Podcasts about ebitda

In this episode, Brannon Moncrief returns to the podcast to unpack what's really happening in the DSO market—from tightening deal structures and smarter buyers to the harsh reality that not every recap delivers. With over two decades in the game and 13 years leading McLaren & Associates, Brannon shares what makes a practice desirable in 2025 and why some of the biggest players in the space are hitting walls. Whether you're a mid-career doc holding high EBITDA or just building toward scale, Brannon breaks down how private equity thinks, how deal terms have shifted, and how to avoid being locked into a losing outcome. EPISODE RESOURCES https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Keith Miller, president of Partnerships for Dental (P4D), returns to the podcast to share how his organization has grown from 20 to 40 locations since 2017 while many competitors have faltered under challenging market conditions. With refreshing candor, Miller reveals the financial discipline that has kept P4D profitable despite rising interest rates and inflated practice valuations across the dental industry.At the heart of P4D's success lies a disciplined approach to acquisitions and operations. While competitors chased growth by paying 8-9x multiples for practices, Miller's team maintained strict financial criteria, focusing on practices generating at least $1.5 million with multiple providers. More impressively, they consistently deliver 35-40% EBITDA increases within the first year post-acquisition through supply chain optimization and operational improvements without disrupting clinical staffing.The conversation takes a fascinating turn when Miller describes how the dental acquisition landscape has fundamentally changed. What was once a robust arbitrage opportunity—buying practices at 3-4x multiples and selling consolidated groups at 10-15x—has compressed dramatically. Today's buyers pay 6-7x while consolidated entities might only command 9-10x, leaving razor-thin margins after corporate overhead. This shift has created significant challenges for highly leveraged groups, especially with interest rates soaring from 3-5% to 11%+.Miller also shares innovative approaches to post-COVID staffing challenges, including technology partnerships that have cut insurance collection times from 30 to 15 days. The episode concludes with personal insights on wellness routines, including daily ice baths and sauna sessions, providing a glimpse into the discipline that carries through both his business and personal life.For practice owners considering partnerships or entrepreneurs building dental groups, this episode delivers essential perspective on creating sustainable growth in today's challenging dental marketplace. Visit p4dentists.com to learn more about their partnership approach.If you need help finding the perfect location or your ready to invest in commercial real estate, email us at admin@leadersre.com Sign up for a FREE vulnerability analysis and lease renewal services View our library on apple podcasts or REUniversity.org. Connect on Facebook. Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

Would you pay $2.4M for a brewpub in Albuquerque? We wouldn't—and here's why.Business Listing - https://www.bizbuysell.com/business-opportunity/flourishing-taproom-for-sale/2345707/

Fred Heppner of Arizona Transitions is back for part 2 of his chat with Kiera! Life comes at you fast, and sometimes, it comes in the form of a surprise. Kiera and Fred talk about creating an exit strategy today for your departure from dentistry, as well as what the economics look like for moving on from a practice. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript Kiera Dent (00:01) Hello, Dental A Team listeners. This is Kiera and I am so excited for you to have part two of me and Fred Heppner going through associates, DSOs, how to really grow this. You guys, we had such an incredible first half of this episode. It was so long and so much information that I wanted to break it into two parts. So here's part two. I hope you enjoy. And as always, thanks for listening. I'll catch you next time on the Dental A Team podcast.   Kiera Dent (00:24) should people be talking   when they're in their 20s 30s or is it something we're like start to think about it I know Ryan and I from Dentist advisors we we talk shop about this quite often of like there I mean there are studies that show that when you retire you actually start to atrophy in life and ⁓ there isn't as much of a purpose and so we talk often of like how can we continue that   mental stamina, the things that are going to fulfill us, whether it's working or something else of philanthropy, like whatever is going to keep you going as a human, whether you're working in the chair or you're not, I think is important. So that's I was curious of like, really probably connecting with you three to five years before we think we might retire, but with the caveat of, hey, if something were to happen to me, what would kind of be my exit strategy? your like death list like I do, like if I die, this is what's going to happen. It's creepy, but it's awesome.   Fred Heppner (01:15) No, it's, it's creepy and it is awesome. And at the same time, it's a really good conversation to have because if we're three to five years out, then one of the first things to do is say, okay, so what's going to happen if you're not here? And that carries on to the discussion we had earlier. So once the discussion about, what do want to do when you, when you retire or you stop practicing dentistry, then the questions start coming up. What about the economics?   Kiera Dent (01:27) Mm-hmm.   Fred Heppner (01:44) So in any... Yep, absolutely.   Kiera Dent (01:44) I was just going to say, like, is it sell? Is it DSO? it? And also, I mean, this   to me also, I think might exponentially accelerate some people's plans because the DSOs are hot and it's like 10x EBITDA. That might accelerate your retirement or your sell because you're on a wave right now that who knows if in the next 20, 30, 40 years we'll be there. Fred, I'm super curious, like, how is this whole DSO model maybe shifting it for transitions? Or is it? I'm curious.   Fred Heppner (02:13) It is, it's shifted quite a bit, but what it's shifted is a real desire for dentists to be able to sell their businesses and release the management responsibility and to have somebody else take that over. 15, 20. Yeah. I just want to do, I just want to do dentistry. I don't want to manage a business. I don't want to manage people. Um, I don't want to run the company. I want to be able to practice my trade. Well,   Kiera Dent (02:22) you   The dream for every business owner. ⁓   Exactly.   Fred Heppner (02:43) I can tell you that in the last 15, 20 years, it's certainly exploded in dentistry and not in a bad way. And here's why. Dentists graduating from dental school today need a place to work. The banks that loan money to dentists to buy dental practices are looking for dentists that have a couple years experience in dentistry. They have a production track record. The banks can see what it is that the dentist can do. Chair aside.   a good credit score and some liquidity, usually 8 to 10 % of the purchase price of the business that they're looking at in cash. So one of the things to consider is graduating dentists should be able to make the minimum payments on their debt, on their student loans, on what debt they have, and begin to put money away as quickly as possible to gain some liquidity. So as we look at the equation of   what DSOs are doing, they're providing them with a place to work. Because as dentists come out, I mean, the majority of dental practices that I work with, maybe you can echo this or discuss it, are just single dentist practices. Right, they don't have a, somebody called it a plus one at some point time, and I thought, okay, that's decent. So you have the dentistry, but there's the ability to bring somebody on maybe one or two days a week. Well, that doesn't,   Kiera Dent (03:44) Mm-hmm.   Totally same.   Mm-hmm.   Fred Heppner (04:09) That doesn't feed a hungry young dentist coming out of dental school who really has a lot of debt and wants to begin to work and develop a way to reduce that debt. They're looking for four days a week, five. They might have a quality of life thing where they just want to work three tens and be off Friday, Saturday, Sunday, Monday. That's okay. But the point is, is that most private practices don't have the capacity to be able to bring on a full-time dentist and feed them right away and keep them very busy. The DSOs, corporate dentistry,   Kiera Dent (04:19) Right.   Fred Heppner (04:39) have offices that can provide that place. So essentially, if a dentist comes out of school and begins to work, they may very well work for one of the corporate DSOs, which gives them experience. It gives them the ability to work five days a week. It gives them the ability to practice in what I call civilian dentistry out of dental school. And it gives them the opportunity to be able to see what it's really like. I can tell you, Kiera, that 15, I think 15 years ago,   Kiera Dent (04:57) Mm-hmm.   Fred Heppner (05:08) the most popular phone call I would get on my phone line was, hey, we just got 50 million from a private equity firm. We're starting a DSO, but we're different. And we want to buy practices from you because we heard you're good. And I just tell them, great, thanks very much. Get in line, register on my website. And when an opportunity comes up, I will email to you like I do everybody else the opportunity. Because most of my clients call and say, I...   Kiera Dent (05:17) you   Fred Heppner (05:34) Hard no to a DSO. I'm a private practitioner. I've got a legacy practice and I want to sell to another private dentist Okay, so that was the most popular second most popular call was I'm sick of working for a company find me a practice to buy Now it's shifted More so do I hear I'm sick of working for somebody else find me a private practice to buy I'm ready to go The the DSO calls have filtered off of it and I don't know that that's a global   Kiera Dent (05:48) Mm-hmm. ⁓   Mm-hmm.   Fred Heppner (06:03) representation of the DSOs starting to slow their buying and really focus on the profitability of the offices they have to really maintain the profitability due to higher interest rates. Maybe they're slowing down their buying. Who knows? The interesting thing about it is that it's somewhat of a closed loop in DSO work. You really can't get into and find out exactly what everybody is doing unless you're member of their organizations, which is fine. And I respect that.   Kiera Dent (06:12) Yeah.   Fred Heppner (06:32) private information, but it begs the question. And ultimately, if a dentist is looking to buy their own practice, eventually they're going to need those one to two years experience, liquidity, good credit score, in order for them to go to one of the commercial banks and say, I want to buy a practice and let me get a practice to buy and then we'll put it together. Okay? So I can tell you that private practice is alive and well.   Kiera Dent (06:55) Mm-hmm.   Fred Heppner (07:02) very bullish on the individual dentist who's out there still practicing and doing quite well. I can also tell you that those kinds of doctor to doctor transitions are extremely successful. The idea is some people who look at a transition like that would think, my gosh, the dentist leaves, all the patients will leave. They'll go somewhere else, they'll go to other practices. Well, if that was true, let's carry that forward. If that was true,   Kiera Dent (07:14) Mm-hmm.   No.   Fred Heppner (07:28) then that would mean that the loans that the dentist used to buy the practice would go in default, would they not? Because if all the patients left, there would be no revenue and they'd have to fold up camp and see you later, right? The default rate on dental practice loans still over the last 15, 20 years and even recently is 40 basis points. 100 basis points is 1%. 40 basis points is four tenths of 1%. So if you follow the math,   Kiera Dent (07:33) Mm-hmm.   Mm-hmm.   Fred Heppner (07:58) The default rate is less than half of 1 % on the billions of dollars that are loaned by banks for dentists to buy practices. They don't fail. Okay.   Kiera Dent (08:08) Totally. They don't and they're such a   good investment. I think that that's why so many people like, that's why I think DSOs are buying up practices. ⁓ And I think that that's where so many private practice owners now, I would say I've watched where it used to be legacy practices and there's still legacy practice doctors who do not want to sell to a DSO. Like when they're there, they want to sell doctor to doctor, they want to bring in an associate, they want to bring in partners. I think   By default, dentistry tends to be a more humanistic, ⁓ very relationship model ⁓ versus I still think though, right now DSOs, you're right. I don't think people are getting as many calls. ⁓ But what I will say is my doctors are probably getting 20 to 30 emails every month from a DSO interested in buying their practice. So they are getting it as private practice owners. And so I think that that's where, ⁓ like I said, some people within the last eight years bought a practice as a private practice.   the DSOs, they were profitable. were within the metrics that the DSO wanted. And it just made sense. was like, I'm going to get 10x EBITDA on this. My EBITDA is great. No private party is going to pay me what this DSO is going to pay me. And while yes, I'd love it to maintain a legacy practice, I'm in my 30s and I could basically have retirement today. mean, there's more risk selling out because they have a lot of it in their stocks and there's a whole ⁓ game around that.   I think that that's where maybe some of the younger generation might be looking at transitions sooner than I think the more senior population of dentistry is. think that they're starting to be the shift and that's where I'm very curious of like, maybe conversations need to be had sooner. Maybe because DSOs are aggressive on the emails to the dentist. Like it is wild and they are sexy offers to them that are not always true. And that creeps me out too, because they're hearing a number. Like I had a doctor and he had a DSO.   Fred Heppner (09:49) Yep. Yep.   Kiera Dent (10:04) come to him and they said, Hey, we're going to give you 5 million. And he's like, here, it seems like a great deal. And I said, yeah, but you're going to do 5 million next year just in your own production. So that's actually a bad deal because you're already going to make that without selling to them and having to work for them for the next five to 10 years or like three to five is usually what their requirement is. So again, I think that this is where it's like, how do we cut through that noise to know when I do transition? Because I think people are getting asked to transition from private practice.   sooner. You're right, they go work at the DSO, they go to some of those bigger corporate practices to get the experience, then they go buy their private practice, and then it really is, or they do a startup. And then it's pretty aggressive because I think Wall Street's pretty hot right now and private equity is very, very luring, but they do have to hit certain requirements to join DSOs.   Fred Heppner (10:53) Yeah. There are tons of verticals that people are getting into, the private equity is getting into, you're right. There's a ton of money at it. You know, I would tell you that the devil is in the details. It may very well be that there are transitions that occur where a DSO or a corporation acquires the assets of a private practice and the dentist stays and works back in the office. And that transition works swimmingly well for the dentist who sells for the DSO.   Kiera Dent (11:02) Mm-hmm.   Fred Heppner (11:21) And ultimately everything works out fine. There are others that don't and they're, they're out there. And I think what you mentioned earlier is, you know, I could get 5 million from my practice. Well, why would you, you will be able to make that in, your earnings in 2.3 years, whatever it might be, whatever the math pencils that be. But if you think about it, if it, if 10 times EBITDA is their offering price, what are, what are the details? How much cash at closing?   Kiera Dent (11:38) Right.   Mm-hmm.   Fred Heppner (11:49) Is there a work back or a work back arrangement where you will be paid to be the dentist? And what is your compensation? What are the benefits that you would receive? And what is the term of that work back arrangement? You're right. It's creeping up now more into five years. 15, 20 years ago, was maybe, you know, stay on one or two years and we're good. There's a claw back. There's a hold back provision that holds back part of the purchase price. And the dentist has to meet the   Kiera Dent (12:04) Mm-hmm.   Yeah.   Fred Heppner (12:17) has to meet certain metrics from the trailing 12 months to be able to get that back. Well, let's pretend. Let's pretend that the DSO comes in and sets up the practice and nothing changes and the business continues to grow and develop because there's more marketing promotion and advertising. There's better cost control. There's just better stuff going on and that works. Well, what if it doesn't? What if all of a sudden the company comes in and says, we're changing these policies?   You were Delta Dental Premier, we're jumping into PPOs because we've got really good reimbursement rates on these 12 PPO contracts. Well, if that reimbursement rate drops from fee for service, does that hinder the doctor to be able to generate the income necessary for that hold back to be acquired in the next two to three years? And then there's equity. You mentioned that they offer a stock in the company to be able to ultimately participate in a   Kiera Dent (13:09) Mm-hmm.   Fred Heppner (13:15) recapitalization should that happen? Well, it'd be really interesting. You're going to love this one. I know you're going to love this one. So for any of your listeners, any of your A-Team clients, if they get approached by a DSO and they look at it and they think it's really, really good, have somebody look at it. What you will hear typically is you really don't need an advisor. You don't need an attorney. We've got all the contracts ready to go. You can come.   Kiera Dent (13:35) Mm-hmm.   Lies. Lies.   Fred Heppner (13:44) Exactly. You can just take all of this and we'll be good. Well, trust but verify. And ultimately a good team would be able to review these. I would be glad to review. I review paperwork all the time from dentists that are looking to transition. And if there's an equity piece in that offer, I turn around and contact the DSO on behalf of the client. And I say, we'd like to see your financials.   Kiera Dent (14:08) Absolutely.   Fred Heppner (14:11) What do you mean? Well, you're asking my client to acquire stock in your company in lieu of cash at closing. yeah, that's part of the deal. I need to see your financials. I need to advise my client on whether or not you have a healthy company and whether or not my client's going to be at risk by taking stock in your company. Well, nobody's ever asked us that. Well, I am. And doesn't it make sense? We've just provided to you tax returns, profit and loss statements, but sing along if you know the words, balance sheets, W-2, production reports, everything on the business.   Kiera Dent (14:21) Yeah.   things.   Mm-hmm.   Fred Heppner (14:39) And yet you're not willing to provide the other. Just provide the other. Show us that your business is solvent. Show it that it is something that my client would like to receive in stock. So, mon bro.   Kiera Dent (14:50) And there's strategy   for tax around that too. there are benefits to having stock rather than all the cash at closing for your total dollar amount when you want to retire, but only if that stock actually is valuable.   Fred Heppner (15:05) Pays back. Correct. Good. And that   is so brilliant. You see, you're good looking, you're smart, and that's a rare combination today. So, so, but think about it. You just mentioned something that people really don't think. If, if I have a practice and they give me 1.5 million chopped up into the ways that we've mentioned, and I have $200,000 worth of equity in the company, what if that $200,000 is half of 1 %? Well, when they recapitalize, I get half of 1 % of what proceeds, right?   Kiera Dent (15:09) Thank you.   Mm-hmm.   I love it. It's such a...   Fred Heppner (15:35) So map it out. Yeah, map it out. mean, can   you sell your practice twice? sometimes yes, sometimes no.   Kiera Dent (15:43) And there's so many sticky pieces around it. And that's where I feel like it's just a, think this is where people get leery to do it. However, I think like there are some, you said, that go really, really well, but agreed. And when I look at this people like Kiera, like I thought about that doctor and I was like, so sweet. You're going to five mil. That's your 10 X. You're going to produce 5 million. Your overhead right now is sitting at a 50 % overhead. So right now you're taking 2.5. Let's say you do get a $5 million check.   you give me 10 taxes, it's barely over your 2.5, which you're already going to get next year. So like, yes, next year, you still have to pay taxes because you're at a 50 % overhead. So you will still get a small amount more of cash to you. But there's a lot of strategy that goes into that 2.5, pending upon what you need when you invest that, like for every million, it's about like on average, if it's in the stock market, about 35,000 right now is like a very, very, very loose number to like estimate your financial future. But I'm like,   you throw 2.5 into the stock market right now, we'll high five, you're making about 100K a year. Like that's just to me, those are the things that I feel you need to be really smart about to make sure that your practices are assets and not liabilities and something that really will provide the retirement for the work you've put in rather than it just feeling good in the moment, but not really giving the life you want.   Fred Heppner (16:59) You know, excellent point. And what you also said earlier, just in passing was, what dentists could buy my practice. can't sell to a private dentist. I've got to sell to a DSO. ⁓ surprise, surprise. That's a myth. There are dentists who would, I can tell you right now, if you could give me your client's number, I'll buy her practice. Well, yeah, well, I mean, that's gonna, that's gonna pencil. So the, the point that I would make is know that   Kiera Dent (17:12) It is a myth.   Right? I know, me too. I'm like, actually, actually I would.   Fred Heppner (17:29) Dentists that are out there who are looking to buy really profitable practices and can meet the production goals. So there's an important aspect there. Your client's doing two and a half million in profit, five million in productivity on her own. If a person coming in to buy that won't be able to quite meet those production numbers, they may hire the client back for a year or two. The bank may want them to make sure that there's some kind of arrangement where they have some help.   But if a bank is looking at a practice that has that kind of liquidity and profitability, they'll gladly loan the money to the dentist if other measures are there because they know it's going to be paid back. So I want to dispel the myth that big practices with large productivity and big profitability are excluded from private practitioners being able to buy them. It's not true. Is it? Yeah.   Kiera Dent (18:10) Mm-hmm.   I agree. They get nervous because of the debt,   but I have somebody that I know that just bought into a $2.5 million is how much they had to bring to the table. Plus they have their student loan debt, plus they have their house debt and they were able to do it to buy into a practice. so I'm like, I think let's not assume that that's the only route. think figure out what you want and there is a buyer based on the outcome you want. I think Fred, I want to switch gears because I want to ask some questions about associates.   because I think we've kind of gone through like private practice. There's so many things like make sure you're taken care of, make sure you know where you're going. But now I want to switch gears because I think this is something I get asked all the time. And so selfishly again, welcome to curious therapy with Fred. I want to know all the pieces. This is my podcast that you get to be a part of. No, it's for all of you. ⁓ we get asked often, how do you set up a great associate buy-in? So like, how do I buy these people and how do I tether them in? I think one of the greatest, I would say   Fred Heppner (19:06) I'm listening.   Kiera Dent (19:19) stressors and like blind spots in practices and the thing that can really hurt a practice is when they have an associate that associate leaving. ⁓ And so they want to like golden handcuff these associates, but they want it to be good for both parties. What are some of those associate transitions to retain associates to get them in as partners? Is it a good idea? Is it not a good idea? And I think like we can wrap on this because I, I'm super curious of like what you recommend to help with that transition.   Fred Heppner (19:45) The   capacity for the business volume has to be there. You've got to have, not only are you working, but there's this phantom practice out there that you can't get to as the provider. And you need somebody to be able to get to that. So bringing on an associate to get to that phantom practice immediately creates incremental income, which is, to the owner of the business, very liquid.   Kiera Dent (20:03) Mm-hmm.   Fred Heppner (20:07) The cost associated with treating extra people during the course of the day is the associate's compensation and variable cost supplies in lab. And if you're ⁓ providing can-to-can technology and your lab costs are very low, but you're producing crowns in a day, for example, and using that kind of technology, then the cost associated with treating every incremental patient and creating that revenue is very low.   we're suggesting that the team in place can handle the extra work. We don't have to hire an extra assistant or hire an extra administrative person. So given those things.   ⁓ One of the best transition plans, in my opinion, is one that has time built into it. The associate has to develop some traction. They have to generate some productivity. They have to show that they can produce the numbers. But more importantly, the outcomes are good. The treatment outcomes are successful. The patients are adapting to them. The team connects with them. This is a good relationship. As an aside, really quick, when you mention relationship business in dentistry,   I think DSOs traditionally are a transactional business. They're really focusing on the transaction, right? Private practice focuses on the relationship. Not to say that corporate dentistry doesn't focus on relationships. They're focused more so on the transactions. I might get ridiculed for that statement, but that's what I see. And that's my opinion.   Kiera Dent (21:19) I would agree.   Sure,   sure.   Fred Heppner (21:36) So back to the associate, need the associate to develop some traction. And essentially that traction comes from being in the office, seeing patients, working with the team, and ultimately getting feedback along the way. And I think that's a one to two year cycle. Will you know as a practitioner and owner of the business within the first one or two months, if the associate is working two or three days a week or four days a week, will you know, do they get along with the patients? Do they get along with the team? Yes. Will you know about treatment outcomes?   Kiera Dent (21:40) Mm-hmm.   Fred Heppner (22:05) To some degree, yes. So early on, you'll know if this is cut bait, this is not going to work. Or yes, this person's fitting in great, primarily because they were vetted. So quick, quick retract back to how do you hire them? Go through a long process of vetting. Don't just take the first one that appears. Get to know them, make sure they're going to integrate well. I see a lot of associate plans.   work real well when the dentist knows the dentist owner knows the associate coming on board from some past experience. Great example is the dentist associate grew up in town, did an internship kind of in the office as a sterilization tech, kind of worked in the office, found out that dentistry was their passion, went to college for undergrad, went to dental school for dental degree and came back to the town to work for that dentist. Right. Okay, good. So somebody you know, ⁓   Kiera Dent (22:38) Mm-hmm.   Totally.   Fred Heppner (23:00) son of doctor, owner's best friend. So there's history there. You know, the quality of the individual. Okay. So once traction is developed during the part of that associate agreement, there's some discussion about ownership and building an understanding of how the practice works so that when time comes to be a partner and buy in, there's already some traction. There's already some traction so that if the person elects to buy the seller out,   in a couple years, then they can switch roles. But there has to be some traction. One of the things that's really perilous is thinking about jumping into a practice and being a partner right away. If you want to practice and you do two million a year, hygiene does 500, you do 1.5. I'm going to come in and I want to be a partner of yours today because I've heard how great your practice is. And you have the physical plant capacity, you have the patient capacity, and I can step right in.   If I pay you half of the value of your practice today to buy in, we can split up the medicine and supplies and drugs. can split up the equipment. We can split up the office equipment. ⁓ we can split up all the operatories, but how do we sort out the patients? Because come Monday morning, say we close tomorrow, Friday, come Monday morning, I need to have in my schedule, the ability to generate half of the revenue in the business so that I can pay myself and I can pay.   to having bought in. that make sense? And that doesn't really happen easily when somebody just freshly wants to buy in as a partner. So fast forwarding to partnerships, which I hope we get a chance to talk a little bit about today, that associate has to be in that process, in that business for a period of time. And that traction needs to get up so that they've got productivity under their belt. And again, going back to what we talked about about banks,   Kiera Dent (24:32) Mm-hmm. Mm-hmm.   I agree.   Fred Heppner (24:59) they wanna see that that productivity is there, that they'll be able to generate it because they wanna make sure that they get the loan paid for. And a really good associate agreement has, in my opinion, good restrictive covenants, not to compete, not to solicit patients or staff. ⁓ In some states, that's not allowed. The FTC voted that associate agreements or employment agreements should not have restrictive covenants, but there's no legislation yet that has actually mandated that.   Kiera Dent (25:05) Totally.   Fred Heppner (25:26) So keep in mind that it's probably not appropriate to think that you'll be able to limit somebody's ability to work. Now for them to essentially buy your practice, for example, and you as a, agreement have a restrictive covenant that you will agree to that's different because somebody paid you good and valuable consideration money for you not to compete against them because they bought your business in an employment agreement. It's a little different.   Kiera Dent (25:49) Mm-hmm.   Great.   Fred Heppner (25:56) So if a dentist comes and works for another dentist who owns the business, and after a couple of months, it's just not gonna work out, they're not gonna have enough connection with the patient base to solicit patients or solicit staff or the team. They won't. So would it matter if there was a restrictive covenant in that initial agreement? Probably not.   because after a couple months, if they've alienated patients and alienated staff and they're not very good at dentistry, you want them out of there anyway, forget about the restrictive covenant, they could go work for somebody else close by. It's probably the same thing that'll happen.   Kiera Dent (26:36) I think it's really wise because I think so many offices hire an associate, but they're so scared to move them along in two months. I think that was wise advice you listed. It is so much easier to move them on in two months than it is to keep them for six months, eight months, 10 months, and then realize their dentistry or their team connection or their patient connections not there. so ⁓ it's, it's be very intentional within those first 90 days and make sure that this will be a long-term fit. ⁓ You can see it in two months.   Fred Heppner (27:01) So how does this,   you can, I'm sure you can. How does this sound? For the first six months of an associate agreement, maybe you don't have quite a good background, deep background about that individual, but you feel that they would be good in the practice. They come recommended by their instructors at university, at dental school. was highly, someone was highly recommended. How about a single page,   six month agreement that says you come to work for me, I will pay you this. And if you want to go, you can go. If I feel you need to go, I'm going to release you. It's an at will agreement, no restrictive covenants, nothing in it that locks anybody down. Because again, what I mentioned earlier is how much traction can you generate really in one or two, three, four months, because you'll know after four or five months that this is somebody really want to lock in at six months, develop a really strong, well-written attorney reviewed.   employment agreement that has restrictive covenants that has specific on how to redo cases in case they need to be done at the end of the employment agreement. Right. What do you think? I mean, does that give that give the opportunity?   Kiera Dent (28:08) Sure.   I think,   I mean, I like it. think that the devil's advocate in me would say, I'm not sure that the ⁓   millennial Gen Z generation coming through would say yes to six months. I think that they're looking for more security. They're looking for more guarantees. They come in with a lot more debt and a lot more risk that I am really curious. As a business, I think it's freaking brilliant. As on the other side, I'm curious, would you be able to get candidates that would want to come or is it too risky of an offer?   Fred Heppner (28:43) You mean,   yeah, do you mean the associate dentist coming on board is thinking more about themselves rather than the practice?   Kiera Dent (28:52) I think with the associate offers that are given currently, ⁓ I think agreed. It does show that they're thinking about it, but I also feel for a practice making sure that they're competitive with offers. I don't love having to be ⁓ like with hygienists. I don't want to have to go chase them, but you have to at least be competitive with other people in the market. So I think I agree with you. I just feel for practices making sure that maybe   Fred Heppner (29:05) ⁓   I understand what you're saying.   Kiera Dent (29:19) you are so competitive with other people and offer. So you do get the candidates, but you can have some of these ideas within like that I think would make you even maybe more attractive. So maybe it's a year that we're offering, but like, Hey, in the first six months, there's no restriction. There's no nothing. We add that in in six months. So that way you are competitive with other people. Cause I think associates, they need that security and I'm watching more and more come through. I mean, they're walking out with one mil plus 2 million in debt. Like, so I think that   I think to be competitive with others, might need to be a possibly. This is my hallucination that could possibly just make sure you're competitive.   Fred Heppner (29:53) Well, well, no, you're   so you're right on you're in a you're in another section of what the employment agreement might look like called compensation and benefits. I'm looking at just the period of time that you would be that a dentist would be employed in the practice to determine if it's a right fit for them and if it's a right fit for the practice and if it's a right fit for the patients and the team. Compensation can say exactly what you were saying. Now,   Kiera Dent (30:16) Right.   Fred Heppner (30:22) Unfortunately, it isn't the responsibility of the practice to provide for somebody who is unproven in their debt or to satisfy their lifestyle requirements. Yes, they're competing with other organizations that are offering salary, health insurance, vision, life insurance policies, all of those benefits that come along with big corporations. However,   It's a private practice. And the sooner I think that dentists who are coming on as associates know the intricacies and the difficulties of running a business and also the rewards that come with it, they would understand better how those arrangements are made. And I've seen compensation programs set up where it's the greater of over two weeks, a compensation per day or a percentage of a certain amount over a certain amount of productivity. So you can meet those requirements. can kind of meet.   Kiera Dent (31:15) Mm-hmm.   Fred Heppner (31:16) Kind of need halfway in between.   Kiera Dent (31:18) Yeah, and I think that that's where I was saying of I feel like making sure that you're meeting in the middle. I love the idea of being able to protect like, you're right, like not being stuck in this with someone who's not working out and getting stuck, I think is actually something that happens all the time with associates. ⁓ And so I think like, Fred, it was such a fun like,   chat about us. I agree, we need to chat more partnerships because now it's like, okay, we've got these associates, we've got some ideas on it. We've heard about figuring out where we want to go and how we're going to be able to get there and needing to think about our future life and how when we need to transition, you said the three to five years, I think looking for like, what do need to do to be able to buy a practice? If I want to buy a practice, what do need to get? Then we talked about like the DSO offers coming for private practices, and how to assess that through Fred.   And then we moved into associates. So Fred, like that was such a like smorgasbord of topics, which I love. And I think definitely reconnecting because I think there's the next step is like, how do we bring in these associates for partners if we want them? How can we build a legacy practice? That's not necessarily just the DSO. So I'd love to get you back on the podcast and chat partnerships and like alternative transitions beyond, but gosh, Fred, such a fun podcast today.   Fred Heppner (32:10) It was fun.   I am   happy to do it anytime. I appreciate what you do for dentistry. So I'll absolutely support you and be glad to do it.   Kiera Dent (32:36) Thank you. Well, Fred, as we wrap up today, were there any last thoughts you had to give to the listeners? And of course, ArizonaTransitions.com, ArizonaTransitions.gmail. If you're looking to transition or associates or what do I do or hey, Fred, I just need help. But any last thoughts you have as we wrap up today?   Fred Heppner (32:52) Yeah, I think   I tell you a funny quip that I think resonates with most people that I talk to. Dentists are excellent at curing dental disease, at diagnosing conditions and recommending treatments and working with patients to get them well. And, ⁓ coming into an event like purchasing a practice or selling a practice where they've never done it before. They don't have the experience or the education.   going in to understand what to do. I would encourage them to get advice and guidance from a great team. ⁓ I have a deal with my dentist. Mike Smith is brilliant. He has a practice called the biting edge here in Phoenix and he's brilliant. And he and I have an agreement. I don't do my own dentistry.   And he doesn't do his own practice transition stuff or practice management stuff. He relies on me to do that because they're in the middle. meet. So I want him to cure my dental conditions and make sure I'm in the optimum dental health that I could be. And I'm to make sure that I provide the services to him so that if he's looking to acquire a practice or merge an office into his, or figure out how the next plan would be for his practice growth or his transition, that he's going to sit down with me because he understands that that's my expertise and he.   he benefits from.   Kiera Dent (34:15) Yeah, I love that. That's such a good way to look at it. Let's sit in our lanes. Let's do what we're really good at and not try to be a one-stop shop. I think that that's brilliant, Fred. And I feel like for all those looking for the transitions for what do we do? How can I do it? Reach out, Fred. I think you're a wealth of knowledge. You've been in it for a long time and just truly so grateful to have you on the podcast today.   Fred Heppner (34:36) It's my pleasure. Absolutely. Have a great day. Talk to you soon. Bye here.   Kiera Dent (34:39) Awesome. Thank you. And thank you,   Fred. Thank you, all of you. And for all of you listening, thanks for listening. And I'll catch you next time on the Dental A Team Podcast.  

