Field-level observations from owner-led transactions. We write what we'd want our own clients to read before they sign anything.
The economics of buy-side diligence have changed. What automated tooling is now finding in sub-$20M data rooms, and how sellers should prepare for the deeper review that AI has now made affordable.
A field note on the recurring traps we see when owners run a process for the first time, and the small upstream decisions that prevent each one.
A clear breakdown of success fees, retainers, and the hidden line items that quietly compound. What's typical, what's reasonable, and what to push back on.
Consolidator appetite is at an unusual stage for practices producing $1M+ EBITDA, with reports of three PE-backed platforms and a listed regional all actively bidding. But like all windows, it's unlikely to stay open forever. What the next twelve months actually look like for owners of multi-vet practices and small groups, and the operational housekeeping that separates a practice trading at the top of its range from one that doesn't.
Most of the value created in a sale process is created before the process officially starts.
The mechanic that quietly resets the purchase price after close, and what to negotiate before signing the term sheet so it doesn't cost you seven figures.
Success fees create incentive misalignment at exactly the moments when alignment matters most. A note on how we structure engagements, and why.