Podcasts about ebitda

My guest today is Andrew Milgram. Andrew is the founder of Marblegate Asset Management, an alternative investment firm that invests in credit opportunities and special situations. He joins me to discuss his unique approach to distressed investing in the middle market, revealing how middle market EBITDA has declined 20-25% since 2019, creating what he calls the "K-shaped economy." His investment stories are legendary, particularly his $600+ million bet on NYC taxi medallions, which we go into in great detail. We discuss Marblegate's approach to negotiation, sourcing deals directly from hundreds of regional banks, and understanding the human element in distressed situations. Please enjoy this conversation with Andrew Milgram. For the full show notes, transcript, and links to mentioned content, check out the episode page⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠.⁠⁠⁠⁠⁠⁠⁠⁠ ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp.com/invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ridgelineapps.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠ AlphaSense⁠⁠⁠⁠⁠⁠⁠. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at⁠⁠⁠⁠⁠⁠⁠ Alpha-Sense.com/Invest⁠⁠⁠⁠⁠⁠⁠ and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:58) Understanding the K-Shaped Economy (00:07:08) Middle Market Challenges and Data Insights (00:16:56) Distressed Investing Explained (00:25:06) The Taxi Medallion Investment Story (00:46:46) Navigating New York's Taxi Medallion System (00:47:17) Building Relationships with Regulators and Unions (00:50:22) Taking the Taxi Operation Public (00:51:26) The Future of Autonomous Vehicles and Medallions (00:54:30) Investment Strategies and Risk Management (00:58:41) Negotiation Principles and Human Drama (01:11:55) Personal Reflections and Formative Experiences (01:17:22) The State of the American Economy (01:23:29) Insights on Private Credit and Equity Markets (01:30:39) Future of Asset Management (01:33:16) The Kindest Thing Anyone Has Done For Andrew

On today's episode, Dr. Mark Costes welcomes the always engaging Dr. Paul “Nacho” Goodman for a wide-ranging conversation about upcoming events, practice ownership, and the realities of stepping out of the operatory. They dive into the origins and purpose of Super Dentist Boost Camp, discuss the value of live events for building relationships and opportunities, and highlight why balancing EBITDA with what Paul calls “SBITDA” (stress building inside toward dental annoyance) is essential for long-term success.  The two share candid stories about the challenges and freedoms that come with being out of clinical practice while still owning multiple businesses, and why dental students and early-career dentists must prioritize networking and learning outside the classroom. Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://www.penningtondentalcenter.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

In this inspiring episode, Vinney Chopra sits down with Badri Hebsur, a UK-based entrepreneur and real estate investor who built a multimillion-dollar property portfolio from scratch. Starting with rundown flats while working a full-time job, Badri steadily scaled his wealth through value-add real estate strategies. Today, he manages over £7 million in assets and has successfully expanded into the senior living sector, transforming a 33-bed nursing home into a thriving business.   Listeners will discover:

Hope you're having a winning week! We're back with this week's

Justin Abrams is the founder and CEO of Aryo Consulting Group, a strategic consulting firm that serves as the unbiased growth engine for small and mid-sized businesses. Specializing in increasing total enterprise value, Justin helps clients cut unnecessary marketing spend while implementing smart, scalable acquisition models--all without sacrificing EBITDA margins. In his conversation with Trisha […]

