Veterinary Practice Acquisition & SBA Underwriting Financial Model

Buy a veterinary practice and underwrite it the way an SBA lender actually will — not the way the broker's add-back sheet wants you to. This is a lender-ready acquisition model for a single companion-animal practice, built around the two things that decide a vet deal: how much the doctors produce, and what it costs to replace the seller's own chair once you own it.

The engine most templates skip. Revenue is built bottom-up from the doctors — FTE veterinarians times revenue per DVM — plus the recurring wellness-plan book (enrolled pets times annual fee) and pharmacy/retail, each carried at its own gross margin. Gross Profit and SDE fall out of the mix, not a guessed number.

The honesty-killer: the owner-veterinarian production replacement. The owner is usually a producing doctor. If you (or your buyer) don't hold a DVM licence, you must re-hire that chair with an associate at a production (ProSal) wage — on top of a practice-manager salary. The model deducts BOTH to reach Adjusted EBITDA and shows the TRUE DSCR (1.34x on the base case) right next to the NAIVE broker-style DSCR (1.80x). The gap is the seller's own production — and it is exactly what separates a financeable vet deal from one that looks great on paper and gets declined.

What you get:

• Veterinary Revenue Engine — provider-productivity (DVMs x revenue/DVM), the wellness recurring book with a penetration lever, pharmacy/retail, a support-staff-to-DVM ratio and a total-revenue-per-DVM capacity check.
• SDE & Valuation — Gross Profit from per-line margins, SDE, the owner-vet production replacement, Adjusted EBITDA and the price at your SDE multiple.
• SBA 7(a) capital stack — buyer equity + seller note + loan, with a full-standby vs amortizing seller-note toggle that moves DSCR from declined to bankable.
• DSCR & Debt gate — the true DSCR, the naive DSCR, debt yield, the wellness-book coverage (~123% of debt service), and a down-case DSCR of 0.73x under a 15% doctor-productivity shock — the sector's #1 risk, priced honestly.
• 5-year P&L, Returns & Exit, Dashboard — cash-on-cash, equity multiple, and a DSCR bankability grid across price and rate.
• 3-way profile toggle — General Companion-Animal / High-Wellness Membership-Led / Mixed-Animal Rural reloads margins, multiple, working capital and capex.
• 24-page PDF user guide + a Benchmarks & Sources tab with every assumption's range.

Honest by design. SDE margin held at a realistic ~21% (not 30%+); independents priced at ~3x SDE (~4-6x EBITDA) — the corporate consolidator's 11-15x is NOT sold as your return; a solo/2-DVM owner-heavy practice is shown NOT to pencil for a non-vet buyer; and no IRR is headlined, because on one small deal it is hostage to the exit multiple. Machine-verified: 62 automated checks across three engines, zero errors. Works in Excel and Google Sheets — no macros.

Educational planning tool, not financial, legal, tax or investment advice. Verify the seller's tax returns, associate employment agreements and your SBA term sheet before relying on any number.