Podcasts about ebitda

As U.S. retailers manage the impacts of increased tariffs, they have taken a number of approaches to avoid raising prices for customers. Our Head of Corporate Strategy Andrew Sheets and our Head of U.S. Consumer Retail and Credit Research Jenna Giannelli discuss whether they can continue to do so.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.Jenna Giannelli: And I'm Jenna Giannelli, Head of U.S. Consumer and Retail Credit Research.Andrew Sheets: And today on the podcast, we're going to dig into one of the biggest conundrums in the market today. Where and when are tariffs going to show up in prices and margins? It's Friday, July 11th at 10am in New York. Jenna, it's great to catch up with you today because I think you can really bring some unique perspective into one of the biggest puzzles that we're facing in the market today. Even with all of these various pauses and delays, the U.S. has imposed historically large tariffs on imports. And we're seeing a rapid acceleration in the amount of money collected from those tariffs by U.S. customs. These are real hard dollars that importers – or somebody else – are paying. Yet we haven't seen these tariffs show up to a significant degree in official data on prices – with recent inflation data relatively modest. And overall stock and credit markets remain pretty strong and pretty resilient, suggesting less effect.So, are these tariffs just less impactful than expected, or is there something else going on here with timing and severity? And given your coverage of the consumer and retail sectors, which is really at the center of this tariff debate – what do you think is going on?Jenna Giannelli: So yes, this is a key question and one that is dominating a lot of our client conversations. At a high level, I'd point to a few things. First, there's a timing issue here. So, when tariffs were first announced, retailers were already sitting on three to four months worth of inventory, just due to natural industry lead times. And they were able to draw down on this product.This is mostly what they sold in 1Q and likely into 2Q, which is why you haven't seen much margin or pricing impact thus far. Companies – we also saw them start to stock up heavily on inventory before the tariffs and at the lower pause rate tariffs, which is the product you referenced that we're seeing coming in now. This is really going to help mitigate margin pressure in the second quarter that you still have this lower cost inventory flowing through. On top of this timing consideration, retailers – we've just seen utilizing a range of mitigation measures, right? So, whether it's canceled or pause shipments from China, a shifting production mix or sourcing exposure in the short run, particularly before the pause rate on China. And then really leaning into just whether it's product mix shifts, cost savings elsewhere in the PNL, and vendor negotiations, right? They're really leaning into everything in their toolbox that they can. Pricing too has been talked about as something that is an option, but the option of last resort. We have heard it will be utilized, but very tactically and very surgically, as we think about the back half of the year. When you put this all together, how much impact is it having? On average from retailers that we heard from in the first quarter, they thought they would be able to mitigate about half of the expected tariff headwind, which is actually a bit better than we were expecting. Finally, I'll just comment on your comment regarding market performance. While you're right in that the overall equity and credit markets have held up well, year-to-date, retail equities and credit have fared worse than their respective indices. What's interesting, actually, is that credit though has significantly outperformed retail equities, which is a relationship we think should converge or correct as we move throughout the balance of the year.Andrew Sheets: So, Jenna, retailers saw this coming. They've been pulling various levers to mitigate the impact. You mentioned kind of the last lever that they want to pull is prices, raising prices, which is the macro thing that we care about. The thing that would actually show up in inflation. How close are we though to kind of running out of other options for these guys? That is, the only thing left is they can start raising prices?Jenna Giannelli: So closer is what I would say. We're likely not going to see a huge impact in 2Q, more likely as we head into 3Q and more heavily into the all-important fourth quarter holiday season. This is really when those higher cost goods are going to be flowing through the PNL and retailers need to offset this as they've utilized a lot of their other mitigation strategies. They've moved what they could move. They've negotiated where they could, they've cut where they could cut. And again, as this last step, it will be to try and raise price.So, who's going to have the most and least success? In our universe, we think it's going to be more difficult to pass along price in some of the more historically deflationary categories like apparel and footwear. Outside of what is a really strong brand presence, which in our universe, historically hasn't been the case.Also, in some of the higher ticket or more durable goods categories like home goods, sporting goods, furniture, we think it'll be challenging as well here to pass along higher costs. Where it's going to be less of an issue is in our Staples universe, where what we'd put is less discretionary categories like Beauty, Personal Care, which is part of the reason why we've been cautious on retail, and neutral and consumer products when we think about sector allocation.Andrew Sheets: And when do you think this will show up? Is it a third quarter story? A fourth quarter story?Jenna Giannelli: I think this is going to really start to show up in the third quarter, and more heavily into the fourth quarter, the all-important holiday season.Andrew Sheets: Yeah, and I think that's what's really interesting about the impact of this backup to the macro. Again, returning to the big picture is I think one of the most important calls that Morgan Stanley economists have is that inflation, which has been coming down somewhat so far this year is going to pick back up in August and September and October. And because it's going to pick back up, the Federal Reserve is not going to cut interest rates anymore this year because of that inflation dynamic. So, this is a big debate in the market. Many investors disagree. But I think what you're talking about in terms of there are some very understandable reasons, maybe why prices haven't changed so far. But that those price hikes could be coming have real macroeconomic implications.So, you know, maybe though, something to just close on – is to bring this to the latest headlines. You know, we're now back it seems, in a market where every day we log onto our screens, and we see a new headline of some new tariff being announced or suggested towards countries. Where do you think those announcements, so far are relative to what retailers are expecting – kind of what you think is in guidance?Jenna Giannelli: Sure. So, look what we've seen of late; the recent tariff headlines are certainly higher or worse, I think, than what investors in management teams were expecting. For Vietnam, less so; I'd say it was more in line. But for most elsewhere, in Asia, particularly Southeast Asia, the rates that are set to go in effect on August 1st, as we now understand them, are higher or worse than management teams were expecting. Recall that while guidance did show up in many flavors in the first quarter, so whether withdrawn guidance or lowered guidance. For those that did factor in tariffs to their guide, most were factoring in either pause rate tariffs or tariff rates that were at least lower than what was proposed on Liberation Day, right? So, what's the punchline here? I think despite some of the revisions we've already seen, there are more to come. To put some numbers around this, if we look at our group of retail consumer cohort, credits, consensus expectations for calling for EBITDA in our universe to be down around 5 percent year-over-year. If we apply tariff rates as we know them today for a half-year headwind starting August 1st, this number should be down around 15 percent year-over-year on a gross basis…Andrew Sheets: So, three times as much.Jenna Giannelli: Pretty significant. Exactly. And so, while there might be mitigation efforts, there might be some pricing passed along, this is still a pretty significant delta between where consensus is right now and what we know tariff rates to be today – could imply for earnings in the second half.Andrew Sheets: Jenna, thanks for taking the time to talk.Jenna Giannelli: My pleasure. Thank you.Andrew Sheets: And thank you as always for your time. If you find Thoughts to the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Michael and Heather break down an Estonian e-commerce business selling lighting kits for LEGO sets, questioning its steep 7x EBITDA price tag amid thin margins, one-time buyers, and China sourcing risks.Business Listing – https://www.bizbuysell.com/Business-Opportunity/lights-for-lego-game-of-bricks/2322004/Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.

Business Coaching Secrets - Episode 305 Summary In this episode of Business Coaching Secrets, Karl Bryan and Rode Dog dive deep into what it really takes to build, sustain, and scale a thriving business coaching practice. The duo tackles foundational business concepts, industry mistakes, the true meaning of “why,” actionable hacks for goal setting, and demystifies financial jargon like EBITDA. Real-world stories, sharp insights, and actionable frameworks pepper the episode, making it essential listening for both new and experienced coaches ready to level up. Key Topics Covered From Stuff to Investments: Reframing Business Decisions Karl Bryan discusses the importance of transitioning from a consumer mindset (buying stuff) to an investor mindset, stressing that tax systems are designed to reward investment, not consumption. He urges coaches to build leverage by creating business assets—processes, checklists, sales tools—rather than endless, unproductive “to-do” lists. The Checklist Principle—Why It Matters Drawing parallels from aviation safety and the medical field, Karl demonstrates how a simple checklist can prevent disasters and streamline operations. He advocates every coach should adopt the checklist mentality for lead generation, demonstrations, and client delivery. Clarity Over Certainty—Common Coaching Industry Mistakes Karl challenges the coaching world's obsession with “certainty,” arguing that adaptability and assertiveness—not rigid certainty—are the real traits of thriving entrepreneurs and coaches. He emphasizes action over perfection, quoting successful entrepreneurs who act on partial information and adjust rapidly. Demystifying EBITDA and the Language of Business Karl breaks down EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization), explaining why this metric is used and its limitations in real-world small business scenarios. He urges coaches to focus on learning to read financials—calling it the ultimate “cheat sheet” for delivering value and driving a business forward. Goal Setting Hacks—The Sniper Approach For effective goal achievement, Karl recommends setting hyper-clear targets with “sniper-like” focus, obsessing over them, and ruling out distractions. He explains why wishy-washy goals lead to lackluster results and shares tactics to maintain relentless clarity. Finding and Using Your ‘Why' The episode revisits the importance of purpose (drawing from Simon Sinek's famous TED Talk), offering coaches a framework to discover their own “why” via their three most painful life experiences. Karl details how this “North Star” approach powers authentic connection, standout marketing, and fierce client loyalty. Notable Quotes “Don't create a to-do list. Create a ‘to-build' list.” – Karl Bryan “Needing nothing attracts everything.” – Karl Bryan “It's not the strongest that survive… It's the most adaptable.” – Karl Bryan “If your goal is wishy-washy, your results will be wishy-washy.” – Karl Bryan “Wealth follows people with clear intentions—and wealth and options go hand in hand.” – Karl Bryan “Your story is what will move people… Your ‘why' is the difference between you and every other business coach.” – Rode Dog Actionable Takeaways • Shift From Consuming to Investing: Ask yourself, “Are you buying stuff, or are you building and investing in long-term assets?” • Build Leverage With Checklists: Create checklists for every major aspect of your coaching business—client acquisition, delivery, demonstration, and more—to reduce errors and increase consistency. • Emphasize Adaptability Over Certainty: Stay flexible, assertively seek solutions, and avoid perfection paralysis. Progress and confidence beat static “certainty.” • Master Financial Fluency: Learn to read and interpret financial statements—this is a critical edge and a “cheat code” for deep, transformational coaching. • Set Clear, Obsession-Worthy Goals: Define your outcomes with sniper accuracy. Eliminate distractions and say “no” to anything that doesn't move you forward. • Surface and Share Your ‘Why': Identify your core motivation by unpacking your pivotal life moments. Let this story fuel your messaging, deepen relationships, and increase client stickiness. Resources Mentioned • Simon Sinek's TED Talk (“Start With Why”) • Profit Acceleration Software™ (by Karl Bryan) • Focused.com – Tools and resources for coaches • The Six-Figure Coach Magazine (Get it here)

In this episode: Announcement of two new partners at the firm, Andy Tobias and Dan Steele, and their leadership roles. Discussion of the renamed "One Big Beautiful Bill" (now simply “the Act”) and its key tax provisions. Confirmation that individual tax brackets and standard deduction increases are now permanent. Explanation of the new $15 million estate and gift tax exemption for 2026. Details on the repeal of moving expense and miscellaneous itemized deductions (except for military and intelligence). Expansion of the SALT deduction cap to $40,000 through 2029 with income-based phaseouts. Child tax credit increased to $2,200 with refundable portion made permanent. New above-the-line deductions for: Overtime pay ($12,500 single / $25,000 joint, 2025–2028) Tipped income (industry list pending, capped and phased out by income) Seniors over 65 ($6,000 deduction, 2025–2028) Car loan interest for American-assembled vehicles (post-2024 purchases only, capped at $10,000) Charitable contributions (up to $1,000 single / $2,000 joint for non-itemizers) The 20% Qualified Business Income Deduction (QBI or “CID”) is made permanent and inflation-adjusted. Bonus depreciation is restored to 100% for qualifying business assets purchased after January 19, 2025. R&D expense deductions reinstated (no longer amortized). Business interest deductions revert to being based on EBITDA instead of EBIT. Changes to 1099 reporting: threshold for 1099-NEC/MISC rises to $2,000 starting in 2026. 1099-K reporting threshold set at $20,000 or 200 transactions (postponing more burdensome lower thresholds). Final reminder that many provisions are subject to budget reconciliation constraints, meaning some are temporary or have sunset dates. Interview Overview: Michael Kopp, Executive Director of the Elizabeth W. Murphey School In this inspiring interview, Michael Kopp shares how the Murphey School provides more than just shelter, it offers structure, support, and stability to Delaware youth in need. With a focus on life skills, financial literacy, and emotional growth, the school helps prepare kids for adulthood. Mike also emphasizes the deep-rooted commitment of the staff and the powerful impact of community involvement. Want to Help? You can donate or get involved by visiting: murpheyschool.org/donations/make-a-donationv

Michael and Heather break down an Estonian e-commerce business selling lighting kits for LEGO sets, questioning its steep 7x EBITDA price tag amid thin margins, one-time buyers, and China sourcing risks.Business Listing – https://www.bizbuysell.com/Business-Opportunity/lights-for-lego-game-of-bricks/2322004/Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.

Topics:Founder Misconceptions About PEFriction Points in Integration Signs a Business Is M&A-Ready...and so much more.Top TakeawaysRoll-ups require a clear playbook or you'll struggle to scale. Justin shares that Agellus Capital targets fragmented, non-discretionary markets and looks for add-ons with high recurring revenue and complementary services. Without clear acquisition criteria, you risk stitching together unrelated businesses with no strategic fit. That leads to operational headaches, zero synergies, and a portfolio that's tough to grow or sell.Integration fails when PE firms underestimate founder attachment. Every founder thinks their playbook is the gold standard, which makes cultural and operational alignment tough. Justin warns that without early investment in rebranding, leadership clarity, and shared values, resentment builds fast and integration risks becoming a post-close drag on value.Want to sell in 12–24 months? Focus on building a business that runs without you. Justin explains that to attract private equity buyers, founders need to nail three critical areas before pursuing M&A: scalable systems, consistent and defensible EBITDA, and a strong leadership team that doesn't rely on the founder. Without these, you're not selling a business—you're selling your job.About Justin SmithJustin Smith is Managing Director and Head of Business Development at Agellus Capital. With 13+ years of experience in private equity, M&A advisory, and investment management, he leads the firm's deal sourcing and relationship-building efforts. In 2025, he was named a “Private Equity BD Professional to Watch” by ACG.About Agellus CapitalAgellus Capital is a lower-middle-market private equity firm focused on essential, non-discretionary services in fragmented industries. The firm targets businesses with $2M–$20M of EBITDA and employs a disciplined buy-and-build strategy. Backed by a $400M debut fund, Agellus is actively scaling platforms across the U.S. through strategic acquisitions.

In this compelling episode, Jaryd Krause is joined by seasoned dealmaker and legal expert Jerome Fogel, partner at Fogel & Potamianos LLP, a boutique law firm specializing in high-stakes mergers, acquisitions, and capital raises. With a client list that spans venture funds, emerging tech companies, and elite athletes, Jerome offers a rare behind-the-scenes look at what it takes to structure smart, safe, and scalable business deals. Unpack the most critical questions aspiring buyers need to ask before acquiring an online business: ✔️ What are the hidden risks in buying or selling?✔️ How can poor team dynamics tank a deal?✔️ Should you use financing to buy a business—and what’s the best way to structure it?✔️ Where are the most promising online businesses being acquired today? Dive deep into the importance of due diligence, the common pitfalls buyers fall into, and how Jerome has helped high-profile clients—both on Wall Street and in the sports world—navigate complex transactions and build generational wealth. Whether you're looking to buy your first online business, scale your portfolio, or just want a masterclass in deal-making from someone who lives and breathes it, this episode delivers powerful insights and practical strategies. Don’t miss this one—it’s packed with value from start to finish. Episode Highlights 04:45 – Current valuations explained, covering how tariffs and supply chain issues impact multiples and buyer decisions. 07:20 – Typical ways buyers finance acquisitions, including credit lines, SBA loans, equity rollovers, and search funds. 10:55 – Major mistake buyers make by rushing post-acquisition integration without building trust within the team. 12:45 – What successful acquisitions have in common by retaining key team members and valuing the founder’s knowledge. 24:10 – Key risk prevention strategies involving thorough reps and warranties, clear earnout terms, strong IP protections, and precise legal language. 26:30 – Why clear definitions around risk and performance clauses are vital. Key Takeaways ➥ M&A valuations currently range from 3–8x EBITDA for traditional companies and 10–15x for platform tech businesses, influenced heavily by tariffs and market uncertainty. ➥ Buyers typically operate in the $2M to $25M+ EBITDA range and rely on strong banking relationships, SBA loans, or creative financing like equity rollovers. ➥ Structuring deal terms clearly—especially reps and warranties and material adverse effect clauses—is critical to managing risk in acquisitions. ➥ Post-acquisition integration is one of the toughest challenges; involving existing teams and respecting founders’ knowledge leads to smoother transitions. ➥ Restrictive covenants are essential to prevent sellers from competing after the sale and protect buyer investments. ➥ Every deal is unique and requires customized, creative solutions; cookie-cutter approaches don’t work in M&A. About Jerome Fogel Jerome Fogel is known as a dealmaker and innovator in the legal community. He is a partner with Fogel & Potamianos LLP and represents successful venture and hedge funds, corporations, and sports superstars.Fogel & Potamianos LLP is a boutique transactional firm that provides sophisticated counsel for buy-and-sell side mergers and acquisitions, fund formation, capital raises, and off-field sports transactions.Jerome has a 360-degree view of dealmaking, as he represents emerging companies raising capital, venture funds deploying capital, advisors and investors, and private companies in mergers and acquisitions.Jerome began his career in real estate finance at GE Capital. He is a graduate of the Haas School of Business (BS) and New York University School of Law (JD). Connect with Jerome Fogel ➥ https://www.linkedin.com/in/jeromefogel/ ➥ www.fpgeneralcounsel.com Resource Links ➥ Buying Online Businesses Website - https://buyingonlinebusinesses.com ➥ Sell your business to us here - https://buyingonlinebusinesses.com/sell-your-business/ ➥ Download the Due Diligence Framework - https://buyingonlinebusinesses.com/freeresources/ ➥ Google Ads Service - https://buyingonlinebusinesses.com/ads-services/ ➥ Connect with Jaryd here - https://www.linkedin.com/in/jarydkrause ➥ Site Ground (Website Hosting) - https://bit.ly/3JBEC1u ➥ Link Whisper (SEO tool for internal linking on websites) - https://bit.ly/3l7K7Ld ➥ Active Campaign (Email Software Provider) - https://bit.ly/3DCwYQH