Growing your practice can be incredibly exciting, but incredibly intimidating. Kiera tells listeners how they can scale with confidence by giving specific questions to ask yourself. These include: Are your systems running smoothly? Are your teams aligned and accountable? Do you have a clear data back-growth plan? And 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 today I'm super jazzed because I feel like this is such a great question that so many offices ask me of like, okay, Kiera, how do I know that my practice is ready for the next level? How do know I'm ready to add in more team members? How do I know I'm ready to add an associate? How do know if I'm ready to add another location? And I feel like so many of these things sit in our brains and we're always wondering like, how do you know? It's like, how do you know when you're ready for the next baby?   but instead of like babies, which like really, how do you really know? There are certain things to know or how do you know if you're ready to get married? Well, there are certain things actually. So let's take some of that guesswork out, make this a little bit more fun and have a great time on today's podcast. I'm excited and I hope you're excited. The Dental A Team was built for doctors. It's built for team members. That's why it's called Dental A Team. It's consulting for dentists and teams. I hate as a business owner where people just teach me and I have go try and take it back to my team.   but I love being taught, I love being focused and I love having high level and then I love having implementable things for my team, but from someone who's been there, done that and done that successfully. So that's what we've created. We have a space for doctors and CEOs and entrepreneurs to come and get together like-minded where we're talking high level. This is where I come into play. We have fun, we have business freaking tactics. We call it Think Tank Tuesday and we literally get all together and have a great time. And then we have our in-person mastermind where we're doing the same thing as business and life on purpose.   And then we have our consultants, including myself, our consultants then work with your team. We're going to be teaching your team members how to make your vision a reality, how to scale, how to have the conversations. I say we're like little fairy godmothers for your team members, where we literally are hanging out with them to help them know the resources and the easiest path to get the results they're looking for. That's what we're obsessed about. That's what we do for offices. And I hope that we're a part of your office. And if not, I hope we're apart really, really soon. All right, you guys, let's dig into how do we scale with confidence?   Because growth is super freaking exciting. Like, oh my gosh, we're growing. But back to me, when I first started, we were 500,000 to 2.4 million in nine months in my first location. We bought our second location and you better believe it was fire. And fire is exciting, but it burns hot. And it got hotter and hotter and hotter. And it was because I didn't have a plan. We just were like, sweet, we're at this amount. So let's buy our second location. And it became mayhem and it became crazy. And so it's one of those things of like fires can be beautiful and we can sit there and roast s'mores.   But fires can also be very, very volatile. They can destroy, they can burn fast and they can burn hot. And so this is a zone where if we have a plan, we're going to do really well. If not, we get burnout, we get turnover, we get stalled progress. We actually get sloppy. We actually could fall into really scary things. Like for us, it was full blown burnout. I was on burnout or my owner was on burnout. We were working from 2 a.m. till 10 p.m. every single day. ⁓ Our marriages were falling apart. Like everything was bad. Everything. It was not good.   and we would show up to work just to feel like we were like barely, like nose barely above water, but you better believe there's water getting into that. And so this is something where I really wanted to come on today of how do you know and how can we scale with strategy? How can we scale and know that we're ready for the next level? Because if I would have known this, I would not have bought my second practice. I would have optimized my first practice. I would have put a few more things into place and then bought the second location. But you know, I was young, dumb, I was reckless. We were just like.   We can do this. did the first one, but the first one wasn't like barely hanging on. We had two pending lawsuits on us. Like there were wild things going on, but yet shoot. I think that sometimes it's good to have a little bit of naive, ⁓ but I think it's more important to have a good plan and a good process. So this is the goal. It's not about adding ops and team members. It's truly about making sure our foundation's awesome, making sure that we know what we're doing, making sure we've got a good plan and then executing it. And that does not mean it needs to take a long time. You can scale very quickly, just making sure you have a few key places.   And I like to tell people our goal is to get flagship practice number one solid. We stamp it out and then we just stamp it out, map it out. We have a few nuances that we change based on location and demographics, but generally speaking, it's about the same thing. ⁓ $1 million, one practices versus multi millions, multi practices, multi ops, two very different models of business. So on that, this is what we love to do today. This episode is really for owners and offices asking the question of what's next, but scaling smart.   not fast and also looking at like the DSO landscape of where we headed. Do I DSO? Do I grow? I have a practice and what they were thinking about doing is they're thinking of selling out to a DSO. And I said, cool, but like, what's your plan? I'm like, I still want to keep doing dentistry. And I said, all right, let's look at the numbers. And what was wild is a DSO is going to pay this practice 5 million. And right now you might be like, dude, that's so much. Like I'd sell in a second, like one more bad day and like give me the DSO's number. calling them.   But we looked at and I said, all right, let's expand out a couple more ops, which you've already been thinking about doing. And realistically in the next one to two years, like that's what the DSO is going to do. They're going to come in, they're going to expand this out. So either you can sell to them and live here and do it with them, or you can do it before that. And literally we did that. And this practice in two years is making 5 million net profit. And I think about that because it seems so tempting to sell to the DSO and how it's like, but you're giving up all of this. And if we just had a quick plan.   This doctor now is working about two days a week. They have associate doctors in place. They have this beautiful building and they're looking for the next expansion piece. Beyond Happy, this is their plan. And they're literally making more than they would have with the DSO. And so just be careful, because I think sometimes DSOs can seem so sexy and alluring when we're having bad days. You better believe it. There have been days when I'm like, someone walks by and offers me a buck for Dental A Team. They get it, right? We all have those days as business owners. That's not a joke. It's real life. But I think this is where we can like,   not make reactive decisions, but actually figure out how we wanna scale. And what I will always say is when we scale and what's next, I want you to always ask the question of what do I want in my life and what do I want my life to look like? Because we can scale. You can have 10 practices and say, only wanna work one day a week. That's totally allowed. It's just a different strategy. Or you can say, wanna be a clinician. I love doing the dentistry. Again, different strategy. I was on an on-call yesterday with a potential client and they were like, Garrett, we need systems. We need to have help with our finances.   our financials and we also need help training our team. And I was like, rock on, that's right up our alley. And at the very end of the call, I said, Hey, is there anything else you feel like I should, I need to know? they're like, well, yeah, we're considering selling in a year. And I was like, wow, that changes the entire plan of what I would do because I would not be building all the systems if we're planning to sell in a year. I'm going to be cranking your EBITDA. We're going to be working on case acceptance, adding production to this practice to make sure we're getting top dollar for the sale while also making it easy and enjoyable to live there at the same time. So one of those things of   where you want to go and what your North Star is, radically changes your question of what's next. It's what's next based on what you want to do. So when we look at this, I really want you to think about and look at these pieces of what's next. And again, some of these things might change depending upon what your next is. If we're selling to a DSO, it looks very different than if we're building a legacy practice. So just know a lot of these pieces might be dependent upon where you want to go.   So number one, I think this is a great thing. If you want to grow, you want to add another practice, you want to add more ops, you want to add more team members, you want to grow to the next level financially, is make sure your systems are truly running without you. So you don't need to be there in every single decision. Doctor, you don't have to be answering, signing off on what are we ordering? We don't want to be signing off on payroll. We literally have built this delegation ladder. We have team leads in place. The systems are running where the team can execute daily. We have end of day checklists. We're not having to look over every single thing.   We have checklists of what people need to be doing. It's very clean. People are in the right seats. They know what they're doing. We have clear operations manual built out for scheduling, billing, case acceptance, hygiene, all these different areas of our practice. It's clear. We have it mapped. We have documented systems that are followed by all. So not just documented, but truly followed by all. ⁓ And honestly, it's something where doctors, would recommend, a fun thing. You're welcome. I'm giving you a vacation. You leave for two weeks.   I want you to leave the practice for two weeks. And when you're gone, I want you to see that practice thrive while you were gone. Did it barely survive? Was the team able to make decisions without you? What systems fell apart and let's fix that. This is something where doctors are always a little nervous to take time off for production. Yes. But I say it is absolutely essential and crucial doctors that you take time, you leave the practice so you can actually find out what's breaking down. Same thing with office managers and leads. We need them to leave. We need you out. And what's wild is when offices, I see them. So for example, I have a doctor.   They usually take about two to three weeks up in the summer. They usually take two to three weeks off in the early spring. And it's awesome. And what happens is on those months, production doesn't The practice doesn't fall apart. The office manager is able to execute the way the doctor would execute. Team culture runs the exact same, whether the doctor's there or not. And that to me is a sign of your systems are not dependent upon you. So if you want to do a stress test, rock on. Prep your team. don't just like spring it on them. That doesn't usually go well.   but stress test and go for two weeks and see what happens to your practice. And then also look to see when you go around and you're doing your CEO time, let's rate every single department in our practice on a one to 10 of how are they doing? Could they run this without you? Do they know what they need to do? Are we hitting the KPIs that we need to hit? And if not, do we need to put some systems into place that can run independent of you? So that would really be a good stress test of go on vacation and also rate your departments and see where maybe our system is lacking. Now.   I will also put a word of caution because a lot of times doctors, are very meticulous. That's why you're dentists. That's why you're working on that little box on the MO and you do so well with your very, very, very, very fine skills because that's what you do day in and day out. A lot of offices are actually ready to scale with their systems. Being systematized where it runs without you does not mean perfect. And I really want you to hear me loud and clear. It is not about being perfect. It's about being scalable and that this can run without you and that you're really able to move things forward. So.   A lot of people get stuck and they don't grow because like, don't have every system in place. No, we're talking that like the bulk of your KPIs are able to be hit. The bulk of our systems are able to follow. The culture doesn't dip when you're gone. Production doesn't dip when you're gone. ⁓ But you might be more ready than you think you are. So be careful. There's a second side to it. Make sure that we're good on that rather than just being like, ⁓ my systems will never be perfect. Cause honestly, systems will never be done. Your practice will never, ever, ever, ever, ever be done. But that doesn't mean it's not time to scale. So that's your system's text. Number two.   Teams aligned and super accountable. So this is different than the top one because it's about systems running. But when the teams align, this is us hitting our KPIs. So we have leads in place. They own their area. They own their numbers. They hit their metrics consistently. We literally have a weekly leadership meeting. Even if that's just your whole team, we're hitting our metrics. We're reviewing our wins and we're all staying accountable to it. So this is what we're looking for is team high level accountability. If we say we're going to do it, we follow through. If we say we're going to get this KPI, we do it. If we say we set this goal, we hit this goal.   And honestly, a big piece of that is we're not having a ton of turnover. So that's helping me know that your practice is stable. Your team is stable. We're hitting these KPIs. So if you're not tracking your data, you're not tracking your numbers, you have no clue. I would strongly advise not growing and adding more ops because all it does is it just makes the chaos even bigger. Trust me, I did it. I had no numbers. I had no KPIs. I had no accountability. I had no team members reporting up. And then all of sudden my problems doubled because now I had a second location and none of this was in place. I will tell you, it is a train wreck. You can get through it.   but it is not fun and I almost didn't get through it. So for this is just make sure that we have our leads, make sure that they're reporting. And I have a practice who started doing this and they were around like 3 million ish and they grew to 5 million, but just been putting their numbers in every single week, their leadership teams looking at their numbers, they're making adjustments every quarter. We're setting goals for them and we follow and that's just happening in one year. So exponential growth can happen and be careful because you can actually squeeze more juice out of your lemon.   in your current practice by even following these steps. So this can be growth internally. It's kind of like a house, right? Like we can go buy a new house or we can just make our house even more awesome. There was an office that I knew and they literally were like, we can go buy another house, but why don't we just invest the money here? And they've made their house this incredible oasis, made it even better. They have even more fun. That's something that you can do in your practice too. So don't, don't worry. It doesn't mean have to sell. doesn't mean you have to scale. It doesn't mean you have to have multi-practices. It doesn't mean you have to expand.   It means you could even do this within your practice, looking at these pieces will exponentially help you grow to the next level with ease. Number three that you're ready for is you have a clear data back growth plan. So we're looking at this and we're making sure that like, our KPIs are tracking and that we are profitable and we have the right patient flow to be able to grow. We have the right team members. We have a pipeline in place to bring on another doctor. We have a pipeline in place to have more hygienists coming in. Like we are not going to get stuck in that area.   We have an office manager or regional manager that has the bandwidth to be able to go. Our billing team is very consistent. Our collections sit at 98%. ⁓ And then what we have from here is we're going to have a scaling growth plan. So when I work with offices, we had a doctor reach out. They were at a four ops practice and they're going to an eight, they thought, and we pushed them to a 10. I asked them, are you so glad we went to a 10? And they said, Kiera, the answer is yes. I thought you were crazy. And I was like, nope, you will never regret having more ops. But they started with us. So we're talking four ops to 10 ops. And what we did before is we literally started with this practice.   about 12 months before they expand and we started putting together the plan of, all right, we're gonna start saving money. This is how much it's gonna cost. This is how many team members we're going to need. So let's start building the pipeline for it. We're going to need a doctor at this point in time. So you're gonna need to start working on that. We're gonna be meeting with the contractors. We're going to be expanding this out. And honestly, this doctor is so happy because they have the cash. So when they built it out, they weren't cashflow stressed. They had a new patient plan to grow. They had a plan for a new doctor. We had associate onboarding documents in place for them. We had a hygiene pipeline.   We had the new patient plan. We had the doctor's plan of what procedures this doctor was going to do. And literally this doctor was like, well, another building just came up. Do you think that I'm ready for it? They had just opened the 10 ops. And I said, well, the answer is I actually think you are pretty well ready for it because we had the KPIs. We were tracking the pieces. We had a plan and we did this for almost 12 months. There's another office that was bringing in a partner. And for 12 months, we figured out how much is their true pay of true compensation.   We worked through all those different pieces for them. So that way when the partner bought in, it wasn't this chaos for them. And I think this data-backed growth plan of knowing what the reality is of how much your expenses will be, having things in place, having your reserves, your financial reserves, that's going to make it to where you are not stressed out of your mind when you take this on. Because cashflow, resources, not having enough money.   That's going to cause chaos. That's going to cause frustration. This is going to cause like, oh my gosh, I don't think I can do this. Then on top of it, you have systems. Then on top of that, you have team members that aren't accountable. And you're like, oh my gosh, I now have like 25 team members and it's so stressful. And like, I wish I never would have bought the second practice or I wish I never would have expanded. And I'm like, it's not that you wish you would never would have expanded. You wish you would have just done it differently. That's what it is. You wish you would have just done it differently. You wish you would have had a plan in place. You wish you would have had the cashflow for it.   Because it does take, like when we expand out, I told this doctor, said, I want you to plan three to six months of reserve of cash of covering all these expenses. So we're building up, building up, building up. They were very profitable at the beginning, like very profitable on this for-off practice. They just were expanding it they were too stuck. Like they had no more space. Same thing with my other practice. They were eight and they went to 15 ops. They were just stuck. But if you don't plan for these pieces, I said, I want you to have three to six months worth of cashflow.   when you go into whether we're getting that as a loan or working capital or you're building this up over the next couple of months while we build this out, these doctors are so secure. And then what we do is once we expand it, know that we know the metrics that we need to hit to be able to pay for all these expenses that we just put into place, still give a great patient experience, still give great case acceptance, still give great exams, still give great hygiene, so we're not sitting here stressed out of our minds, we're having to do all these pieces.   because my gosh, we just bought this so now like sell as much as we possibly can because I'm stressed out of my mind. It takes all that stress out for these doctors and it really makes it to where they reverse engineer and we figure out staffing, space, systems, finances, protocols, when do we do this, how do we build this out? And it's wild because when you have someone who can coach and guide you through that, it's insane how much better prepared you are. Also with these doctors.   We squoze the juice out before they expand it. So how can we maximize and optimize? I another doctor who had four ops. Like, here there's no space. I'm building this building across the street. It was a beautiful building. And I'm like, but you actually have space for one more op in this practice. And they're like, what? Why didn't you come four months earlier? And I was like, well, hi. So we added another op, even in the time they were building the practice, we spent the money on it. And it's crazy because that one op produced about $400,000 $500,000 in just one year in that one extra op.   We were then able to take that money and obviously apply it to the next building and they were able to maximize that space that they were in. So looking at that reverse engineering is really going to give you clarity. And so when we look at these three strong signs of you're ready to grow with strong systems in place, team accountability, and then a clear plan forward that you're planning for, you're preparing for, you're executing on, and this is going to truly help you have confidence. Confidence comes from being prepared. Confidence comes not from being perfect.   Confidence comes from, know where I'm headed, we've got these pieces. And I tell every single doctor we work with, I'm like, listen, we're gonna do our absolute best to plan and repair. We're gonna do our absolute best to get the numbers in place. There will be things we forget every single time, because we're not perfect. But the antidote to fear is action. The antidote to fear is having a plan. The antidote to knowing if you're ready to go is to be prepared in these areas. And so I really think when you look at this, like, don't have to guess if I should go.   Don't guess and be like, Kara, where it's like, we've got the first one, let's just add on a second one. You're welcome to, it's just a thrill of a lifetime that I think adds more burnout, more stress, more chaos than necessary. And I'm like, you can have the same growth, you can have the same scalability, just with more strategy, more fun and more predictability. So if you're interested in about it, don't guess, like just DM us. We have ideas to how to scale, we have different pieces you can DM us scale, you can say like, hey, I'm thinking about this, how do I know? We'll get on a complimentary practice assessment with you.   give you like complimentary advice, truly, we're gonna help you build a plan and see how we can fit, how we can help you. But really, if you're thinking about it before you sell to a DSO, even this practice I was talking to, I was like, listen, there's other options because we work with hundreds of practices, we see different scenarios, this is why we get our doctors together, is because the more we learn and the more we educate each other, the better decisions you're able to make. Do not be paralyzed by fear and not make a decision, because what's worse than making a wrong decision is not making a decision. So make the decision.   Execute and truly let us be your guide get a guide guide through it. It makes it so much easier You're able to scale faster not be stressed out and really this is what we excel at This is what we're great at so reach out Hello@TheDentalATeam.com comm click on our link on TheDentalATeam.com podcast Make sure you're following along for more tips and tricks because our goal is to make your life less stressful More fun and more predictable and as always thanks for listening. I'll catch you next time on the Dental A Team podcast  