EōS Fitness is one of the bellwether brands in the HALO space, and for good reason! Listen now to today's HALO Talks Fast Break as Integrity Square Managing Partner & Founder, Pete Moore talks about the history of the brand, where it came from, what the name means, and how this all led up to a pending sale from BRS Capital Partners to TSG Consumer.

Interview withNick Earner, MD of Alkane ResourcesFrazer Bourchier, President & CEO of Mandalay ResourcesRecording date: 19th May 2025Alkane Resources (ASX:ALK) and Mandalay Resources (TSX:MND) have announced a strategic "merger of equals" that will create a significant mid-tier gold producer. The all-share transaction values Mandalay at A$559.1 million ($357.8 million), with Mandalay shareholders receiving 55% ownership of the combined entity and Alkane shareholders retaining 45%.The merged company will operate under the Alkane Resources name, trading on both the ASX and TSX exchanges. It will maintain a diversified portfolio of three producing mines - Tomingley (Australia), Costerfield (Australia), and Björkdal (Sweden) - with an anticipated annual production of 160,000-180,000 gold equivalent ounces.Financial projections for the combined entity are robust, including over $100 million USD in cash, zero debt, and approximately $200 million USD in annual free cash flow. This represents a cash flow multiple of approximately 3:1, compared to the industry standard of 4-5x EBITDA."This company will have over $100 million US in net cash positive with no debt," noted Frazer Bourchier, President and CEO of Mandalay Resources, highlighting the strong financial foundation of the merger.A key strategic rationale for the combination is achieving "capital relevance" through a pro-forma market capitalization of approximately $650 million USD. This scale should qualify the company for inclusion in both the ASX 300 index and the GDXJ (VanEck Junior Gold Miners ETF), potentially attracting institutional investors previously unable to invest due to size limitations.The merger has received unanimous board approval from both companies and secured voting support agreements from key shareholders. Shareholder votes are expected in June 2025, with transaction closing anticipated by August 2025.The combined entity will pursue a disciplined capital allocation strategy focused on organic exploration, M&A opportunities, and potential shareholder returns, operating with a philosophy of empowered site-level leadership and minimal corporate oversight.Sign up for Crux Investor: https://cruxinvestor.com

Interview with Craig Foster, Founder & CEO of Ondo InsurTechRecording date: 15th May 2025Ondo InsurTech PLC is emerging as a leader in the insurtech sector with its proprietary water leak detection system, LeakBot. The company is addressing one of the home insurance industry's most significant challenges – water damage, which represents a $17 billion annual claims burden in the US alone with an average claim of $14,000.The LeakBot technology utilizes a patented temperature differential monitoring system that homeowners can easily install by clipping it to their main water pipe. The device measures the temperature of the incoming water pipe and compares it to the ambient temperature. When water isn't being used, these temperatures should equalize; a continuous differential indicates a leak. The system can detect leaks as small as 5 milliliters per minute without requiring professional installation.Insurance companies pay Ondo approximately $5 per month per customer for this service, which includes the hardware, software, and any plumber visits required to find and fix detected leaks. With water damage claims costing insurers about $220 per policy annually, the $60 yearly investment offers a compelling return on investment.The company has achieved significant market penetration with deployments in 151,000 homes and partnerships with 24 insurance companies globally. Ondo reported revenue of nearly £4 million for the fiscal year ending March, with annualized contracted recurring revenue approaching £6 million. Growth is particularly strong in the US market at 400% year-on-year.Ondo's financial trajectory shows a clear path to profitability, with expectations to reach EBITDA-positive trading by the end of the current fiscal year. The business model is designed for improving margins, starting with single-digit P&L margins in the first year but growing to 70-80% in subsequent years.With high customer satisfaction (80+ Net Promoter Score), strong insurance partner retention (100%), and an addressable market of 13-14 million potential customer homes through existing partners alone, Ondo InsurTech is well-positioned in the growing field of preventative insurance technology.Sign up for Crux Investor: https://cruxinvestor.com

This Amazon FBA shower filter business has $10M in revenue, $2.5M in EBITDA, and up to 50% recurring revenue—but will Chinese tariffs kill the deal?Business Listing - https://quietlight.com/listings/16050561/

INTELLIGEMSIntelligems is the ultimate profit-optimization tool for DTC brands. Use it for all of your CRO efforts by visiting https://intelligems.io.WORKSPACE6Workspace6 is a private community for 7, 8 & 9 figure+ eCommerce operators and executives. Join for just $1 for your first month and no annual commitments at https://workspace6.io. //Will Nitze is the Founder & CEO of IQBAR, an omnichannel food & bev brand on pace to do $125M at 17% EBITDA in 2025 after doing $59M in revenue at 13% EBITDA in 2024. Follow Will on LinkedIn at https://www.linkedin.com/in/will-nitze/ and on X at https://x.com/willnitze.//Will Nitze is the Founder & CEO of IQBAR. Follow Will on LinkedIn at https://www.linkedin.com/in/will-nitze/ and on X at https://x.com/willnitze.//Will Nitze, founder of IQBAR, shares how he scaled his food and beverage brand into the 9 figures and successfully turning the corner to profitability. This episode unpacks why he raised capital (and doesn't regret it), how he thinks about supply chain leverage, what founders get wrong about bootstrapping, and the real path to operational excellence.You'll learn how volume-driven growth models differ from high-margin products, how to avoid channel conflict in OmniChannel, and why your COGS might be the biggest opportunity in your business.If you're operating a 7–9 figure eCom brand and care about scale, margin, or long-term exit value—this is a masterclass.// SUBSCRIBE TO MY CHANNEL FOR 2X/WEEKLY UPLOADS!//ADMISSIONGet the best media buying training on the Internet + a free coaching call with Common Thread Collective's media buyers when you sign up for ADmission here: https://www.youradmission.co/andrew-faris-podcast//FOLLOW UP WITH ANDREW X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/andrewjfaris Email: podcast@ajfgrowth.comWork with Andrew: https://ajfgrowth.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠#metaads #facebookads #ecommerce #advertisingCHAPTER TITLES:1:21: Is there really a big against fundraising?8:23: How to make money as a food/beverage business?13:57: Choosing the right investors for your DTC Business27:08: Finding Product Market Fit36:14: Operational Muscles For Omni Channel DTC45:24: Supply Chain 101//SUBSCRIBE TO MY CHANNEL FOR 2X/WEEKLY UPLOADS!//ADMISSIONGet the best media buying training on the Internet + a free coaching call with Common Thread Collective's media buyers when you sign up for ADmission here: https://www.youradmission.co/andrew-faris-podcast//FOLLOW UP WITH ANDREW X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/andrewjfaris Email: podcast@ajfgrowth.comWork with Andrew: https://ajfgrowth.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

What if you could build multiple profitable agencies instead of struggling to scale just one? In this episode of Small Business Blackholes, Alan Pentz sits down with Eli Rubel, founder of Profit Labs and serial agency entrepreneur, to explore how he achieved remarkable 67% profit margins, why sometimes being too profitable can actually hurt your business, and the strategic decision to build multiple million-dollar EBITDA agencies rather than scaling one massive organization. Whether you're hitting growth plateaus or seeking better profitability, this conversation reveals actionable insights about operation optimization, talent management, and the counterintuitive approach to sustainable agency growth. Tune in to discover why the path to greater profits might not be what you expect.

