The Acquisition Process
We take the guesswork out of selling your business!
Hornbill is on a strategic mission to acquire veterinary practices, and the unmatched wealth of experience that our seasoned board of directors brings to the table can significantly demystify the process of selling your practice. Our board members are well-versed in the intricacies of business acquisition; their knowledge and strategic acumen can help navigate every step of the transition, ensuring a seamless and advantageous experience for both parties involved.
Practice Purchase Criteria
1 - 5 Veterinarian Practices
2 or more exam rooms
1 or more operating rooms
10 years or older
EBITDA between $120,000 to $4,000,000
EBITDA margin roughly 15% - 20%
Our Criteria For Established Practices Is As Follows:
The Acquisition Process
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During this meeting we want to have a conversation with you, the seller, to find out what your long term goals are and what you wish to accomplish in a capital divestiture.
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We will use this intake information to tailor a succession plan that integrates your financial goals.
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As a potential seller, you will be asked to sign a mutual NDA in order to protect the confidential information of both parties, and to furnish requested financial documents (i.e. tax returns, and financial reports).
1
Initial Intake Meeting
2
A Letter of Intent
Bespoken For You
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We will use the information provided to us in the initial intake to craft a letter of intent that will be bespoken for your given situation.
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Every aspect of the LOI will be individually tailored to your financial goals and long term professional vision.
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Unlike many corporate consolidators, we do not employ the use of boilerplate template LOIs.
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After we have had time to review the requested information sent to us, we will follow up with you within 14 days.
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The goal of the follow up meeting is to clarify your expectations for an LOI. A rough draft of the LOI will be created during the meeting.
3
Presenting The
LOI
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We will have another meeting where our team will present the LOI to you. The LOI will outline a range of the EBITDA multiple that we are willing to pay, in addition to covering terms as they pertain to the acquisition. If there is anything in the LOI that would preclude you, as the seller, from agreeing to the terms it will be addressed and remedied during this meeting.
4
Due Diligence
Once negotiations have concluded and all the terms have been agreed upon, you as the seller, or your legal representation will send by email, fax or mail a signed LOI. Upon receipt of an executed LOI, Hornbill Health Veterinary Group and its representatives will begin accounting, legal, and regulatory due diligence. The due diligence period will last 100-180 days depending upon the complexity of the acquisition. The process will culminate in a purchase agreement encompassing the individualized terms outlined in the LOI, which have been tailored to your given situation, based upon the financial and professional goals you outlined during our first and subsequent meetings.
5
Transition Period
After the deal is finalized our transition team will integrate your practice into Hornbill's dynamic framework of existing practices. Our dedicated team will work in tandem with yours in order to facilitate a seamless transition.
Your practice will have access to all of Hornbill Health Veterinary Group's Resources including:
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Support in legal, financial and accounting matters, KPI, reporting, human resources, payroll, scheduling, recruitment, procurement, marketing, business analytics, media relations, IT, facility maintenance , and if necessary, on-site management.
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Career advancement opportunities for associates and corporate roles for veterinarians, veterinary technicians, and veterinary managers, including pathways to practice ownership.
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Opportunities to participate in corporate expansion and exclusive practice efficiency initiatives will be offered based on team member's discretion.
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Mentorship, internship and externship programs, as well as continuing education (available online and on-site).
