, they're good jobs, and that's a good path. But there is no substitute for owning your own professional practice and being able to, like you said, have the vision that you want, and practice the way you want, with the people that you want, where you want—and that's really the freedom that is the true practice of the profession. And I think that people need to understand that that is available to them as an alternative. And one thing I wanted to kind of tag on to that—I think you've said that these corporate groups can be a really good place to develop your skills, that ultimately, if you have a larger skill set, that allows you to do more when you own your own practice too. But—as may sound like a broken record for folks who have listened to the previous podcasts we've done—you have to be careful with the non-competes that you sign in these associate agreements. We see a lot of people, especially specialists, that are looking to do entrepreneurial things, that have just outrageous non-competes in their associate agreements. And so folks, once again, this may sound self-serving because you're hearing it from a lawyer, but you have to have these agreements reviewed. You have to try to push back on some of these covenants not to compete, because they will have a limiting effect on your ability to own your own practice at some point in the future.

Anthony Principe

Yeah, you're correct on that, Rob. And I don't want to sound like it's discouraging whatsoever, because there is a pathway to continue to move forward. But making sure that the associate is aware of the language in their agreement is very impactful for them, because it's going to make sure that they have that pathway to start their practice, right? And non-compete—the radius of miles—they range. So it might not be a problem, but if it is, we just want to make sure that we understand that for them and work with you, with that potential borrower, about how to move forward.

Rob Montgomery  

And know this, listeners—even if you have a non-compete and people say, "Oh, that's a 30-mile non-compete, that's not reasonable, it'll never be enforceable"—if whoever tells you that, I always tell clients, I think that's bad advice. Because if somebody tells you that it won't be enforceable, I tell my clients, "Well, you should ask them for $100,000 then." They're like, "Well, what do you mean?" Because that's what it's going to cost—or more—in legal fees to find out whether or not this covenant not to compete is enforceable. And that's an expense that nobody wants to incur. And the reality is, even if you have a 30-mile non-compete, and you're in Jersey City and everybody agrees that that'll never be enforceable, you're going to go to Anthony and Bank of America for a loan and say, "Anthony, this will never be enforceable." And Anthony might say, "Yeah, I think you're right," but you know, the bank's not going to make the loan until the judge agrees. So you don't have the ability to go to a seller or landlord and say, "I'll be back in a year after I'm finished litigating this non-compete case." So be careful about these things before you sign them. Understand what's in them, try to negotiate them to the extent possible so that you have as many options available to you down the road when you're ready to transition into practice ownership.

Anthony Principe  

I agree with that. Excuse me—I definitely agree with that. And it's just making sure they have their I's dotted and T's crossed, right? Because we don't want to get into a situation where, at the end of the day, we find that out, and it's going to delay the process. And I don't want to set up anyone we talk to for disappointment. So that's where it's really important, in that fact-finding first discovery conversation, to get to know them and identify the non-compete and what that may mean to them. And they may not have them from them either, so we can always circle back to it. But it is something that we definitely want to make sure we understand and talk through.

Rob Montgomery  

Yeah, it's an important thing. And I think this is—we don't see enough young vets go to lawyers to have those agreements reviewed. And that's part of—you've invested all this money in your education, you have all your student loan debt—you need to understand what it is that you're signing yourself up for. Even if some of these things may not be terribly negotiable, you need to know what's in there. And we see—I'm going to just go out on a limb here and say, Anthony—a majority of the people that we talk to don't realize what's in these agreements that they're signing. And we like to tell folks that, you know, you've made it to this point of your life where these contracts—any contract that you've signed, whether it's a lease for your apartment or a lease for your Honda, whatever—these are somewhat form standard agreements. But when it comes to these associate contracts, there can be just about anything in there. And you really need to flip a switch—that these are, you know, quote-unquote "grown-up contracts," and you're in a different league now. These are agreements that have to be dealt with and considered in an entirely different way than all these other contracts up to this stage in your life. And you need to make sure that you're working with a professional to understand what's in them and to help you try to put yourself in a better position. So I want to get back to sort of the loan—how much these loans, the loan amounts, or the structure of these loans—because I think this is an important thing too. When we're talking about startup loans, what are the expenses that are being included in this loan? Because I oftentimes see, Anthony—and I've talked to you about this before—where people say, "Well, I want to try to do this as cheap as possible. I'm going to borrow as little money as possible to reduce my risk." And while I feel like anytime you're investing in something or doing a startup, you want to try to be careful with budget and cost, you also need to spend the money needed to do it right. And you need to make sure that you have a loan that's going to allow you to be able to do that, right? So if you could kind of speak to that—and I don't want you to get into loan amounts, because every market is different, every project is different—but talk about the things that are included or should be included in what would be a typical startup practice loan, Anthony.