Power Rangers are an excellent example of strength in combining multiple superheroes on one team. On this episode we consider: What is your company worth?  What happens when we combine it with another then another? The value could significantly change for better multiples and for multiple reasons.  One of those would be a larger combined EBITDA with a reduction in redundant expenses.  Another could be the risk profile is reduced given larger geographic and higher diversification of revenue. Whether you sell to an ESOP or another buyer, through this podcast episode we discuss the multiple reasons to consider this approach. 

This week Allen discusses the European Investment Bank's major wind farm investment in Romania, the financial performance of German energy giant RWE, and the potential cancellation of Equinor's Empire Wind Project due to regulatory challenges. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Welcome to Uptime News. Flash Industry News Lightning fast. Your host, Allen Hall, shares the renewable industry news you may have missed. Allen Hall: Okay, starting off the week over in Romania, the European investment bank is investing 30 million euros in a major wind farm project in Romania. The poster two project located near the Black Sea, will have a capacity of up to 400 megawatts. That's enough to supply over 1.4 million Romanian households for an entire year. The EIB is partnering with Copenhagen Infrastructure Partners on the project with the total investment expected to be in excess of 500 million Euros. Construction is due to start later this year and it will bolster the European Union's push for climate neutrality by mid-century. German energy Giant RWE, reported an adjusted EBITDA of 1.3 billion euros [00:01:00] for the first three months of 2025. Adjusted net income amounted to 0.5 billion euros as expected earnings were below the level of the same quarter last year. This decline was primarily attributable to normalization of income in the flexible generation segment and a weaker start to the year in the trading business. The commissioning of new offshore wind farms, solar plants, and battery storage facilities had a positive impact on the company's performance. RWE commissioned 600 megawatts of new generation capacity in the first quarter alone. The company, currently has new plants with a combined capacity of 11.2 gigawatts under construction. Michael Mueller, chief financial officer of RWE, stated that they were reaffirming their full year earnings forecast after a solid start to the year. He noted, that the company is making great progress in expanding its portfolio in a value accretive manner. Construction projects remain on schedule [00:02:00] and on budget. Over in Norway, Equinor is warning it may cancel its Empire Wind Project off New York's coast. Following a Trump administration stop work order, the company is spending $50 million weekly to keep the project afloat while awaiting resolution. Molly Morris, president of Equinor's US renewable energy arm, describe the situation as unsustainable. The Interior Department led by Secretary Doug Bergham ordered Equinor to halt construction on April 17th. The order cited information suggesting the Biden administration may have approved the project without a thorough environmental analysis. The stop work order stemmed from a report by the National Oceanic and Atmospheric Administration. However, Equinor says it has not seen the report and is not aware of the specific concerns raised. The project represents a significant investment for Equinor. The company has already invested $2.7 billion in the [00:03:00] Empire Wind Facility. Currently, 11 vessels with 100 workers remain on board, sitting on the water, waiting for an order to resume work. That's this week's top. New stories. Stay tuned tomorrow for the Uptime Wind Energy Podcast.

As founder of OC Growth Advisors, Marla works with business owners and their employees to improve focus and processes for growth and greater profitability. She has run several successful organizations, including one she sold in 2015 for 15 times EBITDA. Marla has served on multiple non-profit boards as well as two for-profit Boards. She is also a chapter chair for WPO, Women Presidents' Organization, which is an international organization of women business owners. Marla's clients range from service industries to construction to manufacturing, in the $2 million to $50 million range. Her clients say she helps keep them focused on the business, versus working in the business. Her 14 years in Vistage and 11 years in WPO have trained her to be continuously looking for tools to help the businesses run more efficiently. She wants her clients to enjoy their business until they wish to sell or transition the business to employees or children. Marla is a CPA and an MBA and has taught at Chapman University and UCI. In addition, Marla volunteers to help new or developing businesses succeed. -- Critical Mass Business Talk Show is Orange County, CA's longest-running business talk show, focused on offering value and insight to middle-market business leaders in the OC and beyond. Hosted by Ric Franzi, business partner at REF Orange County.

► If you enjoyed the episode, please leave us a good review!► More from PIF: https://linktr.ee/practicalislamicfinanceMispricing!In this episode, we will cover:Intro & Market Reaction to Iris EnergyQ3 Earnings HighlightsBitcoin Mining vs. AI Business PivotRevenue, EBITDA & Profit AnalysisFuture Outlook: 50 EH/s by June 30Mispricing & Valuation MultiplesPotential AI Partnerships & Hyperscaler DealsU.S. Domestic Issuer CatalystFinal Thoughts & Audience Q&A CONTACT USsalam@practicalislamicfinance.comABOUT OUR PODCASTOur podcast is about helping people ethically build wealth. We cover a broad range of topics, including stock and crypto investing, product reviews, and general financial well-being.DISCLAIMERAnything you hear in this video is an opinion. It is not personalized financial advice. Make sure you do your due diligence before making any investment decisions.

Small Cap Breaking News You Can't Miss! Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:Renforth Resources (CSE: RFR) Renforth has announced positive results from its first tree bark sampling program on the 20-km-long Victoria polymetallic structure in Quebec. This innovative and eco-friendly method revealed critical and precious metals like nickel, cobalt, zinc, and gold in previously underexplored areas. With plans to expand the sampling campaign and a renewed focus on its Malartic Metals Package, Renforth is sharpening its strategy to uncover new zones of economic mineralization. A shareholder webinar and private placement are also underway to fuel the next phase of growth.HPQ Silicon (TSX-V: HPQ) HPQ has achieved a major milestone by producing and recovering material from its pilot-scale Fumed Silica Reactor—marking the first time the company has collected this valuable industrial material at scale. Early analysis suggests the material may meet commercial-grade fumed silica standards, which could open doors to greener, more efficient production methods across sectors like batteries, coatings, and construction. With global demand for fumed silica exceeding $2B annually, this success positions HPQ as a potential disruptor in sustainable manufacturing.Heliostar Metals (TSXV: HSTR) Heliostar reported a high-impact drill intercept of 56.6 metres grading 2.88 g/t oxide gold at its La Colorada Mine in Mexico. The discovery, made just 68 metres below surface, signals the emergence of a potentially low-cost, heap-leachable gold system. With shallow mineralization and strong continuity near historical workings, Heliostar's exploration success could fast-track La Colorada into development, making it a project to watch in 2025.Goldshore Resources (TSXV: GSHR) Goldshore continues to deliver at its Moss Gold Project in Ontario, announcing a strong intercept of 9.45 metres grading 6.02 g/t gold at the Superion Zone. This supports the company's plan to define high-grade zones within its large resource base. With multiple mineralized zones and a PEA in sight, Goldshore is shaping up to be a serious contender among Canada's next-generation gold developers.Digi Power X (Nasdaq: DGXX / TSXV: DGX) Digi Power X posted a 65% revenue increase in Q1 2025, returning to positive EBITDA and maintaining zero long-term debt. The company's growth is driven by rising energy sales and the buildout of Tier 3 modular AI data centers optimized for next-gen workloads. With $9.3M in revenue, $10M in liquidity, and ownership of all operating sites, Digi Power X is positioned to lead in the convergence of digital infrastructure and sustainable energy.Follow AGORACOM for more small-cap breakthroughs and exclusive interviews on our podcast, where tomorrow's leaders tell their story today.

Discover how to navigate e-commerce outsourcing to streamline operations and scale your business. Siva Balakrishnan, founder and CEO of Vserve with over 20 years of e-commerce outsourcing experience in the US market, shares strategies for brands at different growth stages. Learn how the right partner can help optimize supply chain management, expand to multichannel selling, and improve profitability while navigating today's complex omnichannel marketplace.Topics discussed in this episode: How to boost EBITDA and ad returns as your brand grows. What smart outsourcing looks like at each business stage. How to build a strong supply chain with tech and people. What shifts when moving from single-channel to omnichannel. Why knowing marketplace quirks fuels multichannel growth. How to stay clear and open when working with outsourcers. What makes a mid-market ecom brand ideal for outsourcing. How to pick between retainer and project pricing. What steps to take to start outsourcing with lasting results. Links & Resources Website: https://vservesolution.com/LinkedIn: https://www.linkedin.com/company/vservesolution/posts/LinkedIn: https://www.linkedin.com/in/siva-balakrishnan-38216b1/Facebook: https://www.facebook.com/vservesolution1Get access to more free resources by visiting the show notes athttps://tinyurl.com/2satzjt7SUPPORT OUR SPONSORThis episode is sponsored by Ahrefs — the all-in-one marketing intelligence platform trusted by SEO professionals, content creators, and digital marketers around the world. Whether you're doing keyword research, checking backlinks, or analyzing competitors, Ahrefs gives you the tools to make smarter marketing decisions.

Our analysts Vishy Tirupattur and Joyce Jiang discuss the health of private credit as default pressures are building for borrowers amid weaker growth, fewer rate cuts and policy uncertainty.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist.Joyce Jiang: And I'm Joyce Jiang, U.S. Leverage Finance Strategist.Vishy Tirupattur: Today we'll take a look at private credit markets. Will it stay resilient in the current macro conditions? Or a reckoning is ahead of us.It's Tuesday, May 13th at 10am in New York.Tariffs and policy uncertainty are on the top of mind for people with an eye on the economy and markets. Certainly, a frequent topic of discussion for us on this podcast. In this environment, there has been growing concern about the health of corporate credit – and within corporate credit direct lending or middle market segments, where companies tend to be smaller in size and have weaker fundamentals are of particular concern. The business models of these companies are sensitive to slower growth.Joyce, can you map out the risks associated with private credit companies?Joyce Jiang: To your point, risks are rising in private credit, but I think these risks would be measured given the still resilient fundamental backdrop. Looking at fundamental trends, there is no clear sign of leverage building up in the system yet, and multiple data sources actually show that the leverage ratios among direct lending companies have either improved or remained flat. And that's very different from the previous cycles where excessive corporate leverage set the stage for the eventual downturn.So, this time around credit, including both public credit and private credit, is not the source of the problem. But, of course, these direct lending companies would be impacted by higher tariffs. So, Vishy what's your view on the tariff impact?Vishy Tirupattur: So, the direct impact of tariffs, Joyce, we think is likely to be muted. It's quite hard to quantify this exposure, but if you look at a number of different data sources, we find that the direct lending loans are more skewed towards defensive and service-oriented sectors.For example, sectors such as a technology, business services and healthcare account for over half of the loans in typical BDC portfolios or Business Development Company portfolios of direct lending loans. But that said, even though the direct impact could be somewhat limited, there could be second order effects because there is higher uncertainty and weaker confidence, and that could weigh on demand. There could be a tail cohort that could be developing.So, some data from Lincoln International, for example, shows that about 15 per cent of direct lending companies have EBITDA interest coverage ratio below 1x. Another way of looking at tail cohort is by looking at companies generating negative free operating cash flow. According to S&P data, that's about 40 per cent. These tail cohorts are stretched and are weakly positioned to weather macro challenges ahead.So, Joyce, another thing that comes up frequently when we talk about private credit is Payment In Kind interest or the so-called PIK interest. Can you walk us through what is a PIK and why is it a concern?Joyce Jiang: So, Payment In Kind interest – it occurs when the company stops paying interest in cash, but instead the interest is accrued and added to the principal balance. It is quite common for companies under liquidity stress to switch to PIKs for cash preservation, But in many cases, PIKs don't really clean up the company's balance sheet, and the companies may still end up in a conventional default. So, PIK is generally considered as a leading indicator of default by market participants.And to be clear, not all PIK loans are bad. PIK toggles are actually a key feature that distinguishes direct lending loans from syndicated loans because it provides non-distressed companies the flexibility to reallocate cash for other business needs. So, PIKs do not necessarily signal higher defaults. And in fact, data showed that BDCs or Business Development Companies with a higher PIK income don't always see a greater increase in nonaccruals. So, in other words, the relationship between PIK income and defaults is not persistently strong.Vishy Tirupattur: So, to summarize, overall fundamentals are on a relatively strong footing, but risks in private credit are rising, especially if we have a potential economic slowdown ahead. On the other hand, there are a few structural features with the private credit loans that could potentially help mitigate some of the vulnerabilities we've just talked about.First thing, direct lending loans are not marked to market by design, so they have lower volatility and are relatively immune from daily price moves. And really related to that, redemption risk of private credit funds has been fairly contained so far. These funds usually have tools like lockup periods and redemption caps to guard against unexpected large outflows.But of course, the effectiveness of these mechanisms has not yet been tested in severe downturns. Moreover, the capital that is going into private credit is relatively sticky capital. Key investors, such as insurance companies and pension funds are hold-to-maturity type buyers, and they're entering in the space for the attractiveness of the higher yields and to harvest illiquidity premia embedded in these loans. So, with that long-term investment horizon, they would be more willing to support companies through temporary liquidity challenges. Also, small lender groups in direct lending market makes it easier to negotiate restructurings.Joyce Jiang: Lastly, there is also ample dry powder. According to PitchBook, there is $570 billion of dry powder in private debt fund, and another $2 trillion in private equity funds. And this capital can be deployed to backstop distressed companies and help keeping defaults in check. And in terms of defaults, we are expecting syndicated loan defaults to end the year at 4 per cent. And that's our base case.And based on the historical relationship, that implies a like for like default rate for perfect credit at 5 per cent, which means a mild uptake from the current level, but is still below the COVID peak.Vishy Tirupattur: Joyce, thanks for taking the time to talk about this.Joyce Jiang: Thanks for having me, Vishy.Vishy Tirupattur: And to our listeners, thank you for your attention. Let us know what you think of this podcast and the topics we cover. And if you think a friend or a colleague might find this information useful, please share Thoughts on the Market with them today.

In today's episode, Jared Weisel, SVP at Revenue Analytics, joins us to break down how PE-backed manufacturing and distribution businesses can use pricing to drive serious EBITDA gains. We dive into why most firms ignore pricing, how to avoid customer churn while raising prices, and why a 3–7% increase can deliver outsized impact. Jared shares the biggest mistakes PE firms make, how to build long-term pricing strategies, and why this lever is the most underutilized tool in the value creation plan.[00:03] Jared explains his role at Revenue Analytics, focusing on pricing strategy for PE-backed manufacturing and distribution firms.[00:29] Discusses pricing as a lever for EBITDA improvement with minimal customer loss.[00:58] Pricing is often underused; Jared emphasizes using data to drive targeted decisions and compliance.[01:54] PE firms overlook pricing in VCPs, relying on cost-cutting. Jared argues for ongoing pricing strategies, not one-time actions.[03:44] Sales reps often quote inconsistently due to lack of tools. Structure and guardrails lead to better pricing outcomes.[05:02] Visibility is key—track changes, product mix shifts, and enforce compliance to prevent leakage.[06:25] Raw Selection offers salary reports via YouTube—useful for benchmarking comp in PE and portfolio roles.[06:54] Jared warns that pricing based on gut feel or fear of customer loss leads to missed value. Start with the pain.[09:47] Jared outlines pricing plays across the investment lifecycle—diligence, early wins, long-term optimization, and positioning for exit.[12:12] A 3–7% price increase typically sees no customer churn—if done surgically, not blanket increases.[14:01] Recommends Pricing Brew, Professional Pricing Society, and books like Revenue Management and Pricing: The New CEO Imperative.[16:28] CEOs hesitant on pricing should compare pricing impact vs. other ops improvements—pricing wins big.[18:21] Jared's recommendations: Bain's Dry Powder, Adam Coffey's Private Equity Playbook, Dan Cremons' Winning Moves.[19:39] Contact Jared at jwiesel@revenueanalytics.com or on LinkedIn.[20:36] Alex thanks Jared for the focused and actionable conversation on pricing.Connect with Jared Wiesel on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Wallenius Wilhelmsen rapporterte et solid Q1 forrige uke med EBITDA på USD 462m. Ratene holder seg flatt på gode nivåer, men volumene varierer. Lasse Kristoffersen har vært CEO siden juni 2022 og kommer til oss for å fortelle mer om Q1 spesifikt og hvilke utfordringer selskapet står ovenfor i disse usikre og volatile tider. Selskapet har en stor landbasert operasjon og er veldig mye mer logistikk enn bare shipping. Vi får en grundig innføring i hva selskapet faktisk gjør i denne komplekse verdikjeden. Selskapet anslås å tjene NOK 20mrd i år og har en market cap på rundt NOK 30mrd. De har en sterk balanse med nettogjeld til EBITDA under 1x. Ordreboken er høy og selskapet selv får overlevert 14 skip mellom 2026 og 2028. Hva tenker de rundt balansen, markedsbalansen og konsolideringsiden? Alle detaljer får du i dagens episode.Disclaimer:Pareto Securities' podkaster inneholder ikke profesjonell rådgivning, og skal ikke betraktes som investeringsrådgivning. Handel i verdipapirer medfører til enhver tid risiko, og historisk avkastning er ingen garanti for fremtidig avkastning. Pareto Securities er verken rettslig eller økonomisk ansvarlig for direkte eller indirekte tap, eller andre kostnader som måtte påløpe ved bruk av informasjon i denne podkasten.Se våre nettsider https://paretosec.com/our-firm/compliance/ for mer informasjon og full disclaimer. Hosted on Acast. See acast.com/privacy for more information.