Wall Street closed mixed on Tuesday as investors assessed the latest comments out of President Trump on the tariff front whereby he said there will be no exceptions to his August 1 tariff start date. The S&P500 lost just 0.07%, the Dow Jones dipped 0.37% and the Nasdaq ended the day up 0.03%.In Europe overnight, markets in the region closed higher as investors hope trade deals can be done between the US and key European countries in the near future. The STOXX 600 rose 0.3%, and Germany's DAX, the French CAC and the UK's FTSE 100 ended the day up 0.5% each.Across the Asia region on Tuesday, it was positive despite investors assessing President Trumps' latest tariff threats on 14 key trading partners. Imports from Japan, South Korea, and Malaysia among other countries are now set to face tariffs of 25% starting August 1 according to Trump's latest post on his social platform, Truth Social. Japan's Nikkei rose 0.26% on Tuesday, South Korea's Kospi Index ended the day up 1.81%, China's CSI index rose 0.84% and Hong Kong's Hang Seng added 1.09%.The local market closed Tuesday's session flat as investors were shocked by the RBA's surprise rate hold announcement whereby Australia's cash rate will remain at 3.85% for the next period amid global uncertainty on the tariff front and Australia's tight labour market. RBA governor Michele Bullock said Australia's central bank is really conscious of not wanting to end up with a fight against inflation again and they want to make sure they have ‘nailed' inflation before cutting again.Following the RBA's shock rate hold on Tuesday afternoon, the ASX dipped but recovered just before the closing bell with staples and utilities stocks taking the biggest hit, while tech and communication services offset some of the losses.Some broker moves sparked stock reactions yesterday with South32 (ASX:S32) sliding almost 2% after Goldman Sachs cut its outlook on the company to Neutral while Domino's Pizza (ASX:DMP) rallied over 2% after UBS upgraded the stock to a buy, and Guzman Y Gomez (ASX:GYG) fell 4% after JPMorgan initiated coverage on the stock on Monday with an underweight rating. What to watch today:On the commodities front this morning, oil is trading 0.7% higher at US$68.40/barrel, gold is down 0.92% at US$3306/ounce and iron ore is up 0.35% at US$95.55/tonne.The Aussie dollar has strengthened against the greenback to buy 65.31 US cents, 95.77 Japanese Yen, 48.12 British pence and 1 New Zealand dollar and 9 cents.And ahead of the midweek trading session here in Australia the SPI futures are anticipating the ASX will open the day down 0.08%.Trading ideas:Bell Potter has increased the 12-month price target on Cobram Estate Olives (ASX:CBO) from $1.95 to $2.35 and maintain a hold rating on the olive oil producer following the company's provision of a FY25 production and earnings guidance update. CBO expects production to come in below BPe but EBITDA expectations of $115m top BPe of $113m.Trading Central has identified a bullish signal on Lycopodium (ASX:LYL) following the formation of a pattern over a period of 99-days which is roughly the same amount of time the share price may rise from the close of $11.29 to the range of $12.50 to $12.80 according to standard principles of technical analysis.

Show Notes: Brian Stollery talks about AlphaSense, an information provider that independent consultants and boutique firms are using to gain an edge over those who rely on chat GPT or consumer LLM tools. AlphaSense is built for this kind of work, pulling in verified content such as industry reports, broker research filings, earnings calls, expert calls, news, and internal research and internal content. It layers this with market-leading AI functionality that can read and synthesize all of it to deliver consulting-grade insights at scale. AlphaSense Explained Brian clarifies that AlphaSense is not primarily an expert network like AlphaSights, but rather a market company and enterprise intelligence search engine for the AI generation. It offers the depth and breadth of authoritative data that would be obtained from a legacy research platform with the intuitive user experience of modern AI tools. The value of AlphaSense lies in the deep, authoritative content set that is the foundation of AlphaSense, along with the speed and accuracy of the AI that allows users to quickly surface relevant insights. Brian also talks about the major categories of sources of proprietary information that feed into AlphaSense. The AlphaSense Platform The AlphaSense platform features an index where users can go to different things, such as portfolio monitors, research topics, expert insights, news, risk signals on consumer tech growth investment strategy, events, company documents, and talent job executive movements. The dashboard includes eight or nine widgets that provide a list of seven or eight articles on various topics. These articles are sourced from various sources, such as news articles or interviews with experts. The platform also has over 200,000 free recorded, transcribed expert calls, which are added to the library for analysis by the AI. How AlphaSense Gathers Information The interviewers are usually conducted by-side analysts, corporate users, and experts in respective fields. They work with corporate development teams and head of corporate strategy to conduct these interviews. The platform believes that a rising tide lifts all boats, and every expert call that happens throughout the AlphaSense is published back in the platform to further enhance and grow its library of expert calls from subject matter experts who are currently active in their industry.   AlphaSense Use Cases In management consulting, AlphaSense may not be suitable for calls that would be better suited to AlphaSights where the information is sensitive or should have restricted access.  However, the use case for AlphaSense is for commercial due diligence for private equity, where it allows users to get up to speed for engagement and quickly search across benchmark expert perspectives. This allows them to bolster their expertise within the management consulting space. AlphaSense is an institutional grade content engine that consolidates information from various sources, including expert calls, news, research reports, broker research, and more. It offers over 6000 vetted business and market news sources and trade journals, most of which require paywalls. AlphaSense allows users to bypass these paywalls and provides real-time insights from over 700 partners.   The AlphaSense Dashboard The dashboard includes relevant documents related to executive movements, risk signals, growth, and investment strategies. Users can explore the dashboard by searching for trigger words related to their watchlist of consumer tech companies. The AI can then pull relevant documents, such as expert insights, event transcripts, press releases, and news, to provide valuable insights for business development or due diligence. The Executive Search Function The document search module within AlphaSense allows users to get forensic insights from relevant documents, such as executive search, talent, and hiring practices. The AI can also generate summary responses, which are useful for top-tier consulting use cases. However, the AI may sometimes make a guess or hallucination if an answer is not available. This is why the Big Three and Big Four rely on AlphaSense for their consulting use cases. The AlphaSense Research Tool The AlphaSense generative search tool is a research analyst team in a box. The tool is designed to answer macro business questions, such as market size or pricing trends. Brian checks McKinsey, Bain and BCG's performance in 2025, including their revenue, talent, hiring, and growth areas. The AI agent breaks down these questions into subquestions and finds 3000 documents across the content library. It then extracts documents from expert calls, press releases, investor relations presentations, research reports, and sustainability reports. The AI outputs a summary of the documents. The tool is particularly useful for understanding the performance of consulting firms like McKinsey Bain and BCG. Quality Sources and Quantitative Data AlphaSense provides bullet points on McKinsey, revenue, growth, talent, and hiring, with links to expert calls and other sources of data. The AI outputs are deep linked and cited to the source, ensuring accuracy. For instance, McKinsey Sciences for Growth, a 2025 focus, integrates tech-enabled capabilities and AI. BCG reported $13.5 billion in 2024 revenue, achieving 10% global growth and expanding its workforce to 33,000 employees. AlphaSense also has sentence-level citations, ensuring every sentence is deep linked and cited to its source. AlphaSense uses various models from partners like open AI, sonnet four, and Gemini 2.5, all grounded in high-quality, relevant documents. The tool's intelligence selects the best model based on the use case, whether it's reasoning-based or quantitative or qualitative. The AI is a comprehensive market-leading library of authoritative content that consultants care about. Modes of Research and Meeting Prep for Management Consultants Brian shares the typical use cases for management consultants using generative search platforms. He highlights two modes: think longer and deep research. Brian used generative search to prepare for a meeting with a client at a mid-sized consulting firm, focusing on digital strategy. The AI summarized transcripts, expert calls, earnings calls, and press releases from iHeart, highlighting the company's focus on technology, digitization, and AI-enabled automation as the key to cost savings and digital revenue acceleration. The platform also offers an iPhone app for on-the-go access to insights. The AI analyzed bullet points and planned insights on every section, creating a comprehensive competitive intelligence report. The report includes chatter on core service offerings, engagement models, pricing structures, sector specialization, news partnerships, partnerships, and tech bets.    AlphaSense's Generative Grid Brian talks about using AlphaSense's generative grid, which is a generative AI-powered spreadsheet to aggregate documents and interrogate them. This is useful for tracking executive compensation and performance components for target accounts. The grid allows consulting users to analyze past performance and understand the current climate. Another use case is connecting consulting, transformation, and strategic advisory services to key performance indicators, such as free cash flow, human capital, strategic objectives, or EBITDA. By attaching value drivers directly to performance components, consultants can focus on adjusted EBITDA growth, cost optimization, Target, discover integration execution drive, adjusted ROTC, and revenue growth tied to executive compensation. AlphaSense for Understanding Business Development Brian explains that the use cases and projects of consultants using AlphaSense  vary, but one major use case is business development understanding. It helps in identifying companies' propensity for M&A or divestitures, such as changes in management or new strategic initiatives. AlphaSense also offers a deal scanner for M&A consultants looking at acquisitions or private equity deals across a portfolio of companies or industries. It also provides due diligence services, such as meeting prep, company research, trend analysis, market assessment, client benchmarking, and sentiment analysis. Alpha Sense's Access to Information Providers AlphaSense has access to SEC filings, newspapers, trade journals, investment bank coverage, and reports. AlphaSense also has access to other information providers like CrunchBase, capital, IQ, and Pitch Book. The Venn diagram highlights the overlap of information between AlphaSense and other information providers, such as CrunchBase, Morningstar, and CrunchBase. If a company's revenue or employee count is in CrunchBase, it can be accessed via AlphaSense. Alpha Sense vs. Capital IQ The conversation turns to the differences between AlphaSense and Capital IQ, a financial reporting platform. AlphaSense is an end-to-end intelligence engine that provides access to investment banking reports, but it requires downloading them one by one. It is not possible to search across all content sets at once. Capital IQ, on the other hand, offers valuable structured data, is great for downloading Industry Reports, and is a strategic database of financials and filings. It is also useful for importing statistical or financial models into Excel. AlphaSense, on the other hand, is an end-to-end intelligence engine that provides decision-ready insights across billions of data points. Timestamps: 03:23: Overview of AlphaSense's Content and AI Capabilities  07:27: Detailed Walkthrough of AlphaSense Dashboard 12:38: Exploring Different Categories of Information Sources  16:36: Generative Search and Deep Research Capabilities  26:05: Use Cases for Management Consultants  42:50: Comparison with Other Information Providers  49:22: Pricing and Accessibility Links: Website: https://www.alpha-sense.com/ Recently feature on AlphaSense on CNBC with more insight on our Deep Research differentiation: https://www.youtube.com/watch?v=0HJ8Egisg-w If folks want to reach out directly for their own personalized demo: Email: bstollery@alpha-sense.com LinkedIn: https://www.linkedin.com/in/briancity/ 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.

We'd love to hear from you. What are your thoughts and questions?In this episode of Streams to Impact, host Dr. Allen Lomax engages with Scott Hauck, the managing partner at Legacy Capital. They discuss Scott's journey from corporate life to entrepreneurship, the challenges of raising capital, and the unique investment strategy of acquiring profitable small businesses. Scott shares insights on the importance of mental health, his personal struggles with OCD, and the establishment of Legacy Lifeline, a nonprofit aimed at providing mental health care solutions. The conversation emphasizes the significance of family, legacy, and the impact of financial freedom.Main Points:Scott Hauck has over 20 years of experience in building and exiting businesses.Legacy Capital aims to acquire and grow small American businesses for purpose-driven prosperity.There is a historic opportunity in the U.S. market with a significant transfer of wealth.Raising capital is a challenge, especially for new funds.Investors benefit from diversified risk across multiple businesses.The focus is on acquiring profitable businesses in technology and transportation sectors.EBITDA is a key metric for evaluating business profitability.Legacy Capital aims to maintain the legacy of acquired businesses.Mental health is a personal passion for Scott, leading to the creation of Legacy Lifeline.Family is the most important aspect of Scott's life and business journey.Connect With Scott Hauck:scott@legacycap.prohttps://www.linkedin.com/in/scotthauck/Investor kit - available at www.legacycap.pro

The Entreprenudist Podcast | Cameron Bishop: The Secret to a Successful Business Exit   The Entreprenudist Podcast https://entreprenudist.com In this episode of The Entreprenudist Podcast, we're joined by Cameron Bishop, Managing Director at Raincatcher, to explore a topic every business owner needs to understand: “The Secret to a Successful Business Exit.” Whether you're planning to sell your company soon or years down the line, this conversation is packed with insights that could protect — and multiply — the value of your business.