Anthony Principe  

Sure. So with a startup loan, we are going to build the startup based on their vision, okay, and make sure they're in the best position, first and foremost. And then to follow that is understanding the facility, okay, that they've identified—what will be needed for renovations. So there's three buckets, right? There's the renovations/improvements. And then to follow that, what equipment are they going to need? So then we capture an equipment budget as well. And then finally, it's working capital. And that working capital is going to get them in position to help start up the business as well—so marketing, recruiting, anything that they need to help open the business and grow the business too. And so those three main buckets are going to put them in a great position to achieve what they want to do with their startup. The other thing is the structure of the loan as well. And we want to be very mindful of the structure, because we don't want to be in the position where, you know, day one, they have a loan, and they see the amount, and they're like, "How am I going to afford this?" And there are different ways to afford the loan, but we want to put them in the best position. So we're going to have the project phase of the loan, and during that timeline, they are doing the tenant renovations to outfit the space to be a veterinary space. And then they're installing their equipment to get them operable and ready to do services as their doors open. And once that project phase is done, we will then initiate their loan and repayment structure. And what's nice about that project phase too, Rob, is that once we have the work done and receive the invoices, we will make disbursements towards the renovations and then the equipment—so they're not paying anything during that time. And then, as the loan initiates and the payment structure starts, we want to be mindful of what is the best position for the startup owner. So we can be very creative in a way to make sure their loan is affordable as they build the practice and open their doors. And so it's not going to be an outrageous payment day one. We want to make sure that we have a growth model of payment set up over the course of three years, okay? And then from there, principal and interest for the remaining balance of the loan. And by doing so, it gives the borrower and startup owner a sense of relief that, you know, "I'm not going to be having this elephant on my shoulders to pay off this loan right away or make a high payment right away." We're setting them up for success in a loan structure that's affordable and accommodating—and to grow their business, right?

Rob Montgomery  

And that's important. I think sometimes people don't realize when they're looking and comparing and considering practice loans, different lenders have different structures. And so there's more to the picture than just interest rates sometimes, and all these things that you're talking about really support the success of the startup practice. People may work with a local bank or a bank that doesn't have a product that's really geared towards exactly what they're doing. And there's a reason why Bank of America structures stuff like this—because they want to structure loans like this, because they want their borrowers to succeed. Go figure. And these are the things that you can't take for granted. Just because you're getting a loan for your startup—all startup loans are not created equally. There are startup products like what Bank of America has that really support and facilitate success. It's not just about interest rate and terms in that regard.

Anthony Principe  

Yeah, you're spot on. And I make sure that I set up time, whether it's in person or over the phone or through a Zoom or WebEx meeting, to go through the loan and highlight what it's comprised of, and to make sure they fully understand it. Because it's really important for us at Bank of America that we're transparent and not transactional. And if we don't review their loan, then we're setting ourselves up for failure—because they don't know then, right? It's like that associate contract agreement. So I want to identify everything in the loan so they know what their loan is comprised of, and that they have peace of mind too. And it's just not something that's an interest rate alone, because at the end of the day, it's very valuable to us to make sure they succeed. And by doing the proper education, they will be in a greater position to understand how their loan is repaid, or the repayment structure, and how to make sure that their business is being the best it can be within their community.

Rob Montgomery  

Yeah, and I'll say too—an unsolicited plug—but the great thing is, about Bank of America, you're able to do all that, and your rates are very competitive too. I see that. So I want to make sure our listeners aren't thinking like, "Oh, well, Bank of America does all this stuff and it's more expensive." Yeah—generally, that's not the case. Bank of America has extremely competitive rates on top of all the other aspects of the process that Anthony's talking about, where he adds the value on top of what is a really good startup loan product that really helps to put you in the position to thrive, right?