In this episode, the hosts debate the acquisition of a €20M dairy farm in Romania, balancing its EU certifications, solar power, and commodity risks against complex operations and geopolitical uncertainty.Business Listing – https://mergerscorp.com/property/profitable-exclusive-dairy-farm/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.

In this episode, Ray Sclafani breaks down a common but dangerous misconception in the financial advisory industry: the overreliance on market-based multiples like revenue or EBITDA for determining a firm's value. He shares a real-world story about a financial advisor unsure of what a "7x multiple" actually meant, illustrating how valuation misunderstandings can derail succession, acquisition, and growth strategies. Ray offers a practical, nuanced view of valuation best practices, emphasizing the importance of reliable data, transparent assumptions, and holistic thinking. This episode is a must-listen for firm leaders preparing for succession, sale, or strategic growth.Key TakeawaysIt's essential to know what the multiple is based on (e.g., EBITDA, revenue, EBAC).Comparing firms without considering key differences (like size or client type) leads to inaccurate valuations.Market sentiment influences multiples, not always firm fundamentals.Discounted Cash Flow (DCF) offers a more accurate, customized valuation.Industry benchmarks are helpful but must be applied with the right context.A firm's value story should include culture, client impact, and sustainability—not just numbers.For more information click here to visit the Best in the Business Blog.Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTubeTo join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.

