Veterinary Practice Acquisition & SBA Underwriting Financial Model (Excel + Google Sheets)

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 is the owner-veterinarian production replacement. The owner is usually a producing doctor; if the buyer does not hold a DVM licence, they must re-hire that chair with an associate at a production (ProSal ~22%) 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) 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. It includes a 3-part SBA 7(a) capital stack with a full-standby vs amortizing seller-note toggle, a DSCR gate, the wellness-book coverage (~123% of debt service), a doctor-shortage down-case (DSCR 0.73x), three practice profiles, a 5-year P&L, returns and a dashboard. 10 sheets, machine-verified across three engines, Excel and Google Sheets, with a 23-page PDF guide. Educational planning tool, not financial advice.