Ryan Isaac of Dentist Advisors returns to continue his discussion with Kiera about the future of dentistry, including options aside from DSOs. The question a practice owner should ask themself, Kiera and Ryan say, is what that individual wants out of their life — then consider the best platform to get you there. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent (00:00) Hello, Dental A Team listeners, this is Kiera, and this is going to be part two of mine and Ryan Isaac's conversation where we're digging into DSOs to sell to not to sell, all of that. And I truly am so excited for you guys here, part two. And as always, thanks for listening. I'll catch you next time on the Dental A Team Podcast.   Kiera Dent (00:17) why don't we take a pause and just think of like, what's the future of dentistry as now the future pioneers of dentistry? And what are we going to do to our profession? Yes, there's top dollar. Yes, there's things about it, but is there a way to influence?   and make sure that the integrity of dentistry can maintain long-term. I have no answer to that, but again, this is Kiera Dent sitting on my podcast where I think that there is a voice and an influence and like on Dentist Advisors podcast, is there a way that we can influence our industry in ways that will protect and still pay out? Because I'm like, even if you don't get the 10X EBITDA, you still can get a freaking great payout if you do your life right to where you can be financially set up.   Ryan Isaac (00:33) Mm-hmm. ⁓   Kiera Dent (00:58) still be able to sell your practice, not have to sell it in ways that could potentially hurt the industry. I'm not saying one's the right answer or the wrong answer. There's no judgment on my side. It's just, let's maybe think and consider how it could influence. Can we get people that could be private equity higher up that could help protect it? Those are things that, and again, I'm just Kiera Dent here in Reno, Nevada.   Ryan Isaac (01:03) Mm-hmm. Yeah.   Same, okay.   Okay. Yes. No, these are the questions.   You're totally influential. I think it's just in the opposite direction. ⁓ I don't think we can influence private equity. Private equity is ruthless in every industry. They don't. It feels dirty. It feels dirty. And I have a question for you, but I just want to say really fast. ⁓ I do feel like, yes.   Kiera Dent (01:30) It's dirty. It's dirty.   Is there a way though, Brian, you   don't finance better than me. Is there a way that there could become dentists that could become in private equity where they own it? Because once you, there's no way to insulate, you don't think. Because once you get to that level, you just, I mean, I've had.   Ryan Isaac (01:44) Yeah, but they'll do the same thing. I mean, they'll want the same thing.   Now, money's money. It's why capitalism runs   the world. mean, that's why, you know, it's like why it influences politics and money and business runs the world, you know? ⁓ Okay, hold on. There's so many good things here. Number one would be not every group will be a DSO, private equity backed DSO. And you know, many, many ⁓ clients and just dentists around the country who will end up being owners of   Kiera Dent (02:05) Okay.   Ryan Isaac (02:19) 20, 50, 100 group practices that will stay privately held and ran by owner doctors. That will be a chunk of this ⁓ group practice ⁓ takeover. So in that space, the influence can still be huge. ⁓ I think the chance to influence the integrity of private practice is in those who don't sell to DSOs.   I think it's in the industry, educated in influencing the industry for people who aren't going to sell and who are going to maintain control. Now, I do think that in the future, more and more dentists will be in a group. ⁓ are probably, yeah, be fewer and I can see why it would make sense to do that. There would probably be fewer and fewer people with just solo doc, solo location practices. know, some towns and rural places, that would be hard to do.   Kiera Dent (02:47) Mm-hmm.   I do too.   Ryan Isaac (03:15) So I think you're Dorothy, is that what you said? I'm Dorothy. I think that is possible, not with private equity, but with still the owner doctors that still exist and the group practices that are ran by dentists, not private equity back. I think the influence is still gonna be, I mean, if you took the projections of what will stay private,   Kiera Dent (03:20) Yeah, hi.   I agree.   Ryan Isaac (03:40) and then the chunk of the group stuff that'll be non DSO non-corporate, that's still got to be 40, 50 % of the industry eventually.   Kiera Dent (03:49) I would think so.   I mean, look at it right now. There's corporate dentistry within. And again, there's nothing wrong with any, because I have clients that are in corporate dentistry that run their practices like private. They take care of their teams. So it's one of those things I still think, like even if you are, and that's another way that we can influence this, if you are part of a private equity-backed DSO, you can still influence your practice. You're still the dentist working in the practice. You can still run culture. You can still run change.   Ryan Isaac (03:59) Totally. Absolutely.   Yes.   and hit it.   Kiera Dent (04:16) ⁓ I know the doctors I have, they're part of a very large group corporate and things that we have done together, like I work with them, they're my only corporate practice that I work with, but we have literally influenced the top tier CEO. They've asked what these offices are doing differently. They're taking things that I've helped bring into the practice and they've asked like, what's changed in your practice? Like we hired this girl who teaches us to run it like private practice. Their culture's incredible. We're even right now petitioning up to the top people because they're writing off things that you can actually   bill out to insurance that they're making them write off when it's like, actually, no, we can bill it as a non covered service and actually have the patients cover. So I'm like, I do still think whether you're in private equity, but I think you've got to be a strong enough doctor where you advocate for the rights of your patients and the rights of your practice. And I'm super proud of my client who does this because her and her husband, they go to bat and they're like, they write some pretty direct emails to the CEO of this and say like, hey, and they're a big enough force. Cause I mean,   Ryan Isaac (04:55) Mm. Yes.   huh.   Kiera Dent (05:15) They're the top tier practice in their area. have them making like, we are adding multiple millions to their offices every single year. But I'm like, I think that's also how dentists, even if you're in private equity, even if you're in group practices, I think at the end of the day, are clinicians and clinic, like you are, you are the product. And I think that they have, I think dentists have more say than they might realize that they do to influence the industry and keep it more positive and more ethical than it could be otherwise.   Ryan Isaac (05:38) Yeah.   Yeah, I totally agree. I totally agree with that. We all know people who are in those group models that are still running like amazing, almost privately held practices. The other thing that's interesting that's different than medical, because it always gets compared to the medical field consolidation that happened, is medicine has a distinct difference and advantage in that they have hospital systems where gigantic campuses where they can house hundreds of doctors in one place, right?   It's just not that's not a thing in dentistry, which I think will will force it to stay a little unique, different than medical, because you can never have a giant campus building with, you know, 400 dentists. Yeah, like 500. I mean, I don't know. I guess never say never some some group might invent that and you know, like the dental campus of the city. I don't know. Yes, it's possible. But it seems a lot less likely. Yeah.   Kiera Dent (06:18) Mm-hmm.   500 off, you imagine?   Say hi.   I mean, dental schools have a lot, but   I'm like, okay, I think the piece that would be really hard is to justify 500 beds, like 500 ops. You've got your hygiene that's cranking. So you gotta have, in a 500 bed, would need, like, we can only see 500 patients a day. so you can only see if it's 500 a day, that's how many patients you could actually see. I don't think that would be a full city, and we're basically taking over whole city.   Ryan Isaac (06:55) Yeah.   No. Yeah.   Kiera Dent (07:03) And then you might   not be pulling out that much dentistry outside of all of that to be able to fill that many doctors in their schedules. Cause so much of it's hygiene run, it's like a two to one ratio that I think that would be the zone. ⁓   Ryan Isaac (07:07) No.   I love this analysis. Yeah, I   couldn't go that far, but there you go. That's exactly right. So I do think it'll stay different enough in nature because of that. ⁓ And yeah, I, to go back to the, love your question. We've been kicking this around a lot in dentists advisors and I want to reiterate the same thing. There's no judgment here. There's no right or wrong. For some people, it's absolutely the best decision to exit with the DSO and just find the right one. Take your time. ⁓   Kiera Dent (07:19) There you go.   I agree.   Ryan Isaac (07:43) to go through the deals with someone who really knows what deals look like, not just a friend or a CPA unless that CPA is looking at hundreds of deals. Call Brandon, right?   Kiera Dent (07:51) Seriously, I'm like, why? He's got like every flavor of ice cream available of DSOs for you. And like, what are your goals with your financial advisor? What do you need to retire? And then you make sure that the deal is going to actually get you that because like you said, Ryan, it's your greatest asset. And that's where to me, it breaks my heart when people do this. And I was actually, when we were talking about assets, ⁓ there was a stress test portfolio that I heard at a conference that I thought was really awesome that I think about often. so thinking about when you said like, we're investing into this stock.   Ryan Isaac (07:59) Yeah.   That's it.   Kiera Dent (08:20) portfolio, like we're basically putting so much of our biggest asset and so many of our dollars into one single stock. And they said, just stress test your portfolio. If my two biggest portions of my portfolio. Okay. So the two biggest portions right now. And I think about this often, even you and me, Ryan, if those two asset classes dropped yesterday, cause I always do like, if they dropped tomorrow and you're like, well, I'd freaking move things. No, if it dropped yesterday, so there's nothing you could do. Do you have the staying power for things to recover? So like, I don't need to liquidate my assets.   Ryan Isaac (08:24) in one single, yeah.   Mm.   Kiera Dent (08:50) can still have income from our other assets and buying assets that are down. So looking at that, and I think about that often, like, so if your biggest ones are in the stock market and in your DSO and both of those dropped yesterday, like that's all that's gone. Could you still be okay? And if not, maybe look at other ways to diversify that portfolio. I'm not an advisor, Ryan. So you speak to like, if you agree or disagree on that, because that's my thoughts on it.   Ryan Isaac (09:11) Yeah.   Although yeah, no,   that's a really ⁓ logical way to look at stress testing something. If the stock market disappeared as a whole yesterday, all, yeah, well, we just, every publicly traded company in the entire world would be gone simultaneously. We would all be in so much trouble. Like we just wouldn't have cell phone service or gasoline or, you know, like a million things. Yeah, for a minute.   Kiera Dent (09:26) You say that we're all gonna go to the apocalypse, like.   Good thing you're by the ocean. You at least have a good time there, Ryan. I need   to get out of Reno, Nevada for that one year fact alone.   Ryan Isaac (09:44) Yeah, yeah. For me, yeah,   it would work for a minute, but then we would have no grocery chains, there would be no shipping distribution, there'd be no trucking, there would be no like, you know, we'd be done within like a week. You know what I mean? So, but you're the logic of it is true. It's almost like what if we just looked at stress testing a deal, you know, and you said there's usually three parts in a DSO deal, there's the cash up front, there's usually some kind of earned back, or bonus system, that's usually a smaller piece. And then there's the equity piece.   And if one of those didn't exist, if one of those dropped off, what would this deal look like? And I think the question we have to ask is if the equity didn't hit, you know, if they don't get returns on multiples on their equity, like they're projecting and always, of course, the projections are huge, you know, always, always. If this does not come in like you expect, let's just say it's half of what they expected that which would be probably fair to say, or it's all you do is get your money back one day.   Kiera Dent (10:32) always.   Ryan Isaac (10:43) What does this now look like to you? Is this a survivable thing? And is this even something you would be interested in doing? But again, you said this before, I've been saying this, go talk to someone who knows what these deals look like, like Brandon. I'll give you an example. with a client a few weeks ago who had an offer. They were getting a lot of pressure from the group where this came from. They were kind of involved in like, well, I won't even say it. It was just a group of people of other dentists that were kind of pooling practices together. And this buyer,   Kiera Dent (10:50) you   Ryan Isaac (11:14) just a lot of pressure, a lot of hype, right? A lot of hype. And the deal as the details started coming through started smelling really weird. And even he was just like, I don't know. He talked to Brandon for 30 minutes and it became so obvious so quickly how bad this deal was. And now he's pushing the brakes a little bit. He's going to ramp up his profitability, work on the practices some more. He still wants to consider a sale, which is great with that's fine if that's still what you want to do.   Kiera Dent (11:38) Yep.   Ryan Isaac (11:43) But I think that conversation probably just saved him millions of dollars, literally in 30 minutes of conversation. So just talk to somebody, please, about these deals. There's every flavor out there. There's so many ways that they can twist and bend these things. And yeah, there's just a lot of moving pieces in there. So just be careful. Yeah, just talk to someone. Be careful.   Kiera Dent (12:02) I would like, and what   you said, also think like, make sure that you're also selling it for top dollar. This is something I really love about working with you guys, working with clients is if we know that there's a sell on the horizon, think one of the best things you can do is truly like pulling a consultant, pulling somebody. And like I was talking to a doctor the other day and they're like, KK, we want you to come in and help us like with our systems, but they're selling in a year. And I was like, well, respectfully as your consultant, I'm not going to sit here and deal with systems.   Ryan Isaac (12:13) Yes.   Please.   Kiera Dent (12:31) If you're selling to a DSO, odds are a lot of those systems they're gonna bring into you anyway. Our best thing we can do is make your life easy right now, boost your production, reduce your overhead, increase your EBITDA so you get top dollar on the sale while making it like amazing. Like we'll still put systems into place. We'll still take care of your hot fires with your team right now. But like, why not go, it's like, if I know I'm selling my house in a year and if I did a few things to make it exponentially higher.   Ryan Isaac (12:32) .   Yeah.   Kiera Dent (12:56) in the next year of my sell, why would I not do that now? And for us, it's not even like a house where I'm just painting the walls. We're literally boosting your production. We're pushing your overhead down. We're helping your whole team get on board for that. So that way your asset really is the best asset you can get. And we're not doing it in a hard way. So I know it feels like a push, but just know Dental A Team's way is ease. So it's like, it's going to be an exponential growth for you, but with like ridiculous ease. And most of our clients, we just did a huge study across the board of hundreds of our clients.   Ryan Isaac (13:13) Mm-hmm.   Kiera Dent (13:24) And on average, they're seeing a 30 % increase in their production and a reduction in their overhead within their first three to six months of working with us. So like even if you have a year or two year timeline, that right there, so getting the right deal, making sure you're selling it at top, like squeezing the juice out of every single thing we possibly can get out of your practice. ⁓ But then also I feel like what happens in that scenario, Ryan, I see it all the time, is when we come in and we like powerhouse it up with them.   Ryan Isaac (13:34) Thank   Kiera Dent (13:51) They're like, wow, I'm working two days a week and I would make what this DSO was going to offer me and I don't even have to work. Why would I get rid of this practice right now to the DSO? That happens more than I can tell you because it's like they didn't realize it could happen this way. And I'm like, just tell me what you want. Like you want the DSO, you want to work two days. Why don't we build you that right now and like keep the asset that you've got and sell it when you want, which is going to make you the same amount of money as the DSO, but it's on your terms.   Ryan Isaac (13:59) Yes. Yep.   all the time.   Kiera Dent (14:20) So I think that like people don't realize that you can have the benefits of the DSO today. I think the only piece you can't have like, but I give air quotes on can't is like, you still are an owner, but I'm like, there's literally ways for you to sell to partners, have it pay out to you. And you can actually get rid of that ownership piece if you don't want it ⁓ and still have it be the same type of a deal. I think like, don't forget that there's also deals outside of DSOs that you can do internally. ⁓   Ryan Isaac (14:26) Yep.   Kiera Dent (14:48) but it is shocking Ryan how many practice, like I had a doctor and he's like, Kara, I'm going to get 5 million for my practice on this. And I was like, rock on in two years, we literally will make you 5 million net post-tax in two years. was like, literally, and that's net that's post-tax like in two years. I was like, this is not a good deal for you financially if you're going after the financial dollar. So I think just be smart with how you look at this because I don't know, right. And you do it to me all the time. You're like, Kara, yeah, go sell.   Ryan Isaac (14:58) That's what you're make in two years of income. Yeah. Yeah.   Mm-hmm.   Kiera Dent (15:17) but you can also just get the life you want and have your practice and your business run differently, why not consider that scenario too? So I think.   Ryan Isaac (15:19) Yeah.   Yeah, I'm,   yeah, okay. Sorry, finish your thought. I just like what you just said. I just love that. I was gonna ask you this exact thing. I was gonna ask you this exact thing. I was gonna say, Kiera, aren't there ways someone could step back and pause and say, why am I interested in selling to a DSO and then just try to create it through the work you guys do easily?   Kiera Dent (15:27) Okay, so yeah, take it.   100 % and right you do   it to me all the time. You're like Kiera. Well, what would you want your life to look like if you were to sell it? I'm like, I would care if you stopped if you sold what would your life look like? And I'm like, I do this. I do this. I do this. You're like, all right, then why don't we just make your business do that today? I don't think people realize how like you can manipulate your business to truly support the life, the finances, everything you want. Like it's shocking. I'm like just basically give me the North Star and we will manipulate the entire thing for you.   Ryan Isaac (15:59) Just do it.   Yeah.   Yeah.   Kiera Dent (16:14) in ways you didn't even know. like, I need Ryan to know our North Star where we need to get. Then we break it down to your, like what lifestyle you want to have. And then we just crank, like, it's like shake and bake. It's such an easy thing for us to do. And we're still doing it with like amazing ethics. It's under your control. It's your culture. It's your business. It's your life. But I mean, I have a doctor who's producing over 5 million a year, working two days a week, taking home DreamPaycheck and they were going to sell it to a DSO. And I'm like, it took us two years to get them to the offer.   and they're like, they're so happy and they're able to now, like you said, I think one of the best pieces on this is they got everything that they would have gotten from the cell. But in addition to that, they didn't lose everything that they've built to where now they can go build and create, like you said, the two day a week practice where they're having it, but they've kept their huge asset over here. And so I just think like, I don't know. I feel like there's so many more options on the table than people necessarily think there are. And so.   Ryan Isaac (17:03) Mm-hmm.   Kiera Dent (17:12) Maybe don't listen to all the noise, be the smarter. It's like when everybody's doing X, maybe there's a Y that would actually benefit your life.   Ryan Isaac (17:16) Yeah. A million percent.   Yeah. I mean, Warren Buffett has a quote around that. It's a little bit different with stock market buys and sells and greed and fear. But yeah, that's exactly it. Yeah. I love that you said that. I assume. What are we like 45 minutes already? I assume that you probably want to wrap this thing up, but I wanted to end it with that exact question you went there, which is like, can't we do this? Can't you? No. I mean, that's not the job we do. The Dental A team can help design.   that what you're trying to accomplish that you think some private equity firms gonna come in and give you. And again, let's all just remember, private equity firms, ⁓ they don't love you.   Kiera Dent (17:57) It's true.   Ryan Isaac (17:58) They love your money   and they are not stupid. There's a reason why they gobble up every industry in the economy is because they make us believe they're just giving us sweetheart deals. Like, they're gonna give us so much money. Isn't it so crazy? Like, no, they're really smart. They're gonna get so much more money from you than you're gonna get from them. So if they want your thing so bad that they're gonna chase you down and send you offers and every time you decline, they're gonna be like, okay, wait, what about this one?   Kiera Dent (18:15) They are.   Ryan Isaac (18:26) They want it so bad. You must really be holding something really special. So how can you make that thing become your dream scenario without having to give it up? First, just consider that again, no judgment. There is no right or wrong. Maybe that is your path and that is best for you. Great. If you do the work and the, you know, the research and you're just sitting and you're asking smart people like here in the Dental A Team, you know, about all the details and you're asking yourself why through all this process, that's just, that's the whole thing. So I'm glad you   Kiera Dent (18:31) Mm-hmm.   Yeah.   Ryan Isaac (18:56) Assuming we're ending it soon. I'm glad you ended it with that because that's what I was thinking about   Kiera Dent (19:01) Well, and I'm glad I'm going around the same beach because I feel like DSOs can be such a buzz. I think it's, I don't know. I just thought about, I remember when Jason and I were graduating from pharmacy school and we had a lot of debt on us and it was so tempting to go the 10 year loan forgiveness plan. So tempting. And Jason and I decided like, Hey, we don't want to like hope and bank that in 10 years, we're actually going to get all this paid off.   Ryan Isaac (19:07) yeah.   Mm-hmm.   Kiera Dent (19:29) And if it doesn't happen, what's it going to cost us at that point? And so we elected to just go for it to pay for it and to basically have it like, it's within our control rather than someone else holding my future. And I think that's how I often live my life of like, is there a way that I can get my dream life or I'm not banking on someone else holding up their end of the deal, hoping and praying that their equity makes it and it's something that we can actually do with ease? Why not do that?   Ryan Isaac (19:33) Mm-hmm.   Kiera Dent (19:55) Ryan knows it was a huge issue with me and Jason for about a year to pay off his student loans, but the growth and the life that we were able to achieve that we wouldn't even be done. We still would not even be done with our debt right now. And it would have ballooned and not all of the debt's being eliminated. Like there's so many things around these loan forgiveness programs that I think about that with DSOs too. You have so much banked in, the hope, the promises, like everything has to go right for this huge multiple to have it there.   Ryan Isaac (20:07) yeah. Yeah.   Uh-huh.   Kiera Dent (20:24) Is there maybe a few other paths that you could look at that might get you what you ultimately want, give it to you with more control on your side, and also be able to allow you just more flexibility and freedom. Again, no judgment. think what Ryan and I are trying to bring to the table is maybe just consider looking at things differently to see what's the best path for you. And I say like, right back at you, Ryan, use your financial advisors, know what your magic number is, know what you need, and then figure out which option is going to be that.   Ryan Isaac (20:48) Yeah.   Kiera Dent (20:52) while also providing you the dream life that you want. So Ryan, thanks for the riff today. It was a solid time.   Ryan Isaac (20:54) Yep. Thank you.   It almost felt like planned. was so smooth.   Kiera Dent (21:01) So, mean, it does help when we're good like peanut butter jelly. Like we're very aligned on how we see, that's why I think our clients work so well together because like Denali team clients going to Dentist advisors, it's amazing. We think on similar investment strategies and like just the planning and the protecting clients. And on the other side, it's, Hey, here's our financial number. Denali team literally can like give the gas and give the pieces to it of tactical. So thanks Ryan. was a good time.   Ryan Isaac (21:04) Yep.   Hmm.   We all want to do. Yeah.   Yeah. Yeah. We want to grow and protect that business and make it, you know, it's your whole life. Make it as good as you possibly can. You guys are so good at that.   Kiera Dent (21:34) Great.   Well, Ryan, if people are interested in connecting with you, how do they get connected? Because again, I think for me, before I even talked to DSOs, I always tell them like talk to your financial advisor, figure out your project number. That way you actually can then have even one filter on what deals you're looking for, what plan you need your business to be. So Ryan, how do they connect with you?   Ryan Isaac (21:41) Yeah, totally.   Million   percent. So I'll always say friends of the Dental A Team always can email me directly. I'll always have a conversation with anyone no matter what you're looking for. You don't have to be trying to hire a financial advisor. You might just have a few questions and I will always get on the phone and talk to someone. Just email me directly if you ever want to. Ryan at Dentist Advisors dot com. It's with an O.R.S. You can all just also just go to our website dentist advisor dot com. have   probably thousands of hours of free content on there, podcasts, articles, webinars, everything. You can book a consultation with our whole team there at any time. go learn as much as you want, listen to anything, tons of free stuff on there, but that's the best thing. I'm always happy to have a conversation.   Kiera Dent (22:29) It's amazing. And just so you know, Ryan does not take very many clients. So that's why I love him being on here. He's one of the founders. I think Ryan's one of the smartest people I've ever met. So definitely take him up on it. I know tons of our clients love meeting with Ryan because Ryan will tell you like, Hey, you don't need me or Hey, here's someone better for you. So I think it's just like, you're just an incredible human who ultimately cares and loves about these dentists, which is why I just appreciate you. So check him out. Yeah, of course. And for everyone listening, thank you for listening and we'll catch you next time.   Ryan Isaac (22:31) Yeah.   I do. Yep, I do. Thank you. Thank you.   Kiera Dent (22:59) the Dental A Team Podcast.  

