Episode #
73
Buying, Selling, Valuing, and Merging for 2025
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In this special episode, hear from the Veterinary Business Institute’s annual expert panel webinar featuring seasoned professionals Camala C. Bailey, Sang Park, and Melisa Edwards. This comprehensive discussion dives deep into the complex world of veterinary practice transitions — from buying and selling to merging practices.
Whether you’re a practice owner contemplating a sale, a first-time buyer aiming to make a smart investment, or simply looking to future-proof your business, this episode delivers actionable insights, strategic advice, and real-world experiences to guide you through today’s dynamic veterinary market.
Listen to this Episode on
Key Takeaways & Time Stamps
- 00:00 – 14:15: Market Trends Impacting Veterinary Practice Transitions
- Increasing corporate consolidation and its implications
- Importance of adopting cloud-based technology and client convenience tools
- Workforce dynamics: hiring, retention, pay, and flexible work environments
- Investing in team development to enhance practice value
- 14:15 – 23:20: What First-Time Buyers Need to Know
- Importance of evaluating both the current and future state of a practice
- Conducting thorough due diligence: financials, legal, staff, market, and competition
- Strategic planning for long-term practice growth and exit
- Role of social media and online reviews in practice valuation
- 23:20 – 31:15: Cultural & Operational Considerations When Buying a Practice
- Ensuring medicine style and personalities align with buyer expectations
- Staffing structure and sustainability beyond the current owner
- Recognizing the risks when a practice is heavily dependent on one individual
- 31:15 – 39:00: Economic Shifts: Inflation, Interest Rates, and Market Uncertainty
- How inflation impacts operating costs and profitability
- The effect of rising interest rates on buyer purchasing power and sale timelines
- Economic uncertainty causing hesitation among both buyers and sellers
- Potential increase in corporate practice sales due to economic pressures
- 39:00 – 47:30: Common Pitfalls in Transactions and How to Avoid Them
- Misalignment of expectations regarding practice valuation, especially concerning associate vs. owner doctors
- Emotional miscommunication and importance of clear, face-to-face dialogue
- Time mismanagement delaying or derailing deals
- Considerations for sellers who plan to stay post-sale
- 47:30 – 55:45: Preparing a Practice for Sale: Seller Strategies
- Building sustainability beyond the owner’s involvement
- Aligning staff compensation and avoiding sharp price changes post-sale
- Adjusting property rent to market rates for realistic financials
- Presenting a practice that can thrive without the “special sauce” of the owner
- 55:45 – 56:50: Key Components of Veterinary Practice Value & How to Increase It
- Practice valuation fundamentals: adjusted cash flow, EBITDA
- Important financial adjustments: owner’s wage, rent, one-time expenses, and more
- Risk factors affecting valuation such as profitability volatility and client transferability
- Importance of location and market in determining value
- Cleaning up financial records and inventory for presenting accurate practice value
- Recommended KPIs: service revenue mix, cost of sales, labor and benefits, facility expenses, and net income targets
- Advice on hiring veterinary-specific professionals (lawyer, broker, accountant) for transition success
Camala C. Bailey, CPA, CVA
Founder & CEO, Camala C. Bailey, CPA, PC (CPA 4Vets )
Board of Directors, Republic Bank AZ, N.A.
Adjunct Professor, Midwestern University (AZ), College of Veterinary Medicine
National Speaker, National Veterinary Conferences
Camala “Cammi” Bailey is a nationally recognized financial advisor, mentor, and speaker dedicated to helping veterinary professionals achieve financial success and peace of mind.
Growing up in rural Idaho, Cammi aspired to become a veterinarian to care for animals. However, her college journey revealed her true talents lay in numbers and analytics rather than science. Excelling in accounting, Cammi found a way to merge her passion for animals with her career. As a breeder and handler of award-winning Affenpinschers, affectionately known as “monkey dogs,” she traveled the country earning championship titles. This unique blend of passions inspired her to focus her accounting practice exclusively on serving the veterinary community.