Pepe Baynat, Director De Bolsas Y Futuros.com, analiza la última hora de las Bolsas europeas, con la cascada de resultados que tenemos hoy. “La volatilidad sigue existiendo. Tenemos valores que tienen fuertes caídas y recuperaciones pero aún hemos visto una tormenta de verano”, asegura el analista. Además, destaca que “los veranos suelen ser tranquilos y la tormenta llegó el año pasado en agosto y aún no hemos llegado”. “El acuerdo comercial entre la Unión Europea y Estados Unidos nos ha quitado la incertidumbre”, afirma el experto. ¿Cómo es la situación de las principales compañías europeas? Sobre Novo Nordisk el analista piensa que es un valor clarisimamente bajista, no hace falta ser analista para darse cuenta de esto”. Eso sí, añade que es “una buena empresa que tiene un movimiento muy parecido al que podría ser Nike, que ha tenido una caída fuerte y no ha llegado a una zona muy deprimida” Además, cree que “que la empresa quiere hacer una zona de suelo, es una apuesta arriesgada porque todavía no es alcista pero es uno de los valores que se puede asumir el riesgo”. ¿Cómo está la situación en España? Una de las compañías más destacadas es Prosegur. La compañía registró un beneficio neto consolidado de 54 millones de euros en el primer semestre del año, lo que supone un incremento del 96,3% en comparación con el mismo periodo de 2024. La facturación total ascendió a 2.467 millones de euros, un crecimiento del 5,1%. Por su parte, el EBITDA se incrementó un 7,4%, alcanzando los 275 millones de euros. A pesar de esto sufre caídas cercanas al 5%. “Prosegur es un valor que lo está haciendo bien. Era uno de los valores que ha roto la sucesión de máximos y mínimos decrecientes superando la zona de los 2,40”, opina el analista.

In this episode, the hosts debate the acquisition of a €20M dairy farm in Romania, balancing its EU certifications, solar power, and commodity risks against complex operations and geopolitical uncertainty.Business Listing – https://mergerscorp.com/property/profitable-exclusive-dairy-farm/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.

Haley Van Cleve, Partner at Apline Investors Haley joins us to decode the art of building successful buy-and-build platforms from the ground up. In this episode, Haley walks through Alpine's proven methodology for transforming small $3M EBITDA businesses into $100M+ platforms through strategic M&A and operational excellence. Learn how Alpine's unique talent model, integration-first approach, and buyer-led M&A strategy has driven over 850 deals, including 170 in 2024 alone. Whether you're a corporate development professional or private equity investor, this conversation delivers actionable insights on platform identification, integration best practices, and scaling through acquisitions. Things you will learn: Alpine's team-market-business prioritization model for identifying $3M businesses with scaling potential Building 20-30 day system rollouts upfront to enable high-velocity acquisitions without operational breakdowns CEO-in-residence programs and profit interest pools that align management for long-term value creation Episode Chapters [00:02:30] Alpine's Evolution – From $400M Fund V to $4.5B today with 180+ team members across three offices [00:04:30] Platform Definition – Why Alpine takes a liberal view of platforms, starting with $3M EBITDA businesses in fragmented markets [00:07:30] Software vs. Services – Rule of 40 for software deals versus EBITDA-focused services acquisitions and different scaling approaches [00:13:30] Legal Tech Case Study – Building a $4M revenue time-billing business into a $30M+ platform through four strategic add-ons [00:16:00] Integration Excellence – People and systems integration within 20-30 days to maintain visibility during high-velocity M&A [00:22:00] Vision Alignment – Setting clear expectations upfront about system standardization and operational changes before LOI [00:25:00] Platform Challenges – Overhiring executive teams early and building integration capacity before closing deals [00:36:00] In-House M&A Teams – When and how to build dedicated M&A functions at portfolio companies for double-digit acquisition strategies [00:44:00] CEO-in-Residence Program – How Alpine hires executives before finding deals and pairs them with markets for 12+ month searches [00:49:00] When Deals Go Sideways – COVID impact on K-12 businesses and pivoting M&A strategies when market assumptions prove wrong Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.

Mike Murphy, founder and managing partner of Sunstone Management Advisors, has worn the CEO, COO and CRO hats across three decades in healthcare and insurance. In this episode he recounts how he launched a cold‑start insurance division that rocketed to $435 million in revenue and $22 million in EBITDA in just four years, and now clears the $1 billion mark. He even delivered 18% revenue growth and a 40% EBITDA jump within his first year steering three merged healthcare entities.At the heart of his success was the “greenhouse” experiment: an in‑house test market where agents sold competitor products so Murphy's own offering had to prove itself at every turn. He explains why running as if you're cash‑starved from day one forces ruthless discipline and how that early mindset continues to separate winners from wishful thinkers.You'll also hear the deceptively simple A + B = C check that Mike uses to expose false premises—if great people plus a good product still don't hit targets, something fundamental is broken. When his leadership team argued over how much change was needed to reach a $1 billion valuation, he improvised a 1–10 “change scale” to pin down hidden disagreements and avoid collective denial.Healthcare operators and real‑estate investors alike will gain clear, battle‑tested advice on commanding your P&L before negotiations, building feedback loops that surface inconvenient truths fast, and resisting the temptation to chalk up disasters or windfalls to one‑offs. Tune in for every unvarnished lesson on execution, data‑driven decisions, and the high‑stakes experiments that turn uncertainty into predictable wins.If you need help finding the perfect location or your ready to invest in commercial real estate, email us at admin@leadersre.com Sign up for a FREE vulnerability analysis and lease renewal services View our library on apple podcasts or REUniversity.org. Connect on Facebook. Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

AOTI Inc. CEO Dr. Mike Griffiths joined Steve Darling from Proactive to announce a key milestone in the company's commercial expansion strategy: the successful approval of a new Provider ID in California. This designation allows AOTI to begin securing insurance coverage and reimbursement for its patented TWO2® Topical Wound Oxygen therapy in the country's most populous Medicaid market, paving the way for broader growth in late 2026. California represents a major strategic opportunity, with 14.7 million individuals—or 38% of the population—covered under Medi-Cal, the state's Medicaid program. The addition of California marks the third state in 2025 where AOTI has secured provider status, aligning with the company's guidance of adding two to three states annually as part of its U.S. expansion. Griffiths emphasized that the TWO2® therapy, which is non-invasive and self-administered at home, has been clinically proven to significantly reduce the recurrence of Diabetic Foot Ulcers. Robust randomized controlled trials and real-world evidence have shown an 88% reduction in hospitalizations and a 71% reduction in amputations over 12 months—outcomes that not only improve quality of life but reduce healthcare system burden. Financially, AOTI reported 26% revenue growth in the first three months of the period and 37% growth for the six months ended March 31, 2025—driven by strong post-IPO momentum. Despite these short-term headwinds, AOTI remains confident in its long-term growth trajectory, forecasting mid-teens revenue growth and low double-digit adjusted EBITDA margins for FY 2025. The company views current macroeconomic challenges as transitional and reaffirmed its commitment to executing its strategic plan and expanding market access for its differentiated wound care technology. #proactiveinvestors #aotiinc #aim #aoti #DiabeticFootUlcers #WoundCare #OxygenTherapy #HealthcareInnovation #Medicaid #VeteransHealth #CaliforniaHealthcare #ProactiveInvestors

