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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Pandemic Search
- Francisco del Rio, inspired by classmates, explored the Chilean veterinary market despite no industry experience.
- During the pandemic, he and partners conducted a remote search, facing skepticism and logistical challenges.
Switching Paths
- Diego Silva, passionate about dog training, pursued an MBA at Duke to enter veterinary management, landing a dream job at BetterVet.
- After meeting Francisco, he left BetterVet to join LatamVet, prioritizing the Chilean venture over his U.S. career path.
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.