Since 1999, Cammi has dedicated her career to helping veterinarians across the U.S. achieve financial success. Renowned for her expertise in veterinary accounting and tax planning, her services extend beyond spreadsheets, offering comprehensive coaching and consulting tailored to the unique needs of veterinary practices.
For veterinarians navigating the complexities of buying or selling a practice, Cammi’s extensive experience in due diligence and practice valuations ensures sound, strategic decisions. She also mentors veterinary professionals and practice managers, offering guidance on:
- Clarifying business vision and goals
- Utilizing financial reports, benchmarks, and KPIs effectively
- Improving revenue and profitability
- Enhancing leadership skills and employee development
- Reducing stress while improving work-life balance
- Achieving personal and business financial objectives
Cammi holds a BS in Accounting, is a Certified Public Accountant (CPA), and a Certified Valuation Analyst (CVA). With four DISC certifications, she integrates this assessment tool to empower clients in leadership, team building, and employee engagement.
A sought-after speaker and published author, Cammi’s insights have been featured in Arizona Veterinary News, Veterinary Team Brief, and the Southern California VMA Pulse.
Cammi lives with her husband, two adult sons, and a lively pack of her beloved monkey dogs.
Connect with Camala
Sang Park
Owner & Founder, Unique Practice Valuations Inc.
Veterinary Practice Sales & Transition Specialist.
Expert in Mergers & Acquisitions for Veterinary Practices.
Sang Park is a seasoned expert in veterinary practice sales, mergers & acquisitions (M&A), and business valuation with over a decade of industry experience. Prior to founding Unique Practice Valuations in 2020, he spent 8 years at VCA Animal Hospitals and National Veterinary Associates (NVA), where he specialized in veterinary hospital acquisitions and valuations. Sang’s in-depth knowledge of the veterinary industry and his insider expertise make him uniquely qualified to guide clients through the complexities of buying, selling, and valuing veterinary practices. With a track record of 19 consolidators extending Letters of Intent (LOI) to his clients, Sang is known for delivering high-value results in practice transitions.
He offers a range of services, including business advisory, valuation, exit strategies, and sales advisory focused on consolidator deals. His approach is rooted in providing veterinary practice owners with the tools, strategies, and insights needed to navigate the complexities of business finance, ensuring sustained growth and maximizing the true value of their practices.
Sang is committed to empowering veterinary practice owners by turning the table on corporate consolidators, helping them maintain control over their exit strategy, and optimizing the value of their practice.
Connect with Sang:
Melisa Edwards
President, Evolve Practice Transitions, Inc.
Buyer’s Advocate
Corporate Sale Facilitator
Veterinary Practice Broker
Associate Buy-Out Mediator
Specialty Finance Consultant
Commercial Real Estate Consultant
With over 20 years of experience and more than 750 successful practice transitions, Melisa K. Edwards is a trusted advisor in the veterinary industry. As the President of Evolve Practice Transitions, she specializes in practice acquisitions, real property transitions, and strategic planning for veterinarians nationwide.
Her journey began as one of the founding Vice Presidents of Bank of America’s Veterinary Finance division, where she gained extensive industry knowledge and hands-on experience in every aspect of the buying and selling process. Melisa’s expertise spans Real Estate Law, Appraisals, Escrow, Real Estate Economics, and Commercial Finance. Her deep understanding of these areas enables her to guide clients seamlessly through complex transitions.
Melisa’s approach is rooted in creating win-win solutions for buyers and sellers alike. Whether navigating corporate sales facilitation, associate buy-ins/outs, or providing custom buyer representation services, she is committed to delivering exceptional, no-nonsense service tailored to the unique needs of each client.
Evolve is dedicated to addressing the evolving needs of the veterinary community. Buyers benefit from dedicated advocacy, sellers gain clarity and direction, and internal sales are handled with patience and expertise. Evolve also offers unique, budget-friendly solutions such as a DIY seller facilitation package, ensuring all veterinarians have access to the tools they need for a successful transition.
Melisa lives in Riverside, California, with her teenage twins and Moose, a lovable German Shepherd/Lab mix. When she’s not working, she enjoys pickleball, paddleboarding, attending concerts, and spending time outdoors with her kids and Moose.
Connect with Melisa:
