If you've been approached by a buyer — or even just received an email from someone “looking to expand in your area” or an offer to purchase your practice — you're not alone.
Private equity-backed groups and consolidators have been aggressively pursuing veterinary practices for at least the last six years, and they're getting better at making it sound like a friendly, low-pressure conversation. But many practice owners walk into these discussions without fully understanding what’s at stake — or how to protect the value they’ve spent decades building.
The reality? The first buyer conversation you have could shape the rest of your deal journey… for better or worse.
We’ve helped dozens of veterinary owners navigate this exact situation. Here are the five things they wish they knew before they ever took that first meeting — and how to avoid the most common pitfalls.
1. The First Offer Is Rarely the Best Offer
Buyers often present early offers as “competitive” or “fair market,” hoping you’ll compare it to what you made last year — and accept without negotiating.
But unless there’s real competition for your business, you’re almost certainly not getting the best price or terms.
The truth is: many practice owners leave hundreds of thousands — or even millions of dollars — on the table simply because they didn’t know what was possible.
Pro tip: The only way to know what your practice is truly worth is to put it in front of multiple interested buyers — in a structured process with negotiations and using leverage at every step, not an informal chat.
2. Not All Buyers Are the Same — and Fit Matters
Some buyers promise the world up front. “We won’t change a thing. We love what you’ve built.” Then, six months after close, your staff is overworked, your culture is gone, and the new management is laser-focused on margin.
Other buyers genuinely want to support your legacy and retain your people. But you need to know how to tell the difference.
An experienced advisor can help you identify:
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Which buyers align with your values and vision
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How they’ve treated other owners post-sale
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What their real strategy is behind the scenes
- How close they are to a recapitalization or exit, which will most likely impact your returns
Remember: The highest bid isn’t always the best deal — especially if it jeopardizes what you’ve built.
3. Deal Terms Can Matter More Than Headline Price
You hear a number like "$6 million" and it’s tempting to mentally cash the check. But how much of that is guaranteed? How much is tied to future performance? How much is in equity — and in what entity?
Buyers may structure deals with:
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Earnouts: Payments based on future performance (which they now control)
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Rollover equity: Ownership in a parent company with its own risks and rewards
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Holdbacks: Money withheld to cover future liabilities
We’ve seen seemingly identical offers differ by 40% in actual owner take-home due to deal terms alone.
Tip: Get a clear picture of net proceeds — and how risk is being shifted — before accepting any offer.
4. Timing the Market Can Make a Big Difference
The market for veterinary practices is still strong, but no one has a crystal ball. Interest rates, lending conditions, and private equity appetites can all change quickly.
Some owners wait too long, hoping for “one more good year,” only to miss a peak in buyer demand. Others jump too soon without preparing — leaving value on the table. Right now, we are seeing strong offers in the veterinary space. This is a positive change over the last two years that could again see a decline at any time.
A strategic exit takes time and planning. Even if you’re not ready to sell now, understanding your position in the market can help you make smarter decisions over the next 6–24 months. We're always happy to set up a call to talk through getting your practice ready. You can text President Gary Behler at (484) 274-9047 to see up a time for a no-obligation walk through of your precise situation.
Smart sellers plan early — even if they don’t act right away.
5. You Don’t Have to Navigate This Alone
This is the biggest financial and professional decision of your life — and one that will impact your staff, your clients, and your legacy. Yet many owners walk into buyer conversations without anyone in their corner.
At Evergreen, we work exclusively with practice owners like you to:
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Run a competitive, confidential process
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Create real leverage among buyers
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Negotiate not just price, but terms that protect you
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Maximize your take-home and ensure post-sale alignment
Having someone at your side who understands the veterinary M&A landscape — and puts your interests first — can mean the difference between a good deal and a life-changing one.
Let’s Talk Before You Talk to Buyers
Even if you’re early in your thinking, we can help you get prepared — and avoid the common mistakes that cost other owners time, money, and peace of mind.
Schedule a confidential conversation with our President, Gary Behler, to talk through your options and what makes the most sense for your goals. Gary has over 20 years of experience in the veterinary industry and has previously worked for a large veterinary consolidator. He has overseen over 100 transactions in the veterinary space and has helped practice owners in your exact shoes.
📧 gary@evergreenforfounders.com
📱 Text or call: (484) 274-9047
There’s no cost to talk. No pressure to act. Just clarity from someone who’s helped veterinary founders navigate this journey — on their terms.
Why Evergreen M&A?