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Veterinary practice Sale-Prep Checklist

Licenses, documents and fixes buyers look for when you sell a veterinary practice

Know your number

[ ] Recast earnings to SDE (and adjusted EBITDA if above about $1M of earnings)
[ ] Run the veterinary practice valuation calculator and save the brief
[ ] Estimate after-tax proceeds under asset vs stock sale

Licenses and transfer issues for veterinary practices

Done	Issue	What to know
[ ]	Premises registration (California example)	California requires a registered premises and a licensee manager; the registration is not transferable, and a change of ownership must be reported to the Veterinary Medical Board within 30 days.
[ ]	DEA registration	Not transferable without DEA's written consent (21 CFR 1301.52). The buyer or managing veterinarian needs a registration for the location.
[ ]	Ownership rules	Some states limit who can own a veterinary practice or control medical decisions; consolidators structure around these rules. Confirm your state's rule early.

Documents buyers will ask for

[ ] 3 years of financials and tax returns
[ ] Revenue by doctor and by service line
[ ] Active client and patient counts
[ ] Controlled-substance logs
[ ] Lease or real estate documents
[ ] Equipment list
[ ] Associate employment agreements and non-competes

Fix what buyers discount

[ ] Owner dependence: document processes, delegate selling and scheduling, cut your hours in the work
[ ] Customer concentration: no single customer above about 15% of revenue
[ ] Recurring revenue: convert one-off customers to agreements or plans
[ ] Clean books: separate personal expenses, reconcile monthly, keep 3 years of tax returns ready

Deal structure notes

Veterinarian buyers use practice lenders or SBA loans. Consolidators pay cash plus rollover equity and usually require the seller to keep practicing for a period.

Timeline

6-12 months is typical for a veterinarian buyer; consolidator processes move faster to LOI but add diligence and a retention period.

Rules vary by state; confirm licensing and transfer requirements with counsel. General information, not legal or tax advice.

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