Sale & Transition Advisory

Sell from strength. The number gets built long before the listing.

The strongest sale outcomes are usually built well before the practice goes to market. We help improve the business, prepare it for diligence, and carry the transaction through closing. We represent owners in a sale to a private buyer, a partner, or a corporate group.

Practice owner standing outside a lit office building at dusk
Profit and loss statement and performance charts on a desk

The premise

Nobody pays a premium for potential.

Buyers pay for what the records show. Normalized earnings, a clean receivables position, a lease that assigns, a team that stays, and a system somebody other than you can run.

Every one of those can be improved or addressed, and very few can be fixed in the ninety days between deciding to sell and going to market. That is the entire argument for starting early.

Who this is for

Three owners. Same work. Different urgency.

The owner with a runway

Selling is a year or two out and you have time to actually move the number. This is where the readiness work has the most room to create value.

The owner holding an offer

Something arrived with a number in it. Before you answer, you need to know what the practice is really worth and what would happen to that number with six months of work behind it.

The owner whose deal stalled

The practice went to market and did not close, or the transaction is in diligence and going sideways. Many deals do not fail on headline price. They fail when diligence exposes issues nobody addressed early enough.

The clearest example

Uncollected receivables are worth cents. Collected receivables are worth dollars.

Aged accounts receivable get discounted hard in a purchase price or excluded from it entirely. Leaving them on the books means selling an asset at a discount rather than collecting more of the value before closing.

The same holds for leases, provider dependency, financial reporting, contracts and operating systems. Issues addressed before diligence generally create better options than issues discovered during it.

What happens if you wait
It gets discounted, and it says something

Aged balances get valued at a fraction of face or carved out of the deal, and a messy aging report tells a buyer the front office is not managed. That read gets applied to everything else in the file.

What happens if you move first
You collect more of the value before closing, and diligence gets shorter

The money lands in your account before the sale rather than being negotiated inside it, and the buyer gets the system that produced the clean report, still running on day one. We charge no transaction fee on receivables.

The same dollar, two outcomes

A receivable collected before closing turns into cash rather than a negotiated asset inside the deal. The same receivable sitting on the books at closing is worth whatever a buyer decides to pay for it.

Collected before the sale, through the management program Cash collected Cash realized before closing Left on the books and valued inside the purchase price ? Discounted Negotiated, carved out, or chased alone after closing Buyers discount aged receivables hard or exclude them entirely. Waiting gives the buyer leverage to discount or exclude the balance.

What we do

Readiness across everything a buyer will open.

Diligence is predictable. The same categories get examined on every deal, which means every one of them can be addressed before anyone looks.

Earnings and financials

  • Normalized EBITDA with every adjustment documented and traceable
  • Chart of accounts rebuilt so the statements read the way a buyer expects
  • Owner compensation and personal expenses separated cleanly
  • Three years of records that reconcile to each other

Revenue cycle and receivables

  • Aged balances collected before they become a discount
  • Billing workflow and adjustments cleaned up and documented
  • Collections against production brought into line
  • Payer mix and reimbursement understood before a buyer models it

Contracts and continuity

  • Lease reviewed for assignment, term, options, and landlord consent
  • Vendor agreements identified, with anything that blocks a transfer flagged early
  • Employment agreements, handbook, and compensation in order
  • Liens, equipment financing, and encumbrances resolved

Dependency and risk

  • Provider concentration reduced where it can be
  • Hygiene capacity and utilization measured against what a buyer is likely to underwrite
  • Referral and marketing sources documented rather than assumed
  • Roles and systems built so the practice runs without the seller in it

The transaction itself

  • Data room built and organized before the first buyer asks
  • Offers modeled against each other, including terms rather than just price
  • Diligence managed so questions get answered in hours instead of weeks
  • Post-close transition planned so the buyer inherits a running practice and the earnout, if there is one, is achievable

The arc

From first look to a closed transaction.

Each stage opens when the one before it closes. Going to market before readiness is finished is how a seller ends up negotiating against their own file.

Stage 01
PositionWhat it is worth today and what would move it
Stage 02
ReadinessThe work that changes the number
Stage 03
PackageData room, financials, and the story assembled
Stage 04
MarketBuyers engaged and offers compared on terms
Stage 05
DiligenceManaged so the deal does not stall
Stage 06
Close and transitionThe buyer inherits a running practice

Two ways to work together

However the practice goes to market,
the readiness work is the same.

01

We represent you

Readiness, packaging, buyer process, diligence coordination, and closing support, run end to end by one team that already knows your numbers.

Success fee
Published cascading schedule on enterprise value
02

We work with your broker

You keep your broker and your relationship. We do the readiness work that prepares the practice for market and stay on through diligence to help keep the deal moving.

Our fee
A fractional percentage of the broker's commission, paid by the broker

The fee

Published economics. No surprises.

Under 8.5%
Published, and cascading down
as enterprise value goes up
$40,000
Minimum engagement

Our success fee is based on enterprise value and declines as transaction size increases. It is published, it is the same for everyone, and it does not flex on a call.

