acquisitions , page-2

9.75 million for an EBITDA of 1.2/annum
annual return of 12.3% on the deal provided the practice can continue to perform at this level.

Assume principals are on a 5 year deal as the vendor finance is over 5 years. After 5 years when they leave will the practice still be worth 9.75M?
I doubt it.
Money out on the balance sheet for income in on the P&L and report a profit growth if at all possible seems to be the strategy.