On today's episode, Dr. Mark Costes sits down with dental transitions expert Greg Auerbach, Senior Director at Henry Schein Dental Practice Transitions. Greg unpacks the critical mistakes dentists make when preparing to sell their practices—and why waiting until you're ready to retire could cost you big.  From understanding valuation methodologies like cap rate and EBITDA, to the difference between DSO deals and private practice transitions, Greg offers data-driven insights on how to boost your practice's value well before it hits the market. Whether you're five months or 15 years from a transition, Greg lays out a clear case for how and when to start preparing for one of the biggest financial events of your career. Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://www.henryschein.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

From mortgaging his house for a used “bug truck” to commanding Ohio's slickest 10,000-sq-ft “Beehive” HQ, Jason Carpenter has turned Environmental Pest Management into the Midwest's apartment-pest juggernaut—servicing 1 million+ units with a patented data platform (“Pest Genius”) and a 3,000-page digital playbook that lets the business run while he's on the back nine. Sit in with the Blue-Collar Twins as Jason lays out: Door-Knock Origins → $350 K Contract – how a single 50-unit bed-bug job snowballed into a $300 K+ recurring deal and rewired his focus from homes to high-density housing.Pest Genius – the in-house software (and patent) that tracks every unit, photo, KPI and health-department audit across millions of square feet.EOS + Family Power – wife Karen (COO), son Brandon (VP) and daughter Kayla (content chief) running weekly scorecard L10s while Jason stays out of the office—unless he's eaten or played 18.Net over Vanity – why a Franco Giannamore valuation wake-up call pushed margins from “meh” to mission-critical and reset his eight-year, $20 M/20 % BHAG.Golf, Barter & Brand – converting country-club barters into 100+ clients and why density beats door-to-door for long-term wealth.Exit Options – succession plans, EBITDA realities and the number that makes walking off the course worth it. Stick around for Jason's candid take on therapy-backed leadership, mastermind ROI, and why every technician needs to read their P&L. Buzz EP 209 Jason Carpe… From PE Teachers to Pest-Control Owners: The Julio Twins' POTOMAC Experience https://youtu.be/HAx9noqsqTo https://www.linkedin.com/in/paulgiannamore www.potomaccompany.com https://bluecollartwins.com Produced by: www.verbell.ltd Timestamps (podcast.co-ready) 00:00 – Cold-open: Jason on the 3,000-page playbook & “letting the business run itself” 00:35 – Intro at the Beehive; Twins recap Jason's mortgage-and-a-truck origin story 02:00 – Westerville roots, single-mom hustle & senior-year couch-surfing with Chip 05:55 – Sales chops: from shoe store to car lot to bartending—and gambling pool halls 08:00 – Meet-cute with pest control: father-in-law's family firm, $50 K salary, first kids 11:00 – Basement startup (2003), door-knocking for residential accounts 12:45 – 2006 pivot: $40 K bed-bug job uncovers $300 K apartment contract 16:00 – Deciding to own the apartment niche; first million-door vision set 18:15 – Building Pest Genius—tracking every unit, photo & treatment across states 22:40 – Patent filed; integrations with PEStack & Outlook; “differentiator” explained 25:30 – Family dynamics: Karen (COO), Brandon (VP), Kayla (social) & twin grand-babies 28:45 – Therapist-mediated exec meetings; Jason allowed in office only after golf or lunch 30:10 – Chasing the PCT Top 100 & Ohio #1 goals; revenue vs. EBITDA reality check 33:00 – Franco's valuation shock → margin overhaul; net focus pays off 36:00 – Weekly exec L10 cadence; bonus plan ignites management team 38:30 – Golf-course barters to close clients; 220 rounds logged last season 40:00 – Roadmap: $20 M at 20 % by age 62, new HQ, platform density > door crews 42:50 – Advice to solo operators: “embrace small, learn, keep going” 45:00 – Potomac 100 mastermind tease & Puerto Rico invitation 46:30 – Outro & Private-Equity Masterclass CTA

薛定谔式更新的 OnBoard! 回来了！今天我们要聊一家在过去几年里创造了美股增长神话的千亿美金传奇公司——AppLovin。如果你关注美股和游戏广告市场，Applovin 的名字一定早就如雷贯耳了。Hello World, who is OnBoard!?AppLovin成立于2012年，2021年在纳斯达克时估值还不到300亿美金，之后一度下跌至不到30亿美金，而经过短短几年的转型，2023年至今市值已经飙升20多倍，成为跻身纳斯达克 100 指数(NASDAQ-100) 的美股顶流千亿美金公司。2024 年营收 47 亿美元，同比 +43%，净利率也高的吓人，EBITDA 高达 27亿美金。而 Applovin 总员工数不到1000人，实现了“人均创造400万美金EBITDA”的惊人效率。这一系列数字背后，是一个在硅谷都值得铭记的神奇故事：一家公司如何从游戏营销经纪公司，转型为游戏公司，又在大家以为广告行业被Google, meta 等巨头垄断没有新机会的时候，剥离所有游戏业务，成功转型为广告技术平台，并重塑行业生态。虽然业绩亮眼，但AppLovin在成长过程中也一直饱受争议。那么争议背后的真实情况是什么？他们所做的事情与我们理解的广告、AI应用到底有怎样的关系？每日触达超 14 亿活跃用户的广告引擎，究竟是怎样打造的？今天我们邀请到的嘉宾大概是最有发言权的人之一了。AppLovin 的技术副总裁葛小川（Giovanni Ge），在 Meta 参与了广告系统核心算法的他，在 AppLovin 转型的关键时刻加入，并发挥了非常核心的作用。这次长达两个多小时的访谈，也是 Applovin 在中文媒体中第一次深度访谈。小川畅谈了很多理解这个公司的关键问题：如何从物理学博士转型，并在关键时刻加入 AppLovinAppLovin 两次转型的精彩历程如何在被低估的手游广告市场中打造了买卖闭环的新型平台这个 AI 第一股背后朴实又本质的算法逻辑和技术思考华尔街为何集体错判（并且似乎还没看清）电商如何成为下一个增长飞轮……嘉宾介绍葛小川 (Giovanni Ge)，AppLovin (NASDAQ: APP) 技术副总裁 (VP of Engineering)，曾在 Meta, Uber 担任高级机器学习工程师，SISSA 凝聚态材料物理学博士，中科大少年班。OnBoard! 主持：Monica：美元VC投资人，前 AWS 硅谷团队+ AI 创业公司打工人，公众号M小姐研习录 (ID: MissMStudy) 主理人 | 即刻：莫妮卡同学友情小广告2024 年，AppLovin 在北京正式组建 Axon China 团队啦！这支团队致力于打造全球化的广告产品，同时，积极探索大语言模型的应用，以技术创新推动行业变革，重新定义广告的未来。如果你听完了这一期分享，对公司的职位感兴趣，可以在如下招聘渠道中申请，不要错过跟这么有意思的一群人打造未来的机会！AppLovin招聘邮箱：lillian.cao@applovin.com招聘网址：（中国）app.mokahr.com；（北美）www.applovin.com我们还聊到AppLovin 为什么自认为是 "千亿美金的创业公司”，形成了no meeting，CTO亲手写代码和产品原型的独特文化。OnBoard! 之前聊了很多AI 技术的细节，这次难得的千亿美金公司成长故事，希望给你不一样的启发。Enjoy!（注：本文不构成任何投资建议！）我们都聊了什么00:03 开场介绍，AppLovin 为什么值得你关注03:34 Giovanni 自我介绍，从凝聚态物理 PhD 到 Uber、Meta，再到 AppLovin 的职业转型09:06 AppLovin 发展史：手游应用推广，自建发行，关键收购，广告平台转型14:24 转折点：广告收入反超游戏，2025 Q1 出售自研游戏资产19:57 AppLovin 的历史机遇与移动广告“三国杀”：Google / Meta vs 碎片化长尾流量22:26 AppLovin 新型平台如何改变定价方式和行业生态，为什么 Google, Meta 做不了30:04 广告推荐模型的演进历史，AppLovin 新模式 ROAS > CTR 背后数据飞轮 39:36 关键决策：“保护开发者长期利益”42:26 华尔街“迟到的认可”——连续 8 季 beat，却股价滞后，被低估的是什么48:32 为什么说 AppLovin 像也不像拼多多？50:35 利润率飙升逻辑56:22 电商广告如何为游戏生态注入“外部现金流”，新的挑战和机会是什么58:30 生成式 AI 机会：创意生成、特征提取与推荐模型01:00:38 如何理解 AppLovin 业务天花板？平台更迭和 LLM 可能带来哪些机遇01:16:34 人均400万美金超高人效背后的“千亿美金创业公司”文化01:23:00 全球招聘与北京研发中心：寻找“三段式”高成长人才01:26:30 AppLovin 人才招聘观，北京团队招人啦！欢迎关注M小姐的微信公众号，了解更多中美软件、AI与创业投资的干货内容！M小姐研习录 (ID: MissMStudy)欢迎在评论区留下你的思考，与听友们互动。喜欢 OnBoard! 的话，也可以点击打赏，请我们喝一杯咖啡！如果你用 Apple Podcasts 收听，也请给我们一个五星好评，这对我们非常重要。最后！快来加入Onboard！听友群，结识到高质量的听友们，我们还会组织线下主题聚会，开放实时旁听播客录制，嘉宾互动等新的尝试。添加任意一位小助手微信，onboard666, 或者 Nine_tunes,小助手会拉你进群。期待你来！

Did you know practices with $1M–$3M in EBITDA see the highest demand and valuations in today's market? In this episode, Emmet Scott sits down with Brandon Moncrief, CEO & Principal of McLerran & Associates to unpack what actually drives practice value—and what silently holds it back. They talk owner-dependence, key man risk, and why growing same-store revenue matters more than adding new locations. If you're a dental entrepreneur looking to build a business with real value—whether you plan to sell or not—this one's for you.

