1. Farrier Business SuccessorIf Vets Can Do it Why Cant We?
Mike Pownall, DVM
McKee Pownall Equine Services
mike@mpequine.com
www.slideshare.net/mpownall

2. Whos Making Money Today?
3. Who Wishes They Were?
4. Farrier/Vets or Vets/Farrier
More in common that you think
Solo
Bill clients
Work hurt
Retire & close up shop
5. 6. 7. What Do We Do?
8. Job vs. Business
Job = An activity that earns money but does not create a residual value.
Business = An activity that earns money ANDcreates a residual value
9. Components of a Succesful Business
Goodwill
Employ Great Farriers
Excellent Business Processes
Ability to Grow the Business
10. Goodwill
Reputation associated with business
11. Employ Great Farriers
Cant have a business if nobody works for it.
Potential partner or purchaser.
12. Business Processes
AR
Inventory
13. AR
Collection at time of service
14. Inventory
15. Business Growth
Marketing your business
Creating a brand
Social media
16. What Makes You Special?
17. What Happens When Youre Special?
Value = Loyalty= Less Price Sensitivity
18. If you reduce your prices you have to sell MORE to maintain your margin
19. Good, Cheap & Fast
You can be 2 but not all 3
Good and fast not cheap
Cheap and fast not good
Good and cheap not fast
20. 21. Giving Value
Marketing
Branding
22. What the #*^%*@ is Marketing?
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Wikepedia.com
23. 24. 25. 26. 27. 28. 29. The Farrier Business?
How are we going to give value?
30. Marketing
Competition
Customer
Customer
Customer
31. Marketing Strategy
Identify our challenges
Create a plan
How we will do it
How will we measure it
32. Competition
33. Bargaining Power of Clients
The internet
Relative abundance of farriers
Health of the local economy
Non-traditional competition
Price sensitivity
Different breeds or disciplines
34. Threat of New Entrants
New farriers in an area
The internet
Non-traditional hoof practitioners
35. Bargaining Power of Suppliers
Increased costs from suppliers
Decreased competition
36. Threat of Substitute Product
Non farrier practitioners
Internet
37. Competitive Rivalry
New farriers
Price cutting by other farriers
38. Who is Your Client?
39. Are You Missing Clients
Market Segmentation
Clients
Breeds
40. What Does Your Client Want?
Million $ Question
41. What do you offer?
42. What Does Your Client Think of You?
Surveys?
www.surveymonkey.com
43. Keeping Your Clients
Branding
44. What is Branding
What you stand for
What you want to be know for
Promise of
Quality
Service
Performance
Customer Experience
45. Why the Brand is so Important
Develops a businesses identity
Creates processes to deliver
Springboard for change
Clarity in an organization
46. 47. 48. 5 Steps to a Brand
Based on values, vision and mission
Driven by leadership.
Develop with communication
Make it fun
Encourage change
49. Mission, Vision & Values
50. Mission Statement
Concise statement of business strategy from a clients POV
What do we do?
How do we do it?
Who do we do it for?
Not-differentiating
51. Vision Statement
What you want the practice to be
.
52. Value Statement

The nature of our motivation determines the character of our work
Dalai Lama
Differentiating
53. Leadership
Fitzpatrick
54. Your Staff is Key?
We shoe horses
We deliver the brand
Happy employees = happy clients
55. Communication
56. Have Fun
57. Evolve
58. Other Impacts To Your Business
Earn a living while not shoeing
Something to sell
59. Does it Work?
Less HR headaches
More fun at work
Business growth
Decreased costs
Loyal clients
Fired clients!!
60. Final Words
Essential
Be patient
Be consistent
61. Spreading the Word?
Thats next!