Using Ackerman Group Results in Quadrupled Sale Value for Fresno-Based Practices
About Dr. LeeAnn DuMars and Fresno Veterinary Specialty & Emergency Center
Dr. LeeAnn DuMars graduated from Washington State University in 1989 before establishing her Fresno-based general practice, Pet Medical Center & Spa, in 1992. In 2009, Dr. DuMars purchased an additional specialty/ER animal hospital, Fresno Veterinary Specialty & Emergency Center (FVSEC). She shared ownership of the two clinics with her husband, Bob.
Both hospitals had modern facilities and ample space (over 8,000 square feet). Pet Medical Center & Spa employed three DVMs, while FVSEC employed five veterinarians. Additionally, Dr. DuMars owned the real estate at Pet Medical Center & Spa and rented the facility at FVSEC.
Approximately nine months before partnering with Ackerman Group, LeeAnn and her husband took their hospitals to market.
Bob Mayorga
Throughout their research, LeeAnn and Bob read about the added value of selling your practice through a group; they wanted to learn more and get involved. In a group sale, several unaffiliated practices sell together in a “bundle” to secure a higher price and improved terms. Through their longtime veterinary attorney, the couple met Gary Ackerman, who explained the group process further and discussed his success in the past with group sales. After these conversations, LeeAnn and Bob decided to move forward with Ackerman Group to sell their hospitals.
Dr. LeeAnn DuMars
Veterinary Practice Sale Goals
They wanted to pursue an exit that led to a smooth transition and potentially included some of their Associates.
“Another element that sold us on Gary was his hand-holding throughout the initial evaluation process and before, during, and even post-engagement. He was readily available to answer any of our questions.”
Bob Mayorga
Veterinary Practice Sale Process
Ackerman Group evaluated all relevant information and finances between FVSEC and Pet Medical Center to ready the sale. A joint venture with earnout potential was the best deal structure to pursue with Dr. DuMars’ goals in mind.
As mentioned earlier, Ackerman Group also planned to sell their practices in a group sale. The group sale included nearly 30 practices across the U.S. Gary held an in-person, three-day meeting for all participating practice owners. Corporate buyers also attended to pitch their offers. After the in-person meeting, Gary and his transactional attorney held regular virtual meetings with group members to evaluate proposals, answer any questions, and facilitate discussion to choose the best deal.
Ackerman Group evaluated all relevant information and finances between FVSEC and Pet Medical Center to ready the sale. A joint venture with earnout potential was the best deal structure to pursue with Dr. DuMars’ goals in mind.
As mentioned earlier, Ackerman Group also planned to sell their practices in a group sale. The group sale included nearly 30 practices across the U.S. Gary held an in-person, three-day meeting for all participating practice owners. Corporate buyers also attended to pitch their offers. After the in-person meeting, Gary and his transactional attorney held regular virtual meetings with group members to evaluate proposals, answer any questions, and facilitate discussion to choose the best deal.
The group divided into two smaller groups that sold to two different corporate groups. LeeAnn and Bob’s hospitals were sold in one of the groups to NVA in the form of a joint venture.
“Ackerman Group made the sales process an easy endeavor for us. They handled all the details while we were able to still manage life and businesses sans sales stress.”



Outcomes and Results with Ackerman Group
Dr. DuMars and her husband sold 55 percent of FVSEC and 60 percent of Pet Medical Center to NVA while they retained minority stakes in both businesses. Their deal featured:
Note Terms
For both hospitals, NVA offered an optional installment sale over five years which included interest paid quarterly to LeeAnn and Bob. This gave Bob and LeeAnn significant pre-tax income for their retirement.
Staff Involvement
LeeAnn and Bob were able to include one of their key Associates from FVSEC as part of their joint venture structure.
Tag-Along Rights
The couple had tag-along rights to protect their minority shares in the event of NVA selling their portion of ownership. In 2019, that came true when JAB Investors acquired NVA. LeeAnn and Bob sold their shares at the same time as NVA, and at the same share price, essentially “tagging along” with NVA’s sale. As a result, their exiting sale multiple increased by 25 percent from their initial sale multiple.
Real Estate
Gary negotiated a long-term lease with NVA to take over for both FVSEC and Pet Medical Center. (Reminder: LeeAnn and Bob still owned the property at Pet Medical) Once the lease was signed with NVA, the couple sold the real estate for Pet Medical at a premium price (due in part to their long-term lease with NVA).
The couple’s employment terms were a minimum of two years. After the initial term, both LeeAnn and Bob decided not to renew their employment with NVA and subsequently sold their remaining portion of ownership for both hospitals.


$17
Million
Overall increase in value from the initial DIY offer
After selling their hospitals, LeeAnn and Bob fully retired and relocated from California to Florida. With the sale of their practice’s real estate, they swapped their property in a 1031 exchange for multiple rental properties in Florida. Today, they manage those properties and are enjoying retirement.