How to share veterinary practice financials with several corporate buyers?
Share veterinary practice financials with several corporate buyers in three stages: a blind teaser before the NDA; the normalized EBITDA package with add-back support under it; client-level or patient-identifying records only after exclusivity, through advisors. One package and one bid date per stage.
Do not upload raw client or patient records. California Business and Professions Code 4857 restricts disclosure of animal-patient and client information. Have counsel review. This page is not a template.
Staged veterinary-practice financial share (definition). A blind teaser before the NDA.
The normalized EBITDA package, with add-back support, under the NDA.
Client-level or patient-identifying records only after exclusivity, through advisors.
A Drive dump of the PMS is not this share.
Three stages, not one folder
Corporate groups underwrite adjusted earnings. Vet Sales Consulting’s 27-point buyer checklist (25 May 2026, retrieved 2026-10-02) tells buyers to verify owner add-backs and a normalized EBITDA before they underwrite. DM Counsel’s guide on selling a veterinary practice (14 February 2025, retrieved 2026-10-02) puts three to five years of financials in the packet. One package and one bid date per stage keeps every bidder on the same number. What belongs in the folders is what documents you need to sell a veterinary practice.
| Gate | What opens | Who sees it | What stays closed |
|---|---|---|---|
| Before the NDA | A blind teaser: region, revenue band, number of doctors, no names | Every interested corporate buyer who has not yet signed | Client names, patient names, addresses, chart numbers, unredacted PMS rows, and the financials |
| NDA, first look | The normalized EBITDA package: three years of monthly P&Ls and tax returns, the add-back workbook, production bands by doctor | Every bidder who has signed the NDA | The key file that re-attaches names, and a raw PMS dump |
| After exclusivity, confirmatory | A sampled set of named accounts the exclusive bidder has earned, through advisors under the NDA | The exclusive bidder, and outside advisors under the NDA | Mass transfer of named client or patient records |
Production by doctor is identifiable in a small town without a name. Band the figures so the row is a band, not a person. Have counsel review the cut.
Several corporate groups bidding
One room with one audience per bidder is the default. Each corporate group sees only the folders that audience has earned. Q&A stays in the room: one group per bidder, and a published answer reaches only that bidder. How to keep competing buyers out of each other’s questions is how to keep buyers from seeing each other’s questions in a data room. Reply-all on a process email is how the wall fails.
| Control | What it does | How it fails |
|---|---|---|
| One audience per bidder | Each corporate group sees only allowed sections and files. | One shared Drive folder, or one DocSend link forwarded down the chain. |
| Agreement signed at the door | No file opens until the NDA is signed, versioned, with a certificate per signer. | Emailing the P&Ls while the NDA is still in draft. |
| Q&A private to that bidder | A published answer reaches only that audience. | A shared Q&A spreadsheet, or answering in email. |
| Watermark and page log | Preview and download carry the viewer. The log shows who opened which page. | A forwarded PDF with no trace. |
Veterinary record confidentiality
California Business and Professions Code 4857 (California Legislative Information, retrieved 2026-10-02) says a licensed veterinarian shall not disclose information concerning an animal patient, the client responsible for that patient, or the veterinary care provided, except listed circumstances: client consent, a valid court order or subpoena, or as required to comply with law. The AVMA Principles of Veterinary Medical Ethics, section 7 (published 1 October 2026, retrieved 2026-10-02), says the information within veterinary medical records is confidential and must not be released except as required or allowed by law, or by client consent. The AVMA Principles of veterinary data ownership and stewardship (retrieved 2026-10-02) states that veterinary practices own their practice data, and that data licensees should maintain the confidentiality and privacy of that data. Have counsel review. This page is not a template. See What is Cashpian?, and pricing.
FAQ
When do named clients or patients go in the room?
After exclusivity, for confirmatory sampling, through advisors under the NDA.
Aggregates go earlier.
Mass transfer of named records waits for close.
Have counsel review.
What if several corporate groups are bidding?
One audience per bidder.
Keep Q&A in the room, one group per bidder.
A published answer reaches only that bidder.
Email is how the wall fails.
Does using a data room satisfy veterinary confidentiality rules?
No.
Veterinary confidentiality belongs to the licensee.
A room vendor does not satisfy California BPC 4857 or the AVMA principles.
Have counsel review.
Why normalize EBITDA before any buyer sees it?
Corporate buyers underwrite adjusted earnings, not tax-return profit.
Owner add-backs belong in one package, with one bid date, before any bidder sees a number.
Sources
- California Legislative Information, Business and Professions Code 4857, retrieved 2026-10-02. Disclosure of animal-patient, client, and care information is restricted to listed circumstances.
- AVMA, Principles of Veterinary Medical Ethics, section 7 Confidentiality and record keeping, published 1 October 2026, retrieved 2026-10-02. Veterinary medical records are confidential except as required or allowed by law, or by client consent.
- AVMA, Principles of veterinary data ownership and stewardship, retrieved 2026-10-02. Practices own their practice data. Licensees should maintain confidentiality.
- Vet Sales Consulting, Due Diligence Checklist: 27 Things Every Buyer Should Verify, 25 May 2026, retrieved 2026-10-02. Owner add-backs. Normalized EBITDA. Production split.
- DM Counsel, A Comprehensive Guide on Selling Your Veterinary Practice, 14 February 2025, retrieved 2026-10-02. Three to five years of financials in the sale packet.
If the files are already in a folder, grade which row they are on. Cashpian is a gated room for that packet. It is not a listing portal. It does not sell the company or run the deal.