Public SaaS companies are growing faster—but private equity–backed SaaS companies are doing it more profitably. In this episode, AJ and Asad dig into new data from David Spitz comparing ARR growth and EBITDA margins across both groups, and debate what's really driving the difference: lower R&D spend, selection bias, or superior go-to-market execution. They also unpack the implications of long CAC paybacks, PE-style operational rigor, and whether most founders truly understand the capital partners they're signing up with. Thanks for tuning in! New episodes of Topline drop every Sunday and Thursday. Don't miss GTM2025 — the only B2B tech conference exclusively for GTM executives. Elevate your 2026 strategy and join us from September 23 to 25 in Washington, D.C. Use code TOPLINE for 10% off your GA ticket. Stay ahead with the latest industry developments and emerging go-to-market trends with Topline Newsletter by Asad Zaman. Subscribe today. Tune in to The Revenue Leadership Podcast every Wednesday, where host Kyle Norton talks with real revenue operators and dives deep into what it takes to succeed as a modern revenue leader. You're invited! Join the free Topline Slack channel to connect with 600+ revenue leaders, share insights, and keep the conversation going beyond the podcast! This episode is sponsored by UserEvidence. Want to know what actually moves the needle on trust? Download The Evidence Gap, a data-backed report on the customer proof that drives real results. Get it now at userevidence.com/evidence.  Key Chapters: (00:00) - Introduction to Topline Podcast and Episode Overview (02:42) - Exploring SaaS Growth Metrics and Margins (05:29) - The Role of R&D in SaaS Companies (08:32) - Understanding CAC and Payback Periods (11:22) - Cohort Analysis and Its Importance (14:34) - Navigating Board Dynamics and CEO Challenges (17:26) - The Importance of Understanding Investors (20:39) - Lessons from Previous Funding Rounds (23:34) - Market Dynamics and Founder Challenges (26:25) - The Impact of Market Conditions on Founders (29:39) - Acquisition Strategies and Long-Term Vision (32:34) - The Future of LinkedIn and Social Networks (35:42) - Conclusion and Key Takeaways (36:10) - The Evolution of LinkedIn and Market Dynamics (38:30) - Challenges in Product Market Fit and Email Cadences (40:45) - The Challenger Sale: Relevance and Misconceptions (46:40) - AI's Impact on Sales Methodologies and Market Dynamics (53:38) - Defining Intelligence in AI and Its Implications (01:02:00) - Best Practices for Using AI Effectively  

In this episode, the hosts dissect a $25M listing for an ultra-premium executive networking platform with jaw-dropping EBITDA—and even more jaw-dropping red flags.Business Listing – https://www.websiteclosers.com/businesses/prestigious-networking-platform-for-entrepreneurs-business-owners-high-net-worth-individuals-6x-growth-trends-in-2025-34-us-chapters-scaling-to-100/114587/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.

On this week's episode, Moe comes out hot and spills on "Coldplay-Gate," that viral kiss-cam fiasco where a couple (turns out, cheating execs from Astronomer) bolted like they saw a ghost. It's not just gossip—it's schadenfreude gold, highlighting how the C-suite plays by different rules. Joel highlights ZipRececruiter's most recent marketing strategy: Embracing old school linear TV by sponsoring a new show on Fox. Chad rants about the new $250 "integrity fee" for US tourist visas—because nothing says "welcome" like a cash grab that could tank tourism before the 2026 World Cup. Ashby news brings the fire, snagging a whopping $50M Series D, doubling customers (now 2,700+ like OpenAI and Shopify), boosting revenue 135%, and barely dipping into last year's Series C. Why more cash? To evolve "at the speed of AI," building all-in-one recruiting magic—sourcing, scheduling, analytics—that users call "beautiful software." No more tool sprawl; it's the startup darling dethroning clunky vets like Greenhouse. Chad's verdict: Finally, an ATS nobody bitches about—refreshing in a moan-fest industry! Then, drama alert: Bold snatches Monster and CareerBuilder assets for $28.4M in a bankruptcy auction (up from a start of $7M). Great domains, SEO juice ... but Bold's predatory paywalls (mandatory sign-ups, fees for full job deets) scream "job seeker trap." Chad's not thrilled—hopes they don't prey harder with that Monster muscle. Randstad? Total villains. They boast $5.8B revenue and 3% EBITDA margins, but screw Monster employees worldwide. Days before mass layoffs, they gutted severance: From 1.5 weeks/year (up to 16) to a flat two weeks. Imagine losing $28K if you're a 20-year vet! In France, it's worse—brutal shutdowns, no support, leaving taxpayers footing unemployment bills. Vendors? Stiffed millions after Monster ran up tabs they knew were doomed. Chad's furious: "Corporate welfare at its finest." Until CEOs like don orange jumpsuits, the little guys get proper f***ed. AI corner: Perplexity's CEO says says recruiter jobs are soon to be a thing of the past, and Salesforce's Mark Benioff probably agrees, as his company is doing up to 50% or more with less. Moe's skeptical: "Hype to sell shares!" Chad sees task automation (bye, scheduling drudgery) but demands AI taxes and UBI pronto. Jobs evolve, but painful contractions ahead? We'll be watching. Chapters 00:00 - Introduction and Welcome Back 02:21 - Maureen's Disney Cruise Experience 04:04 - Tribute to Matt Lavery 07:09 - Coldplay Gate: The Viral Incident 08:52 - Integrity Fees for Tourists 10:19 - Ashby: A Positive ATS Experience 12:41 - Bold's Acquisition and Job Seeker Concerns 15:59 - Ronstadt's Treatment of Employees 18:29 - The Impact on Vendors and Corporate Accountability 23:23 - Future of Recruitment and AI Integration 32:14 - Closing Thoughts and Dad Jokes

