Beyond the Exit: The Founder’s Journey with Dr. Azza Kennedy

Welcome to The Founder’s Journey to Exit, a weekly podcast by Evergreen for Founders where we sit down with visionary entrepreneurs who’ve built meaningful companies, navigated the mergers and acquisitions (M&A) process, and carried forward their legacy. Each episode breaks down pieces of the business sale process — from valuation and deal structure to due diligence and life after the exit — giving founders real, practical insight into what it takes to sell a company successfully.

In this episode, host and Evergreen M&A Senior Advisor, Hannah Huke speaks with Dr. Azza Diasti-Kennedy — a veterinarian, multi-hospital owner, and investor who sold her veterinary practice and is now redefining pet care through telehealth innovation.

Together, they explore:

• How Dr. Kennedy built and scaled a thriving veterinary business
• What founders should know before starting the M&A and sale process
• Lessons learned from partnering with private equity and preserving a legacy
• How life and leadership evolve after the exit

Whether you’re an entrepreneur preparing to sell your business, exploring private equity options, or simply curious about how real founders navigate the exit process — this episode offers candid advice and actionable insights from someone who’s been through it all.

Real founders. Real exits. Real lessons from the journey. Brought to you by Evergreen M&A: Advisory for Founders.

Transcript

Hannah Huke  0:00  
Hello and welcome to the founders journey to exit, a podcast brought to you by Evergreen M&A, real founders, real exits, real lessons from the journey. My name is Hannah Huke. I am a senior advisor with Evergreen M&A. We're an advisory for founders when they're looking to exit or get growth investments from private equity buyers. Today, I'm joined by Dr. Azza Diasti Kennedy. It's our first episode, and we're very excited to have her today. She's also a member of our team here helping founders and Aza, welcome.

Dr. Azza Diasti Kennedy  0:47  
Thanks, Hannah, I'm so happy to be here. This topic is really close to my heart, because I have lived through every phase of the founder's journey, from starting small and we're wearing literally every hat, scaling, selling and then finding purpose again, on the other side. My goal is to help other founders prepare emotionally and strategically for what's ahead, not just the transaction, but also the transformation that comes after it. So thanks for having me.

Hannah Huke  1:20  
Yeah! Thank you for being here. And Aza, I really love your story. It's incredibly inspiring. You are a lifelong entrepreneur, business owner, and you've had many exits, and I would love to hear and for you to share your journey about, you know, selling some of your companies. And you know, particularly, you're a veterinarian, and you know, you sold your vet practice. And you know, can you share just your story?

Dr. Azza Diasti Kennedy  1:56  
I would love that. So I started as, oh, actually, before I started as a veterinarian. I, in my 20s, I owned several gas stations, and I exited as well by my dream was really to become a vet. So I went back to vet school. I started as a veterinarian. It was a dream, not not of selling one day, but of creating something meaningful. When I built my first hospital, we were really tiny, one doctor, a few team members and a vision. Over the years and learned how to turn that vision into systems, culture and value that ultimately attracts a buyer. Eventually my, you know both hospitals, the last one was an AHA accredited, grew into good amount, a multi million dollar business, and we were among the first to be acquired by American Veterinary group. Now, over 450 hospitals network that exit, you know, tough, basically taught me the importance of preparation, timing and emotional readiness.

Hannah Huke  3:03  
Are you happy you did it? Are you happy you exited?

Dr. Azza Diasti Kennedy  3:08  
I am thrilled. I didn't feel that way then, but now, definitely it was the best decision I have made.

Hannah Huke  3:16  
That's great. Well, congratulations on that

Dr. Azza Diasti Kennedy  3:19  
Thank you so much.

Hannah Huke  3:20  
So when we first talk to founders, whether they be in healthcare or veterinary or we do a lot in residential services as well and other business owners. The most common question we always get is, what is my business worth? And, you know, there's a very specific formula that we use. It's a little bit of science and a little bit of art. Can you speak to, you know, how to guide founders through that question? And, you know, how do we value business? How is your business valued?

Dr. Azza Diasti Kennedy  4:02  
So Hannah, I had the same thing in mind back then. I always thought, you know, what is my business worth? And most founders start with a number in mind. I kind of guessed also a number, just like all founders what, what we all think, or what they think their business is worth. You know, the valuation is both on art and science, like you mentioned, it's not about how hard you have worked or how loyal your clients are, though those really matter emotionally, it's about how scalable and transferable your business is. Buyers look for usually consistency in EBITDA, and we will talk about EBITDA in future episodes. And then also buyers look for retention of key staff, growth trends, and how well the business can run without the owner. So. If your business depend on showing up every day, it's like a job, not an asset yet. The market reward, rewards predictability and systems, not heroic and emotional rewards. So this is so important because me as a, as a former founder, emotions took over.