Kiera is joined by Ryan Isaac of Dentist Advisors to dive into DSOs. They discuss such questions as: Are they the best financial choice for your practice? The best life choice? Are the horror stories true? And so many more. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent (00:00) Hello, Dental A Team listeners. This is Kiera and I am freaking jazzed for today's podcast. It has been way too long. Me and this guest talk quite often on like life and personal and business, but podcasting it's been a hot minute. I've got Ryan Isaac from Dentist Advisors, my personal advisor, one of my dearest friends. I think we're siblings in another life. Ryan, welcome to the show today. How are you?   Ryan Isaac (00:07) Mm-hmm.   Thank   Thank you.   I'm really good. just realized I was trying to hit mute and cough, but I hit like a chapter marker instead. So there you go. To your listeners or your ⁓ editing team, then there's a chapter marker while I'm coughing. So in your intro. Yeah. Tis the season.   Kiera Dent (00:35) You're welcome. Yeah, that's fine. I'm   okay with it. This is real life. We're sitting on, I mean, Ryan, you're sitting on the couch. I should get like my posh chair. I've been considering changing up my podcasting zone. Yeah, of course. All of us can see it. We're excited for that.   Ryan Isaac (00:40) Hahaha   Can I show you? Can I just give you a little vibe check here? I mean, it's actually, that's   the ocean. I'm on a little summer getaway for a second. So yeah. Yeah.   Kiera Dent (00:54) my gosh.   That's amazing. So that's Ryan's   life. Ryan's living his rich life over there. He's like truly. So, okay. If you're new to the podcast, Ryan is my personal advisor. Like truly he actually works on. We talk about my life. He's helped me make some really good decisions and not make some bad decisions. So I feel like financial advisors. My best advice is you gotta just find someone you trust. And I know Ryan is way more conservative than me, but cares about me as an individual so strongly. And Ryan, huge kudos to you.   And so we talk about it a lot, but something we talk often is like, what's our rich life? And I remember Ryan for years, you were like living in your van, truly driving to California all the time to be by the beach, because you love surfing so much. So it just makes me so happy to see that you are living your best life by the ocean. You're doing what you teach all of your clients to do of living their version of a best life. Something that we try to do in dentistry and dental team too, like, hey, let's help your business provide you the best dream life you want. So that's Ryan.   Ryan Isaac (01:36) Yeah.   Thank you.   Yeah, yeah.   Yeah, thank you. And there's no there's no right way to do that. I mean, everyone has their own thing that's worth the money or worth spending on. We're just kind of joking around about this, too. There are people who will sit in ⁓ small rentals or apartments on millions of dollars because to them having lots of security and liquidity is more valuable than houses or everyone's got something different. But, you know, we're all we're all chasing it, hopefully.   Kiera Dent (01:57) Catch y'all.   I think it's called the like emotional ROI and what helps you sleep at night in your financial world. So Ryan and I usually get on the podcast and we'll talk about finances. I mean, obviously dentist advisors, Ryan do a spiel. What is dentist advisors? Just so people know. I think you guys are financial advisors for dentists specifically. I'm not a dentist, but I can speak honestly, but a spiel. And then we're going to actually go like a hard left turn of what we're going to talk about today. Like really.   Ryan Isaac (02:26) Ooh. Uh-huh.   Yeah. Thank you. ⁓   Yeah, yeah, our   on ramps coming up here really soon. We got to get over it. We got to get into the right lane. Dentist advisor started ⁓ almost A Team years ago now with me and Reese Harper. Shout out to Reese Harper. And yeah, we were dedicated to being ⁓ an independent fiduciary fee only ⁓ advisor for dentists to manage investments and give financial advice. Ultimately,   Kiera Dent (02:51) Yep.   Shout out to Reese.   Ryan Isaac (03:17) you know, a dentist path through school and debt and taxes and all the stuff they go through, ⁓ you know, buying a practice, building businesses. There's no reason why all of that should not pay off every it should pay off for every dentist. There is enough money to be made in dentistry. And so our job really and you kind of said this with the you know, in the intro, ⁓ I really do feel like just protecting my clients, you know, and that's a philosophy that we've.   built into our business. There's no reason why dentists shouldn't make it to the life they want and to the finish line financially. so, you know, ⁓ it's more about consistent, small, good decisions for long periods of time and avoiding like a few big mistakes that could derail you forever. So yeah, we have a custom financial planning process, ⁓ a lot of like reporting and data, and we just manage and track ⁓ dentist finances and make sure they end up in a good spot, safe and healthy and   Happy, hopefully.   Kiera Dent (04:15) which I love about you guys, Ryan, and I really think you guys do a great job. And this is something you've taught me. And we have a friend who said a great quote that I feel should be your quote. I can't give it like, so you can take it and like make your version. But they said like regular investing is like vanilla ice cream. It won't make anyone jealous, but it always tastes good. And I felt like that's such a great way to look at how you've taught me how to invest. ⁓ At the end of the day, it's just a small, consistent thing. So I think Dentist advisors does really well. And Ryan, something you've done for me. ⁓   Ryan Isaac (04:24) well. Okay, okay.   Mm.   Mm-hmm. Mm-hmm. Mm-hmm.   .   Kiera Dent (04:44) Like it's so dumb, but I know you're watching me and I know like when I, like you're really not watching me, but I feel like you're watching me.   Ryan Isaac (04:49) Yeah, well, let's   hold that disclaimer here for a second. I see your numbers. I see your accounts. I see your emails. Every time you save money, I'm like, Kiera, good job in the email thread. Gold stars. Yeah.   Kiera Dent (04:53) Like, I know he's not, like, he watches my account for sure.   That's   all it is. And I just know having Ryan there where I need to send it in every single month of what we're going to invest. We've talked about the plan has been such a game changer for me. So that's why I love Dentist Advisors. And like we said, we're now like taking our off ramp because Ryan and I want to talk about DSO sales. I think this definitely implies to a financial advisor. We have a lot of clients that we send to Dentist Advisors. We work such hand in hand with both sides. Like we love what you guys do. You love what we do. It's   Ryan Isaac (05:19) Mm-hmm.   Kiera Dent (05:30) Truly like the best peanut butter and jelly sandwich or whatever your favorite. If you want this to be meat and cheese, peanut butter and honey, whatever it is, I think it's the best duo. Yeah, exactly. That is the best. Captain Crunch, but would you rather Captain Crunch or Reese's? Or.   Ryan Isaac (05:37) Captain Crunch in 2 % milk, you know.   No. I would actually say   fruity or cocoa pebbles, to be honest with you. Or cinnamon toast crunch. Can we arrive there? Okay.   Kiera Dent (05:52) We both disagree on that. So cool. Okay, can handle Golden   Grahams or are we like back to the s'mores run? Remember the s'mores Golden Graham?   Ryan Isaac (06:00) Yeah, I do remember   the scores. How are we like not landing on the same one at all? What about honey butches of oats? Wow. Okay. ⁓   Kiera Dent (06:05) It's okay. That's fine. I'm not like the biggest serial fan and I go through phases. I love Lucky Charms, but I'm not joking.   Those marshmallows give me the chills. Like I can't crunch into it without it being like full body chills. So I don't know. weird. But back on this. So we've actually had a lot of clients that are debating of do I sell? I sell to a DSO? And I'm like, talk to freaking Ryan.   Ryan Isaac (06:18) Yeah, it's like biting Styrofoam. Okay. All right. Okay. Okay. Anyway. Yeah. Yeah.   you   Kiera Dent (06:32) I don't know what you want to do for your retirement. I have no clue how this is gonna impact you with your taxes. I don't know all the stuff, but what I do know is I'm a freaking miracle girl, so we're gonna get you top dollar for your cell, but like let's talk DSO. Cause also like DSO to not DSO, like I don't know Ryan, there's a million things. So let's Rift. You wanted to talk about this. I love this. Let's do it.   Ryan Isaac (06:41) Yes.   Yeah, yeah. Yeah,   well, and so you said something a few minutes ago about ⁓ dentist investments. And yeah, like our job is to help manage investment money for people ⁓ in a really long term kind of boring way, if we're being honest. But yeah, it's very yeah, it's just like it'll be there forever. Just let it do its thing. But the biggest investment any owner is going to have is their practice. And that is the thing   Kiera Dent (07:08) vanilla ice cream ish.   Ryan Isaac (07:18) is why you and a team is so important because the thing they should protect above everything is their practice investment, their business investment. There's nothing more impactful to a dentist's entire life and not just their money, but their entire lifestyle, probably their mental health, their wellbeing, where and who they spend their time with. So it is by far the most important factor in all of this. And so the world that we're in now is that   DSOs are an option to sell to, to work with, to become a part of. They are in some shape or form, you know, supposed to become the majority of the industry in the future. I think that's a broad category. think the category is more like group practice will become the majority of the industry. I'd love to hear what stats you've heard and what you actually see. think people talk about, you know, 60 to 70 % consolidation in the industry.   becoming some kind of DSO or group practice. ⁓ yeah.   Kiera Dent (08:19) Yeah, I was actually at an AI conference with   that just literally this last week. And they said that they're estimating 65 % of the market will become in the DSL world in the next like five to 10 years. So I think a lot of people are expecting, which is so funny to me because I remember, gosh, I think I was Mark, this is a long time ago, we were at the dental college. And so we're probably talking like,   Ryan Isaac (08:32) Uh-huh.   Yeah, okay.   Kiera Dent (08:46) 2018, 2019, I remember talking to the students, like, what do you think is gonna happen? And I'm like, I know I'm unpopular, because even Mark wasn't on board with this. And I'm like, I think I'm unpopular, but I'm pretty confident DSOs will be the future. And they're like, you're full of it. They're like, there's no way. And I'm like, I mean, I'm not emotionally invested in this, but if I look at what's going on, my husband's in healthcare. This is what happened to pharmacies. This is what happened to mom and pop shops, like for medical.   Ryan Isaac (08:57) Mmm.   Yeah.   Kiera Dent (09:14) I cannot think for one second the dentistry and with the EBITDA like offers that you're getting, it doesn't matter. And Jason, were talking about this the other night. I'm like, even if doctors want to have a legacy practice, that's great. You sell to this person, but this person now is younger. They have more debt and DSOs is like one bad day and this DSOs right on their doorstep. They're going to sell. Like it's just, I mean, you've got to some really strong guts around you to not think about a DSO. And I think DSOs,   Ryan Isaac (09:42) Hmm.   Kiera Dent (09:44) can often hit you at emotional times. Like Brian, you know me. There have been times that I told you like someone offered me a buck for Dental A Team, they could have it like one bad day. It's just like shirt. Like everybody has it in business ownership. So I think that that's where the DSOs are super attractive to people. But like I was talking to an office yesterday who's considering working with us and they're like have a one year buyout. And they're like, we're thinking about doing this DSO. And I was like, all right, but like what's your ultimate end game? What are you trying to achieve?   Ryan Isaac (09:46) Mm-hmm.   yeah. Yeah. yeah. We all have those days. Yeah.   Kiera Dent (10:12) you met with other people to talk about DSOs, there are other options and he's like, well, it's too big for these partners to buy. I'm like, well, it's actually not like there's ways for partners to buy you out if you want. think it's just, DSOs feel like the easy button, but I don't know if they're really easy. And I think that that's where I'm a little bit on the fence and I'm super jazzed for us to rift on. Is it really the best financial choice? Is it the best life choice? I don't know, Ryan, you know, the finances more than I do. just.   Ryan Isaac (10:14) It's on.   Mm-hmm.   Same. Yeah.   Yeah.   Kiera Dent (10:40) I do good job of helping people get their assets where they want them to be. So they have choices and options of what they want to do.   Ryan Isaac (10:42) You do.   Yeah, so I think, you know, it makes a lot of logical sense, especially the way it started with DSOs, that it would have gobbled up a lot of the industry. Hearing 70 % made a lot of sense to me. Maybe we're just in a dip in a lull, which we totally have become, we've entered into that because of the, you know, the debt and rate situation that happened over last few years in inflation and, you know, just interest rates. Money got really expensive. It was hard for a lot of companies to grow across a lot of industries.   And, uh, but, and I, I'm, uh, I want to say these statistics correctly, uh, from smarter people than me in the DSO space. I think there's something like maybe, you know, 350 to 400 technical DSOs in the country right now. And I've heard in multiple sources that up to a third of them are in some kind of financial receivership right now. Meaning, and I know you've seen this with clients too. DSOs have grown and they purchase and they borrowed money and then   rates hit them and they grew too fast. They went ahead of themselves and they defaulted. And ⁓ there are some major DSOs, huge ones that I did not ever think would happen that went into default that are going bankrupt that are changing ownership. ⁓ People are losing their equity money, they're not going to get their payouts. ⁓ And they're they don't own their practices anymore. I mean, there, we have some clients in that situation. So   Yes to the consolidation in the future of that because of just that's the nature of economy sometimes in industries. And I don't know if it's going to hit 70. I don't know. It makes me wonder. ⁓ Those multiples are down a lot than they than they used to be. And they'll probably you know, they'll probably fluctuate, come back up a little bit more when money gets easier. ⁓   Kiera Dent (12:22) I don't know anything.   Ryan Isaac (12:36) Also, I think people are getting a little bit wiser to it. Do you see this? I mean, let's say three to five years ago, it was the most exciting thing to get an offer sheet across your desk and be like, know, some multiple of you, but this is insane, I'm done. I do find people way more hesitant and not as excited about that number anymore. What have you seen with that when people see those initial numbers?   Kiera Dent (12:47) Made it.   think people are way smarter. think the grads coming out of school have been trained on business a lot more than say dentists 20, 34 years ago are trained and not to say dentists 20, 30 years ago weren't. I just think it wasn't like we weren't talking EBITDAs. You weren't selling like this. So you didn't there was no need for it. ⁓ And I think in the past, I think the reason people are more skeptical right now, Ryan, is because they're hearing the like horror stories coming through. So people are like, hold on. Maybe it's not as like   Ryan Isaac (13:12) It's different. Yeah.   Kiera Dent (13:28) rosy as it was. I honestly like DSOs might be a little bit of dentistry's dirty secret. Like there's a small piece of me feeling that way and not all DSOs I'm not here to blanket statement it, but I do think there's like, think the dentist is the one getting ripped off in the whole scenario. like, because Ryan helped me, this is where I, guys welcome. This is what Ryan and I used to talk about off camera, but I'm just going to like have the conversation here because I'm curious. So your clients, okay, so hold on.   Ryan Isaac (13:43) Mm-hmm.   Yeah, let's do it. Yeah, huh?   Kiera Dent (13:58) answer your question, no, they're not as excited about it. And also I think that they're being flooded with a bajillion offers. And so almost like overwhelm of who the heck do I have? Who do I trust? Who do I know? 400 DSOs out there. They're being bombarded every single day. I have heard dentists tell me they get four to five offers every single day of a DSO, which is why I'm like one bad day, you click open an email and like bottom, bottom, there you go. So I do think Bron and Man.   Ryan Isaac (14:02) Yes.   Yep. Yeah.   Yeah, you're done. Like, yeah, that's the buyer. Yeah, take it. Yeah.   Kiera Dent (14:22) Brandon Moncrief with Dental Transitions is probably the smartest DSO man I've met and I think you and I have circled. He's really brilliant on like who he knows offers that you can get like he kind of knows how to navigate the DSO world of what you want, which I think is awesome. But what I'm curious on Ryan. Okay, so you said you have clients. So when you sell to a DSO, there's lots of different makeups of how they can do these deals for you. But let's say there's I think the most standard one I usually hear is they pay you about 50 % of your practice is worth like you're giving it to them.   Ryan Isaac (14:24) Yes.   Yeah, I still send people there. Yeah.   Mm-hmm.   Kiera Dent (14:52) You also have them 50 % in equity in their business, hoping like with stock shares, hoping that it builds and that's like basically your payout. So it helps with tax. It helps with like future investments of the EBITDA. Those are the things that they're going to be dealing with. But my question is, so like your clients, they sold, they don't own their practices anymore. They're an associate there now ⁓ and they're getting paid. They don't have to do the management, billing's taken off of them, hiring, all that. But let's say these, so let's say I sold to Ryan Isaac DSO.   Ryan doesn't have a DSO just for clarity, but let's pretend I'm dentist. We got to make sure I don't want him getting in trouble. He's a financial advisor. So Ryan doesn't have it. okay, we're selling, okay, lies. We're selling it to Captain Crunch DSO. All right, let's just go safe. Captain Crunch DSO. Captain Crunch buys me. I'm now, I got my 50 % payout. have 50 % equity in Captain Crunch DSO and I'm now working as a dentist there, but I don't own my practice anymore.   Ryan Isaac (15:23) Yeah, just so we're clear here. Yeah, yeah. I've highly regulated. Yeah, might be in trouble for that.   Kiera Dent (15:49) Captain Crunch DSO is growing, growing, growing. Everything's looking good. I've got my stock in it. Captain Crunch loses its funding. They go bankrupt. What happens to me? Because odds are they go bankrupt. Another like lucky charms DSO is going to come buy Captain Crunch. Like they get a penny, dollar. What happens to me as the dentist when Captain Crunch goes under, but then lucky charms comes to buy me. How does that work for me as a dentist?   Ryan Isaac (16:02) Yeah.   Yeah,   I'm watching that happen right now with a gigantic national specialty DSO with some clients. And what has happened is that their equity money is likely gone. So they got their payout money.   Kiera Dent (16:19) Mm-hmm.   Even   with Lucky Charms coming in to buy it. My equity money's gone because it was with Captain Crunch. Do you love that I did cereal for you?   Ryan Isaac (16:28) Thank   I love it. It's so good. And I'm trying   to like, like who's more evil in this hierarchy, you know?   Kiera Dent (16:35) I think Lucky Charms isn't more evil. Lucky Charms is one who capitalized. They saw a dill. They don't care about the dentist. I'm not saying that they don't, but it's like hungry, hungry hippos. One goes out, someone's going to come buy it all. That's what they're going to do.   Ryan Isaac (16:37) Who's more well capitalized? Yeah.   Yeah.   Yeah.   Yeah, this   would be such a good question for Brandon again, and I'll just second that every time someone has questions about deals, or they want to compare things, ⁓ or get to know the space a lot more, I send them to Brandon. So just find Brandon Monacree, if he's on all over the internet and all of our content. Yeah, there you go. So it depends on the structure of the deal. It depends on the fine print and the paperwork. ⁓ In the ones I'm seeing right now, these dentists   Kiera Dent (17:04) dentaltransitions.com. Yeah, he's everywhere.   Ryan Isaac (17:17) lot, their practices are not there. So their practices are still gone. And they likely are not going to they're definitely not going to get any return on their equity. Some of them depending on how early they got in might get their equity back or, or parts of their equity back. But a lot of it's just, you know, when another company when a big financial company comes in to save a bankrupt company, it's ruthless, you know, I mean, they're they're cutting and they're scrapping   as much as they possibly legally can. they'll do that, of course, because that's good business for them. So what I'm seeing, and again, I'll just say that it's probably different in every single scenario of this. But what I'm seeing is one that happens. ⁓ These dentists are losing their practices, they're not getting any return on their equity money, and many of them probably won't even get their full equity back. Luckily, some of my clients that I'm thinking of were in early enough and the fine print of their deals was good enough that they're going to get some of their equity money back.   Kiera Dent (17:48) course.   Ryan Isaac (18:15) ⁓ that's it. They're done. So what really happened in that transaction was they got front loaded a certain amount of years of income, paid some taxes, paid off their debts and lost their practices and worked a job for three or four years at a very low salary compared to what they produce. ⁓ many of them got really burned out, bombed out, kind of lost their fire and spark for the work. ⁓   And they're back to square one. Some of them have enough money to be finished. What is interesting though is even the ones who have enough money to be finished are still contemplating starting or buying another practice where they can legally and doing like a really chill lifestyle two day a week thing. Really common. Other people will fully lose their equity. And in a situation, again, back to your point, a lot of people are   Kiera Dent (18:54) and   Ryan Isaac (19:05) Maybe it's not as excited about this. The multiples aren't what they were. Then they could come back. I don't know. A lot of people just say the longer this goes, the smaller the multiples will become, which is, yeah. No, we're definitely not. And so now we're talking about an offer where someone's coming to you to take away like your main, main asset, your cash cow, the biggest thing in your whole life. They're going to front load five or six years of income. You have to pay taxes and pay off your debt with that money first.   Kiera Dent (19:13) which I would agree on that completely. I don't think we're half as high.   Ryan Isaac (19:33) The deals that you mentioned, some are 50-50. I've seen them in thirds where it's like third buyout, third earn out where you have to keep producing and then a third equity. I've seen them 70-30, 60-40. They can really be any shape or size. ⁓ Yeah, but they're smaller. And so now we're talking about, you know, five or six years of front loaded income. You pay taxes, pay off your debt, and then you just hope that this company that bought you and essentially what's happening if you think about it.   Kiera Dent (19:48) They really are.   Ryan Isaac (20:02) You're taking like seven figures of money and you're putting it into a single stock. You're investing into a single stock and it's a very small privately held company. I know it feels safe and secure because it's your field, it's dentistry, know, all these things are, but you're taking seven figures of your money and you're putting into one single company where right now maybe up to a third of these companies are failing.   Kiera Dent (20:08) Thank   Ryan Isaac (20:30) It's not not a gamble, you know, and the whole kicker in all these deals, as you know, and your audience knows, Kiera is all in that equity piece. Everything else is just front loading your income for the next five or six years and taking away your ownership. And then, you know, really changing the nature of your career and your work. And it really does change people. It changes. And I'm not saying it's always for the worse, but it is change changes, teams changes, the patient experience changes, the culture and the vibe.   Kiera Dent (20:34) huh. ⁓ huh.   Mm-hmm.   Ryan Isaac (21:00) And so if that one little equity piece does not pan out the way that they say it's going to, ⁓ you know, that's the part that everyone's kind of wising up to. And if you're under, let's say, your late 50s, if you're younger than your late 50s, I think it's becoming a tougher decision for people to make. in late 50s or above, it's kind of like, I'm done anyway in three or four or five years. Might as well get top dollar.   even if the equity doesn't fully pan out all the way, it might be more than a private buyer. But even then, I've seen the math on a lot of things and like, it's close. And yeah, you've seen it all too. So yeah, it's tough. It's tough to watch the ones that fail. ⁓ Some of these, some of these, and you've probably seen, we're not going to name anybody, but you've probably seen them too. Huge practices, multi-location, huge DSOs that now...   Kiera Dent (21:25) Mm-hmm.   Agreed.   Mm-hmm.   Ryan Isaac (21:52) own these practices. And okay, here's a question for you. What do you think is going to happen, let's say 10 years down the road or longer, when all these DSOs have been bought by the next company and been bought by the next company? And then in the end, some like third and fourth party removed private equity firm, international private equity firms holding 10s of 1000s of dental practices around the country?   What is that like in the industry? mean, you're in the practice as you know that you're like in the heartbeat of that. What does that mean for the industry? What does that feel like? Does it feel weird?   Kiera Dent (22:27) It does feel weird. And I think this is where I've been, I don't know, Ryan, you know me. just sit over here and think of ideas all day long. I've been like, how can we like, hi, I'm Kiera. I live in Reno, Nevada right now. It's like, how can some, I feel like I'm like Dorothy in Kansas right now. It's fine. It wasn't the destination, but it ended up being, it's fine. It's got really great. No state income tax. All right. That's really one of the main reasons we're here. It's not.   Ryan Isaac (22:42) I like to write now by the way. Just a little shout out. like to write now. Yeah. Loud and clear. Yeah.   Yeah, fine. It's pretty in some seasons. There you   Kiera Dent (22:55) But it's okay. We have Lake Tahoe. ⁓   Ryan Isaac (22:55) go. Okay. Okay. All right. Okay.   Kiera Dent (22:59) But only half of Lake Tahoe because California owns the other half. So it's okay. But I've thought about it. like, how can, like, it's like I'm Dorothy in Wizard of Oz right now. It's like, how can we somehow influence these private equity firms? And there might be no way. But these are the questions I think of often, because I do think if we're not careful, it will radically shift the way dentistry is done. And it will turn into a business rather than into our   Ryan Isaac (23:02) Yeah, you're half.   Okay.   Kiera Dent (23:24) our healthcare profession. I mean, I look at modern medicine, my husband's in it and it is a freaking drill machine. Like his number one thing was patient productivity and they had to have so many patients, otherwise they were going to fire providers. And their providers worked hard. They weren't getting paid what they like want to get paid. And so I'm actually watching in healthcare, lots of my friends in healthcare, nurse practitioners, doctors branch off and go open up their own practices because they're sick of working in modern medicine. So I'm like,   Ryan Isaac (23:24) Mm-hmm.   Yeah.   Kiera Dent (23:51) if we can look at modern medicine and see how the healthcare system has been working and how can we do something now as like you said, third, fourth remove private equity, owning all these dental practices, like is there a path? And I don't know, right? Like this is I feel like I'm like Dorothy sitting in Kansas of like how on earth can we influence it? But I'm like, if enough brilliant people start thinking this way, what can we do now to show that you can be profitable and ethical and still give great dentistry where we're not having to like,   Ryan Isaac (24:08) Hmm.   Yeah.   Kiera Dent (24:21) not running it like a private equity business, but still showing. so Britt was like, we need to become the Wegmans. Like, have you been like up north, like Wegmans is an amazing grocery store. They're not the biggest, but they still are ethical. And I'm like, if we even had a few private equity that's third and fourth removed that would still run practices that way, I think dentistry would still feel the same. Something else though, that I think of like new dentists coming in that I think is really paramount is you've got to look at the future of the industry. I think the current doctors,   Ryan Isaac (24:39) Mm-hmm.   Kiera Dent (24:50) that have been in dentistry have like safeguarded and kept dentistry like we're healthcare when we want to be and we're not healthcare when it doesn't benefit us. Like we literally have straddled the spine line. It's still a little bit of the wild wild west dentistry is not as regulated as far as like our fees and like what we're able to charge in every single practice and like insurance is schmuck. get it. But I'm like, you also only have $2,000 of max most of the time that we're dealing with rather than it being like a hundred percent of what your patient base is and like what the patients are paying out. So I'm like,   Ryan Isaac (25:11) Yeah.   Kiera Dent (25:19) I feel the pioneers of dentistry have actually done a really good job of setting it up to where dentistry is still very profitable. It's still able to be its own thing that I'm like, let's, again, I feel like I'm like Dorothy sitting on my soap box in the middle of prairie fields and saying like, hey, why don't we take a pause and just think of like, what's the future of dentistry as now the future pioneers of dentistry? And what are we going to do to our profession? Yes, there's top dollar. Yes, there's things about it, but is there a way to influence?   and make sure that the integrity of dentistry can maintain long-term. I have no answer to that, but again, this is Kiera Dent sitting on my podcast where I think that there is a voice and an influence and like on Dentist Advisors podcast, is there a way that we can influence our industry in ways that will protect and still pay out? Because I'm like, even if you don't get the 10X EBITDA, you still can get a freaking great payout if you do your life right to where you can be financially set up.   Ryan Isaac (25:51) Mm-hmm. ⁓   Kiera Dent (26:17) still be able to sell your practice, not have to sell it in ways that could potentially hurt the industry. I'm not saying one's the right answer or the wrong answer. There's no judgment on my side. It's just, let's maybe think and consider how it could influence. Can we get people that could be private equity higher up that could help protect it? Those are things that, and again, I'm just Kiera Dent here in Reno,   Ryan Isaac (26:22) Mm-hmm. Yeah.   Same, okay.   Okay. Yes.   Kiera Dent (26:38) Yeah, of course. And for everyone listening, thank you for listening and we'll catch you next time.   Ryan Isaac (26:37) Thank you.   Kiera Dent (26:42) the Dental A Team Podcast.  

