Masters in Small Business M&A

Today Peter Lehrman sits down with Dzmitry Miranovich and Dr Bill Wagner, co-founders of Associated Veterinary Partners (AVP), a holding company rollup acquiring and partnering with American veterinary clinics.  Dr. Wagner Dzmitry share their approach, structures and key decisions rolling up independently owned and operated American veterinary clinics. They delve into the financial structure, partnership incentives and incentive design, the operational investments that enable a more repeatable programmatic M&A and the pros and cons of certain key post-closing integration decisions.  They also discuss the complexities of practice management software, the recruitment processes of veterinary professionals and its keyman risk, and the growing role of software in veterinary clinics. They highlight the importance of understanding the key players in a business, their culture, and the dynamics of the practice. Lastly, they explore emerging markets, services, and approaches to pet care. Associated Veterinary Partners began when ex-Carlyle Group investment professional Dzmitry Miranovich and entrepreneur and practicing veterinarian Dr. Bill Wagner connected on the shared idea that veterinary clinic owner-operators need a new and better capital partner and exit partner than what was presented by the status quo.   This podcast is produced by Peter Lehrman and the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked pre-vetted M&A advisors and potential acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we interview professionals that work at the intersection of small business operations and small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, please spread the word by giving us a review on Apple or Spotify.  It helps us grow the reach of the podcast. If you’d like to go deeper, we invite you to visit Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner exploring an exit or a professional acquirer or M&A advisor, you can create a free profile and start using Axial for free at Axial.com. Discussion points: What it means to build “veterinarian-centric” roll-up Transitioning the administrative burden that veterinary owner operators bear Diving into the specifics of AVP’s partnership and incentive structures Eductating veterinarians on key financial decisions as part of the M&A process AVP's model for shared financial success Practice management software decisions and complexities across vet clinics Recruitment and transition of veterinary professionals Exploring emerging services and pet care approaches High-growth areas in veterinary services Avoiding low-margin categories like pharmacy and inventory sales Discussing the potential of boarding, geriatric care, and end-of-life care Resources: Dzmitry Miranovich LinkedIn Dr. Bill Wagner LinkedIn Associated Veterinary Partners Peter Lehrman LinkedIn Axial Website

Today Peter Lehrman welcomes Accordion’s CEO and founder Nick Leopard onto the podcast. Nick started Accordion after prior chapters in investment banking and private equity / mezzanine lending. Accordion has become a leading financial consulting firm focused exclusively on serving the office of the private equity-backed CFO. Their clients, which include investment leaders Bain, Apollo, Hellman & Friedman, Golden Gate, Thoma Bravo, and many others, speaks for itself.   Nick and Peter dive deep into the finance function and what the best acquirers and operators do beyond the nuts and bolts of accounting and financial statements to get real strategic leverage and value from the office of the CFO.  Specifically, they talk about: How the up-market PE leaders professionalize the portfolio company finance function What business owners can unlock if you hire a great CFO earlier than one typically does Exploring the concept of ‘Exit Readiness' and why it’s so valuable for owners to prioritize it Accordion’s own M&A story and why they turned to acquisitions alongside organic growth What Nick has learned watching the best PE firms transform the CFO function Some potentially easy wins operators can achieve with simple technology and process discipline This podcast is produced by the team at Axial (www.axial.com). Axial is an online deal-sourcing platform that makes it easy for small business owners to confidentially explore transactions and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources:   Nick Leopard LinkedIn Peter Lehrman LinkedIn Axial Home Page Axial for Business Owners Accordion Home Page