Brandon Dawson went from $0 to $225 million in just 5 years. In this episode, he reveals the strategies, mindset, and hard-earned lessons that made it possible—including the $100 million mistake that changed everything.Brandon is a serial entrepreneur, business strategist, and co-founder of Cardone Ventures. He built Audigy Group from startup to a $151 million exit at an extraordinary 77x EBITDA—one of the highest private company multiples ever recorded. His exit wasn't just rare; it set a new bar for private business valuations.Today, as a leading expert in business scaling, leadership, and strategic exits, Brandon helps entrepreneurs 10X their growth by mastering leadership, scalability, and mindset alongside Grant Cardone at Cardone Ventures.---Like this episode? Watch more like it

Most stories we cover involve eye-popping multiples or headline-making exits. They're fun—but not always realistic.    Jeff DeGarmo's story is different. No private equity windfall. No tech hockey stick. Just a well-run, 20-person service business built over 16 years and sold for a solid 5.5x EBITDA. 

AGORACOM TALKS Welcome to your weekly roundup of the most compelling small-cap news shaking up the markets — brought to you by AGORACOM.SITKA GOLD (TSXV: SIG)25m of 5.04 g/t Gold. 1.8m of 54.7 g/t. Sitka Gold is lighting up the Yukon with its deepest and most impressive intercepts to date. Hole 76 at the RC Gold Project's Blackjack zone confirms a high-grade gold system at depth, extending the potential for large-scale tonnage. With four rigs planned for the summer and a fully funded 30,000m drill program underway, Sitka is drilling toward discovery — and scale.THE CANNABIST COMPANY (CBOE Canada: CBST)$87M Revenue | 36% Margin | Debt Deal Locked The Cannabist is cutting fat and growing lean. Despite Q1 revenue dipping from the previous quarter, the company boosted gross margins and adjusted EBITDA by over 200 basis points. With debt maturities extended to 2028 and $3.8M in new annual cost savings, Cannabist is optimizing operations and gearing up for market expansions in Ohio, Virginia — and adult-use in Delaware.NEWCORE GOLD (TSXV: NCAU)Wide Zones. High Grades. Ghana's Enchi Grows. Newcore keeps delivering at its 100%-owned Enchi Gold Project in Ghana. The latest drill results at the Boin Gold Deposit include 56m of 2.25 g/t and 72m of 1.16 g/t — with high-grade hits throughout. As the 35,000m drill program advances, the company moves closer to a Pre-Feasibility Study and major resource upgrade.FUERTE METALS (TSXV: FMT)Gold + Silver + Base Metals = Cristina Rising Fuerte Metals' Cristina Project in Mexico is heating up. Drill hole intercepts up to 10.3 g/t gold equivalent highlight strong near-surface potential at Los Ingleses. With wide zones and narrow high-grade veins, the project is being shaped for both open-pit and underground mining. A resource update is on the horizon.REVIVAL GOLD (TSXV: RVG)Mercur PEA: $295M NPV | 27% IRR | 10-Year Mine Life Revival Gold's latest PEA on the historic Mercur Gold Project in Utah reveals strong economics and 95,600 oz/year production potential. With a $208M CAPEX and rapid payback, this former producer could become a cornerstone asset. At $3,000/oz gold, the NPV nearly triples — making the upside even more compelling.DRAGANFLY (NASDAQ: DPRO) (CSE:DPRO)Strong Start to 2025 | 16% Revenue Growth in Q1 Draganfly Inc. announced its Q1 2025 financial results, posting revenue of $1.55 million—a 16% increase year-over-year. Product sales rose 24.5% to $1.54 million, reflecting growing demand for the company's innovative drone solutions. Gross profit climbed 10.7% to $310,088

Rising interest rates. Distressed deals. A frozen capital market… Sound familiar? Today I interviewed Randy Langenderfer, and he has been through it all—building 4,000+ units across Texas, Oklahoma, and Ohio.  You want to know what really sets him apart though?  His background in private equity at Carlyle, where he learned how to engineer cash flow like a Fortune 500 operator. In this episode, we unpack: The exact buy box Randy is targeting in 2025 (and why he's skipping certain markets) How Carlyle's approach to EBITDA growth directly applies to multifamily Why some distressed deals won't hit the market—and who gets first dibs The surprising reason he's sticking with single-asset syndications over funds Plus, Randy shares how hard lessons from the last cycle are shaping his new deals—and what every LP should look for before writing their next check. If you're serious about investing in this next phase of the market… Tune in to the episode now! Take Control, Hunter Thompson Resources mentioned in the episode: Randy Langenderfer InvestArk Website Multifamily Maestros Website Interested in learning how to take your capital raising game to the next level? Meet us at Capital Raiser's Edge. Learn more here: https://raisingcapital.com/cre

Top-performing IT solution providers are experiencing record profitability, achieving over 19% adjusted profit margins for the fifth consecutive year, despite a slowdown in revenue growth. The latest report from Service Leadership indicates that while managed service providers (MSPs) saw revenue growth of only 7.1% in 2024, their adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew at a more robust rate of 13%. This trend highlights the importance of operational maturity and cost control as key drivers of profitability in the industry, suggesting that MSPs should focus on enhancing their operational processes rather than solely pursuing top-line growth.The podcast also discusses the rising use of artificial intelligence (AI) tools among office workers, with nearly half utilizing tools not provided by their employers. This covert usage raises concerns about data privacy and compliance with company policies. A report from Ivanti reveals that 42% of employees are using AI in their daily tasks, a significant increase from the previous year. The discussion emphasizes the need for organizations to prioritize data quality and governance, as the responsibility for data modeling shifts to operational layers where real-time decisions are made.Google is making significant changes to its search engine, introducing an AI Mode Search Engine tool that will provide AI-generated responses instead of traditional links. This shift could fundamentally alter how users access information, posing challenges for IT service providers and content creators who rely on traditional SEO strategies. The integration of AI into search engines raises questions about the future of content discovery and the potential erosion of Google's dominance as the default search engine, especially with Apple considering AI-driven search options for its Safari browser.Arctic Wolf has announced an increase in its security operations warranty to $3 million, the largest in the industry, aimed at enhancing customer trust and positioning its endpoint security solutions as enterprise-grade. This move reflects a growing trend among vendors to share risk with clients, emphasizing the importance of trust in a competitive market. The podcast concludes by highlighting the need for IT service providers to adapt to these changes, focusing on shared risk and high assurance as key selling points in a rapidly evolving landscape. Four things to know today 00:00 Top IT Providers Maintain 19%+ Profit Margins for Fifth Year as Valuations Soar03:12 As Employees Go Rogue with AI, Poor Data and Bad Prompts Threaten Reliability and Trust07:53 Google's AI Push Redefines Information Discovery—Content Creators and IT Firms Brace for Fallout12:18 With $3M on the Line, Arctic Wolf Turns Warranty into a Sales Weapon Supported by:  https://syncromsp.com/ All our Sponsors: https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessof.tech

Shoot us a Text.Episode #1039: Today we're talking about Carvana's record-setting quarter and bold new goal, Ford's strategic price hikes post-tariffs, and why Google's stock took a beating after an Apple exec dropped a courtroom AI bomb.Show Notes with links:Carvana has bounced back in a major way, setting a new quarterly record for used-vehicle sales and showcasing the company's transformation from high-growth chaos to sustainable profitability, even amid looming tariff concerns.Q1 retail sales hit 133,898 units, up 46% year over year—beating their prior record by 16,000 vehicles.Net income reached $373M; revenue surged 38% to $4.2B.Tariffs caused a temporary demand bump, but Carvana is now focused on adapting inventory to price-sensitive consumer behavior.Carvana aims to sell 3 million vehicles annually within 5–10 years, targeting a 13.5% adjusted EBITDA margin by fully utilizing its existing infrastructure like ADESA megasites and inspection centers.CEO Ernie Garcia emphasized flexibility: “We've got significant margin to work with… and significant cash balances.”As the auto industry adjusts to newly announced tariffs, Ford is selectively increasing prices on several 2025 models while shielding current dealer inventory.Starting May 2, 2025 Mavericks, Bronco Sports, and Mach-Es (all produced in Mexico) will see MSRP increases of $600–$2,000, depending on trim and features.Existing stock and vehicles already in transit will keep their original sticker prices.Earlier this week, Ford withdrew its 2025 outlook, citing $1.5B in expected tariff-related earnings impact.Ford is one of the first major automakers to publicly respond to the impact of the tariffs with pricing strategy.“We can't forecast what we can't see,” said one executive privatelyIn a courtroom twist, an Apple executive may have confirmed Google's worst fear—that AI is starting to eat into its search dominance.Eddy Cue, Apple's services chief, testified that Safari searches dipped in April for the first time ever, likely due to users turning to AI tools like ChatGPT and Perplexity.Cue expects Apple will eventually add AI search engines as user-selectable options in Safari.The revelation came during Google's antitrust trial, where Apple disclosed it receives over $20B annually to keep Google the default.Google stock fell more than 7% following Cue's testimony, wiping out tens of billions in market cap. They responded by saying “we continue to see overall query growth,” especially from Apple platforms.Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.Get the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

In this episode, Jeff is joined by CEO Brian Le Gette of Ammortal, who reflects on his 30-year journey in entrepreneurship. Brian discusses his early career at IBM and Texas Instruments, the success of his ear warmer product, and ventures like One World Lab. He emphasizes the importance of creativity, collaboration, and self-awareness in entrepreneurship. Brian also introduces his latest venture, Ammortal, which focuses on enhancing well-being through innovative technology like the Ammortal Chamber. The conversation touches on themes of purpose, joy, and the impact of conscious capitalism. Brian's insights offer valuable lessons on personal growth and business success.  About Brian Accomplished entrepreneur and chief executive with a portfolio of successes spanning multiple industries. Founder & CEO of the 9th fastest growing privately-held company in America according (Inc 500 ‘04) with 4-year growth of 9600% and strong double-digit EBITDA. Brian boasts an MBA from Wharton as well as powerful multi-faceted global work experiences in North America, Europe & Asia.  Learn more about:  Ammortal : https://ammortal.com/   Desert Island Albums/Artists List   "Closer" by Samuel J. "The Sacred" by Yama (Ja I Ma) "Follow the Son" by Xavier Rudd "The Blessing" by Se Jain "Let Your Heart Be Known" by Steve Gold Follow us on social media: IG: @capitalismtheremix LinkedIn: Capitalism The Remix

Are the quality care metrics of dentistry being used the way they should? Surprisingly (or unsurprisingly), not. In this episode of The Dental Economist Show, host Mike Huffaker sits down with Elliot Ziebel, Founder of ClariFi Health to explore how data-driven decision-making is transforming dental group operations. From leveraging AI for practice analytics to implementing strategic quality metrics in hygiene departments, they unpack practical strategies for driving predictable growth. Profit and purpose don't need to be mutually exclusive; this conversation offers insight into the strategies that allow them to coexist, and practices to thrive.

Today's episode pivots into real estate investing. Joining Dan is two experts of hospitality financing and investments, Nate Edgerly and Tom Donaldson, the CEO and Chairman of Enzo Group Inc. The discussion goes into the motivations behind investing in hospitality, the critical role of strong management teams, and the unique challenges and opportunities in scaling restaurant businesses. They explore the financial metrics used to evaluate investments, the impact of macroeconomic factors on the industry, and the potential for growth in fast-casual dining. This conversation provides valuable insights for investors, restaurateurs, and industry professionals looking to understand the complexities of hospitality investments.Takeaways: When considering an investment or running a restaurant, focus on delivering a strong perceived value to customers. Make sure the food quality, service, and overall experience justify the price they pay.Before expanding, ensure you have replicable systems and processes in place. Detailed documentation and standard operating procedures can help new locations maintain consistency and operational efficiency.Keep an eye on essential financial metrics. Aim for high unit volumes and substantial store-level EBITDA margins, while managing build-out costs effectively.Recognize the critical role of a general manager in each unit. Investing in their development can create a significant positive impact on operational performance. Make the GM role a career-worthy position.Weigh the risks and benefits of lease commitments. Striking the right balance between prime locations and manageable lease liability can be crucial for long-term sustainability.Stay informed about macroeconomic trends and consumer behavior, as these can significantly impact the restaurant industry. Adjust strategies accordingly to maintain a competitive edge.Quote of the Show:“What I love most about hospitality is the human connection.” - Nate EdgerlyLinks:LinkedIn: https://www.linkedin.com/in/tom-donaldson-8468a54/ LinkedIn: https://www.linkedin.com/in/nathan-edgerly-00084b3/ Website: https://enzogroup.com/ Shout Outs:15:53 - Outback Steakhouse https://www.outback.com/ 17:10 - Taco Bamba https://www.tacobamba.com/ 29:25 - Bojangles https://www.bojangles.com/ 43:24 - Setting the Table https://www.amazon.com/Setting-Table-Transforming-Hospitality-Business/dp/0060742763 46:03 - Carbone https://carboneofficial.com/ 47:01 - Sweetgreen https://www.sweetgreen.com/ 47:35 - Chopt Creative Salad https://www.choptsalad.com/ 48:11 - Chipotle https://www.chipotle.com/ 48:13 - Panera https://www.panerabread.com/en-us/home.html 50:15 - Investors Business Daily https://www.investors.com/ 50:17 - Wall Street Journal https://www.wsj.com/ 50:32 - Tiffany's https://www.tiffany.com/ 50:49 - Kohl's https://www.kohls.com/ 50:52 - Walmart https://www.walmart.com/ 51:01 - Apple https://www.apple.com/ 51:50 - Pret a Manger https://www.pret.com/en-US 55:07 - AOL https://www.aol.com/ 57:29 - Chick-fil-A https://www.chick-fil-a.com/ 58:09 - Subway https://www.subway.com/en-us/ 58:10 - Dunkin Donuts https://www.dunkindonuts.com/en 59:03 - McDonald's https://www.mcdonalds.com/us/en-us.html 59:04 - Wendy's https://www.wendys.com/ 

In this episode, Wes Read, CPA and founder of PracticeCFO dives into one of the most important financial terms in dentistry: EBITDA. Whether you're planning to sell your practice or simply want to manage it better, understanding EBITDA is essential. Wes explains what it is, how to interpret it from your P&L, and why every dental professional—owner or associate—should know the business side of dentistry.This episode is designed to help you start thinking like a CEO of your dental practice. Because yes, it's a practice—but it's also a business, with payroll, debt, taxes, benefits, and financial planning responsibilities.Key PointsEBITDA is a key financial metric every dental practice owner should understand.Even associates benefit from learning the business side of dentistry.Your dental practice operates like any other business—complete with payroll, taxes, and budgets.Understanding financials helps you become an effective CEO of your practice.Unlike large corporations, dentists provide services (not products), but the financial principles still apply.#DentalBusiness #DentalPracticeManagement #EBITDA #DentalFinance #DentistryPodcast #DentalCEO #DentalAssociates #PracticeOwnership #DentalEntrepreneur #FinancialLiteracy #P&LExplained #BusinessOfDentistry

In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso's long-term partnership model is flipping the script on traditional roll-ups.[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition [00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA [00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch [01:50] Lessons from Walmart and foundation of Kelso [02:21] Mistake PE firms make: copying each other, bidding up same assets [03:05] Advice: PE should pursue untapped markets and take first-mover risks [04:21] Kelso's differentiator: deep focus on one long-term strategy [05:49] “All in” mindset and scaling Kelso as one big platform [06:18] First acquisition story: moving to AZ, transition challenges [07:46] Struggles, COVID, and lessons learned from initial takeover [08:43] Pivot to partnership model after burnout and realization [09:42] Defining partnership: skin in the game, shared long-term vision [11:08] Case study: Pancho in Idaho becomes the blueprint for future deals [13:03] Criteria for Kelso partnerships and alignment with long-term goals [14:00] Integration learnings: then vs. now at deal #25 [14:50] Kelso now offers finance, legal, HR, recruiting, and systems support [17:44] Operational push: MEP+ and one-call solution model [18:43] Scale enabling better integration and centralized resources [19:12] Raw Selection salary reports plug [20:11] Top 3 learnings: partnership, finance investment, data center boom [23:23] Walmart story: monetizing eyeballs, retail media, Sam's Club success [26:17] Building a $250M EBITDA business unit through creative thinking [27:42] Why HVAC: passion, mission-critical systems, smartest people on site [28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”Connect with Steve Carroll on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Steve Zehngut is a seasoned entrepreneur and technologist with over 30 years of experience in digital strategy, technical leadership, and business development. He founded Zeek Interactive, a Huntington Beach-based digital agency specializing in web, SaaS, and mobile development, which he sold in February 2024 at a 3.5x EBITDA multiple. Steve later founded SnapCTO, where he helps founders align their technology with their business vision. He also serves as the Membership Chair for the Orange County Entrepreneurs' Organization, highlighting his commitment to fostering entrepreneurial growth and collaboration within the community. In this episode… Building a business around technology is one thing — aligning that technology with a clear business vision is entirely different. Many founders rush into development without a strategy, burning time and money on products that don't scale or serve their market. Add in the pressure of hiring technical talent and managing growth, and the journey can quickly spiral into chaos. Steve Zehngut, a seasoned technology strategist and digital product expert, shares how to approach tech with intention rather than urgency. Steve explains the value of slowing down to ask strategic questions, how saying “no” can fuel growth, and why leaders should focus on aligning tech decisions with business outcomes. He emphasizes the importance of building relationships and providing value, which helped him secure marquee clients like Disney and Amazon, even during tough economic times. Tune in to this episode of the Smart Business Revolution Podcast as John Corcoran interviews Steve Zehngut, Founder of Zeek Interactive and SnapCTO, about the keys to aligning technology with business vision. They explore Steve's transition from filmmaking to software development, lessons from the sale of his agency, and his current mission of helping founders avoid common startup tech traps. Listeners will learn the value of choosing value-aligned clients and the impact of community engagement.

