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Rolling up Veterinary Clinics with Purpose, Partnership and Profits | Ep. 19


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 and 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 their 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 ( 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, 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

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Discussion points:

  • What it means to build a “veterinarian-centric” roll-up
  • Transitioning the administrative burden that veterinary owner-operators bear
  • Diving into the specifics of AVP’s partnership and incentive structures
  • Educating 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


Dzmitry Miranovich LinkedIn

Dzmitry Miranovich Twitter

Dr. Bill Wagner LinkedIn

Associated Veterinary Partners

Peter Lehrman LinkedIn

Axial Website

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