Hannah Huke  5:20  
Yeah, yep, yes. And I think a lot of founders, you know, they they look at future growth and you know, certainly that's something that buyers will look into, and they will look at, but really it's those earnings that you've had already and how you can demonstrate growth. And I always tell founders that the most important thing is you have to demonstrate that your business will continue to grow, or there are avenues to grow. Do you want to speak a little bit to that with your experience, with your practice?

Dr. Azza Diasti Kennedy  6:03  
Yes, absolutely. Because, like when a buyer looks for a business, they're not just looking for today, but looking also for the future of the business. Everybody want's to make money, you know, the founders want to get a good valuation and a good amount for their business. But also the buyers want to make sure that when they buy the business there is room to scale and make more profit as well. And if the business have all this criteria to be profitable in the future, scalable, and have the right fit as the culture and the system in place, that would be very attractive to buyers, so founders should keep that in mind. It's not just for today, but also you're building for the future.

Hannah Huke  6:53  
Great! All good advice. Dr Azza. Azza, let's next talk about something that's very important and that is letting go. So you've built your business. Your business is like your baby. It's a representation of you. You've put in countless hours and weekends, time away from your family, not to mention the sleepless nights and the stress building it. Can you talk about selling and, and letting go and what that means, and how you know, you would advise founders on how they can let go.

Dr. Azza Diasti Kennedy  7:45  
Oh, my goodness, Hannah, this is such a great question, and it relates to every founder. So letting go is one of the hardest parts of being a founder. You have poured your soul into something. It's part of your identity. Many founders wait too long because they feel guilty, or they think actually selling means like, failure. But the truth is preparations, preparation gives you options, and unfortunately, waiting limits them. The best time to really sell, isn't when you're exhausted and burned out, it's really when your still excited about going to work and growing a business every day, that's when buyers see potential, not a burnout.

Hannah Huke  8:34  
Yes, that's a great point, and founders always ask, "When is the best time to sell?", and it really is, what is the best time for you? Are you aligned with buyer possibilities and the paths that they could potentially take you on? Is your business growing? I always say it's, it's best to do it when your business is on an upward trajectory, because an exit can be a long process. It can be a stressful process. And you really want your business to be in a great position. You want to be in a great position. And you know, just like you said, you you want it to be at a time where you're excited and things are going well

Dr. Azza Diasti Kennedy  9:24  
100% so when your business is at its highest growth revenue and EBITDA, this is when you're like, and you're excited and you want it to even scale more, this is when you start really inviting buyers to look at it and get evaluation. So I know it's still emotional. It gets so attached. But like I said, we talked about, emotional attachment to business is probably hard, but you're going to have so much potential and so much return on your investment when your, your business is growing in a really good shape.

Hannah Huke  10:03  
Right, yes, exactly. So now let's talk about life after the exit. And there's so many misconceptions here. Sometimes I talk to buyers and, you know, I hear back, well, I'm only 50, I'm not ready to walk away yet, and I think it's really important for founders to understand, especially in today's market, they have so many options. They're, most of the buyers we, we, you know, work with and market to, they really expect the business owner to stay on for a transitionary period. And sometimes this can be a year, sometimes this can be three years, especially if it's, you know, healthcare provider that is seeing a lot of patients, for example. But, there are, like I said, a lot of opportunities, and depending on the buyer, sometimes you can walk away after a year, and you can do other things, and we won't even get into the complications of non competes at this time and all that brings. And certainly at Evergreen, we do help with non competes and what your employment contracts look like, but tell me specifically what advice you have based on your experience about life after exit.