This week, Shawn Wilkie and Dr. Ivan Zak chat with Steve Castillo from Profit Solver about how veterinary practices can uncover hidden profits through precise, evidence-based pricing strategies. Steve shares how his patented software — already implemented in over 3,700 clinics — uses real financial data and time-motion studies to optimize service fees, boost EBITDA, and create a sustainable path to practice growth.   Learn more about Profit Solver. Steve Castillo recommends “The ONE Thing: The Surprisingly Simple Truth About Extraordinary Results” by Gary Keller and Jay Papasan.

Franklin J. Rooks Jr. is a graduate of the Philadelphia College of Pharmacy and Science (“PCPS”), where he earned a Bachelor's Degree in Health Science and a Master of Physical Therapy Degree. After graduating from PCPS, he earned a Master of Business Administration (“MBA”), with a concentration in finance, from DrexelUniversity, in Philadelphia, Pennsylvania. Along with his college roommate, he went on to be a founding partner of PRO Physical Therapy, an outpatient physicaltherapy business based in Wilmington, Delaware. At the time that it was sold to the private equity firm KRG Capital, the business had 18 locations in Delaware, Pennsylvania, and Maryland. After selling PRO Physical Therapy, Mr. Rooks earned his juris doctor degree from Delaware Law School. He is licensed topractice law in the State of New Jersey and Commonwealth of Pennsylvania. Mr. Rooks also represents healthcare providers in breachof contract matters and also provides general legal advice pertaining to contracting and compliance with federal and state regulations. Since 2009, Mr. Rooks has been an operating partner of Shore Capital Partners, a private equity firm headquartered in Chicago, Illinois. Currently, he serves on the Board of Directors for Therapy Partners Group, a portfolio company of Shore Capital with 137 outpatient physical therapy clinics primarily located throughout California, Texas, Arizona, and Nevada. After graduating from law school, he and his partner from PRO PhysicalTherapy purchased a single-office occupational medicine business from a hospital system in Delaware. Mr. Rooks and his partner grew the occupational medicine businessto five locations and in 2015, sold it to In-Tandem Capital Partners, a New York-based private equity firm. In 2018, Mr. Rooks and a partner acquired a durable medical equipment business in New Jersey. In 2023, after tripling the business's EBITDA, Mr. Rooks and his partner sold the DME business to a strategic acquirer.  He is currently a partner with Iterum Physical Therapy, and outpatient physical therapy business with locations in Florida and Delaware.Mr. Rooks resides in Chester County, Pennsylvania.   He is married withthree children, 2 sons, one daughter 

On this episode of Agency Nation Radio, Peter Van Aartrijk, executive vice president with insurance branding firm Aartrijk, hosts a discussion with Ryan Towle, vice president of Davis & Towle Insurance Group in Concord, New Hampshire, and Keith J. Mangini, vice president and commercial team leader at InsurBanc in Farmington, Connecticut, on best practices when making an agency acquisition—whether it's your first purchase or just your most recent acquisition. They discuss the first steps you should take when considering an agency acquisition opportunity and what to do as a buyer to prepare for financing from a lender. Further in the episode, they end with their final thoughts on what to keep in mind after closing on an acquisition. "We talk about multiples all the time. But if it's a multiple of revenue, or if it's a multiple of EBITDA, if it's 3 times revenue or 4 times revenue, what are you willing to pay for? And why might you be willing to pay up a little bit?" Mangini said, referring to intangible value of an acquisition, such as talent, carrier synergies and more. Agency Nation Radio is where insurance professionals turn on the mic and share unscripted stories about leadership, technology, marketing, success, and failure—stories that helped make them the professionals they are today. From Main Street USA to the pages of Independent Agent magazine—we've got the stories you want to hear. For more, catch Agency Nation Radio on your favorite streaming platform or visit iamagazine.com/podcasts.

Show Notes: Joe O'Mahoney is a part-time professor of consulting at Cardiff University and  a leading authority on the growth and sale of boutiques and small consultancies. He has spent 20 years researching consultancies and interviewing hundreds of owners and senior leaders. He has developed a growth drivers model, which includes factors like leadership quality, client relationships, and market positioning. He conducts benchmark surveys and interviews with leadership teams and clients. Joe then conducts a SWOT analysis, and estimates the valuation of the firm. He helps the owner satisfy their equity goals, and pull the levers. Joe typically focuses on two to three priorities each year to drive up the firm's growth. He shares three key factors in leadership and team management that are crucial to a successful scale up. Building a Sales Team for a Boutique Consultancy Joe explains that, in the long term, building a competent sales team is crucial for a firm's valuation. This involves promoting, training, mentoring, rewarding, and recruiting sales capabilities. A culture that puts sales first should be complemented by a competent system that listens to sales calls and introduces new hires. This will help build a pipeline of capable sales people in the future. In the short term, implementing these strategies can improve marketing efforts. It is important to consider how your value proposition is translated into marketing themes and content, as well as the frequency and visibility of these posts. It is crucial to ensure that marketing efforts are effective and aligned with the company's goals.  Challenges of Scaling a Business Joe discusses the challenges of scaling a business, particularly for those with a two to 3 million revenue mark. He suggests that firms need to focus on their signature service, which is high value, high growth, and can cross-sell. Marketing algorithms reward clarity in these areas, leading to better value propositions, marketing, and themes. This clarity allows firms to build intellectual property (IP) and increase margins. Once sales, project margin, or EBITDA are reached, firms can decide on additional products to sell alongside their existing offerings, such as parallel products, cross-selling services, or follow-on services. By building a logical sequence of events, firms can achieve high-quality revenue. The Importance of IP in Scaling Consulting Firms Joe shares an example of a firm that focused on a manual approach to cloud consultancy. However, when breaking down their service lines by revenue, the company realized that they should change their focus. In terms of branding and content, Joe explains that buyers are interested in the past growth, future growth, and margin of the firm, but they also want a marketing machine that generates clients, and an architecture of sales that generates high-quality leads.  Joe explains that IP is a top priority for buyers, including the quality of the leadership team. This includes delivery IP, marketing IP, thought leadership, website design, and content. LinkedIn is an interesting example, as due diligence is starting to reveal its influence on a firm's success. Valuation and Growth Trajectory Valuation is a crucial factor for buyers and private equity, as they are interested in the future value of the firm. A healthy growth trajectory is essential, and a machine that can push up the multiple is preferred. Joe explains that it is often better to focus on building the architecture that will allow you to improve your multiple, rather than focusing on increasing your profit margin. This can be achieved by implementing a PSA system, CRM system, training people, and building out IP. However, it is difficult to drive up the multiple quickly, as everyone is talking about margin all the time. It is important for buyers to consider the firm's potential for growth and profitability before making a decision. Joe talks about the EBITDA and how it should be approached. The conversation turns to the treatment of owners' compensation and how it is recalculated during the sale process. He explains that if a board member is preparing a company for sale, Joe's  fee is taken out, and if a founder is paying themselves in dividends to improve profits, the EBITDA is adjusted accordingly.  Employees and Recruiting Talent for Boutique Consulting Firms Joe discusses the importance of recruiting and training employees to provide better value to clients and charge more. He suggests that consultancies operate in two markets: the market for clients and the market for employees. Boutique consultancies often struggle to recruit decent consultants due to the lack of brand recognition and value proposition. To attract the right people, consultancies need to have a clear value proposition for both clients and employees. This includes a clear cultural side of the company, clear values, and clear due diligence rules. The architecture behind this includes competencies, promotions, training, and mentoring. Buyers of Consulting Firms The typical buyers of consulting firms are typically strategic and industry buyers, who have a gap in their offerings. Private equity has become more involved in the market, accounting for 55% of purchases of consulting firms, including private equity-backed strategic buyers. This shift has led to a growing number of non-consultancies seeking to develop consultancy arms, accounting for about 15% of purchases. The Boutique Leaders Club for Consultants Joe shares information about  IP aspects he provides to his clients. He runs the Boutique Leaders club, a group of about 40 owners of consultancies above the 5 million revenue mark. Joe gives them access to 250 bits of IP. This includes competency frameworks, succession plans, and training on business development. The group can also conduct benchmarking surveys twice a year, tracking progress and creating plans for the future. The Boutique Leaders club also offers training materials, both online and face-to-face, to help firms prepare for the selling process, such as finding the best corporate advisor, selecting the right lawyers, and preparing for the selling process. Joe's Engagement Model with Consulting Firms Joe also shares his engagement model with consulting firms, which includes three ways: Board Advisory, as part of his leaders club, and one-off projects. He typically works with clients on a monthly basis, with a focus on value proposition, business development, and marketing. His clients are mostly UK-based, with three US clients and some in Western Europe. He left corporate consulting due to his dislike of managing people, and he is currently the bottleneck to his own firm. He has worked with some good ex-CEOs but struggles with quality of revenues. Bachman asks O'Mahoney to share his website and LinkedIn profile, and he appreciates the opportunity to discuss his experiences and insights on the industry. Timestamps: 01:59: Joe O'Mahoney's Consulting Services  03:48: Diagnostic Process and Growth Drivers Model  05:35: Improving Performance and Leadership Development  09:37: Building a Sales Architecture and CRM Systems 16:36: Intellectual Property and Digital Marketing  28:20: Recruiting and Developing People 34:45: Typical Buyers and Market Trends  37:46: Joe O'Mahoney's IP and Engagement Model  Links: Website: https://joeomahoney.com/ LinkedIn: https://www.linkedin.com/in/joeomahoney/?originalSubdomain=uk Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.    

This week, we detail Comcast's Q1 earnings, including Peacock's sub gains, thanks to the Charter bundle, with revenue up 16%, on an EBITDA loss of $215M, down from $639M YoY. We also cover all the pay TV losses from Comcast, Verizon, and Charter in the quarter, as well as Comcast's worst broadband losses ever in a quarter. We highlight MSG Networks deal with its lender JPMorgan that allows the RSN to avoid bankruptcy, and the NFL's Commissioner stating that he expects the NFL to return to scheduling a Christmas Day tripleheader in the future. Finally, we discuss Max's password sharing crackdown, YouTube's announcement of 20 million videos uploaded daily, and Twitter having been found guilty of patent infringement relating to streaming technology involving Vine and Periscope. Podcast produced by Security Halt Media

The first Vestas V236 15 MW turbine has been installed offshore, GE Vernova makes significant improvements in wind for Q1, and Siemens Energy has an upgraded outlook following strong performance from Siemens Gamesa. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Welcome to Uptime News. Flash Industry News. Lightning fast. Your host Allen Hall, shares the renewable industry news You may have missed. Allen Hall: The first of 64 Vestas V 2 36 15 megawatt wind turbines has been installed at EnBW's He Dreiht project off the coast of Germany. This March the first time Vestas' flagship turbine has been installed at an offshore wind farm. Uh, the installation is being carried out by Cadeler's Vessel Wind Orca, which recently completed similar work at Scotland's Moray West Wind Farm. According to ENBW with a total output of 960 megawatts, HDR is Germany's largest offshore wind farm, currently under construction, and will produce enough electricity to supply an equivalent of 1.1 million households. The project is expected to start operation in late 2025. [00:01:00] GE Vernova reported significant improvements in its win segment for the first quarter of 2025. While wind orders decrease 43% organically to 640 million driven by lower onshore wind equipment in the US, revenues increase 13% to $1.85 billion driven by higher onshore wind equipment deliveries, and improved pricing. The company invested more than $100 million to improve performance in its approximately 57,000 wind turbine installed base, and terminated. Its last remaining offshore wind supply agreement. Is proceeding towards completion on both Vineyard, wind and Dogger Bank for its 2025 Outlook. GE Vernova expects wind organic revenue to be down mid single digits with segment EBITDA losses between 200 and 400 million. Siemens energy, ags win business. Siemens Gamesa continues to outperform expectations with its lost before special items [00:02:00] narrowing to 249 million euros in the second quarter of fiscal year 2025. This marked an improvement fund, 446 million Euros a year ago and outperformed analysts consensus estimates of 342 million euros. Revenue grew 16.2% on a comparable basis to 2.71 billion euros, beating forecasts of 2.38 billion euros while orders declined marginally year over year to 875 million euros. They still exceeded consensus expectations. Siemens Energy is working to turn Siemens Gamesa around aiming to reach break even in fiscal year 2026. Now, following these better than expected results, Siemens Energy has upgraded its full year outlook now forecasting comparable revenue growth of 13 to 15% for the overall company with Siemens ESA expected to record revenue growth of zero to 2%, improve from the previous forecast [00:03:00] of negative growth. And that's gonna do it for this week's news flash. Stay tuned for the Uptime Wind Energy Podcast tomorrow.

It was Friday the 13th in March of 2020, and Steven Miller was staring at a suddenly irrelevant budget. Hours earlier Warby Parker had shuttered every one of its 280 stores to protect employees and customers. “Remember that plan we just approved?” he asked the leadership team. “Forget it.” In its place he introduced PAR—Pause, Adjust, Redeploy—a framework that let finance review cash daily, pivot marketing dollars to booming e-commerce, and preserve innovation spend while the world locked down. The episode crystallized Miller's philosophy: data guides decisions, but agility preserves advantage.Raised as a strategy consultant at Monitor Company, Miller learned early to hunt for competitive leverage. A New York City Urban Fellows stint deepened that lesson when a commissioner advised him to “read the budget if you want to know a society's values.” The line sent him chasing the intersection of money and mission—from Flatiron's venture trenches to Majestic Research, where the 2008 crisis forced layoffs and, ultimately, a sale to ITG that began with his cold call. Warby Parker appealed because it made a tangible product and pledged social impact.Miller joined when the firm had 20 employees and no stores; today it approaches 4,000 people and, he tells us, opens “40-plus new locations a year.” Eight capital raises and a 2021 direct listing later, his remit is constant: align capital with purpose. By measuring four-wall EBITDA, inventory turns, and cost lines against revenue, Miller ensures every dollar advances a simple mission—help more people see clearly around the world daily.

This episode features a deep dive into the evolving landscape of managed services, focusing on the insights of industry experts Howard M. Cohen and Abraham Garver. The discussion centers around the significant shift towards service-oriented models within the managed service provider (MSP) sector, highlighting the importance of artificial intelligence (AI) and the ecosystems that are driving growth. Cohen emphasizes the three main categories of services that are currently profitable for MSPs: managed services, project services, and the emerging field of AI-driven solutions.Cohen and Garver explore the challenges MSPs face in integrating AI into their offerings. While some MSPs are beginning to adopt AI technologies, many are still grappling with how to effectively implement these tools. Garver notes that the financial metrics of MSPs, such as EBITDA, remain largely unchanged despite the incremental benefits AI may provide. The conversation also touches on the potential commoditization of certain services, particularly in help desk operations, as AI technologies become more prevalent.The experts discuss the competitive landscape, particularly how larger, private equity-backed MSPs may have an advantage in leveraging AI due to their resources. Smaller MSPs may struggle to keep pace, leading to a potential widening of the gap between them and larger players. Cohen argues that AI could serve as a great equalizer for smaller MSPs if they can effectively automate processes and reduce reliance on human resources.Finally, the episode highlights the importance of peer groups and community support for MSPs looking to grow and adapt in this changing environment. Both Cohen and Garver agree that engaging with trusted peer networks can provide invaluable insights and strategies for navigating the complexities of the managed services market. The conversation concludes with a preview of an upcoming interview focused on practical applications of AI in enhancing productivity and streamlining workflows. All our Sponsors: https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessof.tech

This week, the Acquanon crew dives into a $10M revenue sauna and cold plunge e-commerce business — but is the heat already fading on this high-ticket trend?Sponsors:

On today's Part 2 episode of Dr. Mark Costes' interview with Matt Mulcock, CFP, managing partner at Dentist Advisors, they break down the evolving financial landscape for dentists. They discuss the rise of private equity and DSOs, how practice valuations have shifted from collections-based to EBITDA multiples, and the critical decision-making process when considering a sale.   Matt also emphasizes the importance of financial organization, understanding incentive structures in wealth management, and assembling a “personal board of directors” to navigate major career and investment decisions. If you've ever wondered whether selling to a DSO is the right move or how to maximize your long-term financial health, this episode is packed with insights to help you make informed, strategic choices. EPISODE RESOURCES https://dentistadvisors.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Grab your notebook—this episode is packed with actionable insights. Jamie sits down with Polaris Clinical Coach Dr. Vivek Solanki to unpack the key strategies for accelerating clinical development and boosting EBITDA. Whether you're mentoring a new associate or scaling your practice, you'll walk away with a clear roadmap to develop your own million-dollar associate.

In this episode of The White Coat Entrepreneur, I had the honor and privilege of having a conversation with Daniel Davis, who is a managing partner at Thurston Group. He is a Marine Corps Veteran, and seasoned private equity professional with over 12 years of experience focused on growth equity investments in the healthcare sector. From his early days as an infantry officer serving three combat tours to leading investments in companies, such as Smile Doctors, U.S. Endo Partners, and more. Mr. Davis brings a strategic perspective to partnerships and private equity. Here are some key points discussed: Understanding what private equity is within the industry The Thurston “playbook” focuses on financials, operations, data-driven decisions, and analyticsEmerging trends in the $19 billion med spa sector that continues to grow at a 15% annual growth rate per yearImportance of using EBITDA to measure growth for partners and when it's time to go to marketClinical excellence must remain at the forefront of healthcareThe importance of adding value and having a clear “theme.” In our case, this is Alpha and the med spa industry Why picking the right partner is the most critical decision “At the end of the day, it's all about the partnership because that will continue to feed upon itself to get to where it should be. At Thurston Group, our strategy is to partner with the best.”Tune in to this episode and discover how the right PE partner can help you scale with purpose, integrity, and impact.More information on Daniel Davis: https://www.thurstongroup.com/bio/daniel-f.-davis

In this episode of Shoot the Moon, the Revenue Rocket team—Ryan Barnett, Mike Harvath, and Matt Lockhart—unpacks a foundational concept in IT services  M&A deals: EBITDA add-backs. Whether you run a Managed Service Provider, a Microsoft or SAP channel partner firm, a cybersecurity practice, or a custom development shop, understanding what qualifies as a legitimate add-back can significantly affect your valuation in a transaction.The team covers the good, the bad, and the ridiculous—breaking down why aggressive or misguided add-backs can backfire and erode trust with a buyer. They also explore how recurring bonus plans, inflated owner salaries, and "strategic" spend are treated when it's time to negotiate your exit.This episode is a must-listen if you're:Considering a sale or recapitalization in the next 12–36 monthsWanting to improve your EBITDA story before going to marketWondering if that golf membership you expensed is helping or hurting your exit Key topics include:The golden rule: “Add it back only if it's truly gone—for good”Owner salary treatment (especially if you stay on post-sale)Bonuses, personal expenses, legal fees, and other gray zonesBuyer synergies vs. seller add-backs—don't confuse the twoReal-world examples of questionable add-backs (boats, jets, services and all) Listen to Shoot the Moon on Apple Podcasts or Spotify.Buy, sell, or grow your tech-enabled services firm with Revenue Rocket.