In this episode, host Peter Lehrman sits down with Brad Smith, Co-Founder and Managing Director of specialist healthcare investment bank Vertess Advisors. Brad shares his journey from employee to CEO of a durable medical equipment provider to co-founding Vertess. We discuss the challenges entrepreneurs face in the complex industry of healthcare mergers and acquisitions. Smith highlights the importance of home care, the potential opportunities in fragmented markets, and the necessity for managing directors to have a background in operations, entrepreneurship, or clinical work to add value. The impacts of COVID on the healthcare landscape and the importance of cultural fit and terms in business deals are also explored. Vertess is a healthcare-focused Mergers + Acquisitions (M+A) advisory firm that helps owners increase their company’s financial value and negotiate the best price when they decide to sell their own company or grow through acquisition. Their expertise spans the healthcare vertical, ranging from behavioral health and intellectual/developmental disabilities to DME, pharmacies, home care/hospice, urgent care, life sciences, and other specialized services and products. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and professional acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you're enjoying the podcast, drop us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where we make available dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information for buyers and builders. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: Brad’s intro and background, transition from employee to CEO Importance of empowering employees and making their own decisions Benefits of inorganic growth strategies through acquisitions The transition from employee to entrepreneur in healthcare Private equity's changing landscape over the past two decades Brad’s unconventional business exit and how it came about Importance of home care and long-term sustainable approach Potential opportunities in fragmented markets for healthcare Streamlining businesses and promoting innovation through private equity Prioritizing cultural fit and terms over price in deals Uncovering new opportunities with a fresh M&A perspective Brad’s take on search funds Brad’s grandfather’s business acumen and work ethic as his inspiration

In this episode, Peter Lehrman sits down with Walker Deibel, a serial acquisition entrepreneur, successful small business M&A advisor and author of the canonical work Buy Then Build, How Acquisition Entrepreneurs Outsmart the Startup Game. Walker is also the founder of Acquisition Lab, an acquisition entrepreneur incubator. He has acquired seven companies over ten years and co-founded several startups. His bestselling book, Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game, was recognized by Forbes as “one of the top 7 books all entrepreneurs must read,” and is currently being used in many universities. Walker discusses his journey into the world of acquisition entrepreneurship and the creation of the Acquisition Lab. You’ll hear his experiences in acquiring and building businesses, and how he has developed tools and resources for aspiring entrepreneurs seeking success in small business M&A. The Acquisition Lab supports potential business buyers by providing a common language, tools, and analysis, as well as case studies and peer group support. This podcast is produced by the team at Axial (www.axial.com). Axial is a trusted online M&A platform that makes it easy for small business owners and their M&A advisors to confidentially research and connect with vetted acquirers and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, I explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, pls consider giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: The genesis of the idea for "Buy, Then Build" Walker’s grandfather warned against certain business practices Conducting interviews to create foundational frameworks Creation of the Acquisition Lab and its curriculum Building a common language, tools, and analysis for potential business buyers World-class winners in the business of M&A Coaching around record-keeping and accounting in small businesses The importance of having a broker in the small business M&A process Valuation gaps and understanding private capital markets The future of acquisition entrepreneurship and the impact of network externalities on the M&A space Contact us with your podcast topic ideas! Resources:   Book: Buy, Then Build Acquisition Lab Veritas Prep Code Smith Quiet Light Brokerage Peter Lehrman LinkedIn Axial Website

My guest today is David Eshaghian, Founder of Panther Equity Group. Panther Equity pursues investments in lower middle market businesses generally providing mission-critical services, products, and solutions. David’s responsibilities at Panther include deal sourcing and qualification, transaction execution, firm strategy, portfolio management, and investor relations. Before Panther Equity Group, David was the CEO of a Managed IT Services Provider (MSP), formerly known as The Tech Info Group (‘TTIG’) which he acquired in 2017 through a self-funded search fund vehicle. In 2020, David merged TTIG with a California-based ISP / CLEC to create a comprehensive Technology Service Provider – ‘InfoNetworks’. Previously, David was an M&A banker at Guggenheim advising both public and private companies on strategic transactions. David is a California native and graduated magna cum laude from the University of Southern California’s Marshall School of Business. In this episode, we walk through David’s origin story chapter by chapter, starting with his self-funded search fund. We cover deal sourcing and how he sourced TTIG, how outsourcing customer service functions to Serbia saved 70% in labor costs, the exit story for TTIG, and how he is orienting the development of his investment firm Panther Equity Group. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: ●  David’s background and war stories as a CEO ●  Biggest changes as CEO - standardizing SLAs with customers ●  Leveraging remote talent in Serbia for most customer service issues ●  Hiring executive-level talent to build an organization beyond David ●  2020 - the exit timeline, Covid, and going remote ●  How TTIG merged with a key vendor came ●  The decision to found Panther Equity Group ●  2022’s interest rate increases and their impact on deal structure ●   David’s thoughts and plans for Panther Equity Group Resources: David Eshaghian LinkedInPanther Equity GroupPeter Lehrman LinkedInAxial Website