Dr. Azza Diasti Kennedy  11:35  
So that's another awesome question, and very relatable. So personally for me, after I sold, it took me time to rediscover who I was beyond the business. You go from being the center of a busy ecosystem, the boss, to suddenly having really quiet environment around you, and that's why I always, like, tell founders to plan who they will be next, not just what the they will sell, because your identity is not related to what you are building right now. You are a lot more than that. For me, of course, I had to make sure that I stayed for two years after acquisition, and to help, you know the buyer, establish the business and make it scalable, and, and, and then after that, I thought, you know, the next chapter for me, I just wanted to disrupt, you know how the veterinary medicine is working right now, and also help the founders with their journey as well. Since I experienced that, you know, selling my business and exited, so I decided that, to actually be better at it, I, after 20 some years of being a vet and a business owner and a founders and then exited, I thought, like having an MBA would be probably helpful, and I would just think a little bit out of the box that I've been in for 20 some years. So I went back and got an MBA, and I started building a platform called Vetsi. It's telehealth platform that connects veterinarians to pet owners, also connects pet owners to dog trainers and vet nurses. And I thought, you know, I just wanted to make veterinary medicine more scalable and affordable. And at the same time, I thought that I was really passionate on helping founders find their way. Found, finding buyers, the emotional aspect of the process. It can be very emotional, very tasking, and I wish there was someone there for me to help me out, but there was nobody. But I was so happy to have even my kids, my family, helped me out a little bit about the emotional aspect of it, and letting go was the hardest. So I've decided to to join evergreen partners M&A, so I can actually help founders with the journey. It's not just transactional, but it's like the mostly the emotional part of it when I can share everything I've learned, the wins and the wounds that I acquired through the years. So, yeah, so I'm happy to be finally here and be able to help some founders just like me.

Hannah Huke  14:35  
Yeah, that's awesome, Azza, and it's so incredible that you've reinvented yourself so many times, and you know, like you, I love doing what we do, and I love helping founders, because not only do they realize so much, you know, of course, there's the wealth building, right? And, you know, really benefiting from all everything they've put into building their business and getting to where it is, but it's also just the potential of what's next. You know, I we work with founders that go on to teach, or they want to do more research roles, or, you know, you went and got your MBA, and now, you know, you're helping us, and you're helping other founders, and it's just, it's really incredible. And you know, I think I speak for you when I say working with founders is really awesome. They're incredibly hard working, and it's great to help them kind of write their next chapter in their book.

Dr. Azza Diasti Kennedy  15:43  
Absolutely, absolutely, and I'm happy to be here.

Hannah Huke  15:47  
Great! Okay, so give me your top pieces of advice for founders who you know maybe they're five years out, maybe they're starting to think about it, you know, they're getting approached by buyers, the phone calls and the emails, you know, are getting to be a point where it's weekly, maybe even daily. Give me your your top advice for for founders.

Dr. Azza Diasti Kennedy  16:20  
As a former founder, there's few things like, I wish I knew back then. You know. But after I exited, I feel like, Oh, I wish somebody told me that. Like the first thing I would say that start planning early, even if you are not ready to sell. So evolving, scaling and growing. This should be part of every day, although whether it's personal or business, so always start planning. And the second thing I would highly recommend is build systems that make your business transferable and scalable. And also, there is the piece of the know, your emotional triggers. It's okay to care deeply, but don't let emotions cloud timing, because sometimes we will get so attached with our business is just like our part of our children or a family member at the end of the day, you build it so you can scale it and hand it to the next person to even do better and also selling your business is not the end of your legacy. There's so much for you you can do out there. You know, whatever you're passionate about, this is the time you can reinvent yourself and start your new legacy and vision. It's how you make room for the next one. So that would be those top few advice. I think I put four in there, but there's so much more, but, you know so, that's what I highly recommend.

Hannah Huke  17:50  
And if founders want to get in touch with you, you know, to ask you questions. What's what's the best way to reach you, Azza?

Dr. Azza Diasti Kennedy  17:59  
Oh my God, you can reach me through my cell phone, LinkedIn, I'm on Facebook, Evergreen M&A website. I will be putting blogs in there, podcasts for you guys on topics that you want. If you don't want to talk to me personally, we'll put a lot of podcasts and blogs in there, but I'm always available on my cell phone. You can reach out anytime. LinkedIn, Facebook, we're always here for you. Do not worry about the time of the day, just reach out and we will get back to you as soon as possible. This is something I'm passionate about, and I would love to share my experience with all of you.

Hannah Huke  18:24  
And if you want more information, you can go to evergreenforfounders.com and Azza or I would be happy to help you on this next chapter of your journey. So thank you for being here today, Azza!

Dr. Azza Diasti Kennedy  18:55  
Thank you so much, and thanks everyone for listening to Hannah and I today! Looking forward to the next episode!

Hannah Huke  19:02  
Absolutely!

Dr. Azza Diasti Kennedy  19:03  
All right!

Hannah Huke  19:03  
Take care!

Dr. Azza Diasti Kennedy  19:04  
Bye!