Accounts receivable and real property are excluded from the business-sale fee. Receivables are handled separately, and any real-property transaction is handled through an appropriately licensed real-estate professional under a separate fee arrangement.

The engagement carries a $40,000 minimum. The work does not get smaller when the practice does, and we would rather be honest about that up front.

For brokers

Already have a broker? Good.

Most of our sell-side work runs alongside an existing broker relationship. The broker keeps the listing and the buyer process. We handle readiness, operating cleanup, financial preparation and diligence support.

The goal is simple. Give the broker a stronger asset and a cleaner file to take to market.

What you get
A listing that is actually sellable

Normalized earnings, a clean aging report, a lease that assigns, and a data room that exists before the first buyer asks for it.

A stronger asset to take to market

Readiness work can improve the economics and reduce the issues buyers use to retrade a deal.

Fewer dead deals

Many deals fall apart over what surfaces in diligence rather than headline price, and that is the part we help manage.

A place to send the ones you cannot list yet

Instead of declining a practice that is two years from ready, hand it to us and we send the practice back when it is ready for market.

How it works
You stay the broker

Your listing, your agreement, your client, your name on the deal. We work behind you and we do not solicit the relationship.

We take a fractional portion of your commission

Paid by you at close from the broker’s commission on the transaction. Nothing additional comes out of the seller.

Or the seller engages us directly

If the readiness work runs as its own engagement, the seller pays for it and your commission is untouched entirely.

It works in both directions

We see buyers who need a practice and sellers who need a broker. Referrals do not run one way here.

The questions everybody asks

Fair questions. Straight answers.

Should I sell my practice to a DSO?

That depends on what you want the sale to do for you. A dental support organization, or DSO, often pays more up front than a private buyer and asks for more in return. The terms can include rolled equity, an earnout, and several years of continued work under someone else's direction. A private buyer often pays less and lets you leave sooner. We model both paths against your numbers before you answer anyone, because the headline price and what you keep are rarely the same figure.

I received an offer from a DSO. How do I know if it is fair?

Start with how the buyer arrived at the number. Most group offers are a multiple of adjusted EBITDA, and the adjustments are where the value moves. We rebuild the earnings the way the buyer's analysts will, compare the terms as well as the price, and show you what the offer is worth after the holdback, the rolled equity and the work-back period. Do this before you sign a letter of intent, because your leverage drops once you do.

Should I sell my veterinary practice, chiropractic clinic or med spa to a corporate group?

The same trade applies in every profession. A veterinary group, a chiropractic group or a med spa platform backed by private equity will often pay more up front than a private buyer and ask for more in return, including rolled equity, an earnout and continued work. We model both paths against your numbers before you answer anyone.

What is my practice worth?

A practice is worth what its normalized earnings and its risk profile support. The Practice Value Tool gives you an indicative range in about four minutes. A Comprehensive Practice Review produces a valuation with every adjustment documented, which is the version you can hand to a lender, a partner or a buyer.

Do I need a practice broker to sell my practice?

You need representation. Whether that comes from a broker, from us, or from both depends on the practice. A broker lists the practice and runs the buyer process. We prepare the business so the listing is worth more and diligence does not stall, and we run the sale ourselves when no broker is involved. Most of our sell-side work runs alongside a broker.

I already have a broker. Is this a conflict?

No, and it is the arrangement we prefer. Your broker keeps the listing, the relationship, and the process. We do the readiness work and stay through diligence. Most of our sell-side work runs alongside a broker rather than instead of one.

How early should I start?

Twelve to twenty-four months before you intend to sell. Normalized earnings improve over trailing periods, receivables take time to collect, a lease renegotiation takes months, and reducing provider dependency takes longer than that. Ninety days out, most of what moves the number is already out of reach.

What does the readiness work actually cost?

The readiness work runs through Operations Management at its published monthly fee, because it is the same work. The success fee at closing is separate and it is charged on enterprise value.

Why is receivables collection not part of the sale price?

Because receivables are already being worked through the management program. Collecting receivables through the management program means the money is in your account before the transaction rather than being discounted inside it, and charging a transaction fee on top of that would be charging twice for the same dollar.

What if I decide not to sell?

Then you own a practice that produces more, collects better, and runs without you in every decision. Nothing in the readiness work is wasted on an owner who stays, which is why we are comfortable recommending it before anyone has committed to a sale.

What happens to my team when the practice sells?

That depends on the buyer, and it is one of the things worth negotiating rather than accepting. Retention terms, roles, and compensation are all on the table, and we treat them as part of the deal rather than an afterthought handled in the last week.

Do you work with veterinary, chiropractic and med spa owners?

Yes. The readiness work is the same in any owner-led healthcare business. Buyers open the same files, which are normalized earnings, receivables, the lease, provider dependency and the management team. Our transaction history is deepest in dentistry, and we say so.

Start here

Know what the business is worth.
Then decide what you want it to make possible.

Book a call to talk through where the practice sits and what a year of preparation could do to the number. Thirty minutes, no obligation.

Thirty minutes, no obligation. Nothing you share goes anywhere else.