Buying a Veterinary Practice
Buying a practice is the largest financial decision most veterinary surgeons make. The clinical judgement is usually sound. The risk sits in the numbers, the structure and the things nobody thought to ask.
We work with first-time buyers, associates buying into the practice they already work in, and established owners adding sites.
Appraising the Practice
Before anything else, we work out what the practice actually earns under normal ownership. Sellers present adjusted figures. Those adjustments need testing, because the difference between the seller version of EBITDA and the real one is often the difference between a good deal and a painful one.
- Is the income durable?
- How much depends on the departing owner personally, how much on one large corporate or farm client, and how much on a plan book that could churn.
- What is the true staffing cost?
- A practice held together by the owner working sixty hours needs two people to replace them. That is a cost, not an efficiency.
- What has been deferred?
- Equipment past replacement age, premises needing work, a practice management system nobody has upgraded. Deferred spending is a price adjustment.
- What does the lease say?
- Term remaining, security of tenure, rent review, repair obligations and whether the landlord is the seller. All of it affects value and risk.
Structuring the Purchase
A share purchase buys the company with everything in it, including its history and its liabilities. An asset purchase buys the trade and named assets and leaves most of the history behind. Sellers usually prefer a share sale for tax reasons and buyers usually prefer assets for risk reasons. Where you land affects price, warranties, indemnities and the tax position on both sides.
We model both, with the tax consequences for you and for the seller, so the negotiation is informed rather than positional.
Funding
Veterinary lending is a well-established market and the sector is generally viewed favourably by lenders, but the terms available vary widely. We prepare the projections and the business case, approach lenders including those with dedicated healthcare or professional practice teams, and compare offers on total cost rather than headline rate.
Deferred consideration and earn-outs are common in practice sales. They reduce the day one funding requirement and shift risk back to the seller, and they need careful drafting so the measurement of the earn-out cannot be argued about later.
Due Diligence
Financial due diligence tests the earnings, the working capital requirement and the liabilities. It should not be a formality. See our dedicated page on what a proper veterinary due diligence exercise covers.
How the Work Runs
Initial appraisal
A quick read of the information memorandum and accounts to establish whether this is worth pursuing before you spend money on it.
Valuation and offer strategy
What the practice is worth to you specifically, and what to offer, on what structure.
Funding secured
Projections prepared, lenders approached, offers compared on real total cost.
Due diligence
Financial and tax diligence run alongside your solicitor legal work, with findings fed into the price and the warranties.
Completion and the first hundred days
Structure implemented, reporting set up from day one, and the numbers watched closely through the transition.
Last reviewed 3 August 2026. [REVIEWER DETAILS REQUIRED BEFORE PUBLICATION]
Frequently Asked Questions
How much deposit do I need to buy a veterinary practice?
Should I buy the shares or the assets?
Can I buy into the practice I already work at?
Should I buy the freehold with the practice?
What if due diligence finds something serious?
How much of my own money will I need to put in?
Discuss a Veterinary Practice Acquisition
Send us the details of the practice you are looking at. The first conversation costs nothing and often saves a great deal.