Insights from an Entrepreneur: Andrew Black
Entrepreneurship Through Acquisition (ETA) can feel like a roller-coaster of strategy, capital, and heart. In this episode, we sit down with Andrew Black - Managing Director of VetCare Canada and architect of a 50-clinic veterinary roll-up - to unpack how he turned a thesis on “mission-driven pet care” into a nationwide platform. Andrew pulls back the curtain on: Finding the right industry fit: why personal passion for animal health anchored his search thesis Networking that moves the needle: the investor coffees, operator calls, and late-night Slack channels that shaped his deal flow Capital for scale: blending debt, equity, and seller rollover to keep ownership—and upside Culture as the secret sauce: integrating dozens of practice teams without losing their local soul Surviving the macro headwinds: lessons from financing in a high-rate environment and keeping growth steady From due-diligence trenches to post-close integrations, Andrew shares candid wins and gut-check moments - plus the reflective practices that keep him grounded as CEO. Tune in for a playbook on thriving after the acquisition and building a business that heals pets and people. 00:00 Introduction to Entrepreneurship Through Acquisition 01:06 Andrew's Career Journey and the Path to ETA 02:32 Emotional Challenges of Entrepreneurship 04:35 Networking and Industry Hypothesis Development 06:47 Crafting a Business Thesis for Success 09:50 Personal Connection vs. Market Opportunity 12:27 Strategic Approach to the Search Process 14:50 Capital Strategy and Financing for Growth 17:13 Identifying Ideal Acquisition Targets 18:48 Importance of Vision Alignment in Acquisitions 20:56 Evolving Due Diligence Practices 24:00 Building and Maintaining Advisor Relationships 24:19 Building Relationships with Advisors and Investors 27:12 Thriving Post-Acquisition: Key Strategies