If you remember from about two weeks ago…within the opening portion of another content piece about the specialty retail brand, I stated that “while we patiently wait for the approved chapter 11 bankruptcy restructuring proposal involving Franchise Group, which is the portfolio company that owns The Vitamin Shoppe.” And I recognized that a big announcement would be coming soon because I've closely watched the court proceedings, which was a promise I made to my audience within that original Franchise Group Chapter 11 bankruptcy from more than six months ago. Moreover, at the very end of that November 2024 content, I mentioned that "while it's highly-unlikely…The Vitamin Shoppe could be owned by a group that isn't the current debt holders. And if that happens…well, this content series will get a whole lot more interesting!" But here we are! On April 16, 2025, Kingswood Capital Management and Performance Investment Partners announced that they had collectively entered into a definitive agreement to acquire The Vitamin Shoppe from Franchise Group. And subject to customary closing conditions and regulatory approvals, the transaction is expected to close later within this current quarter. But I already know what everyone is going to think next…how much? Well…along with assuming liabilities, the private equity firms will make a cash payment of $193.5 million to purchase the assets of The Vitamin Shoppe. But after learning that information…you might be thinking, isn't that acquisition price quite low for a specialty retail brand that was generating over a billion dollars in revenue, reporting YoY growth, and achieving operational profitability in the trailing twelve months before the May 2023 Franchise Group management buyout? If I had all the updated financial information, I could answer definitively…but compared to the revenue or EBITDA multiples of CPG brands that you usually hear me breakdown, retail trade businesses are much lower. Yet, we can assume the private equity firms involved got a great deal, especially because of the Franchise Group bankruptcy situation. Though, if The Vitamin Shoppe was never off-limits, and the Franchise Group were always looking to make deals…why not sell it before the bankruptcy filing (you know) when you arguably have more leverage to increase the potential purchase price? Well…as we've learned through this bankruptcy process, Franchise Group did indeed gauge market interest and initiated a broad search for any potential buyers in connection with a potential sale of The Vitamin Shoppe on a few occasions, but no actionable proposals were received. And before I dive into any of my strategic commentary or predictions, it's probably contextually relevant to understand the asset purchase agreement stated that The Vitamin Shoppe was currently not growing revenue and failing to meet the Franchise Group profitability targets. So, this is not a specialty retailer that was thriving (or obviously in a place of strength) heading into a challenging consumer spending year…within a category reverting back to growth rates seen prior to the “Great Shutdown” era. But for the final part of my latest first principles thinking content, I'll analyze how the new ownership potentially impacts The Vitamin Shoppe. Also, I'll look for any established patterns of action within the private equity buyers...like when Kingswood Capital Management acquired G Fuel in 2023, it replaced the CEO. And that's exactly what it will officially do when The Vitamin Shoppe transaction closes...bringing back the previous CEO Sharon Leite.

Peter Kujawa from Service Leadership discusses the findings of the 2025 Annual IT Solution Provider Compensation Report, focusing on the trends in wage inflation and employee retention within the managed service provider (MSP) sector. The report reveals that wage inflation peaked in 2022 but has since improved, largely due to the cooling off of the remote work trend and significant layoffs in the tech industry. This shift has led to a more stable job market, particularly in the U.S. and Australia, while Europe continues to experience stubborn wage inflation.The conversation also delves into the current state of remote work, revealing that only 9.6% of employees are working fully remotely, while 42.6% are exclusively in the office. Kujawa notes that hybrid work models are likely to persist, especially among national and international MSPs. The data indicates that companies that maintained remote work longer faced more challenges when transitioning back to the office, highlighting the importance of flexibility in modern work environments.Retention rates are another critical focus, with the report indicating that employees with one to three years of experience have a significantly higher turnover rate compared to those with eight years or more. Kujawa emphasizes the importance of structured onboarding and mentorship programs to improve retention, particularly for new employees and managers. He points out that investing in training and support for new managers is equally crucial, as their turnover rates are alarmingly high.Finally, the discussion touches on the relationship between employee retention and profitability. The report shows that the best-performing MSPs tend to pay lower salaries but offer higher performance-based incentives, creating a more enjoyable work environment. This trend suggests that MSPs need to rethink their compensation structures, focusing on performance pay and aligning incentives with factors that employees can control, such as productivity and customer satisfaction, rather than broader financial metrics like EBITDA. All our Sponsors: https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessof.tech

