We went “fishing” in late 2018, got an LOI and immediately realized we were ill-equipped to negotiate with battle-hardened corporate consolidators using top-tier actuaries and attorneys, much less to understand how the entire private equity world worked, much less still to get EBIDTA and leases on terms maximally favorable to us. It was Gary and his team that comprehensively schooled us in all of these elements, in depth, and in the process emerged our priorities for practice sale: a JV (not outright sale), opportunity for associates to buy in to the new partnership, and the specific mechanisms to facilitate both of these. While ultimately my partner and I had to develop the relationships with corporate contenders, put forth our terms, and of course sign off on any agreement, Ackerman ran interference for us and gave us confidence that no i left undotted or t uncrossed, and that we received maximal value for our practice in a deal that best suited us both short- and long-term. Note: we started, but did not finish, a large group sale with other practices; ultimately we were “peeled off” to a few smaller more select candidates who sought us but not 40 or more practice in one sale. But Ackerman continued to represent us in this endeavor, and the attorney he uses to negotiate final Purchase, Stockholders, Lease Agreements, etc. was A+++. Final note: no illusions – none of this is cheap. But if you are a typical practice owner like us that does not live in the corporate, private equity world, the Ackerman Group will school you, guide you, and represent you in the most expert way possible, and ultimately you will likely emerge better off, and certainly with more confidence that you obtained maximal value and terms, than you could probably otherwise muster on your own (and arguably, with any other broker).
Mark Epstein, DVM
Total Bond Veterinary Hospitals PC