Sell-side M&A · Veterinary · Med spa · Dermatology · Healthcare
You built the practice once. Sell it once, and sell it right.
Cedar Well Advisors represents founder-owners of veterinary, medical aesthetics, dermatology and other healthcare practices when they sell to private equity platforms and strategic buyers. We sit on your side of the table, run a competitive process, and stay with the deal through close.
Sectors
Every specialty is valued its own way
Buyers in veterinary, aesthetics, dermatology and other healthcare specialties each underwrite different things. We prepare your practice for the questions your buyers will actually ask.
General practice, specialty, emergency, equine and mixed-animal practices. Consolidators pay for practices that keep producing after the founding doctor steps back.
We document how deep your doctor bench is, show what your wellness plans bring in, and present any real estate separately so it's valued on its own.
Typical buyersPE-backed veterinary platforms, regional consolidators, specialty and ER groups
- DVM productionRevenue per full-time doctor, and how much depends on the selling owner
- Associate retentionTenure, non-competes, and the plan for keeping doctors after close
- Wellness plansMembership and preventive-care revenue that repeats month to month
- Service mixSurgery, diagnostics, in-house lab and pharmacy share of revenue
- Real estateOwned building structured as a sale-leaseback or kept as a separate asset
Our experience
Seasoned in healthcare practice transactions
Our partners have spent their careers in M&A: sell-side investment banking at a national bank and middle-market boutiques, buy-side origination for private equity platforms, and practice transactions across veterinary, aesthetics, dermatology and other healthcare specialties. We know how buyers in each of these sectors value a practice, who is actively acquiring, and what it takes to get a deal closed cleanly.
Trained in investment banking M&A at a national bank and middle-market boutiques: valuation, marketing materials, buyer outreach and negotiation.
Years working directly with PE-backed platforms and strategic acquirers, from both sides of the table. We know who is buying, and how they underwrite.
Hands-on experience with the issues that decide practice deals: valuation, structure, provider stay-on, and post-close alignment.
Sector experience
Process
How a sale runs, start to close
Most engagements take six to nine months. You keep running the practice; we run the process and tell you plainly where things stand.
- Phase 1
Readiness & valuation
Weeks 1–4Normalize the financials, identify add-backs, and set a realistic valuation range before any buyer is called.
- Phase 2
Marketing materials
Weeks 4–8A blind teaser, a confidential information memorandum and a data room built for how buyers in your specialty underwrite.
- Phase 3
Buyer outreach
Weeks 8–14A targeted list of platforms and strategics under NDA, with each one's appetite, structure and track record vetted.
- Phase 4
LOIs & negotiation
Weeks 14–18Compare offers side by side on cash at close, rollover, earnout and your role after the sale. Then negotiate.
- Phase 5
Diligence & close
Weeks 18–30Quality of earnings, legal and clinical diligence, and employment agreements, managed alongside your attorney and CPA.
Why an advisor
One buyer is an offer. Several buyers is a market.
Most practice owners hear from a buyer long before they decide to sell. Taking the first serious offer is the most common way value gets left on the table.
Selling to the buyer who called
- The buyer sets the timeline and the valuation method
- No competing offer to anchor price or terms
- Add-backs are argued down one by one in diligence
- Rollover and earnout terms arrive as take-it-or-leave-it
Running a process with Cedar Well
- Offers arrive on one timeline you set, so they can be compared
- Buyers bid against each other on price and structure
- Financials are defended before diligence starts
- Your post-close role and comp are negotiated, not assumed
Deal terms
The words you'll see in every LOI
The headline price is one number of many. Here is what each term means for what you actually take home.
- Adjusted EBITDA
- Earnings with one-time costs and owner-specific expenses added back. It's the number a multiple is applied to, so every add-back counts.
- Rollover equity
- The share of your proceeds reinvested in the buyer's platform. It can pay again at the platform's next sale, but it's not cash today.
- Earnout
- Part of the price paid later if the practice hits agreed targets. How the targets are defined matters as much as the dollar amount.
- Compensation reset
- The change in a selling provider's pay after close, which creates the EBITDA the buyer is paying for.
- Platform vs. add-on
- A platform is a buyer's first investment in a region or specialty; an add-on joins an existing one. They're priced and structured differently.
- Quality of earnings
- An accounting firm's review of your financials during diligence. Preparing for it early keeps the price from sliding late.
FAQ
Questions owners ask first
If yours isn't here, ask it on a call. There's no obligation and no cost to talk.
Not from us. Buyers sign an NDA before they learn your name, early materials are anonymized, and site visits are scheduled after hours. You decide when and how your team hears.
Confidential consult
Find out what your practice is worth to a buyer.
Tell us a little about the practice. A partner will reply personally, and everything you share stays between us. Use the chat widget at the bottom of the screen to start a confidential conversation, or reach out and we'll arrange a time that suits you.
- No cost and no obligation
- We'll sign an NDA before you share financials
- A partner reviews every inquiry