Kiera is a guest on the Dentalligenstia Podcast, hosted by Nick Zagar and Remy Isdaner. She talks about the connection between success and knowing your practice's numbers for the following: Production Overhead Collection New patients Case acceptance Kiera also gives tips on streamlining workflow, working through scratch starts, startup versus seasoned practice needs, and more. Episode resources: Sign up for Dental A-Team's Virtual Summit 2025! Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: The Dental A Team (00:00.16) Hello Dental A Team listeners, this is Kiera and today I am so excited. I did an incredible podcast and I just thought it'd be fun for you guys to hear it, to listen to it. And as always, thanks for listening. I'll catch you next time on the Dental A Team podcast. Welcome to the Dentalligentsia podcast. I'm Nick Zager and we have Remy Isdaner, my partner, and we are Mirlo Real Estate Partners. Today we have a special guest, Kiera Dent from the Dental A Team. Welcome Kiera. Thanks guys. I'm super excited to be here.   I love what you guys are doing. I'm just jazz. And I'm glad that I didn't have to say the name of your podcast because I would have totally botched that. So thank you for taking that on for me. I love what you guys are doing. And I'm just super, super excited to be here. I love geeking about dentistry and business and all things. So thank you guys. I'm really honored to be here. We appreciate that. you know, our favorite clients are typically early to mid-career dentists. And we love what you do to support.   our mutual clients and really want to know a little bit more about you and why you do what you do. How did you get into this? Yeah, for sure. Well, luckily for both of us, we love the same type of clients. So it's really fun. I actually started my career in dentistry in high school. I was offered an opportunity to either go into nursing or dentistry. And I thought, hmm, I want to wear scrubs. Like that was my end goal. And I thought, learn the whole body or learn the mouth. I'm surely going dental route. So that was honest to goodness. The reason why I got into dentistry.   I was a dental assistant for years and then became office manager, treatment coordinator, scheduler, biller, you name it. I have not been a hygienist and I'm not a dentist, but my husband, he went to pharmacy school at Midwestern Arizona. And during that time, I'm a little hustler. I found out if I could work at the college, I'd get a discount on his tuition. And so I knew there was a dental college and so I found out, got a job at the dental college.   And I was super blessed, super fortunate. And I worked there for three years with dental students. And one of the students asked me while we were in school, she said, hey, Kiera, do you want to come help me open my practice in Colorado? And I was like, heck yeah. Dental assistant to practice owner. Like, this is a great plan. I never knew how I'd be able to do this. I'm not a dentist. And I'm like, I see what you guys do in dental school. Yes, I want to say yes to this. So I went and helped her open the practice in Colorado. And we took our office from 500,000 to 2.4 million.   The Dental A Team (02:25.773) in nine months and opened our second location. And what I found from that was I learned a lot. We built a pretty big group of practices and I learned so much from that of what not to do. My marriage was about in shambles. Her marriage was about in shambles. My health was deteriorating. I was working from 2 a.m. till 10 p.m. trying to make these practices grow and I thought, well, shoot, one, if I could help her grow a practice, I wonder all my other students that I love.   Could I help them grow their practices and give them the confidence as well? And two, there's got to be a better way to do this than what I've been doing and what she's been doing. Like, yes, we have success on paper, but behind the scenes, we're deteriorating as human beings. And so that's really what spurred my passion. I never worked with a consulting company. Everything that Dental A Team's consulting is are things that I wish I would have had when I was a practice owner, things that I wish I would have known.   things to help all of my dental students. It's fun because it's becoming full circle. A lot of those students are now buying practices and coming and working with me, which is super fun. But really the passion comes from how can I help these dentists live their best lives, get the profitability they want, but also get their team bought in because most consulting companies work with just the dentist or just the team. And I thought, but if I can get the team on board, these dentists lives become a lot easier. And so it's really fun to talk about both sides of the coin.   And shoot my last name is Dent. So I think I was destined for this career path. It's not a stage name It's just the third fiance finally like I didn't get married I just took three fiancees to get a better last name So that's kind of my story and how I got into it and truly just love love this industry and love helping dentists Flourish and succeed and help more people But nursing never had a chance Yeah, I mean the scrubs if it would if they would have cuter scrubs than maybe but   The fact that I had the short path didn't just the mouth, but it's funny. I don't even get to wear scrubs anymore. like, man, that was a short lived moment. yeah, nursing. don't think I could do rectal trumpets. That's just like, I mean, I'll take the mouth all day long versus that. I don't think I could. I have such a gag reflex. I don't think I could honestly do it. Well, talk to us about some of your favorite client stories. gosh.   The Dental A Team (04:39.725) So knowing that like the startup to the mid range are kind of the ideal clients, I was thinking of a couple and one comes to mind. He attended one of our summits. We have one in April every year for doctors and teams. And so he attended it. And I remember he had like a really funny name on his screen because I see all the participants. I really try to make our summits really engaging and active. And I remember it was iPhone. And so I just kept calling this person out. was like, hey, iPhone, how you doing over there?   just kept kind of like razz and I had no clue there's no camera on it just says iPhone and lo and behold iPhone decides to sign up with us and he had just bought his practice and paid in full for consulting which I was always like man that's a pretty like gutsy move you just bought a practice but I also like people that are gutsy and this committed to it and what was interesting is we'll call him iPhone if you listen to this you'll know exactly who I'm talking about but over the course it's been about two years now iPhone has gone from   Being a practice owner who literally knew nothing about ownership had a pretty seasoned team when they bought their practice And went through all these hard transitions like I'm telling you this was a labor of love on both sides the consulting side and his side from needing to transition out his office manager who was really really causing a lot of like Shakes within the practice and and driving the team in a direction. He didn't want to go   So learning how to hire, learning how to lead, learning how to present treatment plans, learning how to put KPIs into the practice. Like you want to talk about a jumpstart to business ownership. And I remember he's like, Kiera, I'm not even taking home a paycheck. And those moments always rock me because this is real life for a lot of dentists. And my goal is to help them get to taking home their paychecks quickly. And so about six months, he was taking a little bit, but we started like at six months, he was able to take his full paycheck and then fast forward to   I just saw him actually last weekend and he was sharing that now he's producing over 250,000 a month in his practice, collecting home a paycheck, has a new office manager that was sitting next to him. They've shifted the culture. This office manager said that this doctor like makes for Phil Seen, Heard and appreciated. He understands his KPIs. He's got a profitability margin of 60%, which makes me so proud.   The Dental A Team (06:59.629) excuse me, his overhead 60 % profit margin of 40%. He knows his numbers. He knows how to look at it, getting ready to possibly expand his practice. But he said, we were just meeting last week and he said, Kiera, I want to give back because Dental A Team's given me so much. so having him help coach other practices now of things that he's learned really just inspires me. But I think about this man of...   like the rocky road he went on to get there. And I think that his journey is not unique. I think this is so common for so many owners who buy practices two, three, four years in, but to be able to have him be an example of what can happen and for him to be going from about 150,000 when he first bought the practice to now doing 250,000 a month, just to give him the confidence, I think as a leader, as a dentist, to get a team bought in and on board.   the fact that he knew his numbers and it's been, it'll be two years in April since he bought his practice and joined. And I think that is one of my most favorite stories because to see him excited about life, to see him excited about his practice when there were some dark days, I remember like his name, we'll just say iPhone was on our schedule a lot of times to give more support and to review resumes and to teach him how to hire for culture and to build a culture.   That is a magical experience. And there's, like I said, so many things from KPIs to numbers to culture to hiring to diagnosing and getting patients to accept you when the other dentist was still a part of the practice and moving on. He's honestly one of my favorite clients because I think his story is so relatable to how so many other people feel. And to see him now on the other side of it, truly beaming, I think is honestly one of my favorite stories. I have so many favorite stories.   But I think he's a really recent telling one that is just a fun success story to share with people. That's super cool. And he's got a great name. I know, right? iPhone. I'm like, it's easy because I was like, who is this? Who shows up? Like, I hate it on meetings. Like, get your name of who you really are because I want to call you. There's another, she's now a client. And I was speaking in person and, you know, front row, was like, hey, what's your name? And she's like, I'm going to be anonymous.   The Dental A Team (09:13.803) So we have a running joke now that she's just anonymous, even though she's a client now. And she's like, I'm so glad. But now she's like, secretly optimistic anonymous. So, you know, we've kind of changed that around, but yeah, it's fun to have clients show their personalities. But yeah, if you're on an event, put your dang name on there. Otherwise, maybe you'll be iPhone forever. Fair enough. I'd rather be iPhone than anonymous, but point taken. I've got a serious question.   for you based on that great story, but first I'm gonna joke. So it's on record in our company, there's a iPhone, Samsung battle and I'm on the iPhone side and Nick's on the other side. And we have it on record here on this podcast that Nick said something to the effect of, that sounds awesome being iPhone or iPhones are awesome.   So just just want to make sure that that we're all in the same page there, you know, Remy I'm happy in our company. It's the same. It's like Apple versus HP I'm diehard Apple everything connects in so seamlessly. So Remy we're on the same. Yep. I phone over here It's definitely definitely for the Samsung. I'm sick of the green bubbles, but they are getting better now I can see that you're writing I can see that it's been read. So I mean, hey, they are making some progress, but that's been like, you know decades in the making speaking the same language   Okay, as promised, I'd start with jokes and then, you know, that was a great success story and your passion is clear. Let's talk about those KPIs. So what are some of the KPIs that young dentists, newer dentists should be looking for? And I asked that question and then also add a preface. We talk to doctors all the time who have no, it's clear they have no...   connection to what the business side of dentistry is doing in their own practice. And I get it, we get it, that they didn't set out to run a business necessarily. They set out to provide the best oral health to their community. But it is a business after all. And so what are some of the things that those young dentists should be looking for? Remy, I'm so grateful you asked this question. It was not pre-planned.   The Dental A Team (11:36.073) My passion came actually from teaching people how to run successful businesses because as a business owner myself, profits seemed elusive. I remember like, what the heck is a freaking KPI? I didn't even know what that meant. And I really love in dental hygiene, there's no judgment. And I just want people to feel safe and confident to ask those questions. And I think dentists really feel this need to know everything because you are a doctor. And I just want to highlight that, guess what? None of them know it. Like 99 % of dentists that we work with   don't understand the business, but yet understanding the business and the numbers, I feel is like your treasure map to success. It helps you see where are broken systems in your practice to fix. So rather than just trying to pump a bunch of systems, let's look at the numbers to see which system we really can impact. Also, when you know your numbers, you can make smarter decisions of who to hire, when to hire, things like that. And so for people who don't understand KPIs, like I said, someone told me that I was a Dr. Seuss of systems. So I take that.   as a huge compliment to try and make it so simple for people. I believe KPIs are like the vitals of your practice. It's like when you go to the doctor, they always check your like height, weight, your blood pressure, your temperature. They're gonna check those things because if any of those things are out of whack, we're gonna have like an immediate plan. And I feel like that's similar to KPIs within a practice and KPIs can get a little extensive. So if we're talking about a brand new practice, things I start small and then we get bigger.   And so like main things that are really going to give you a nice suck on your business, if you're not careful are going to be your cashflow. So that's going to be your overhead. I'm watching your production and your collections because oftentimes the practice is producing enough, but your team's not collecting that money. So we want to make sure we have a 98 % collections ratio. I'm also going to watch your AR. So AR is your accounts receivable, checking from patient portion and insurance portion, because a lot of times practices actually have the money in their practice.   but they're not collecting, it's just kind of sitting there in overdue payments that are due to you, whether that's from patient or insurance. If we can look at those, we can figure out where's our collection problem. it we don't have clean claims sending to insurance or we're not collecting from patients and we're sending statements or we're not even calling. So I'm really gonna watch those super, super tight. And then if you want to go, excuse me, further down the line and things that I'll watch are gonna be like your lab costs, your supply costs, marketing can come into place.   The Dental A Team (14:00.685) scheduling, we can look at your scheduling and see like number of new patients coming in. That's a big one that I really like to watch because if we're not getting enough new patients or on the flip side, we're attritioning, AKA we're not keeping them in for re-care and reappointment percentages. We can get a leaky bucket and just keep filling with new patients but not retaining the ones that we have. So I like to watch your attrition rate. I also like to look at your case acceptance. So what are you diagnosing and what's being accepted to see is it a diagnosis problem?   or is it an acceptance problem? Whatever doctors wanna make, there is a study and a standard of three times what you wanna produce is what you need to be diagnosing. So if you're not watching this diagnosis amount, you might not be diagnosing enough to be able to get what you want on your schedule for your production. So I like to watch that. And I like to watch your case acceptance of dollar for dollar. So if you're presenting a thousand dollar treatment plan, how much of that thousand is actually being accepted? Are we accepting 100 % of that? Are we accepting 50 % of that?   and then asking questions of why, because case acceptance is usually one or two words from our exam to our treatment coordinator. And then I like to watch your hygiene percentages. So what's your hygienist producing per hour? I like three times pay for PPO practices, and I like four times pay for fee for service practices, and that's on adjusted production. So let's not go off of gross, let's go off of adjusted. Gross feeds the ego, net feeds the family.   So let's not be feeding our egos. I know it feels really good to say you're producing 260, but if you can only collect 150 of that, let's live in real life world. So those would be some zones. And then like, again, if you want to go like next level, you're already doing that. Some things we found over the last year of tracking hundreds of offices were open time in a schedule and your dollar per hour production, because a lot of times just open time in schedules, we found you could actually hit your goal.   if we could fill those spaces and then figuring out protocols for your team just to keep that schedule full. So I said a lot of KPIs for you, but really your main ones, you've got to be watching our production, collection, overhead, new patients and case acceptance. If I could only pick five, those would be my top five that I would start with. And I'm going to give six, like your reappointment percentages. Cause if we're not reappointing, that's really going to kick you down later on. And it's going to make a lot more work for you. And I think those are some pretty easy ones to watch pretty quickly.   The Dental A Team (16:18.733) but then also hopefully giving a lot of other ones for you to be able to watch in addition to that, that depending upon where you are in the journey of your practice, things to be looking at and doctors, you don't have to track all this. You get your team to track this for you. And then you get this lovely report that comes to your desk every week or every month. You review it, you assess it, and then you make the changes accordingly.   How do you help the practices that you're working with refine their systems to streamline their workflows to ultimately maximize their productivity? So Nick, on that, I'm just going to sound like a broken record. I literally look at their numbers, because whatever their numbers are looking at, these KPIs, that's going to tell us where the system's broken in addition to what your team is saying is a problem. So usually it's like communication or it's   low case acceptance or overhead or cashflow issues. And so what we're gonna do from there is we're gonna look to see what is the system in place. So if we're having an overhead issue and cashflow issue, well, I'm gonna look at the billing system. Like, let's look there, because that's where the money's at. So let's figure out what is our process, who's doing what, and where is the breakdown, and then we're gonna refine the system. I don't believe teams like to do hard things, and I don't like to do hard things, and so.   everything we implement should be easy because teams will gravitate towards ease and also not making someone remember things. So that's a true system. So we'll put in things like we can put automated notes or we can change our note templates if we're consistently missing something on our claims, we're gonna fix and adjust that system. We're also gonna look to see running certain reports that we put on an automated system for them. It's on a sheet for them. That way they don't have to remember to do this.   We create handoffs where it's on their route slip. So no one has to remember, like just with your memory, it's already built as a true system. And I think a lot about like McDonald's or Chick-fil-A or some of these companies that are able to mass produce and give you the same experience wherever you go. Well, let's build that and let's make a very simple system that everybody can follow rather than hoping and praying our team members remember and they don't drop the ball. So I'm going to look at those numbers. I'm going to look to see where the gap is and then dig deeper to find   The Dental A Team (18:33.461) root problem and then add an automatic system as much as we can to fix that problem forever. Are you dealing, how much of your business are startups, scratch startups versus acquisitions, also new practice owners through acquisition versus, you know, I guess that's the question, those two paths.   I tend, and I think it's just due to who I am and the things I did, I tend to attract more acquisitions in our company. So we're probably 75 % acquisitions, 25 % scratch start. We've worked with a lot of scratch starts. We've done a lot of pieces with scratch starts. But for me, I'm of the opinion, it's already there. My job is just to come and be the miracle girl on a practice that's already there. I know that I can successfully add hundreds of thousands to a practice very quickly.   adjust their overhead and make them profitable within just a couple of months. Scratch starts, we can do the same thing, but there is more of building that base to get more people in to build it. However, you don't buy someone else's problems when you do a scratch start. So in Dental A team, again, I think it's due to my experience, the things I've done. Like I said, I took a practice from 500,000 to 2.4 million in nine months. I know which systems to quickly shift and adjust. I like to say that we're...   We're a miracle girl for practices. You just sprinkle us on and we watch it bloom. Scratch starts, like I said, usually I'm about six months to a year before we're gonna start to see that churn and burn. And it's just due to building that patient base, which doesn't exist in the scratch start typically. But again, we've had several scratch starts. We've had several be a very successful, but that would be the reason I think why. But again, I don't shy away from scratch starts. I've done plenty of scratch starts and I do love that you get to build everything that you want and it's brand new.   You get to set the systems up from day one. I just think I like to. It's already in place and now my job's just to optimize and magnify it and make it even stronger for them very quickly. But I'm a fast results person. I like to see results quickly. Scratch starts long term have amazing results. Short term they're a little bit harder to get that churn on. Sure. Are people, are dentists typically onboarding you during the acquisition process so you're already known to them and their, you know, their,   The Dental A Team (20:55.281) They're acquiring with you on board versus an acquisition where things are just not, things don't feel right and they're not turning out the way the doctor planned or not as fast as they had hoped and then they're onboarding. So I think the doctors who do the best are the ones who bring us on usually month one or two before they open a practice. And I always say when you open a practice, it's like having a baby.   people nest the two months before they have the baby and then baby comes in, it's like screaming mayhem for about six months until you figure this out. And I really do believe that that's how practice ownership is. So the offices who I found do really, really, really well are the ones who bring us in one to two months before they actually add us into their loan of their additional cashflow that they need. So it's part of their purchase. That makes sense. Versus the ones that are like, Hey, I don't have cash, but I need help.   because every office does this, literally every single one of them they're in and I call it the six months shakeout. As soon as you buy a practice, it is bananas for six months. Like you have high costs, you have high expenses, nothing shaking out. You're trying to win over all these patients or bring in new patients. Like it's mayhem. And that's actually when you need consulting the most. Like you need someone to pull your head out of the sand, tell you do step one, step two, step three. This is where you actually need to focus rather than just being psycho and trying to like do all the things, but never getting anything done.   So I really love when they come. Otherwise, and I'll say, I'm really pro, of course, being a consultant, I'm pro this, I'm really pro hiring a consultant that can actually like put money on your books. So a lot of things people buy when they're buying a startup, they actually don't add revenue for them. So it's just a lot of cost without a lot of adding to it. And so there's lots of great consultants out there, but I'm really pro find someone who's done what you need to do successfully multiple times.   and bring them in because a consultant for us, our fee is guaranteed covered every single month. Like I'm never worried about that, but we tend to do two, three, four, five times our fee, adding that in in production and reduction of overhead for a practice very quickly. So I never worry about, I understand the owners do worry about fees because it can feel scary with everything you're adding on, but be intentional with what you're purchasing, what can add money to your books rather than just taking money off of your books.   The Dental A Team (23:19.462) Go ahead, Nick. Well, I was going to switch gears into talking about building and developing a strong team, since you just mentioned that. And I wanted to start by actually saying that when we're working with a client and they're looking for, you know, to a relocation option or they're looking to buy a building or just a general lease, mean, these are all super negotiable things inside, you know, inside of their   you know their business world but you know the the You know the highest expense that they likely have is payroll and so they can't really That's not something you're not gonna retain high-level talent by you know negotiating like a like like a madman like you would with a landlord for example, and so I wanted to talk to you about what are key qualities that a you know a dental practice owner should look for when hiring   key team members. For sure. I'm so glad that you said that rented landlords are negotiable because I think people feel like it's fixed. And I'm like, no, listen, listen, this is why you need Nick and Remy. Talk to them. They'll help me negotiate this down. Agreed teams are a bit trickier to negotiate down here. You're not going to probably get the best people. No one wants to feel like they're being bought on sale to come onto your practice. but as a landlord, yeah, I want the best deal. My labs and my supplies, I want the best deal.   But for teams, so I'm gonna kind of give two different answers because I think startup practices versus maybe a little bit more seasoned in their career actually have two different needs typically. As a startup, I'm really pro them hiring basically an office manager that knows how to do a lot of the things that they don't know how to do. So we need someone who's strong with case acceptance, strong with billing, strong with leadership, strong with hiring, and it's going to be an expensive hire. But what that...   that expensive hire is going to do is going to exponentially grow your practice for you. While dentists are in the back doing dentistry, you have someone who's really your yin to yang in the front office for you. So I'm really pro and I'm really pro not hiring just one person, but two people in the front office. I've seen a lot of embezzlement in my time. I've seen a lot of just funny things going on in the front office. And also if you only have one person up front, you're literally like SOL, which stands for so out of luck.   The Dental A Team (25:38.758) Um, in my opinion, like you really will be S O L if that one person leaves because you know nothing in the front office. So I'm super pro hiring those people and hiring really good talent when you're a startup. Now, if you're a little more seasoned, figure out what's going to be your yin and yang. If you've got a good biller or you can outsource your billing, um, maybe you don't need as high quality of, or as expensive of an hire that way. But what I have found is typically I like to see payroll around 30 % of your collection. So we're collecting a hundred thousand.   about is going to be spent for payroll costs, not including doctors. And so for that, that's also your fringe benefits, your 401k. And what I've seen with a lot of doctors is team members are only listening to their dollar per hour, but doctors, you're paying a lot more than just a dollar per hour. So we've actually created a really beautiful form for our offices that's kind of like their total compensation package that we recommend giving like once or twice a year to your team so they actually see what they're producing.   Now, hygienists are coming in as a really hot topic, depending upon the area you're in. And a lot of those are like, they're kicking that overhead, the payroll amount really high, but you need a hygienist because they're a producer. And so what's happening, we have a couple of hygienists on our team as consultants. And what they're recommending is let's have a really good base, base plus commission. And then looking back at your hygiene schedule to show this hygienist based on what we've already done. I don't like to live in like theories.   because no one wants to live in theories. They want to feel confident. So if I can hire hygienists for X amount that is fair within the market rate, but give them a commission, so anything they produce over that, showing on historical trends of what my practice has been doing, that's gonna help me keep my payroll costs lower, but I'm gonna be able to pay this hygienist more and be able to actually offset my payroll costs because they're producing more, but I can keep my payroll lower. So that's where I do think you can quote unquote negotiate.   But I really feel strongly, you've got to show them with confidence that they can do this and you've got to have an incredible culture. Culture and time tend to be the currency of hiring great team members right now. And so if you don't have a great culture, if you're not a great boss, you're not gonna hire great talent. I've seen offices paying their employees less than other people in the market, but they have such a great culture that team members want to stay. And then also looking at this time off, PTO is becoming a really hot topic and I feel like since 2020,   The Dental A Team (27:57.872) We're seeing more of this lifestyle that people want to be living more so than like the 401k traditional benefits, depending upon the age of the person you're hiring. Cause I do think there's two different age groups that want two different things. And so being aware of that and cognitive, think you can get creative with what you're doing. So I think that's a lot of great ways to bring it on, but you've also got to be clear on what your culture is and what your tip is. And you've got to be careful not to hold onto those sour apples that are truly destroying your practice.   One of the best quotes I heard is, the worst thing you can do to your best employees is tolerate the poor performance of your worst employee. And so really being cognitive, and I know that's hard, but trusting and believing that you can bring these great people in. So we put awesome ads out. I tell people to write to their ideal person, figure out who they want of their ideal person, and then posting those ads consistently and following up can be really good ways to get it. And then like,   Great culture does not mean you give everything to your team. It also means that we hold them accountable, that we have structure, that we have systems in place, but giving them the autonomy within that to create what they want to. I think are some hopefully simple pieces based on where you are, of who to hire, how to keep those costs lower. Also, what a good framework of what your payroll should be. And then also realizing the amount of payroll you've got, that should be producing. So make sure that you're.   payroll dollars are actually giving you the production that you should be getting from it. And if not, maybe it's time to make a couple of changes that way too. Yeah, one, one always is, is trying to kind of create a culture that promotes accountability and collaboration and continuous improvement. And you can probably, you know, inside the mission statement of the, of the, of the practice kind of address some of those things so that you have some ground rules. But ultimately at the end of the day, it's about   the leadership and also needs to live those values as well. Yeah. And on that Nick, am really pro core values. When I first started, I heard a explanation of core values and they said, usually when you start a practice, you have three core things that really were the core of why you started this practice. So think back to what those three, those are like your true core. And when I thought back, I was like, yeah, for me it was do the right thing.   The Dental A Team (30:16.272) have a ton of fun and make it easy for clients. So like those are my three. it's do the right thing, fun and ease. And then we have aspirational ones in addition to that, but really truly like our core values go on our job board. So like when we're hiring people, we say these are our core values, this is our company. Every Wednesday we're highlighting out team members that have been exhibiting core values within our company. So each team member shouts someone out about the core values. And I really have found that   That's how you build culture. Culture is a slow burn, but it's a consistent burn. And so if you have that and you really live, breathe and bring that in, your culture, it will take a little bit of time. say it's kind of like moving the Titanic, but the consistency piece will start to shift it to where you have that incredible culture. And then if you have someone who's not, have the one-on-one conversations rather than the full team conversation. Get really, really good at having uncomfortable conversations. I love the quote. I've added my own little.   sprinkles to it. I say your success and happiness that's care is added is directly proportional to the number of uncomfortable conversations you're willing to have. And I like adding happiness to it because I think like my success is one thing, but my success and my happiness, I want to be happy when I go to work. I want to have a great time. And so just getting really good with those uncomfortable conversations. And I say, it's a conversation. It's not a confrontation. And like, let's get to the root cause. Let's solve the problem rather than the person.   and let's move that forward. I think those are some hopeful quick tips for people to start to change that culture because it can be done and it's paramount for bringing in great team members as well. Well, that's a really important piece of the puzzle is communication, especially since everybody has a different communication style. you know, I wonder what your guidance is about how somebody who owns a practice can, you know,   can become a better communicator or overcome some of those challenges to be able to kind of understand how to communicate to different members of their staff or what have you. For sure. I'll give a couple of books. I believe there's so much wisdom found in the minds of men and authors. And so The Five Dysfunctions of a Team by Patrick Lanzione I think is a great one to figure out how to build that trust and healthy debate between you and your team members. so encouraging that.   The Dental A Team (32:43.974) and digging down deep into that. Also, there's a lot of personality traits, tests that are out there. I really am pro disc. There's also a company called Culture Index, and I think they teach you a lot of how to communicate. And something I learned early in my career that I try to pass on to our clients is hire people who are complimentary to you, not necessarily the same as you. Your biller is going to have a very different personality than your scheduler.   I want a bubbly outgoing scheduler who just makes my patients feel incredible. And my biller, do not want them being the party scene. I want them to be the person who's so detailed on every single number. Well, those two personalities are also going to be different communication styles. My biller, can probably be a bit more direct with. My scheduler, might need to have a little more finesse with. The five love languages at work is another great way to see how do people prefer to be communicated with. And then also just asking. I think asking people of,   hey, like some people really wanna be direct and just told directly, other people need like the sandwich, the compliment, here's what we need to work on, the compliment, because otherwise they're gonna feel like they're an utter failure. And so I think as leaders learning, I used to always communicate the way I like to be communicated too. And I feel like that was so naive on my part, because that's how I prefer, does not mean that's how other people prefer. we have, when we hire new hires and we recommend this for our offices,   We actually have them take a quiz within our practice and it tells me their favorite things for appreciation. What is it? If I was to get them a gift, what would be something very meaningful to them? How do they prefer to be communicated with? Is it direct? Is it collaborative? And then we have them read the same book so that way we can speak in the same communication language with each other. And then coming in to when it's an uncomfortable conversation, owning that and saying, hey, like this is uncomfortable for me to say.   We address the root problem and then we ask for feedback of, Remy, how did that land? I want to make sure that what I was trying to convey is actually how you heard it. Then Remy can come back and say, Kiera, I felt like you thought I was a jerk and that I'm not working. And I'm like, my gosh, thank you for saying that. That's not at all how I was saying it. What did you hear? That way I can change this to make sure we're on the same page. That communication takes finesse, takes time, but I will say I would rather invest in that skill than having the constant turnover.   The Dental A Team (35:06.96) train that's going on. And if you're in maybe a bad culture right now and you don't know how to fix it, anonymous surveys, we send them out for a lot of our clients when they're in this particular spot and start to ask honest feedback of what does this doctor or team need to do to change? What's causing the turnover? What's causing the breaks in the practice from the team members perspective? And then adjusting our communication styles accordingly to really try and help that communication. But I really love asking for feedback of how that landed.   I think that's one of the easiest ways to get that feedback very quickly on communication. So we've talked a bit about communication, I guess, with your own staff, but paramount to any successful dental practice, they need to have strong communication with their patients because enhancing a patient experience, I think, really kind of goes hand in hand with growth and all the other   types of things you need to consider to raise the, do better, I guess, for lack of better word. So. I think patient communication, you're right, it's paramount. And learning, I think that's handoffs. I think that's having everybody speaking the same thing, doctors giving good exams on that. But then also finding out what your patient drivers are similar to a team driver. What is ultimately their number one objective? Is it cosmetic?   Is it function, is it cost, or is it longevity? I said those in a very important order. believe order matters. Because if I put cost first, I'm highlighting cost. But if I put these in a very strategic way, I've done this with hundreds of offices, and we've asked thousands of patients, I will tell you 99 % the time it's not cost. It's usually function, it's longevity, cosmetic, how it looks. And then of course, figuring out within cost. But if you can figure that out from your patients and learn to communicate with them in their style, utilizing disc profiles as well.   You're exactly right, Nick. You'll get higher case acceptance, you'll have a better patient exam. If you have handoffs where everybody's speaking the same language and we're passing the baton off from person to person so that way nothing gets dropped, you will be shocked. We've increased case acceptance. I had a practice, they were getting about 25 to 30 % case acceptance and we literally got 100 % case acceptance that day just by changing a little bit of how we communicate in our handoffs.   The Dental A Team (37:27.462) The patients would walk up to the front and say, doctor wants to see me back in two weeks for a crown for an hour, I need to get that scheduled. And if your patient is that clear and your communication is that clear, you can only imagine what that does for your practice and your production and your reviews, because that patient's not confused anymore, they literally know what to do.   The Dental A Team (37:50.822) Can you share any practical tips on how dental teams can educate their patients more effectively about their oral health and treatment plans? Yeah. So I'm really pro hygiene. The hygienists have hopefully an hour with them. And so I'm really big on visuals. And so we work with our practices to build kind of like explaining it helping these patients see like on x-rays where you can use, there's a lot of AI softwares out there. I love Pearl. I love Overjet. They can help educate the patients of what's going on in their mouth.   And what I found for patients is there's a lot of mistrust. And I know dentists hate this analogy, but it is kind of like a mechanic. And so we're looking under the hood and the patient's like, I see nothing but black and white up on there, but you're telling me to like squint my eyes and there's a little cavity right here. So I think also helping train your patients of like, this is a good tooth. And this is a tooth where there is decay, showing intraoral photos for them, helping them so that way when they're going through their teeth, it's like, okay, tell me what you see on this tooth.   the more the patient can actually grasp it and understand it, the more they're going to actually accept that treatment. But in addition to that, one of my hygienists that's a consultant on our team, she gave me some really good advice and she said, never ever, ever use little league words for major league problems. I think oftentimes we don't want to offend the patient or want to make it feel better. And so we're like, well, there's this like little cavity. The tooth is bombed out. Like, why are we saying it's a little cavity rather than telling them like, this is what's going on now.   Yes, they're still finessed, so we don't wanna make them feel bad about it, but we also need to help them see the severity. And what I found is when you're confident in your diagnosis, when you're confident in how you're presenting treatment, your patients are actually buying your confidence, they're not buying the treatment. And so you being confident, and I've helped hundreds of them practice, I literally have an office and we've added multiple millions to their five locations by simply helping them present treatment better and stronger and more confidently, because truly the patient is buying your confidence. And so now, never over diagnosing.   but getting that patient to see it and truly telling them what's going on. And then I always love to say like, here's a comprehensive exam and the good news is, this is how we're going to get you like great back to great oral health and using the good news is, or the great news is that way the patient feels like there's hope and optimism and then giving them a really clear plan of where you want them to start. That way it doesn't feel overwhelming or daunting. Cause you can teach a patient all these things.   The Dental A Team (40:14.448) They just need to know where to start and how you're gonna be able to help them get the success that they're looking for and to get back to oral health. Not all patients have it. And I say that not like these problems did not happen overnight. So it's not gonna get fixed overnight. Our bodies are always decaying. Like we're always like aging is as fun and thrilling as that is. Same thing with our teeth. And the great news is this is how we're gonna get you healthy.   We've talked a bit about, you know, communication and creating a strong relationship, I guess, with your patients. Talk to us a little bit about how dental practices can develop a strong presence inside their local community to build trust and attract more patients. Yeah, there's an office that I really love. We were just chatting with them and something that I think this office did so well is they have the goal to be   the hometown dentist in their city. That's the vision of their practice. They want all of their patients to feel that way. So it's a very large practice. They have 15 operatories and they've still been able to maintain that hometown feel and they're very connected to their community. Another practice they said that our goal is to change the way people feel about going to the dentist within our community. And so I think the way that you can get this like stamp in your community is one, having that be part of your vision where you want to be   that local dentist to your patients where it's that hometown dentist feel in your practice, then your practice, your patient experience will feel that way. But then these offices, the two that I explained, they're very involved in the Chamber of Commerce. They're very involved in the little league sports. They're very involved in giving back and providing for these communities. I have another dentist and she created what's called the Thrive Home, where it's literally being able to give back to the community with all the different specialties like OT.   PT, dentistry, to give back within the community. And I really think if that is something that is your MO, treating your patients that way, asking for their referrals and their reviews, and then also being able to have that presence. I know growing up, for me, our chiropractor was so well known, that chiropractor was everywhere. They were at all the football games, they were all the high school events, they were at the town hall, the chamber of commerce, like.   The Dental A Team (42:30.106) Everybody knows that Ellison Chiropractic is the number one chiropractor in the area. And I will say it's because this family was so involved in the community. We saw them everywhere. And so I think how can you also do that and giving back to it? But I think my biggest recommendation, if you want to grow patients based on your community, I think it comes from genuine care and genuine authenticity that you actually love this community that you want to give back. If it's just to pull new patients in, there's other ways to do it.   But I think really, truly, you want to give back to that community you want to serve. I think patients will feel that when it's true and genuine and authentic. We understand how important marketing is to a practice and how it gets teeth through the door. And it's expensive, and it's money we're spending. But I think you hit the nail on the head. In addition to traditional marketing, there's so much more you can be doing in   involvement really is the key. The more involved you can be in your community, the better. Whether you want that hometown feel or you're focusing on productivity and efficiency and I think getting yourself out there and being a part of something is invaluable. That's great advice. When our clients hire us, it's normally because they   They feel totally lost. They're beginning the journey of practice ownership or real estate ownership. They have a lot of student debt. They are about to borrow a lot more money. And it's really scary. we try to really hold their hand through that process to kind of give them those tools so that they can ultimately make the right decisions.   for their practices real estate. And so it's really cool to hear you and how infectious your energy is and you have really good support systems for your clients to really ensure that they're not missing anything and are really maximizing their potential. And so that's really cool to...   The Dental A Team (44:54.078) to hear from you. Switching gears a little bit, I want to talk about the future and industry trends to see if there's anything that you're seeing or anything that you think your clients are going to face in the next five to 10 years that they should be preparing for. Yeah. And Nick, thank you. I just wanted to highlight what you said because you're right, it's terrifying. It's terrifying to go into that much debt.   I remember I used to call my dentist 2.5 because we were 2.5 million debt. And I was like, that back straight because you need to keep these hands and that back good. And I would just always say like 2.5, 2.5 because we were 2.5 million debt. And I think that that's where my passion comes from profitability overhead systems because I know how daunting it can be to be an incredible clinician, to be an incredible business, to be an amazing practice, but not to have the cashflow to support what you just went into debt for.   And so that's really where I'm pro like know your numbers, use the systems, utilize your team because, and I will say this again and again and again, a dentist who is financially successful and secure is the best boss to have. And health health teams, want your dentist to be successful and profitable because they're more solid, they're more stable and they're not stressed out, which is going to make a better boss for you. And so agreed. It's very daunting. It feels very scary, but I will promise you if you know your numbers,   It can feel awful at the beginning, but it can actually make it so much better for you. So thank you for highlighting that Nick, because I think I've just seen so many students so stressed about cash and staying up at night. I've had it myself. And so speaking from real life experience, giving you the tools out of that dark hole, I think is one of the greatest gifts we can give to these dentists who are already giving the gift of smiles and confidence to all their patients. Being able to do that same for dentists is such an amazing thing. And now,   Speaking of like what's in the future, shoot, DSOs are on the horizon. I think an AI, like these are two hot conversations. My doctors tell me that they are probably getting a DSO offer at least three to four times a day. And that is ratcheting up. They're getting so many offers constantly from DSOs. They're finding them. And I don't blame them. I think Wall Street is smart. They've realized that dentistry is a great business to invest in. mean, we're hearing 50 % overhead. So we've got exponential profit within.   The Dental A Team (47:19.474) Dental practices are profitable, typically speaking. And so I think that these are some things for doctors to be aware of. And I think educating yourself on making sure that you're selling or you're living your life the way you want to, rather than like just getting an offer on a bad day. So I think the DSO offers are dangerous because when you have a bad day in dentistry, it's very easy to look at that EBITDA number and say, I just want to sell. I want to get rid of all my problems, but I want to also caution and advise.   to know exactly what you're getting into because I've had some dentists sell. I think DSOs can be great for a lot of practices. I think MSOs can be great. I can see legacy practice and partnerships being great. There's so many amazing things and I don't think there's really a wrong route to go in dentistry. The wrong route I think is when you make an emotional decision that's not going to impact your life the way you want to. And so being very cautious, I think of when do I wanna sell and also what really is a good deal because I had a doctor and their epita,   They talked to some DSOs and he's like, cure it. It's going to be great. I'm going to get five mil for this. And I said, we'll call this one hometown. Like he's not the hometown, but like, we'll just call him. I got iPhone anonymous hometown now. So I was like hometown. I just want to point out that next year you're going to produce 5 million based on our block scheduling and also on the expansion of your practice that we just did. You are going to produce 5 million and they did. So I said, you're going to actually get short changed on this DSO deal. If you're like.   But if you're done with dentistry, it's a great deal. But also you're going to have to work for this person as an associate when you're going to make five mil next year, just in producing on your own and you don't even need to sell. This hometown does not want to be done with dentistry for about 10 years. So I said, you are shortchanging yourself where you can build this. You can exponentially expand into this, but you've got to make the decision of where you want to go and what you want to do. But the five million sounded so attractive to this doctor.   when they didn't realize that their practice was already producing that and would produce that with ease the next year. So I think like being really cautious of that, that you're not making, I feel like I'm so passionate because I feel like your business not only is providing for your life right now, but it's a long-term asset. And like what you guys do with the real estate, these are long-term assets that are building their wealth portfolios. Let's not, let's not do botchy investments, kind of like stocks, right? The stocks we all know just like dropped like, shoot, if you're watching that, you're going to freak out and you're going to want to sell everything.   The Dental A Team (49:40.68) but they know be stable through your investments, stay steady and not make those irrational decisions I think is so paramount because the DSO offer seem very appealing right now, especially on those like hard dental days. So that's one that I think dentists really need to be cognitive and aware of and knowing what your end goal is, what your retirement goal is, what you ultimately wanna sell out for. So that way when these offers come through, you can be educated and educating yourself more because I promise you.   I do not believe DSOs are going away. think in the next decade to two decades, we will see dentistry become more similar to healthcare. I know I'm like very hated about this. I've had this opinion for several years. My husband works in standard medicine. He works for hospitals and I'm like, gosh, like what was going on in the hospital scene is now what we're starting to see in dentistry. It's not gonna be too long before they're all bought up, but I'm also watching standardized healthcare now trying to shift into private practices and get out of the DSO.   like with air quotes around it. So I think just being cognitive of what you want to do and what you want your legacy to be. But also I don't fault you. I mean, a lot of these dentists are going to be able to get incredible retirements that they may never have been able to get similar to people buying homes in COVID. Like they're getting insane value, insane interest rates. it can be a very wise financial investment deal for you, but just do your homework. Cause I've seen some DSOs go under and people have lost pretty much their entire retirement. So that would be something I definitely highlight on. And then also watching AI.   The doctors are not into AI, they've got to get into AI. That's where I mentioned Pearl and Overjet, they're helping with diagnosis. I can already see they're riding on the wall that insurance companies, guarantee you, are probably already using AI. And so making sure that you are staying at least up to par with insurance companies, if not further ahead. Utilizing virtual assistance, think staffing costs are going to continue to be skyrocketing. And so for that, what other things can we do? like...   Opportunities force innovation. And I think we're in an opportunity zone to force some innovation and to be on the cutting edge of that. I do think right now, doctors who are not online, depending upon where you are in your career, if you're not online, having a presence on social media, if you're not getting involved in AI, I am going to caution that I think those practices very easily could get left behind unintentionally to where it might be hard for them to come back. So just even dabbling in it, getting some team members that could help you with that, I think is super important. And I would say this year,   The Dental A Team (52:04.51) I would add some sort of AI to your practice. Whatever you choose to do, just so you start to experience it, use it. There's so many things and I think honest in the next five years, I think AI is going to radically disrupt how practices are operating that I think it's important to like at least be dabbling so you're not completely left behind on accident.   You think the AI is, I mean, it's mind blowing and the applications just seem endless and hard to keep up with. you, so are you, if I hear you correctly, you're talking about AI integrations on like the practice management side of things versus patient care, right? Like patient care, so yeah. Yeah.   I think patient care is going to be tricky. I think until they get robots who are amazing, do think like the clinical side of dentistry probably will maintain pretty accurate. But I do think your front office and a lot of your systems will get changed. And I'll just highlight, there's a practice that we work with and she has, it's a pediatric practice. She's got incredible- call them? Sorry, what? What are we gonna call them? this one, we're gonna call this one, we'll just say jammin'.   so this one's jammin. I do like that we're naming all my offices. right. So jammin jammin has a pediatric practice. She's got an entire amazing team, but she has like eight support virtual assistants behind the scene for this practice. In addition, she has made her own AI bot called Amy and Amy. That's actual name of the AI bots. That one's real. didn't change it. mean, I should have called it like Joker, but like that's not really going to work jammin and Joker. This was actually called Amy. but Amy.   responds to to Jammin's practices day in and day out to make sure patients are happy. Now they live in a very affluent area, so it's very fast paced. But what I love about this doctor is she realized in order for me to keep my patients happy and to meet their demands, there's AI and I can create an AI bot that responds exactly how our practice would, but I'm actually not having to pay a team member, an actual human being to do this. And they're able to get all the needs met. That's what I mean by.   The Dental A Team (54:13.37) looking to see where can AI integrate. And I think it's going to hit your front office faster. But I think like software is meh, like that one's tricky. Software's are tricky to me, but I'm like billing. I guarantee you AI is going to take that over for sure. Hands down. It's going to take it over. I think answering phones and scheduling phones, I think are, the way we send out claims for sure. Like that's all within your billing realm. there's some softwares that are trying to act as office managers. think reading X-rays are going to definitely be taken over by AI.   hands down and I am curious and I don't have an answer for it, but I'm super curious. How is that going to impact diagnosis? I work with some practices in Canada and Australia and they're more streamlined. There's not really a lot of change. Like it is what it is. It's standardized healthcare over there. And I'm curious with AI coming in and I know I'm going to be like, I might get ripped on this. I'm welcoming the reviews because I think it's worthwhile to talk about. I'm curious how AI is going to impact diagnosis.   And what can be diagnosed and what can be actually built out which leads me to believe similar to medicine That's why there's bill like they bill out every single possible code that they can't I mean for the gauze for the cotton and I'm super curious that I don't know I think it's worthwhile to look into is that gonna impact our diagnosis and how we're billing should I maybe be looking and knowing those codes more thoroughly? Depending upon how it's gonna be. I don't know. I think that that's huge speculation on my part, but I   I can't help but think that AI is going to impact our diagnosis in a big way. We're insurance companies, which then leads me to think companies might be leaving insurance. right, like we might be going more fee for service. So then you got to ramp up your marketing. But I think that's going to be a big spin that's probably going to be hitting us in the next couple of years.   The Dental A Team (56:02.27) It's scary and exciting. don't know what else to Scary and exciting. It feels wild, right? But I'm like, don't think dentistry itself is going to change much. I still think we're going to have our craft. It's a very, very humanistic, very crafting. But I'm super intrigued. And I think for me, I'd rather take it on as like, let's be excited about it. Let's get into it. Let's see. How can we dabble? How can we influence it rather than being told like, is what's going to happen now?   I would prefer to be a pioneer through it and I think first office is to innovate. I I prefer to be like second, third, like I'm not gonna be like right on the first in case everything botches, but like second, third, get in there because these things, I don't think it's going to go away. I think it will adapt and morph, but I think it's here for a while. I hate that I didn't ask you this way earlier, but are you also, are you working with all different specialties or are you strictly general?   That's a great question. We actually work with all. So we have pediatric, GP, oral surgery. The only one we don't dabble in is ortho. I think there are some incredible consultants out there that do ortho. Ortho has its own software. It's its own beast. It's its own animal. I do work with ortho and GP, so we're very familiar with it. But ortho, I just think there's consultants that rock the ortho world, but all other specialties. We have clients within all of those and really love them in all their areas. We tend to specialize GP and pediatric, but we have clients of all.   all specialties minus ortho. Yeah, I The reason I asked is that I was speaking to, you know, an endo group who was actually starting to transition to fee for service. And I don't know, maybe that'd be a good introduction. Yeah. The fee for service world is weird. I really, offices want to cut. They want to just cut the insurance right now. And I'm like, hold please, before you do that, realize it's a retention piece for your patients. And if you don't have a great experience and you also don't have great systems in place,   and you also don't know how to maintain these patients, I had a practice to do this and they almost lost 50 % of their entire practice. So I'm really pro, like you can drop insurance and I'm not here to say not to, but I want you to be very thorough and educated on it and know worst case scenario, best case scenario. I think fee-for-service is gonna dip in a lot more, but if you're not careful, fee-for-service patients are free agents and never forget that. So they can go anywhere at any time. They're not tethered to you like they are with insurance. So making sure.   The Dental A Team (58:25.202) before you start cutting and get all excited about fee-for-service, I'm here to say do it, but do it correctly. Because I think there's a right way and a wrong way to do it. And I've seen it hit practices really hard if they don't do it correctly. Good to know. The time we spend with people like you is meant to help dentists and really end support staff all around. And they all offer different types of great information and fe