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back David Bastian of Kingdom Capital to analyze United Natural Foods Inc. (UNFI), a grocery distributor at the center of a complex turnaround story. They examine UNFI's legacy issues, including its troubled SuperValu merger, the fallout from over-earning during COVID, and a recent cyberattack. David discusses management's new strategic direction, margin normalization efforts, and the implications of UNFI's critical relationship with Whole Foods and Amazon. They also explore valuation frameworks, industry dynamics, and UNFI's potential path to sustainable earnings growth under improved leadership.______________________________________________________________________[00:00:00] Podcast and guest introduction[00:02:34] What is UNFI[00:03:45] History and UNFI challenges[00:09:24] Cyberattack and recovery[00:10:47] Impact on Whole Foods[00:14:30] Long-term EBITDA targets[00:18:37] Sell-side doubts[00:21:08] Peer margin comparisons[00:24:19] Amazon relationship[00:30:17] Margin paradox[00:34:02] Business asset value[00:40:21] Return on replacement cost[00:43:37] Inflation effects[00:45:18] Industry consolidation[00:48:58] Board ownership concerns[00:54:58] Final thoughts on UNFI[00:58:47] Simplified supplier agreements[00:59:17] Podcast close and disclaimerLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode: Faw Casson will close early on August 8 for their annual all-office beach day—a fun family tradition showing the firm's strong culture and appreciation for its people. The One Big Beautiful Bill Act (OBBBA) includes impactful updates for businesses and individuals—this episode dives into the lesser-known but highly relevant changes. C Corporation charitable donations are now subject to a 1% floor—but strategic business advertising can provide a workaround. Bonus depreciation is back at 100%, but with quirky timing: Section 179 may still be a smarter choice for some assets, depending on your purchase date. Business interest expense limitations now revert to using EBITDA instead of EBIT, a favorable shift for many larger companies. The adoption credit becomes refundable (up to $5,000), but only starting with the 2025 tax year. Opportunity zone reinvestment rules are extended and sweetened: You can now defer capital gains for five years and eliminate tax on appreciation if held for 10. The employer-provided child care credit jumps to 40%, with the cap increasing to $500,000—a major incentive for businesses with space to spare. Farmers selling farmland to other farmers can now spread capital gains tax over four years. 529 plans can now be used for more types of education expenses—distribution limit rises from $10,000 to $20,000 starting mid-2025. Several energy credits and deductions are expiring after 2025, including: Clean vehicle credit (for EVs acquired after 9/30/25) Residential solar and geothermal energy credits Home energy improvement deductions (like windows, doors, and water heaters) Wagering loss deductions will be limited to 90% of gambling income starting in 2026—another subtle but impactful change. The firm is offering free educational sessions in August to help business owners prepare for these tax law changes—one in Lewes (Aug 6) and one in Dover (Aug 12), with virtual access available. We're setting sail with two powerhouse guests from the Delaware Division of Small Business—Anastasia Jackson, Kent County Regional Business Manager, and JJ Moore, the Division's newly minted Business Finance Director. Whether you're scribbling your next big idea on a napkin or running a growing company, this episode delivers the kind of insight that turns entrepreneurial dreams into action plans. What Entrepreneurs Will Learn: Where to Begin Your Journey: Discover why the Division's motto, “It Starts With Us,” is more than a slogan—it's a literal roadmap for Delaware's entrepreneurs, from idea-stage to expansion. The Edge Grant 2.0: Learn how this newly enhanced funding program now offers more money, more finalists, and—crucially—free expert support to help you scale wisely, not just quickly. Access to Capital, Reimagined: JJ breaks down Delaware's three underutilized lending programs that provide flexible, low-interest loans—even for startups with little collateral or limited credit history. Unmatched Resources (at Zero Cost): From SizeUp Delaware (a free business analytics tool) to statewide partners like the SBDC, SCORE, and Main Street programs, you'll hear how the Division connects entrepreneurs to powerful support systems. Funding + Knowledge = Success: This episode emphasizes that capital alone doesn't grow a business—strategic guidance, data, and mentorship matter just as much. Collaboration Across Agencies: The Division's connections with tourism, public health, economic development, and supplier diversity efforts give entrepreneurs a true one-stop-shop for support. The Misconceptions: Find out why people often confuse this office with the SBA—and why understanding the difference could open unexpected doors. Whether you're trying to get your idea off the ground or figure out how to fund your next big move, this episode is packed with practical, real-world advice.  Find out more from the Delaware Division of Small Business.   

 Interview with Trent Mell, CEO of Electra Battery Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-materials-tsxvelbm-ready-to-complete-build-4676Recording date: 22nd July 2025Electra Battery Metals is positioning itself at the forefront of North America's critical mineral security strategy by developing the continent's first cobalt refinery specifically targeting the battery market. The Canadian company's hydrometallurgical facility, located north of Toronto, represents a strategic solution to Western dependence on Chinese mineral processing capabilities.The company's business model centers on a stable tolling arrangement rather than commodity speculation. Through a five-year contract with LG Energy Solution, Electra will process cobalt hydroxide sourced from the Democratic Republic of Congo via partnerships with major mining companies Glencore and ERG. This material, which would otherwise flow to Chinese refineries, will be redirected and processed into battery-grade cobalt sulfate in North America."We've locked in a five-year supply contract with LG on a tolling basis, which provides us the margin that ensures we never go out of business," explained CEO Trent Mell. The arrangement targets approximately $30 million USD in annual EBITDA once the facility reaches full capacity of 6,500 tons, equivalent to supplying roughly one million electric vehicles annually.The project has attracted significant cross-border government support, with $20 million from the U.S. Department of Defense through the Defense Production Act and $20 million CAD from the Canadian government. This backing reflects the strategic importance of onshoring critical mineral supply chains amid growing national security concerns.Beyond the core refinery business, Electra is developing battery recycling capabilities through a joint venture with indigenous partner Aki, targeting black mass processing from battery manufacturers. The company's approach prioritizes predictable cash flows over market volatility, positioning it as a utility-like investment rather than a traditional volatile mining stock.With zero cobalt production currently existing in North America for batteries, Electra's first-mover advantage addresses a critical supply chain gap while supporting both civilian EV adoption and defense applications.View Electra Battery Metals' company proflle: https://www.cruxinvestor.com/companies/electra-battery-metalsSign up for Crux Investor: https://cruxinvestor.com 

In this episode of SCW for Pharma, Evren Ozkaya welcomes Adrian Van den Hoven, Director General of Medicines for Europe, the leading voice for generic and biosimilar manufacturers across the continent.The conversation begins by underscoring the essential role generics and biosimilars play in Europe's healthcare system — making up around 90% of prescriptions but only 20% of total costs. Adrian explains how these medicines significantly expand access while easing the burden on patients and insurers. However, despite their public health value, low profit margins have led to a fragile and highly consolidated market — one responsible for two-thirds of medicine shortages across Europe, a trend also seen in the U.S.Evren and Adrian explore how geopolitical tensions, supply chain disruptions, and stringent environmental regulations are putting additional pressure on the sector. While EU authorities are assessing ways to strengthen local supply, current pricing models offer little incentive for generic manufacturers to invest in capacity or modernization. Today, 70% of manufacturing investment goes toward maintaining compliance, leaving only 30% for productivity, agility, or innovation — eroding Europe's competitiveness against countries like China and India.Digital transformation surfaces as a crucial lever — not just to improve efficiency but also to combat labor shortages and build greater resilience. Yet Adrian notes that digital maturity in EU pharma remains low, with many factories still running on paper and Excel. Still, the opportunity is enormous. As Evren highlights, PwC estimates that AI could potentially double EBITDA for pharma, especially through manufacturing and supply chain use cases. But he also cautions that most companies aren't ready to harness AI due to weak data infrastructure. Without high-quality, real-time operational data, AI delivers poor results — “garbage in, garbage out.”The episode concludes with a look ahead. Adrian stresses that Europe has the skilled workforce to lead in digital transformation, but regulatory support and targeted funding are essential. Strategic partnerships — like the one between SCW.AI and Medicines for Europe — can help bridge the gap. Evren and Adrian close by previewing their upcoming meeting in Brussels with the European Commission, generic pharma manufacturers, and technology providers — a collaborative push to showcase ROI, align stakeholders, and accelerate digital transformation across the industry.

In this episode, the hosts dissect a $25M listing for an ultra-premium executive networking platform with jaw-dropping EBITDA—and even more jaw-dropping red flags.Business Listing – https://www.websiteclosers.com/businesses/prestigious-networking-platform-for-entrepreneurs-business-owners-high-net-worth-individuals-6x-growth-trends-in-2025-34-us-chapters-scaling-to-100/114587/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.

Shiv interviews Amanda Good, Partner and Head of Value Creation at Searchlight Capital Partners. In this episode, Amanda shares practical strategies to transform good companies into great ones through operational excellence, team enhancements, and a disciplined planning process. Learn how to balance quick-win initiatives with longer-term strategic plays, the importance of linking value creation plans directly to EBITDA impact, and how to overcome resource constraints through talent planning and external partnerships. Plus, find out why smaller, highly experienced value creation teams can often outperform larger ones by staying close to the investment thesis and company leadership.