In this episode of Owned and Operated, John and Jack return to the studio to tackle the real-world challenges of running a successful HVAC business during peak summer heat. They dive into how weather-related service demand, infrastructure upgrades, and a mature home service team contribute to record-breaking weekly revenues and improved operational efficiency.Discover how HVAC businesses can scale profitably by investing in technician retention, labor-saving automations, and strategic overseas staffing. John and Jack break down the processes that drive high performance—from sales training to data-driven decisions—all on the path to hitting their first $1 million in EBITDA and a $10 million annual revenue goal.

Charismatic and respected eyecare industry legend, Jim McGrann, joins OWA Talks to share his passion for the industry and shed a light on the benefits of ‘spreading your wings' in optical. About the guest:Jim McGrann is an engaging, decisive and adaptable leader with a demonstrated history of delivering results in the healthcare, insurance, technology, supply chain and consulting industries. Mr. McGrann is an experienced CEO with a passion for helping businesses win in the marketplace while growing profitably and achieving change amid order, and order amid change.  Mr. McGrann possesses the ideal mix of business skills, technology expertise and creativity to lead in today's rapidly evolving marketplace.  He has been a C-Level executive for 25+ years and serves on both business and not-for-profit boards of directors.Mr. McGrann is the CEO of Advancing Eyecare, a leader in the eyecare instrumentation marketplace established to offer the best products and service solutions in the ophthalmic equipment industry. Prior to joining Advancing Eyecare, Mr. McGrann was the Chairman & CEO of PECAA | Healthy Eyes Advantage a solutions company that empowers independent eye care professionals to succeed in the rapidly evolving optical industry. This business was sold to VSP Vision in September 2022.Prior to joining Healthy Eyes Advantage, Mr. McGrann was the President & CEO of VSP Global (now VSP Vision), a $5.3B vertically integrated healthcare organization with the mission of helping people see.  He successfully navigated the needs of a complex set of stakeholders, including 83M customers, 60K clients, 37K doctors, 6K global employees & numerous business partners including fashion houses, lens & lab, software and eyewear companies. From December 2008 to November 2011, before becoming CEO of VSP Global, Mr. McGrann served as VSP Global's President of Eyefinity, the largest practice management and electronic health record company in the Optical industry serving 25K doctors, VSP Global's Chief Technology Officer and President of VSP Vision Care, the largest healthcare company in the world (by membership) providing vision benefits to 83M consumers (including 1 in 4 Americans).  From December 2011 to September 2015, while President of VSP Vision Care, Mr. McGrann focused on winning in the marketplace and the business grew by $1.02B (34%) and 23.7M members (42%) while delivering record EBITDA and NIBT. He also led the creation and strategic development of VSP Global's innovation lab, The Shop. Mr. McGrann leveraged techniques such as design thinking, user-centered design and nexus management to successfully launch The Shop in a three-month period.While President of VSP Vision Care, Mr. McGrann was Chairman of the Board for the National Association of Vision Care Plans (NAVCP). The NAVCP is the national association established to act as the unified voice representing the managed vision care industry. Mr. McGrann was elected as Chairman by his peers at competing organizations.Like this episode? Please subscribe and share!iTunes | Spotify | Overcast | iHeartRadio | AmazonConnect with the OWA:Website | LinkedIn | Instagram | Facebook

Ken Roulston, a veteran of the IT industry and now self-proclaimed M&A addict, returns to share his deep insights and experience from building a £17 million MSP business through a series of successful acquisitions. Across this episode, we unpack the exact mindset, processes and practical steps MSP owners need to take when considering buying another MSP. Ken's journey is not just theory, it's real-world experience gained from multiple acquisitions, integration challenges and building long-term value. And trust me, his perspective is gold.  We kick off the conversation by tackling the question so many MSP owners wrestle with – why would you want to buy another MSP? For many, the idea of borrowing money or taking on risk can feel overwhelming. But Ken reframes this beautifully, explaining that when your objective is to create real business value, something that stands alone and can eventually be sold, you must be willing to embrace a growth mindset and strategic risk. Organic growth has its place, but when you're looking to significantly scale your revenue, EBITDA and ultimately the value of your MSP, M&A can be the most effective route.  One of Ken's standout messages is that your business must be in good enough shape to sell before you consider buying. That's not just about the exit. It's about having the structure, systems and leadership in place so that you're investable. If you need to raise funds or secure backing, you're going to have to ‘sell' your vision and demonstrate operational excellence to potential lenders or partners. So, getting your house in order is step one.  As we move through the episode, Ken shares powerful guidance on how to actually find the right MSP to buy. This isn't just about browsing listings with brokers, although they can play a role, but it's about leveraging networks, building relationships, and even tapping into clever routes like speaking with accountants of potential sellers to warm up a conversation. This is classic Roulston thinking – practical, strategic, and with an eye on long-term alignment.  Once you've identified a potential business, the next challenge is due diligence. And here Ken lays out a clear and compelling four-pillar framework that every MSP owner should follow: strategic fit, technical alignment, financial value and cultural compatibility. That last one, culture, is too often overlooked, but as Ken reminds us, it can be the difference between a smooth integration and a complete disaster. Due diligence, especially on the legal and financial side, is not an area to cut corners. Ken strongly recommends using experts where needed and, especially for your first acquisition, working with someone who has been through it before.  Integration is the final hurdle and arguably the most critical. Buying a business is one thing. Making it work long term is another. Ken talks through how to communicate with your new clients and team, manage expectations, and ensure you are seen as a trustworthy, capable new owner. That first 3–6 months post-acquisition is where you earn loyalty or lose it. The 80/20 rule applies here, focus your energy where it counts. Show up for key clients. Reassure your top staff. And most importantly, don't disappear from your existing business while you do it.  Throughout the episode, Ken Roulston and I also discuss how your role as the business owner must evolve during this process. You will be required to step into a more strategic role, but you can't do that unless your leadership team is rock solid. This means that scaling through M&A is as much about internal readiness as it is about spotting external opportunities.  As we wrap up this trilogy, Ken shares three final pieces of advice: set a long-term value target for your MSP, be realistic about the size of the business you acquire first and be open to using debt to fund the right deal. With the right plan and guidance, M&A can be the fastest way to grow your MSP and build something truly valuable.  If this episode has got you thinking about your next move, check out the resources at MSPM&A.com, where Ken and our good friend Mark Copeman have put together a treasure trove of insights, including an eight-hour video programme and even a matchmaking service for buyers and sellers.  If you've only just joined us for this episode, make sure you go back and catch up on Part 1 – The Foundations and Part 2 – Preparing to Sell Your MSP. They set the groundwork for everything we've covered here and are packed with practical insights to help you understand the full M&A journey. Whether you're buying, selling, or just getting your head around what's possible, these episodes will give you the clarity and confidence to take the next step.  Connect with Ken Roulston on his LinkedIn HERE and learn more about his MSP M&A through their website HERE  Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK  And when you're ready to take the next step in growing your MSP, come and take the Scale with Confidence MSP Mastery Quiz. In just three minutes, you'll get a 360-degree scan of your MSP and identify the one or two tactics that could help you find more time, engage & align your people and generate more leads.  OR   To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE  Until next time, look after yourself and I'll catch up with you soon! 

What does it really take to build a franchise brand where record sales, loyalty, and work-life balance all go hand-in-hand?Today's guest, Sam Ballas, is a serious numbers guy (his license plate literally says EBITDA!). And he is diving into his trademarked philosophy “driven by unit level economics”. Sam shares why focusing on the numbers at each location beats chasing super-sized national growth, and how regional relationships and relentless data tracking keeps his brands profitable and tight-knit. He also shares the importance of the quality of life (and ballet recitals!) even before expansion and how he stops franchise sales entirely when the time isn't right.Sam G. Ballas is the visionary Founder and Managing Partner of ZorAbility, Inc., as well as the President and Chief Executive Officer of East Coast Wings + Grill (ECW+G), Co-Founder of Sammy's Sliders, Co-Founder/Investor of Dine Growth Group (DGG) and Vice Chair of the International Franchise Association (IFA). With over 40 years of experience in the restaurant industry and 31 years in financial markets and retail real estate development, Sam has cultivated a deep understanding of building successful franchise models. His leadership is grounded in blending traditional methods with innovative, proprietary strategies to create enduring brands.So, if you want honest, battle-tested advice on franchising, balancing growth and happiness, and building teams that actually love what they do then this episode is for you!Connect with SamEmail - sam.ballas@eastcoastwings.comEmail - sammy.sliders@sgb.comEpisode Highlights:Sam Ballas' background and brand philosophyBuilding franchise brands and expansion strategyWhat are FSO's and how do they functionData-driven strategies and supporting franchiseesLeadership decisions during market challengesVetting ideal franchise ownersThe realities and challenges of restaurant franchisingLife-work balance and organizational cultureTeam structure and leadership modelValidation and franchise system growthFranchisee support and operational consistencyFranchise Directory - https://www.sba.gov/document/support-sba-franchise-directoryFranchise Registry - https://www.franchiseregistry.com/Current SBA SOP - https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programsConnect with Tracy Personal LinkedIn: https://www.linkedin.com/in/tracy-panase/ JBF LinkedIn - https://www.linkedin.com/company/jbfsale JBF Franchise System - https://jbfsalefranchise.com/ Email: podcast@jbfsale.com Connect with Shannon Personal LinkedIn - https://www.linkedin.com/in/shannonwilburn/ JBF LinkedIn - https://www.linkedin.com/company/jbfsale Website - https://shineexecutivecoaching.com/ Email - shannon@shineexecutivecoaching.com

When the Silicon Valley Bank crisis erupted in early 2023, Larry Roseman was already well-acquainted with market upheaval. A member of the CFO class appointed around 2020—just as the pandemic began—Roseman had weathered previous storms. He began his career amid the dot-com collapse, then advanced through the 2008 financial crisis. “Scar tissue helps,” he tells us.So when he landed in Palm Springs for a tennis tournament and learned SVB was in freefall—taking all of Thumbtack's cash with it—his weekend plans were immediately sidelined. “Literally getting on the plane and landing, and the whole thing sort of blowing up,” Roseman recalls. “I was holed up in the hotel room for days,” working through how to ensure payroll and access to capital.That crisis became a defining moment. “That was the catalyst for us,” he tells us. Roseman used it to pivot the business away from growth-at-all-costs and toward sustainable, profitable growth. In just a few years, Thumbtack went from -$60 million in EBITDA to +$60 million.His ability to adapt comes from a varied career path—public accounting at Ernst & Young, investment banking at Bear Stearns and JPMorgan, and operational finance at eBay, where he helped spin off PayPal. At Thumbtack, a national home services marketplace, he's scaled the finance team tenfold and implemented a discipline around contribution margin, hire rate, and CAC.“The P&L doesn't lie,” Roseman tells us—especially in times of crisis, when it's clarity, not comfort, that defines the leader.

Points of Interest0:00 – 1:00 – Opening: Marcel introduces the episode's focus on financial visibility and growth, and welcomes returning guest Jon Morris, CEO of Fiscal Advocate and creator of EngineBI.1:00 – 2:55 – Jon's Background: Jon shares his journey from founding Rise Interactive to launching Fiscal Advocate, emphasizing the value of financial insights in scaling agencies.3:00 – 4:30 – Overview of Fiscal Advocate & EngineBI: Jon explains the core services of Fiscal Advocate—bookkeeping and FP&A—and how EngineBI enables forward-looking budgeting, forecasting, and business intelligence.4:30 – 6:45 – Clarifying the Relationship Between Fiscal Advocate & Parakeeto: Marcel and Jon outline how their services complement each other—Fiscal Advocate focuses on company-wide financial health, while Parakeeto dives deep into project-level delivery profitability.6:45 – 8:25 – The Profitability Venn Diagram: The duo discusses the intersection of finance and operations in agency profitability, stressing that complete visibility requires both financial structure and operational clarity.8:25 – 12:00 – The Three Key Financial Metrics: Jon presents his core framework: cash relative to monthly overhead, profitability (target 20% EBITDA), and year-over-year revenue growth (target 20%).12:00 – 15:10 – Managing Cash with Discipline: Jon details a best-practice approach to managing cash through segmented bank accounts—operating, accrual, savings, and (if applicable) media accounts—with clear reserve targets.15:10 – 17:20 – Strategic Use of Excess Cash: They explore scenarios where excess cash should be reinvested or removed from the business, with an emphasis on growth-minded planning or lifestyle-business clarity.17:20 – 22:35 – Accrual Accounting & Forecasting Pitfalls: Jon explains how deferred revenue and mismanaged payment terms can create false security in cash flow and emphasizes the need for accrual-based accounting and detailed forecasting.22:35 – 24:45 – Spending Benchmarks by Function: The episode outlines ideal spending allocations—50% on delivery, 30% across admin/ops/marketing, and 5% on R&D—to balance growth and margin targets.24:45 – 27:55 – Growth vs. Profitability Tradeoffs: Jon advocates for disciplined reinvestment of margin into scalable functions rather than focusing solely on profit extraction, aligning with the “Rule of 40” growth philosophy.27:55 – 33:59 – Importance of Gross Margin Visibility: Marcel and Jon stress the necessity of management accounting to accurately track delivery margin, revealing it as the single most powerful lever for scaling profitably.Show NotesConnect with Jon via LinkedInFiscal AdvocateE-Book: Decision-Making Science For AgenciesEmail: jon@fiscaladvocate.comLove the PodcastLeave us a review here.

Episode Title: Helping Franchisees Grow — and Exit — With PurposeGuest: Fiona Styant, VP of Development, MOLLY MAID CanadaHost: Dave HansenSponsored by: ClientTether — thanks for fueling franchisee success with smarter CRMWhat happens when your top-performing franchisees take their foot off the gas? If you're Fiona Styant at MOLLY MAID Canada, you create a framework to steer them back into growth — or gracefully guide them toward a profitable exit.In this conversation recorded at the Let's Grow event in Toronto, Fiona joined Dave Hansen to share her candid, thoughtful take on how franchisors can manage the lifecycle of a franchisee with clarity and care. With over two decades at MOLLY MAID, Fiona brings a rare dual perspective: she oversees both development and ongoing coaching — a role that bridges franchisee onboarding and long-term performance.Key themes from the episode:

V roce 2011 psal bakalářku, ze které nakonec vznikl Footshop. Od té doby se můj dnešní host - Peter Hajduček - ze studenta stal šéfem firmy, která loni dosáhla tržeb 1,43 miliardy korun a meziročně tak vyrostla o 34 %. Její loňská EBITDA vyrostla na 117 milionů korun. V prvním kvartále letošního roku tržby rostly o 45 % a EBITDA o 32 %. Peter už byl třikrát hostem mého podcastu, poprvé před 8 lety a naposledy před pěti. Takže dneska pokecáme o tom, jak se Footshop za tu dobu posunul a co se od něj můžeme naučit. Video rozhovoru najdete zde: https://rostecky.cz/14-let-ridi-footshop-jak-musel-peter-hajducek-menit-sebe-tym-i-celou-firmu-t54618 Toto je exkluzivní rozhovor pro moje předplatitele. V případě jakýchkoliv dotazů a připomínek mi neváhejte napsat na info@rostecky.cz. Veškerá doporučení, informace, data, služby, reklamy nebo jakékoliv jiné sdělení zveřejněné na našich stránkách je pouze nezávazného charakteru a nejedná se o odborné rady nebo doporučení z naší strany. Podrobnosti na odkazu https://rostecky.cz/upozorneni.

In this episode of the Perfect RA Podcast, host Matt Jarvis speaks with his brother, Steven Jarvis, CPA, about the intricacies of auditing in mergers and acquisitions (M&A) deals. They discuss the importance of accurate financial reporting, the nuances of EBITDA, and the potential red flags that can arise during the due diligence process. Steven emphasizes the need for financial advisors to maintain clean books and be transparent about their financials, as this can significantly impact the valuation of their practice during a sale. The conversation also touches on the buyer's perspective, the consequences of misleading information, and best practices for running a business effectively. Unlocking Value in M&A Transactions With Steven Jarvis [Episode 314] Resources in today's episode: - Matt Jarvis: Website | LinkedIn - Steven Jarvis: Website | LinkedIn  - THE SUMMIT

Summary While recording episodes 26 and 27 of the In/organic Podcast, Ayelet and Christian delved into a small rabbit hole, discussing buyer and seller dynamics in transactions involving unsophisticated buyers and sellers - a term commonly used in the industry. We clarify in the video that unsophisticated really means buyers who do not do a lot of acquiring or sellers who are usually selling their company for the first time and do not have good M&A counsel. We did not get into the details in this recording, but the key takaways are: If you are a first time seller: 1) Be Informed: Retain experienced M&A counsel - that is an attorney who specializes in M&A (which is different from a business lawyer who touches M&A, but is not a transactional lawyer by trade). Most M&A lawyers are already in your network and are willing to offer 1-2 hours of off-book time to help with key considerations before getting too far along in the process. 2) Ask the sellers questions. If you don't understand terms or if there is anything that is unclear, go ahead and ask. For example, if you are offered $10 million for your business, is that all cash, a closing, or something else? If it includes stock in the sellers company, you have a right to ask for some information from the acquiring company ("reverse diligence") in order to qualify the value of the stock in the company relative to the value you are exchanging. If you are an unsophisticated buyer: 1) Get Ahead of Legal: Don't let the lawyers be the first ones to bring forward terms that will economically impact the deal without having spoken about it first. Example things are escrow, reps & warranties insurance, special indemnities, discounts to EBITDA derived from quality of earnings analysis. When you are 5 steps ahead of key negotiating items in legal, it builds trust and keeps legal costs under control. 2) Agree on the earnout structure and compensation before going to LOI or drafting definitive agreements. This is basic, but the intent is that the seller is a part of the creation of the construct versus a recipient. Even if there is not a lot of room for flexibility, its much better to preview and ask for input than throw over the fence and have lawyers negotiate the terms. Enjoy! Hosted on Acast. See acast.com/privacy for more information.