Nick shares his insights on what it takes to be a successful CEO, particularly in the context of investor-backed companies. Drawing from his extensive experience as a CEO of various businesses, he discusses the critical differences between being a founder and transitioning to a role that requires operating under private equity ownership. Nick outlines five key strategies for success: delivering on a value creation plan with precision, operating with investor-grade discipline, driving transformation rather than just maintaining the status quo, building a scalable leadership team, and managing the board as a strategic partner. KEY TAKEAWAYS Successful investor-backed CEOs must prioritise value creation by executing a clear strategic roadmap that drives EBITDA, cash flow, and enterprise value. This focus is essential for both personal and investor returns. Implementing rigorous reporting, performance tracking, and accountability structures is crucial. Businesses should operate with the financial transparency and control expected of larger companies, ensuring clarity on metrics and performance. Rather than maintaining the status quo, CEOs should actively seek transformation by identifying inefficiencies, reallocating resources, and professionalizing the business to foster growth and adaptability in a changing market. Attracting and retaining top talent is vital. A strong leadership team should be capable of running the business independently, allowing the CEO to focus on strategic growth rather than day-to-day operations. BEST MOMENTS "You can't scale a business unless you can get things done through others." "Value creation is how you get paid and it's also how others get paid." "You have to be able to change things that aren't working and double down on the things that are." "You have to step into that CEO role... empowering your team and building infrastructure so that the business can run without you." "If you can balance a compelling growth strategy with robust risk management, you're going to be communicating very effectively." VALUABLE RESOURCES Scale Your Business Beyond 8 Figures - Watch This Video: https://go.highvalueexit.com/scale-beyond Exit Your Business For Millions - Download This Guide: https://go.highvalueexit.com/opt-in Nick’s LinkedIn: https://highvalueexit.com/li Nick Bradley is a world-renowned author, speaker, and business growth expert, who works with entrepreneurs, business leaders, and investors to build, scale and sell high-value companies. He spent 10+ years working in Private Equity, where he oversaw 100+ acquisitions, 26 exits, and over $5 Billion in combined value created. He has one of the top-ranked business podcasts in the UK (with over 1m downloads in over 130 countries). He now spends his time coaching and consulting business owners in building and scaling high-value business towards life-changing exits.Support the show: https://highvalueexit.com/

In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Chris Van Dusen to unpack the biggest mistakes business owners make when trying to sell—and how to avoid them. From cleaning up your books to understanding your true enterprise value, this is your roadmap to a smarter exit.Here are some of the highlights:Mark and Chris explain the concept of enterprise value, differentiating it from lifestyle businesses.Chris emphasizes the importance of understanding the market and strategic fit for a business looking to sell.Mark and Chris discuss the significance of replacing oneself in a business to increase its value.Chris introduces the term EBITDA and its role in determining business profitability.Mark shares his experience with clients who decide to stay in their business after preparing it for sale.How multiple businesses can be combined to create a larger, more efficient entity.Discussion on the role of investment bankers in helping businesses prepare for sale.Chris advises being prepared for the emotional transition and having a plan for the next chapter. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!