Good news: the tax code just made business debt far more valuable. In this episode, we explain how the permanent return to EBITDA rules can give you thousands back in interest deductions—and unlock smarter growth strategies. You'll learn how to combine bonus depreciation, Section 179, and the new interest deduction rules to scale your business fast, without overpaying in taxes. We also walk through real examples and show you how to integrate debt into your long-term tax planning. If you're funding expansion, buying equipment, or carrying interest from past years—this one's for you.   Next Steps:

Today, we're sprinting into Chapter 02: Supply Chain. This isn't just an operational box to tick — it's a critical battleground for private equity firms protecting value in an unpredictable world. Weak links here can erase EBITDA gains overnight. But when you get it right, supply chain resilience becomes a competitive advantage that compounds value across your entire portfolio.Listen and Subscribe:Apple Podcasts: ⁠⁠⁠⁠⁠⁠https://apple.co/3GNBF9b⁠⁠⁠⁠⁠⁠Google Podcasts: ⁠⁠⁠⁠⁠⁠https://bit.ly/3rSL7DS⁠⁠⁠⁠⁠⁠Spotify: ⁠⁠⁠⁠⁠⁠https://spoti.fi/3GO9yGF⁠⁠⁠⁠⁠⁠LinkedIn: ⁠⁠⁠⁠⁠⁠Subscribe Online⁠⁠⁠⁠⁠⁠ Youtube: ⁠⁠⁠⁠⁠⁠https://www.youtube.com/@digital3dshow⁠⁠⁠⁠⁠⁠Connect with the Show:Instagram: ⁠⁠⁠⁠⁠⁠https://twitter.com/Digital3DShow⁠⁠⁠⁠⁠⁠Twitter: ⁠⁠⁠⁠⁠⁠https://Instagram.com/Digital3DShow⁠⁠⁠⁠⁠⁠Connect with the Host:Linkedin: ⁠⁠⁠⁠⁠⁠https://www.Linkedin.com/in/ReedDailey⁠⁠⁠⁠⁠⁠Instagram: ⁠⁠⁠⁠⁠⁠https://www.Instagram.com/ReedDailey⁠⁠⁠⁠⁠⁠X: ⁠⁠⁠⁠⁠⁠https://www.x.com/ReedDailey

Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:Waste Energy Corp (OTCQB: WAST) has officially taken possession of its first full-scale waste-to-energy facility in Midland, Texas. The 3.7-acre site will serve as both HQ and operational hub, turning unrecyclable plastics and tires into clean-burning diesel. Backed by Cambridge Project Development, this facility marks a shift from concept to commercialization in the clean fuel space.Draganfly (CSE: DPRO / NASDAQ: DPRO) secured a major defense contract for its Commander 3XL UAV systems. The drones, built for long-range and AI-powered surveillance, were selected by a global military contractor, placing Draganfly tech directly into U.S. Department of Defense infrastructure. This strategic win could open doors for future military and government contracts.Independence Gold (TSXV: IGO) hit 6.96 metres of 6.00 g/t gold and 39.08 g/t silver at its 3Ts Project in BC, just 16 km from Artemis Gold's Blackwater Mine. The company has now launched a summer exploration program to define new veins and expand its current 678,000+ oz gold-equivalent resource. Surface samples are showing values as high as 71.3 g/t gold.Osisko Metals (TSXV: OM) delivered a record 853.5-metre copper intercept at its Gaspé Copper Project in Québec—North America's largest undeveloped copper deposit. The results include 645m grading 0.28% Cu, suggesting massive vertical continuity and strong resource expansion potential. A resource update is expected in early 2026.Goodfood Market (TSX: FOOD) reported $31M in Q3 net sales, $14M in gross profit, and $3M in adjusted EBITDA. Its new Heat & Eat product line has already hit a $1M annualized run rate, and its acquisition of Genuine Tea is exceeding expectations. With ten straight quarters of positive adjusted EBITDA, Goodfood is delivering innovation and value in Canada's meal solutions space.

This week, Steven Jarvis, CPA, and Matthew Jarvis, CFP®, delve into the world of mergers and acquisitions (M&A), examining the role of audits, the intricacies of EBITDA, and the potential red flags that can emerge during the due diligence process. Steven emphasizes the importance of financial advisors maintaining clean books and being 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. https://zurl.co/CBQ5y

In this eye-opening episode of The Property Profits Podcast, Dave Dubeau is joined by A.J. Peak, founder of Health Wealth Capital, to explore a niche but powerful real estate strategy: investing in medical office buildings through triple net leases. A.J. shares how his team buys properties from doctors, dentists, and other healthcare professionals—then keeps them on as tenants—creating passive investment opportunities for both parties. You'll learn how Health Wealth Capital evaluates tenants, structures deals, and mitigates risk while scaling a portfolio that's already hit 30 properties and counting. A.J. also pulls back the curtain on the numbers, revealing how EBITDA multiples play into this model and why medical real estate might be the safest (and smartest) bet in today's market. If you've only thought about apartments or self-storage, this episode will open your mind to a high-performing, recession-resistant asset class.   - Get Interviewed on the Show! - ================================== Are you a real estate investor with some 'tales from the trenches' you'd like to share with our audience? Want to get great exposure and be seen as a bonafide real estate pro by your friends? Would you like to inspire other people to take action with real estate investing? Then we'd love to interview you! Find out more and pick the date here: http://daveinterviewsyou.com/

