For founders
Guides to help you prepare, understand valuation and know what to expect.
Financials, team, customers, legal and personal goals.
Read the guide →StructureTake liquidity, keep a stake and keep building.
Read the guide →ValuationEBITDA, add-backs, multiples and what moves them.
Read the guide →ProcessFrom first call to closing, with a due diligence checklist.
Read the guide →WorksheetA practical walkthrough with a downloadable guide.
Read the guide →DownloadSize, sectors, structure and process on one page.
Download →For physician practices
Resources for independent practices and infusion providers.
How the MSO model works and what physicians keep.
Read the guide →ChecklistTen places independent practices lose money.
Read the guide →Service lineWhat GI, rheumatology and endocrinology practices should consider.
Read the guide →Free toolFind underpayments and denials in dollars, at no cost.
Request a review →For advisors
Glossary
EBITDA
Earnings before interest, taxes, depreciation and amortization; a measure of operating cash profit.
Normalized EBITDA
EBITDA adjusted for owner-related, one-time and non-operating items (add-backs).
Add-backs
Expenses removed from EBITDA because a new owner would not incur them.
Majority recapitalization
A transaction in which an investor buys a majority stake and the founder keeps a minority stake.
Rollover equity
The portion of ownership a founder reinvests in the business at closing.
IOI
Indication of interest: a non-binding letter with a valuation range and proposed structure.
LOI
Letter of intent: a more detailed non-binding agreement on price and key terms, usually with exclusivity.
Quality of earnings (QoE)
An accounting review that tests whether reported earnings are accurate and repeatable.
MSO
Management services organization: a company that provides nonclinical services to a physician-owned practice.
Corporate practice of medicine
State laws that limit who may own a medical practice or control clinical decisions.
Revenue cycle
The process from scheduling and eligibility through coding, billing, payment and collections.
Prior authorization
Payer approval required before certain treatments, such as many infused biologics.
Our team is happy to walk you through any of these topics in a confidential conversation.