Veterinary consolidation has been one of the biggest forces reshaping practice ownership over the past decade. And it is not slowing down. Corporate buyers, private equity firms, and multi-practice groups continue to acquire clinics at a steady pace — and every time that happens, it changes how practices are valued.
If you are thinking about selling your practice, or even just trying to understand what it is worth, you need to know how consolidation affects the numbers. Because in today’s market, your valuation is not just about revenue. It is about who is buying, what they are looking for, and how your practice stacks up against the rest.
Why consolidation changes everything
When only independent buyers were in the game, valuations were relatively consistent. You could expect a fair market rate based on local competition, cash flow, and maybe a bit of goodwill. But when corporations entered the space, they started paying more — often based on strategic value, not just profit.
That drove up prices across the board. Suddenly, clinics that used to sell for three to four times EBITDA were getting six or seven. In premium markets, some even reached eight or nine. That kind of shift changes seller expectations and buyer behavior.
Not all practices get the same lift
It is important to understand that consolidation does not raise the value of every clinic equally. Corporate buyers are selective. They are not just looking for any clinic. They are looking for the right fit — meaning strong EBITDA, documented systems, low owner dependence, and room to grow.
If your practice is profitable, scalable, and easy to transition, you are going to see a higher multiple. But if your clinic is built around you, has messy books, or struggles with staffing, corporate interest may be lower. And if there are fewer buyers at the table, your leverage drops fast.
Consolidation brings more competition — and more pressure
As more clinics get acquired, the ones that remain independent are often competing with corporates that have bigger budgets, better tools, and stronger marketing. That can create pressure on margins if you are trying to match their pricing or hiring incentives.
On the flip side, if you are one of the few independents left in a region, your value can go up — especially if buyers are trying to build local networks and your clinic fills a gap in their map.
How it affects exit timing
One of the biggest risks in a consolidating market is waiting too long to sell. If you hold out for a few more years thinking valuations will keep climbing, you may miss the peak. Once a market becomes saturated with corporate-owned practices, the demand — and the premium pricing — can fade.
Smart sellers look at timing as much as valuation. They understand that getting a great offer is not just about building a strong practice. It is also about selling at the right moment, when buyers are still active and hungry for deals in your region.
Final word
Consolidation has driven practice values higher over the past decade — but it has also made the market more complex. If your practice fits what buyers want, you can command a strong multiple. But if you are not prepared or your region is already saturated, that premium might not be there forever.
Final word
Consolidation has driven practice values higher over the past decade, but it has also made the market more complex. If your practice fits what buyers want, you can command a strong multiple. But if you are not prepared or your region is already saturated, that premium might not be there forever.
If you want to get ahead of the curve, this step-by-step guide breaks down what today’s buyers actually care about and how you can position your practice to maximize value before you list.