Ep #16: The Power of Relationships: Building Trust and Collaboration with Chip Mahan
May 17, 2023
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Chip Mahan, CEO of Live Oak Banking Company, shares insights into building relationships with employees and customers at Live Oak Banking Company, the leading small business lender in the country. They discuss the unique history of lending to veterinarians and originating some of the largest veterinary loans in the United States. They also discuss the benefits of independent ownership in the veterinary industry and the impact of changing banking environments on small and regional banks.
Investing in a well-designed business model can create value and attract customers, leading to long-term success.
Fostering a positive company culture and prioritizing relationships with employees and customers can contribute to a motivated and loyal workforce, enhancing the bottom line.
Deep dives
The Importance of a Good Business Model
Having a good business model is essential for success. It is important to focus on developing a strong and viable business model that can generate profits and sustain growth. By investing in a well-designed business model, businesses can create value and attract customers, leading to long-term success.
Prioritizing People and Culture
Building a strong team and fostering a positive company culture are crucial for business growth. By treating employees well, offering attractive benefits, and cultivating a sense of trust and unity, businesses can create a motivated and loyal workforce. Prioritizing people and culture can contribute to a positive customer experience and ultimately enhance the bottom line.
The Shift Towards Service-Based Businesses
In service-based industries like veterinary medicine, customer service and personalized care are paramount. Businesses should strive to provide exceptional service to their customers, treating each one as a unique and valuable client. By going above and beyond to meet customer needs and expectations, businesses can differentiate themselves from larger competitors and cultivate customer loyalty.
The Value of Relationships in Business
Relationships play a crucial role in business success. Building strong relationships with customers and employees can lead to increased trust, loyalty, and long-term success. By prioritizing relationships, businesses can create positive experiences, generate referrals, and achieve sustainable growth.
Live Oak Banking Company is not only the leading small business lender in the country, but it also has a unique history of lending to veterinarians and originating some of the largest veterinary loans in the United States. In this episode, Chip Mahan, the CEO of Live Oak Banking Company, joins the show to share his insights into how Live Oak Banking Company got started in the veterinary lending business and his perspective on building relationships with employees and customers.
Disclosure: Travis York is the owner of Three and One Vet Advisors and a partner of SignatureFD. Three and One Vet Advisors is a veterinary consulting and strategic planning firm of which SignatureFD has no involvement or ownership. James Yost is a partner and wealth adviser at SignatureFD. SignatureFD is an investment adviser registered with the U.S. Securities and Exchange Commission. Three and One Vet Advisors and SignatureFD are not affiliated. Mr. York provides all non-investment advisory services through Three and One Vet Advisors. The opinions of the guests and the contents of this podcast are intended to be educational only and should not be relied upon as investment, tax, business, or planning advice. You should consult with a professional advisor prior to taking any course of action that may impact you or your business.
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