Back in 2003, when a recruiter lined up Kent Hoskins for a finance interview at Boosey & Hawkes, he came prepared to discuss guitar manufacturing. Instead, the executive immediately began quizzing him on music royalties—the recruiter had apparently misunderstood the brief. Hoskins didn't get the job—at first. But two days later, he got a call: the selected candidate had quit after just 24 hours. Hoskins stepped in.That twist marked a pivotal entry into the world of music IP—one that would shape a two-decade career. At Boosey & Hawkes, he saw firsthand how legacy operations could weigh down financial performance. “Fifty percent of revenue came from physical sheet music,” he recalls, “but it only made up 15% of EBITDA.” The company licensed out the segment, cut headcount, and reinvested in IP, increasing both margins and focus. “It stayed with me… if there's not a path to profitability from revenue, why are you doing it?”Today, as CFO of Concord, Hoskins applies the same operational lens across a $900 million IP portfolio. After joining Concord through acquisition in 2017, he became CFO in 2021. Strategic forecasting now combines AI and streaming data—insights that recently helped identify renewed demand for the Creed catalog. “We could see it from the consumption,” he tells us, which triggered targeted marketing and revenue lift.

In this episode of Grow a Small Business, host Troy Trewin interviews Owen Tilbury, founder of Clip Consulting, who shares his entrepreneurial journey from launching a restaurant in Tasmania to selling it for nearly a million dollars before the 2008 financial crisis. Owen emphasizes the importance of systemizing processes, crafting a unique selling proposition (USP), and fostering community engagement. He discusses his pivot from corporate consulting to community development, leading to the Great Regional City Challenge, which has raised over $600,000 for local projects. Owen also highlights the value of celebrating small wins, balancing work-life goals, and preparing for life after selling a business. The conversation explores people management, including the role of honesty, clear performance documentation, and creating job satisfaction through autonomy, goal clarity, and recognition. Insights from his 44 years in business include mentorship, the importance of life goals beyond work, and lessons learned from initiatives like the Men's Table, a support group for men navigating life challenges. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? Owen Tilbury believes the hardest thing in growing a small business is finding and managing the right people. He explains that poor hiring choices can severely harm a business, and even well-qualified candidates on paper may not perform as expected. Letting staff go is never easy, but it's sometimes necessary when they aren't a good fit. He highlights the importance of setting clear goals, documenting performance, and being honest during the process. While he also discusses the challenges of systemizing operations, he makes it clear that people management is the toughest part of the growth journey. What's your favorite business book that has helped you the most? Owen Tilbury's favorite business book that helped him the most is The E-Myth by Michael Gerber. He credits it with fundamentally shifting his mindset about entrepreneurship, particularly the importance of systemizing a business rather than relying solely on personal effort. The book helped him move beyond the "myth" of the natural entrepreneur and focus on building scalable systems that could operate without him, which became a key factor in the long-term success and eventual sale of his consulting business. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Owen Tilbury didn't specifically mention any particular podcasts or online learning resources by name in the interview. However, he emphasized the value of lived experience over theory, suggesting that small business owners should learn directly from others who have actually built businesses. He praised initiatives like the Grow a Small Business podcast itself for featuring real-world stories and practical insights, rather than purely academic advice. His approach to learning leans toward practical, experience-based sharing, community engagement, and learning by doing rather than relying heavily on formal online resources. What tool or resource would you recommend to grow a small business? Owen Tilbury recommends systemization as the most powerful tool to grow a small business. He highlights the importance of creating structured processes that allow the business to operate smoothly without relying solely on the owner. Specifically, he developed a systemized consulting framework called the Profit and Growth Process, which included custom software, manuals, surveys, and templates to streamline business planning and improvement. This approach not only enhanced consistency and scalability but also made his business valuable enough to sell for 15× EBITDA. For Owen, systemizing operations is the key resource every small business should invest in. What advice would you give yourself on day one of starting out in business? Owen Tilbury's advice to himself on day one of starting out in business would be to focus early on systemizing everything and to build the business around the life you want—not the other way around. He emphasizes that business should serve your life goals, not consume them. He also suggests being clear on what success looks like personally, not just financially, and to celebrate small wins along the way. Most importantly, he would remind himself to create a product or service with a clear competitive advantage (USP) and to not be afraid of failing small while learning fast. Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Business should serve your life, not become your life — Owen Tilbury You don't need permission to make your community better — just start — Owen Tilbury Celebrate early and often—small wins build great journeys — Owen Tilbury      

Ken Roulston brings his decades of industry experience to the table and together we explore what it really takes to get your MSP into a position where it's not only ready to be sold, but where it attracts the right buyer and achieves a fair valuation.  Ken Roulston has walked the talk. He built his own MSP from the ground up, completed six acquisitions over 12 years and ultimately sold the business in 2023 for a healthy multiple, leaving behind a highly efficient and well-oiled operation. Throughout this episode, Ken shares what truly drives value in an MSP and why EBITDA is king when it comes to valuation. We get into the weeds of what EBITDA really is, the difference between profit, EBITDA and adjusted EBITDA, and how small tweaks in your operation today can make a big difference to your valuation tomorrow.  One of the key takeaways from Ken Roulston in this episode is that profitability is only half the picture. Buyers are also looking at recurring revenue, the quality of contracts with your clients, the efficiency of your operations and how professionally the business is run. We talk about the reality that many MSPs face – thinking their business is worth more than it actually is – and how things like weak client contracts or high client concentration can be red flags to buyers. Ken explains how buyers look for signs of consistency and professionalism, including documented processes, clean accounts, staff contracts and a good track record of customer retention. If your MSP is being run informally or too heavily reliant on you as the owner, that's going to limit your options when it comes to selling.  We also touch on the age-old debate about outsourced service desks. Is it a red flag for buyers or a smart operational choice? Ken shares how outsourcing can actually be a strategic advantage if done correctly, particularly in a tight labour market where skilled engineers are hard to find. In his case, the buyer saw the outsourced helpdesk as an opportunity and adopted it post-acquisition, demonstrating that the model itself isn't the issue, it's how efficiently it runs.  Throughout the conversation, we continue to reinforce the concept of owner not needed. If your MSP can't function without you, it's not a business. It's a job. And buyers don't want to buy your job. They want a systemised, well-governed, and self-sustaining business. So whether you're working five days a week in the weeds or you've managed to reduce your time to just one day a week, the goal is to build a business that can stand on its own two feet.  Ken also shares his thoughts on selecting the right buyer, and why it's not always about choosing the highest bidder. Culture fit matters, especially if there's an earnout or deferred payment involved. If the acquiring company doesn't align with your values or runs the business poorly post-acquisition, it could not only damage your legacy but also impact your final payout. We talk openly about deal structures, what buyers are looking for, and the importance of preparation, patience and compromise. Selling an MSP is not a six-week sprint. It's a strategic process that requires you to get your house in order and present a credible, investable business.  To round off the show, Ken gives us a glimpse into the MSP M&A training course he's delivering with Mark Copeman, which goes into even more detail than we could cover in this three-part series. There's also mention of an upcoming confidential matchmaking service for buyers and sellers, which is being developed as part of their wider initiative to support MSPs through this complex journey.  So, if you're an MSP owner who is thinking about selling in the next year or two, or even if you're just curious about what your exit could look like, this episode is essential listening. Get ready to take notes, challenge your assumptions and most importantly, take action. M&A is a serious step, but with the right preparation and support, it can be one of the most rewarding chapters in your business journey.  This is the second of three episodes in our M&A Mastery series with Ken Roulston, so if you haven't already, make sure you catch part one where we lay the groundwork and share Ken's incredible story. And next week, we'll be diving into the buying process to wrap up the trilogy with even more insights on what's happening in the M&A world for MSPs.  Connect with Ken Roulston on his LinkedIn HERE and learn more about his MSP M&A through their website HERE  Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK  And when you're ready to take the next step in growing your MSP, come and take the Scale with Confidence MSP Mastery Quiz. In just three minutes, you'll get a 360-degree scan of your MSP and identify the one or two tactics that could help you find more time, engage & align your people and generate more leads.  OR   To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE  Until next time, look after yourself and I'll catch up with you soon!   

Who's got wood? Find out on this week's PlayingFTSE Show!Both Steves are up ahead of the market again this week, extending an impressive run. But who were the real winners over the last seven days?As FTSE 250 stocks go, XPS Pensions has been an outstanding performer over the last five years. And the future doesn't look bad either. A strong competitive position in an industry where shifting regulation should mean steady demand is a very good thing. And there's a share buyback to consider, as well…FTSE 100 events company Informa has caught Steve W's eye. He's not going to World of Concrete and doesn't know anyone who is, but there might be money in running it.Attractive economics and a resilient business are big plus points. On the other hand, an acquisition at over 20 times adjusted EBITDA means there's some risk with the stock.Ashtead is making its way from the UK to the US, but shares didn't get the boost investors might have hoped for. Probably because it also came with a profit warning.Despite a cyclical downturn, the stock seems like decent value. Steve D, however, thinks taking a closer look reveals a different picture of the relatively attractive multiple.Renew is an uninteresting business in an uninteresting industry. Sometimes, though, these boring stocks can generate some impressive returns for investors. Rail maintenance work has unironically been delayed and this is weighing on growth. But with maintenance work non-negotiable, it might just be a case of being patient.Only on this week's PlayingFTSE Podcast!► Get a free share!This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply.When investing, your capital is at risk and you may get back less than invested.Past performance doesn't guarantee future results.► Get 15% OFF Finchat.io:Huge thanks to our sponsor, FinChat.io, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at FinChat.io!https://finchat.io/playingftse/?lmref=iQl2VQ► Follow Us On Substack:https://playingftse.substack.com/► Support the show:Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse(All proceeds reinvested into the show and not to coffee!)There are many ways to help support the show, liking, commenting and sharing our episodes with friends! You can also check out our clothing merch store: https://playingftse.teemill.com/We get a small cut of anything you buy which will be reinvested back into the show...► Timestamps:0:00 INTRO & OUR WEEKS6:22 XPS Pensions19:23 Informa35:26 Ashtead Group49:40 Renew Holdings► Show Notes:What's been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that's accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy► Wanna get in contact?Got a question for us? Drop it in the comments below or reach out to us on Twitter: https://twitter.com/playingftseshow Or on Instagram: https://www.instagram.com/playing_ftse/► Enquiries: Please email - playingftsepodcast@gmail(dot)com► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Emerging markets investing is increasingly drawing attention from investors seeking high-growth opportunities beyond traditional financial hubs. In this episode, we sit down with Ryan Floyd of Barca Capital, a seasoned global portfolio manager, to uncover how his contrarian, research-driven approach provides an edge in today's complex financial world.For those exploring alternative investments, Ryan offers hard-earned wisdom from the frontlines of investing in Africa and India, tackling the real barriers that keep traditional investors out of these lucrative regions. Whether you're exploring frontier market funds or carving out a career in international finance, this conversation gives you clarity on how to position yourself ahead of trends.Ryan breaks down why he prioritizes free cash flow investing over traditional metrics like EBITDA, and how understanding the nuances of EBITDA vs free cash flow can significantly impact your portfolio's health. You'll also learn how he uses AI in finance for operational efficiency and why small, agile teams are leading innovation globally.Whether you're an investor, aspiring fund manager, or someone navigating the noise of global economic trends, Ryan Floyd's perspective delivers actionable portfolio manager insights to help you make smarter decisions in overlooked markets.Timestamps: 00:00 – Intro: Who is Ryan Floyd?01:02 – Ryan's early career & move into international finance02:30 – Starting out in India and pivot to Africa04:15 – Founding the thesis for Barca Capital06:00 – Real-world challenges in frontier market investing08:10 – Understanding client profiles in alternative investments10:00 – Why smaller teams win with AI in finance11:45 – Legacy vs innovation: Investing in today's businesses13:30 – EBITDA vs free cash flow: Ryan's strong stance16:10 – Red flags: Fast talkers and flashy resumes17:45 – Views on Bitcoin, gold & fiat currency20:00 – Pricing assets in gold and what it reveals22:00 – How to connect with Ryan & Barca Capital#EmergingMarketsInvesting #RyanFloyd #BarcaCapital #AlternativeInvestments #FreeCashFlow #FrontierMarkets #GlobalInvesting #AIinFinance #InvestmentStrategy #FinancePodcast #InternationalFinance #PortfolioManagerInsightsDisclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show.  To check out the YouTube (video podcast), visit: https://www.youtube.com/@drchrisloomdphdClick here to join PodMatch (the "AirBNB" of Podcasting): https://www.joinpodmatch.com/drchrisloomdphdWe couldn't do it without the support of our listeners. To help support the show:CashApp- https://cash.app/$drchrisloomdphdVenmo- https://account.venmo.com/u/Chris-Loo-4Spotify- https://podcasters.spotify.com/pod/show/christopher-loo/supportBuy Me a Coffee- https://www.buymeacoffee.com/chrisJxClick here to purchase my books on Amazon: https://amzn.to/2PaQn4pFollow our YouTube channel: https://www.youtube.com/chL1357Follow us on Twitter: https://www.twitter.com/drchrisloomdphdFollow us on Instagram: https://www.instagram.com/thereal_drchrislooFollow our Blog: https://www.drchrisloomdphd.com/blogFollow the podcast on Spotify: https://open.spotify.com/show/3NkM6US7cjsiAYTBjWGdx6?si=1da9d0a17be14d18Subscribe to our Substack newsletter: https://substack.com/@drchrisloomdphd1Subscribe to our Medium newsletter: https://medium.com/@drchrisloomdphdSubscribe to our LinkedIn newsletter: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=6992935013231071233Subscribe to our email list: https://financial-freedom-podcast-with-dr-loo.kit.com/Thank you to all of our sponsors and advertisers that help support the show!Financial Freedom for Physicians, Copyright 2025

LM publica que El Corte Inglés logra un beneficio de 512 millones con el mejor ebitda desde 2007.

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-strengthened-financial-position-deleveraged-and-developing-6319Recording date: 16th June 2025Santacruz Silver Mining (TSXV:SCZ) has reported exceptional Q1 2025 financial results, demonstrating the success of its operational turnaround strategy. The multi-metal producer generated revenues north of $70 million with EBITDA of $27 million, representing a dramatic gross profit increase of nearly 7,000% year-over-year.Executive Chairman Arturo Préstamo Elizondo attributed the strong performance to multiple factors, including favorable metal prices, strategic investments in mining operations, and beneficial currency movements in Bolivia. "Metal prices is helping us indeed, and also we have a few things that contribute to our gross margins. One has been the result of previous year's investments into our mines which have improved our margins," Préstamo explained.The company has made significant progress reducing its debt obligations, paying down $17.5 million of its Glencore consideration. With $22.5 million remaining to be paid in three monthly installments of $7.5 million each, the final payment is scheduled for late October 2025. The company maintains a strong treasury position with over $60 million in cash reserves.Strategic capital investments have focused on the Mexican Zimapán mine, particularly the development of Level 960, which management considers "the future of this mine." The company has acquired over 15 pieces of underground equipment over the past 18 months, with Level 960 now contributing 40,000 tons monthly out of the mine's total 75,000 tons per month throughput.While these investments temporarily elevated all-in sustained cash costs to $34.32 per silver equivalent ounce in Q1, management expects costs to normalize to $22-23 per ounce by Q4 2025 as operations transition from development ore to more efficient stope mining.The company maintains its commitment to community investment, allocating approximately $4 million annually to development programs while focusing on operational excellence rather than acquisitions for 2025.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

What happens when your 15-person agency runs out of cash and you have to start over from scratch?On this week's episode of The RAG Podcast, I'm joined by Philippa Smith, founder of Silver Swan Recruitment, a luxury staffing agency for ultra-high net worth individuals.After growing her team to 15, COVID and poor cash flow caught up with her. In August 2024, she made the entire team redundant and scaled the business back to just herself.Nine months later, Philippa is now generating more than £1 million in pro-rata EBITDA. She's happier, more focused, and running a business built around lifestyle and profit, not just headcount.In this episode, we cover:How she pivoted her model to charge upfront and improve cash flowWhy personal branding has transformed her client relationshipsThe emotional cost of scaling too fastHow she's using podcasting and community to drive inbound growthThe upside of running a smaller, more agile agencyIf you're questioning whether scale is really the goal, this episode will give you a new perspective.Chapters00:00 Introduction to Silver Swan Recruitment02:04 Philippa's Journey into Recruitment07:52 Transition to Silver Swan Recruitment10:00 Growth and Challenges in Recruitment18:22 The Impact of COVID-19 on Business22:01 Navigating Revenue Challenges24:05 Strategies for Business Development24:17 Building the Team: Structure and Challenges25:08 The Turning Point: Running Out of Money27:19 Facing Reality: Making Tough Decisions30:01 The Aftermath: Adjusting to Change32:10 Rebuilding: A New Business Model34:12 Commitment to Change: Charging Upfront39:04 Success Redefined: Filling Roles Effectively41:21 The Power of Personal Branding46:47 The Power of Podcasting in Recruitment49:00 Building Communities for House Managers52:58 Creating Value Through Events and Networking56:58 The Balance of Work and Personal Life01:01:02 Lessons Learned and Future Aspirations__________________________________________Episode Sponsor: AtlasYour memory isn't perfect. So Atlas remembers everything for you. Atlas is an end-to-end recruitment platform built for the AI generation. It automates your admin so you can focus on the business tasks that matter. How many conversations do you have every day? With clients. Candidates. Your team. Service providers.Now how many of those conversations can you recall with 100% accuracy? How many hours a week do you spend making notes to try and retain as much as possible? And how much is still getting lost along the way? Traditional CRM systems weren't built for the type of recruitment business you're running right now. They were built to rely on the structured, tagged, categorised, and formal data you could feed it. Manual processes that needed you to input specific information, based on specific questions and answers. But what about all the other conversations you're having every single day? Atlas isn't an ATS or a CRM. It's an Intelligent Business Platform that helps you perform 10X better than you could on your own. How? By removing all your low value tasks, acting as your perfect memory, and providing highly relevant recommendations to impact your performance. Learn more about the power of Atlas – and take advantage of the exclusive offer for The RAG listeners – by visiting https://recruitwithatlas.com/therag/ __________________________________________Episode Sponsor: HoxoRecruitment agency founders - this one's for...

