What happens when a veterinarian and a CPA form a consulting business to help practicing veterinarians increase their business acumen? The result in 1998 was Summit Veterinary Advisors, now celebrating 25 years of serving the profession. The founders, Robert Froehlich, DVM, MBA, and Lorraine Monheiser List, CPA, CVA, planned that the business would only last a few years, as both were nearing retirement. Even so, they announced their new venture and were greeted with an enthusiastic response from veterinarians across the country. 

From the outset, they agreed that veterinarians were great clients – personable, eager for knowledge, and frequently operating practices that became more successful when business practices tailored to the industry were applied. How rewarding it has been to be a part of that process!

When Bob decided to retire, Lorraine took over. Fortunately, together they had added Leslie Mamalis, MBA, MSIT, CVA as a consultant, as well as the administrative professionals who brought specialized management skills to the business. Leslie had worked with Bob at the American Animal Hospital Association and already knew a great deal about the profession. She became an integral part of Summit the day she arrived. Leslie says, “Working at AAHA for seven years instilled in me a strong desire to serve the profession. Stepping into a consulting role at Summit was a natural move.”

Meanwhile, Bob and Lorraine were both charter members of VetPartners, a national professional association for veterinary advisors and consultants. After Bob’s retirement, Lorraine pursued her CVA credential to become a certified valuation analyst specializing in veterinary practices. As the association grew, VetPartners developed a valuation special interest group that attracted other members with similar interests. Lorraine was very active in that group, first co-chairing it and eventually chairing it for several years. At one of the initial meetings of that group, Lorraine met Michael Hargrove, DVM, MBA, CVA, a practicing veterinarian with a special interest in practice valuation. Shortly thereafter, Michael joined Summit, where he plays a vital role in the valuation work the firm does.

In 2014, Lorraine turned the practice over to Leslie, who continued Summit’s standards of excellence while enhancing our client’s experience working with us.  As frequent speakers at national veterinary conferences, she and Michael continued teaching veterinarians and practice managers how to improve their business practices, manage their businesses for better operating and financial stability, and evaluate options when hospital owners near the end of their careers. The two have collaborated on several articles, and Leslie has had the honor of writing a regular column, Money Matters, for Today’s Veterinary Business.

The business continued to grow, and in 2018, Leslie hired Tera Eddleman, CVA, an accountant working with an equine management group. Under Tera’s guidance, a second degreed accountant was hired so Summit could offer specialized accounting services.

Continuing education is a company value at Summit. Lorraine pursued both a master’s degree in Education and her CVA credential while actively working with Summit’s clients. Leslie, Tera, and Michael all have CVA credentials and devote hours every year toward that specialization. Continuing Lorraine’s legacy of leadership in practice valuation, Leslie and Tera both have served as co-chairs of the VetPartners Valuation Council, while Michael chairs the Cost of Capital Task Force.

As Leslie moves toward retirement, Tera is now Summit’s owner. She is continuing the tradition of excellence that Bob and Lorraine started. Tera says, “Summit has an amazing and inspiring legacy that I truly feel honored and privileged to continue. We pride ourselves on building relationships with our clients and being the go-to source for their financial needs. Our team is knowledgeable and highly equipped to guide practices from practice start-up or acquisition to eventual sale. Acquiring Summit has been a wonderful opportunity and experience for me and my family. I eagerly look forward to continuing to serve the veterinary community alongside my amazing Summit team and making Bob, Lorraine, and Leslie proud!”

Sadly, we lost Bob a few years back, but he would be pleased, and Lorraine is thrilled that Summit has become a major player in the profession. She and Bob had initially agreed in 1998 that the two of them would operate Summit as long as either could and wanted to do so, agreeing that the last one out would shut off the lights. It’s gratifying to know that the lights are still on, and many veterinarians are more successful because of the combined efforts of the Summit team.