Acquiring Minds How 2 Entrepreneurs are Rolling Up a New Market
Nov 18, 2024
Francisco del Rio and Diego Silva, co-founders of LATAMVet, are revolutionizing the veterinary market in Chile. With backgrounds in engineering and finance, they share their inspiring journey from corporate careers to entrepreneurship. They discuss the challenges of trust and valuation during clinic acquisitions, emphasize building relationships with sellers, and navigate the complexities of operating during COVID-19. Their innovative strategies focus on digital management systems and a vision for expansion into neighboring countries, fueled by the growing trend of pet humanization.
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Market Unfamiliarity
- Selling small businesses to external buyers is uncommon in Chile, leading to trust issues.
- This unfamiliarity makes it challenging for consolidators to gain traction and secure deals initially.
Building Trust
- Build trust with potential sellers before discussing financials.
- Use NDAs proactively and clearly explain their purpose to address confidentiality concerns.
Sentimental Value Analogy
- When sellers overvalue their businesses due to sentimental attachment, use analogies.
- Diego compares it to buying a used car with inflated pricing because of sentimental value.