Panagiota Hatzis is the VP of Human Resources at HexClad Cookware, a hybrid cookware company. With over 15 years of experience in HR, she has led people and teams through hyper-growth, global expansion, and major cultural transformation. Panagiota is also an Executive Coach at MentorPass and Leaderology. Before HexClad Cookware, she was the Vice President of Human Resources at Common Thread Collective, where she helped scale the company from 20 to 80 employees across 10 states. In this episode… Scaling a company from $10 million to $100 million requires more than just great products or marketing; it demands an intentional and strategic approach to building and leading teams. Yet many leaders overlook people operations as a vital growth lever, treating HR as an administrative function rather than a revenue and culture driver. How can businesses rethink their people strategy to avoid burnout, misalignment, and stalled growth? People operations and organizational psychology expert Panagiota Hatzis emphasizes repositioning HR as a strategic business partner aligned with EBITDA goals. This requires maintaining relational equity — trust and mutual respect — between leaders and teams and optimizing processes to minimize burnout. Building culture intentionally through frequent communication, transparency, and accountability is crucial for maintaining alignment as you scale to the next stage of revenue.  In this episode of the Up Arrow Podcast, William Harris interviews Panagiota Hatzis, VP of Human Resources at HexClad Cookware, about using people operations as a strategic growth engine. She explains how to encourage guilt-free time off for employees, the difference between effort and authentic business results, and how to close the gap between leadership intent and the employee experience.

Amid global economic uncertainty and shifting trade policies, how do manufacturing companies navigate choppy waters? Otto Pukk, President & CEO of InCap joins us to reveal the advantages of a decentralized leadership approach during turbulent times."There is always some crisis and always some turbulence," Otto reflects with refreshing pragmatism. Rather than centralizing control, InCap has thrived by empowering local management teams across their global facilities. "We have excellent management teams in each unit that are experts on the local conditions and can navigate through that," he explains. This distributed leadership model has become their secret sauce in responding quickly to regional challenges without waiting for headquarters directives.The financial results speak volumes. While many European EMS companies struggle, InCap reports strong growth and impressive EBITDA margins. Their ultra-lean headquarters—just 10 square meters in Helsinki with a team of seven—minimizes overhead costs that typically eat into profits. Looking ahead to 2025, Otto acknowledges the market hesitancy as everyone waits to see "what are the rules of the game" regarding tariffs and trade policies, but remains optimistic about growth prospects once conditions stabilize. Perhaps most valuably, he highlights the collaborative spirit within the electronics manufacturing community, where competitors often share knowledge to solve common challenges. "It's a small, very small community actually... you don't need to be afraid to share your experience."Ready to rethink your company's approach to global uncertainty? Listen now and discover how culture and organizational structure might be your greatest asset in unpredictable times.EMS@C-Level Live at APEX is sponsored by global inspection leaders Koh Young (https://www.kohyoung.com) and Creative Electron (https://creativeelectron.com)EMS@C-Level is sponsored by global inspection leaders Koh Young (https://www.kohyoung.com) and Creative Electron (https://creativeelectron.com) You can see video versions of all of the EMS@C-Level pods on our YouTube playlist.

SummaryIn this episode, Christian Hassold and Ayelet Shipley delve into the complexities of agency valuations, exploring the interplay between buyer and seller motivations, and discussing real-world scenarios that illustrate various deal structures. They emphasize the importance of understanding the unique dynamics of the agency market, including the factors that influence valuations and the creative structuring of deals to meet the needs of both parties. In this conversation, Ayelet and Christian delve into the intricacies of business valuation, particularly focusing on earn-outs and creative deal structures. They explore how earn-outs can bridge the gap between current cash and total enterprise value, especially in lower EBITDA scenarios. The discussion also highlights the dynamics of larger deals, emphasizing the importance of timing and the need for sellers to recognize good opportunities in a fluctuating market. The conversation is rich with insights on how to structure deals that meet both buyer and seller needs while navigating the complexities of agency acquisitions.Takeaways• A deal occurs in the overlap of buyer and seller needs.• Creative structuring can lead to better outcomes for sellers.• The agency market is dynamic with many new entrants and exits.• People, client relationships, and capabilities are key assets in agency valuations.• Valuations can vary significantly based on market fit and potential.• Understanding the motivations of both buyers and sellers is crucial.• The agency landscape is evolving with increasing deal velocity. Earn-outs can be a strategic tool in business valuation.• Trust between buyer and seller facilitates smoother transactions.Chapters0:48 Introduction 1:59 Why Agencies Are Built and Sold 8:03 How Buyers Assess Value 12:10 Cash Upfront vs. Long-Term Upside 14:28 Real-World Deal Scenarios 15:02 Scenario B: Traditional 80/20 Deal 19:33 Earnout Treatment in Valuation 21:21 Scenario D: Creative Deal for Smaller Agencies 26:27 Performance-Based Payment Adjustment 29:23 Why Larger Deals Are Different 32:41 Wrap-UpConnect with Christian & Inorganic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E26 guest, Ayelet Shipley on LinkedInhttps://www.linkedin.com/in/ayelet-shipley-b16330149/ Hosted on Acast. See acast.com/privacy for more information.

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-long-life-high-margin-canadian-project-6739Recording date: 5th June 2025Northisle Copper & Gold is positioning itself as a premier copper-gold development story, combining exceptional project economics with strategic board additions that signal institutional credibility. Led by President and CEO Sam Lee, the company has assembled a world-class team to advance what it characterizes as an extraordinary project trading at significant discount to its underlying value.The company's preliminary economic assessment reveals compelling fundamentals: a CAD$2 billion NPV after tax with 45% internal rate of return over 29 years at conservative metal prices. At current spot prices of $4.60 copper and $2,900 gold, the economics expand to a remarkable CAD$3.7 billion NPV. Despite these metrics, Northisle trades at approximately $250 million market capitalization, representing just 0.1 times net asset value.Strategic board appointments underscore the project's institutional appeal. Alex Davidson, a 30-year Barrick Gold executive vice president instrumental in identifying major global gold projects, brings unparalleled operational expertise. "If there's a major gold project in this world, Alex has touched it somehow," Lee noted. Complementing Davidson's experience, Dr. Pablo Mejia, former VP of Exploration at Ero Copper, contributes AI-driven geological analysis capabilities to unlock value from the project's extensive 60-year database.The company has engineered a phased development strategy that prioritizes high-grade, high-margin zones delivering 70% EBITDA margins. This approach, following the successful Teck Resources model, uses early gold production of 200,000 ounces annually to fund broader district development across a 35-kilometer porphyry system.Northisle's systematic exploration approach has delivered consistent results, with four consecutive phases generating a 3:1 return ratio—each $7 million drilling program translating to $25-30 million market capitalization increases. This disciplined execution, combined with strong political support for Canadian critical mineral development and strategic tidewater access on Vancouver Island, positions Northisle as a compelling investment opportunity in an increasingly strategic sector.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Dan Regester fills in for Producer Randy as the boys check in on Randy in Vegas, gym talk, U.S. Open at Oakmont, Tesla Robotaxis in Austin, This Weekend in Fun, and Run it Back. Support us on Patreon and receive weekly episodes for as low $5 per month: www.patreon.com/circlingbackpodcast Watch all of our full episodes on YouTube: www.youtube.com/washedmedia Shop Washed Merch: www.washedmedia.shop • (0:00) Fun & Easy Banter • (16:20) Checkin in on Randy in Vegas • (18:00) Ask a Gym Guy • (40:10) Tesla Robotaxis • (52:08) U.S. Open • (1:01:05) This Weekend in Fun • (1:07:20) Run it Back Support This Episode's Sponsors: • Aura Frames: For a limited time, listeners can save on the perfect gift by visiting AuraFrames.com to get $30 off on their best-selling Carver Mat frame with promo code CIRCLING. • Factor Meals: Get started at factormeals DOT com slash backer50off and use code backer50off to get 50 percent off plus FREE shipping on your first box. • Rhoback: Get 20% off at Rhoback.com with promo code WASHED20. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, finance professor and author, Alex Edmans, offers a rigorous examination of the narratives surrounding diversity, equity, and inclusion (DEI) in corporate strategy. Drawing on his critique of widely cited studies, including those from McKinsey and BlackRock, Edmans illustrates how flawed data interpretations and confirmation bias contribute to the persistence of questionable claims. He warns against relying on correlation-based research that lacks causal rigor, especially when such findings are used to justify high-stakes decisions in boardrooms and policy circles.   Edmans identifies three recurring issues in the current DEI discourse: cherry-picked performance metrics that ignore long-term shareholder value; reverse causality, where strong performance leads to more diversity, not the other way around; and omitted variable bias, such as industry effects that confound diversity claims. He also critiques the narrow definition of diversity, which often reduces individuals to surface-level demographic traits while ignoring cognitive and experiential variation that may be more relevant to performance.   The conversation extends beyond DEI to explore the structural incentives within academia, consulting, and media that reward oversimplified narratives. Edmans notes that when ideas become dominant, dissenters face not only reputational risk but also institutional hurdles that discourage honest debate. The result is a professional ecosystem in which flawed research is amplified and poorly contextualized advice is recycled across geographies and sectors without regard for applicability.   Other key themes include: The difference between demographic and cognitive diversity in strategic decision-making The dangers of universalizing business practices without accounting for local context Why flawed performance metrics (e.g., EBITDA) misrepresent firm success How misaligned incentives distort executive behavior and perpetuate ineffective initiatives The role of institutional culture in suppressing dissent and reinforcing groupthink   For senior leaders navigating complex decisions, Edmans' commentary offers a timely reminder: even widely accepted practices warrant scrutiny. In environments where performance is difficult to measure and cause-effect relationships are opaque, intellectual discipline, not ideological alignment, is essential.   Learn more about Alex Edmans here: https://alexedmans.com/   Get Alex's book here: May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases—And What We Can Do about It.  https://maycontainlies.com/   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

In this episode, the hosts dive into a high-flying tourism aviation business for sale in the Southeast, featuring helicopters, helipads, and hefty margins—with a healthy side of legal intrigue and risk.------------------------------------------------------------------► Join 40,000+ business minds who read my newsletter: http://bit.ly/SmallBusinessMBA► Deep dives on businesses for sale: https://www.youtube.com/@AcquisitionsAnonymousPodcast  ► Follow me on Twitter/X: https://x.com/girdley------------------------------------------------------------------

How Smart Founders Get 5–100× Higher Business Exit Value John Ratliff On The Homefront Unlock the insider strategies behind maximizing your business exit — beyond just EBITDA multiples. In this in-depth Home Front interview, John Ratliff walks us through: Why most business owners sell for less than they deserve How to build with the ideal buyer persona in mind Structuring deals that attract “must‑have” buyers and unlock premium valuation Avoiding common exit mistakes (e.g., unprepared financials, single bidder, structure pitfalls) Culture-first leadership: treating frontline staff as your most important asset “Dream On” program insights: boosting morale, reducing turnover, and saving $ M Speaking your bold future into existence (strategic aim & painted picture) The power of community and masterminds for founder growth Perfect for founders, CEOs, and business changemakers serious about maximizing their exit and taking their company (and culture) to the next level. ⭐ Subscribe for more founder exit strategies & culture-first leadership insights. John Ratliff on LinkedIn Align5 

How Smart Founders Get 5–100× Higher Business Exit Value John Ratliff On The Homefront Unlock the insider strategies behind maximizing your business exit — beyond just EBITDA multiples. In this in-depth Home Front interview, John Ratliff walks us through: Why most business owners sell for less than they deserve How to build with the ideal buyer persona in mind Structuring deals that attract “must‑have” buyers and unlock premium valuation Avoiding common exit mistakes (e.g., unprepared financials, single bidder, structure pitfalls) Culture-first leadership: treating frontline staff as your most important asset “Dream On” program insights: boosting morale, reducing turnover, and saving $ M Speaking your bold future into existence (strategic aim & painted picture) The power of community and masterminds for founder growth Perfect for founders, CEOs, and business changemakers serious about maximizing their exit and taking their company (and culture) to the next level. ⭐ Subscribe for more founder exit strategies & culture-first leadership insights. John Ratliff on LinkedIn Align5 

Register for the webinar:SBA Loans 101 + Program Updates - Jun 12th - https://bit.ly/4jG0FSVAfter Evan Stewart found his footing in his printing business, he pushed it from $1.8m to $3.2m EBITDA in under 2 years.Topics in Evan's interview:Experience in the Acquisition Lab6 months of imposter syndromeEarning the right to be heardChanges in direct mail printing technologyStanding out amongst fierce competitionHis wife joining the businessMoving his family to be closer to the businessAccepting investment from friends and familyPutting a lien on his house to get the loanBuying into a shrinking industryReferences and how to contact Evan:LinkedInDirect OneAlex Holley on Acquiring Minds: Networking His Way to $800k SDEGet a free review of your books & financial ops from System Six (a $500 value):Book a call with Tim or hello@systemsix.com and mention Acquiring MindsDownload the New CEO's Guide to Human Resources from Aspen HR:From this page or contact mark@aspenhr.comWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited By Anton RohozovProduced by Pam Cameron

Thinking about selling your business? In this episode of Protect Your Assets, David Hollander discusses key considerations for business owners preparing for a potential sale. From cleaning up your books to understanding valuation methods like EBITDA and discounted cash flow, you’ll learn how to navigate the transition thoughtfully. David also explores tax implications, legal planning, and how to approach the emotional side of letting go of a company you've spent years building. Whether you’ve received a call from a private equity firm or you’re just beginning to consider your next chapter, this episode offers practical insights from over 30 years of working with business owners at every stage of the exit process. You can send your questions to questions@pyaradio.com for a chance to be answered on air. Catch up on past episodes: http://pyaradio.com Liberty Group website: https://libertygroupllc.com/ Attend an event: www.pyaevents.com Schedule a complimentary 15-minute consultation: https://calendly.com/libertygroupllc/scheduleacall/ See omnystudio.com/listener for privacy information.

Many entrepreneurs struggle to scale significantly. Marc Adams, a seasoned business expert, shared insights on Sales Pop on how to break through these barriers, scale to a $100 million valuation, and exit tax-free. Key strategies include establishing a healthy EBITDA margin (around 15%) during initial organic growth. Then, use strategic acquisitions—focusing on leveraging strengths via cross-pollination rather than disruptive early integration—to rapidly increase value. Adams emphasized that substantial wealth is preserved through smart tax planning during exit preparation and highlighted the transformative potential of partnering with the right private equity firms. He offers a free consultation for businesses ready to explore these strategies.

When Doug Lowenthal discovered that $1 million in EBITDA was the minimum threshold acquirers looked for in his industry, he had a goal. Then he learned that managed service providers—businesses that offer outsourced IT support—were trading for 6–8× EBITDA. That's when he realized he was building something truly valuable.  But getting there required more than just strong financials. Doug had to rethink how he led his team, structured his business, and prepared for life after the deal. 

In this episode of the Nifty Thrifty Dentists Podcast, Dr. Glenn Vo interviews Greg Essenmacher, CEO of GnA Consult, about the systems, strategy, and operational support that dental practices need to thrive, especially when scaling into more complex procedures like full-arch dentistry. Greg Essenmacher is a trailblazer in All-on-X dentistry, revolutionizing single-office practitioners into thriving implant practices that often expand into large group practices. With over a decade of full-arch consulting experience, Greg has: Launched the Neodent brand into the U.S. market for the Straumanngroup. Helped hundreds of practices increase full arch profitability, case acceptance, and patient outcomes. Helped practices turn Full Arch into their most valuable asset—boosting EBITDA and long-term valuation Greg's formula focuses on results you can see—higher margins, more arches, and a team-driven system that runs without the doctor spending 1+ hours in every consult.

This is Zack Fuss. Today, we're tackling a giant in a controversial and incredibly complex industry, UnitedHealth Group. At its recent apex, UNH was a half-trillion-dollar market cap business, the 15th largest listed business in the United States. Today, that market cap sits at just $275 billion. The company generates an excess of $400 billion in sales annually and produces $40 billion in EBITDA as it touches every facet of the American healthcare system. To break down UnitedHealthcare, I'm joined by Stephanie Niven, a co-PM of the Global Sustainable Equity Strategy within the Sustainable Equity Team at Ninety One. Stephanie has been following the company since 2012 and she helps us to unravel this intricate business. We explore how UnitedHealthcare operates as a fully integrated healthcare system from its insurance arm to its high-margin health services business. We also dive into the concept of value-based care, the recent headwinds from Medicare Advantage scrutiny, and whether the market is mispricing this complex giant amidst regulatory noise and leadership changes. Please enjoy this breakdown of UnitedHealth Group. ⁠⁠Subscribe⁠⁠ to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠ ⁠here⁠⁠. —- This episode is brought to you by Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world's leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit⁠⁠ octus.com⁠⁠ to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle. —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠ joincolossus.com/episodes⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠https://thepodcastconsultant.com⁠⁠). Show Notes (00:00:00) Welcome to Business Breakdowns (00:04:51) Understanding the US Healthcare System (00:10:24) UnitedHealth Group's Origins and Evolution (00:13:41) UnitedHealth Group's Business Model (00:22:36) Optum: The Overlooked Powerhouse (00:29:24) Value-Based Care: A New Approach (00:34:51) Current State of US Healthcare System (00:36:49) Regulatory Scrutiny and Media Attention (00:37:27) Investor Concerns and Company Response (00:42:49) Structural vs. Cyclical Issues (00:48:42) UnitedHealth's Technological Edge (00:52:07) Political Risks and Regulatory Environment (00:57:16) Medicare Advantage: A Closer Look (01:02:02) Lessons from UnitedHealth's Strategy