Veterinary Services Deals: Disclosure Schedules Done Right
When the deal is veterinary services and the question is Disclosure Schedules, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.
Veterinary Services deals in the lower middle market run a specific playbook. Disclosure Schedules is where the structure either holds or starts to leak.
The typical veterinary services platform sits at $8M to $100M EV with EBITDA in the $2M to $18M range. The thesis runs on general or specialty practice roll-up under an MSO. DVM retention is more valuable than equipment. Underwrite the people, then the practice.
How Disclosure Schedules actually gets structured.
Coordinate disclosure schedule preparation with the seller's diligence file, not against it.
Specifically disclose against specific reps, with cross-reference indexing.
Use the schedules to surface known issues, not to hide them.
Update schedules at signing and again at closing where allowed.
In veterinary services, layer in state-by-state CPM analysis filed pre-LOI as part of the Disclosure Schedules workstream.
Treating disclosure as a dump. The schedules carry the same legal weight as the reps; they need the same precision.
"Disclosure schedules are the most underrated document in M&A. They protect both sides when done right."Jason Powell · Disclosure Schedules
The deal is one thing. The capital that opens up after close is another.
Capital after close is where the IRR actually gets made. The right introductions at month nine through month thirty are where this practice works as hard as it does at the LOI.
Related deal pages.
Transaction Fee Structuring for Veterinary Services
The fee paid at closing to the independent sponsor for sourcing, structuring, and closing the platform deal a…
Working Capital Adjustments for Veterinary Services
The closing-date true-up that protects the buyer from receiving a business stripped of normal-course working …
Representation & Warranty Insurance for Veterinary Services
A buyer-side insurance product covering breach of seller representations, reducing seller escrow and indemnit…
Indemnification for Veterinary Services
The seller's contractual promise to compensate the buyer for breaches of representations, covenants, and spec…
Disclosure Schedules for Healthcare Services
roll-up of physician practices and ancillary service lines
Disclosure Schedules for Home Services
regional roll-ups of HVAC, plumbing, and electrical operators
Disclosure Schedules for Veterinary Services, on independent sponsor terms.
Independent sponsor counsel that already speaks fluent deal-by-deal economics, structures clean LPAs, and travels with capital markets relationships for what comes after close.