Anthony Principe

And I will say to that—you know, we're just not that bank with interest rate and repayment structure. We have a host of great benefits within our platform. So through small business banking and having a local branch in your community, being able to meet with a business banker—we have Preferred Rewards that help with your interest rate. We have merchant services that's fully integrated with capturing charges at the time of visit and competitive rates. We also have payroll service to help streamline your payroll through your business banking account. And then furthermore, wealth management through Merrill Lynch—if they want to have any type of retirement structure at the practice as well for themselves and the team, we can offer that service as well. So we are really a boutique bank in a sense of offering a great host of benefits. And like I was saying before early in the call, we're here for building a long-term relationship. And that's what's great about Bank of America—not being a transactional bank. We're transparent and setting them up for success outside of the loan as well.

Rob Montgomery  

Yeah, that's great. I just want to wrap it up with one final question, Anthony, and I think I know the answer to this, but I want to ask you—and I want our audience to hear—when should people start talking to you and start talking to a banker about a potential practice startup loan or acquisition loan? Where in the process do you like to get involved—at what time on the continuum?

Anthony Principe  

That's a good question. I would say, in my experience, that it's the earlier the better. And even if they're thinking to themselves, "Should I do this? Well, I don't know." At that moment is the perfect opportunity just to have an educational conversation with us at Bank of America and myself—because you're never going to really know what's possible and achievable without understanding how the process works and what's required in order for a startup loan. And the more education and content you can receive, the better prepared you're going to be. And there may be available space that is on the market, and you're like, "Oh, that'd be really great to start a practice, but I don't know." And that space could be gone the next day—or it might be someone who wants to rent that space. And that would be unfortunate, because there are so many possibilities of becoming an owner. And the sooner, the better. And depending on where they are in their career, there's no bad time. There's no "bedtime." I mean, we talk to veterinarians through different periods in their career and where they're at, and it's always just picking up the phone or meeting and having that first conversation at the earliest time possible—because you just don't know what's going to unfold and how they can best take advantage of opportunities that are presented in front of them.

Rob Montgomery  

Yeah, that's great. And good news, folks—it doesn't cost anything either to have those kinds of conversations with Anthony and his team. And you know, as Anthony talked about, all the experience that he has in the animal industry, he can really help guide you with the right people and talk about what the vision could look like and what your path to ownership could possibly be in ways that maybe you hadn't considered. You know, because after nearly 20 years of doing this, he knows a thing or two. And again, that advice comes to you at no charge. So why not explore what those options are? And Anthony, again, if you could just tell our audience what area of the country you generally cover for Bank of America, and then also let our listeners know how they can get in touch with you and learn more about these sorts of loans with the bank.

Anthony Principe

Perfect. So I represent New England, New York, New Jersey, and the city of Philadelphia. And the best way to get in touch with me is my phone number: area code 401-330-6525, or by my email: anthony.principe@bofa.com. And I would say my job is to make sure that I'm providing the right amount of education, the right amount of facts, and to provide the best solution and to support them in the process. There's no hidden agendas. It's making sure that we have the best solution to make them successful. And that's one of the most gratifying parts of my job—seeing the results the next day. So I'm more than happy to talk to whoever and whenever, and provide the right amount of educational information so they build their knowledge base, enjoy the process, and are successful.

Rob Montgomery  

That's great, Anthony. You're a real pro, and you've got so much to offer to these folks. Hopefully people will reach out to you and avail themselves of your expertise and just consider these options. You know—they're out there, they're all alternatives. Anthony's contact info that he read there will be up in the show notes. And Anthony, I want to thank you for taking the time. It's always a pleasure to chat with you, whether it's with the mics on or off, and I look forward to continuing to collaborate.

Anthony Principe  

Awesome. Well, Rob, thank you so much for having me on. I really enjoyed our time here, and likewise, I look forward to continuing working with you and seeing what's available for us in the future. I know there's a lot of opportunities, and I'm so excited to be part of this process and be on the podcast and have you as a trusted advisor throughout the process as well.

Rob Montgomery  

Great. Thanks, Anthony. And everybody—thanks for listening. And if you're listening on whatever platform you're using for podcasts, I'd encourage you to go on and give us a five-star review on Spotify, Apple Podcasts, or wherever you're listening—because it helps us get the word out so that more veterinarians can hear what their options are and paths toward practice ownership. And until the next time—thanks, everyone.

Bumper  

Thanks for listening to another great podcast with Attorney Rob Montgomery. And don't forget to tune in next time to have the process of starting up a veterinary practice demystified. For more information about today's podcast, or to contact Rob's firm, go to "www.yourvetlawyer.com".

‍