Would you like access to our advanced agency training for FREE? https://www.agencymastery360.com/training Buying another agency sounds like a shortcut to scale — but if you skip the wrong step or miss the wrong promise, you might inherit more problems than profit. But how do you actually approach due diligence to ensure a seamless, profitable acquisition? Today's featured guest learned these lessons the hard way. What started as a promising deal quickly revealed cracks, forcing him and his partner to navigate unexpected challenges to pull the agency through. In the process, he discovered the key questions you must ask before buying another agency and the hidden details that can make or break your investment. If you're an agency owner thinking about using acquisitions as a growth strategy, today's conversation will equip you with real-world insights to avoid costly mistakes and set your agency up for a smoother, successful expansion. Matt Marchetta is an agency owner with two decades of experience who recounts his journey in the industry, from starting his first web design business in high school to pivoting into e-commerce and ultimately becoming a digital nomad. He teamed up with a partner to acquire Growth Labs, a lead generation shop focused on outbound. He goes over some of the challenges and crucial lessons learned during the acquisition process, particularly concerning due diligence, unforeseen client guarantees, and the original owner's significant personal brand influence on the agency's client base. In this episode, we'll discuss: Why buy another agency in the first place? Due diligence traps that cost real money. The ROI guarantee that almost blew up the deal. 4 questions you must ask before your next acquisition Subscribe Apple | Spotify | iHeart Radio Sponsors and Resources This episode is brought to you by Wix Studio: If you're leveling up your team and your client experience, your site builder should keep up too. That's why successful agencies use Wix Studio — built to adapt the way your agency does: AI-powered site mapping, responsive design, flexible workflows, and scalable CMS tools so you spend less on plugins and more on growth. Ready to design faster and smarter? Go to wix.com/studio to get started. From Solo Hustle to Ecom Growth Machine Matt started his agency journey as a kid who just wanted to work for himself and quickly learned the hard way—like many do—that running a business isn't just about being good at the work, it's about learning the business of business. It's a time he remembers fondly as a great foundation for his business education. He pivoted early from generalist design and dev work into e-commerce, riding that wave as it grew. Over time, he layered in Facebook ads, video production, and photography to support product marketing for his clients. And while many were stuck in offices, Matt was ahead of the curve, running remote from day one, carving out a lifestyle business that let him travel, stay flexible, and keep agency life fun. In fact, he never thought seriously about the possibility of selling his agency, since it's something he really enjoys doing and didn't think he'd ever get an offer that would compare to what he thinks it's worth. Why Buy an Agency? So why would a guy who loves the freedom of his own agency buy another one? Simple: leverage and evolution. Matt and his current business partner decided it was time to level up their respective agencies. They were both tired of being generalists and saw an opportunity to specialize, automate, and potentially transition out of day-to-day client grind by acquiring a business with the right foundation. They didn't go hunting for a big fish they couldn't afford. Instead, they targeted a sub-seven-figure agency they could buy at a fair multiple, with the goal of systemizing and growing it. Enter Growth Labs, an outbound lead gen agency specializing in cold email marketing. What They Looked For Before the Purchase Matt and his partner moved fast but smart: Profit and Loss: They dug into five years of P&Ls, noticing the typical COVID spike, post-spike drop, and finally profitability as the owner prepared to sell. Adbacks Reality Check: The books had plenty of “personal expenses” that, once removed, showed a clearer, stronger profit picture. Pipeline and Clients: They signed an NDA to peek at client lists, learning that the agency's lead gen often came from the owner's personal brand and reputation—great for credibility, but also something they'd need to replace with systems. Recurring vs. One-Off: They checked churn, recurring revenue, and how the business handled its leads and delivery so they wouldn't be buying a leaky bucket. Fast Close, Strategic Future In true operator fashion, Matt and his partner put in an offer quickly (about three weeks after initial discussions) and agreed on a 1.3x EBITDA multiple. They wanted the former owner to stick around for a transition period, ensuring continuity while they layered in their own systems and strategic direction. Everything looked clean. The seller had a strong personal brand. The books checked out (after adbacks). The plan was clear: earnout over three years, phased transition, and keep the seller involved for 12 months to ensure smooth client handoff and he agreed to do it. Then the cracks appeared. The ROI Guarantee Bomb While poking around Slack before the official handover, Matt found discussions about an ROI guarantee with a disgruntled client. The seller brushed it off as a “Horoszi-level mistake from years back.” No big deal, right? Wrong. Turns out, most new client contracts still included these ROI guarantees—often unwritten, often unenforceable, and often unrealistic. Combine that with underperforming cold email campaigns, and you have a recipe for churn, complaints, and a legal minefield. What was supposed to be a 2-month campaign turned into 12-month obligations with clients expecting a magical ROI that the agency couldn't verify, let alone control. 4 Lessons Matt Learned (So You Don't Have to) In hindsight, Matt admits they moved too fast. A few weeks wasn't enough because due diligence should take longer than you think. His advice for agency owners is not to feel pressured—take the time to ask uncomfortable questions and look for patterns and keep these 4 aspects in mind: Don't just check contracts. Check promises. Matt discovered clients were sticking around for the wrong reasons—and the wrong terms—due to handshake promises that should've been flagged during due diligence. Thoroughly analyze client data and churn patterns. Analyze the available metrics to determine whether or not clients are actually reaching goals. In his case, Matt found that using AI would've helped him uncover that consistent MRR masked a perfect churn pattern: lose three clients, gain three clients, every month. AI could've shown these patterns in minutes. Expect that when the seller leaves, 80-90% of their lead gen leaves with them. If the agency's pipeline depends on the owner's personal brand, you need a plan to replace that before you wire funds. Dig deeper into why the seller is selling—and why they started. Was the agency a real business solving a real need, or just a personal brand ATM for the founder? That origin story tells you how the business was run and what baggage you're buying. The Silver Lining Was it all doom and gloom? Nope. Matt discovered that despite the outdated “spray and pray” cold email approach, the agency's foundations were solid: a capable team, strong email infrastructure, and processes that could be upgraded with AI personalization and scalable systems. Instead of throwing in the towel, Matt is now rebuilding Growth Labs into a smarter, tech-enabled lead-gen agency aligned with the future, not the past. And despite the headaches, Matt and his business partner are still hungry for more acquisitions, now with clear systems and smarter questions in hand. They're even considering rolling up a group of specialist agencies as their next move. Do You Want to Transform Your Agency from a Liability to an Asset? Looking to dig deeper into your agency's potential? Check out our Agency Blueprint. Designed for agency owners like you, our Agency Blueprint helps you uncover growth opportunities, tackle obstacles, and craft a customized blueprint for your agency's success.

Kinder Morgan (KMI) kicked off pipeline earnings season last week, as they do every quarter. Their adjusted EBITDA came in a little ahead of expectations at $1.97BN vs $1.95BN. Management guidance was positive.   LNG exports and data center power needs are the two growth drivers for natural gas pipelines. KMI's Trident Intrastate Pipeline secured […]

Interview with Tom Hickey, Managing Director, Kenmare ResourcesRecording date: 16th July 2025Kenmare Resources operates one of the world's most significant titanium dioxide mineral sands mines in Mozambique, establishing itself as the third-largest global producer of ilmenite, zircon, and rutile. With nearly 40 years of in-country presence and 20 years in production, the company's Moma mine represents a cornerstone investment in the critical minerals sector, backed by an extraordinary 80-90 year reserve life.The company is currently executing its largest capital investment program in history, allocating $340 million to relocate primary mining operations to the Nataka orebody, which contains 70% of total reserves. This strategic transition, including two new $66 million dredgers and enhanced processing capacity, is expected to increase production by 20% while eliminating long-standing capacity constraints. Managing Director Tom Hickey, who brings extensive natural resources experience from his tenure at Tullow Oil, describes this as "the final major investment required to secure the mine's long-term future."Despite challenging market conditions characterized by oversupply from Chinese concentrate producers, Kenmare maintains exceptional operational resilience. The company achieved 40% EBITDA margins in 2024, demonstrating the effectiveness of its cost optimization strategies and premium product positioning. Market consolidation works in Kenmare's favor, with one customer noting their supplier base contracted from eight to two over seven years, highlighting the value of established, reliable producers.The company's ESG credentials provide additional competitive advantages, with 95% renewable energy usage delivering products with exceptionally low carbon footprints. This positioning becomes increasingly valuable as industrial customers focus on supply chain sustainability.Post-capex completion in 2-3 years, Kenmare expects to generate substantial free cash flow, supporting dividend payments and potential shareholder returns. With strong government relationships in Mozambique and a conservative balance sheet carrying net debt of $80-85 million, the company offers investors exposure to a multi-generational asset in the essential materials sector during a cyclical market trough.Learn more: https://www.cruxinvestor.com/companies/kenmare-resourcesSign up for Crux Investor: https://cruxinvestor.com

In this episode, we delve into recent developments in crypto as Peter Thiel takes a stake in BitMine Immersion Technologies, a publicly traded Ethereum treasury company, now chaired by Tom Lee. Simultaneously, Cumberland has quietly moved $151 million worth of ETH into Coinbase Institutional, highlighting a shift in the ecosystem. Circle's recent public trading at 100x EBITDA further emphasizes this trend.Join Chip Mahoney as he breaks down these coordinated signals indicating that the world of blockchain and crypto is entering a new phase. While retail investors appear to be fixated on charts, institutions are effectively crossing the gap and reshaping the landscape. Chip connects the dots so you can front-run the next rotation, ensuring you aren't left chasing trends. Front Run The Week: Want to catch the next big crypto move before it hits the headlines? Get my free newsletter at tokentrust.substack.com for exclusive early insights.The Chip Mahoney Show is a Big Pond production. This podcast is for entertainment and educational purposes only.For media inquiries or guest bookings, please contact:DV Collective at dvpodcastshow@gmail.comhttps://www.chipmahoney.com/Music licensed via Spotify Creator tools.

In this episode of the Building Freedom Podcast, host Randy Stanbury breaks down what it really takes to prepare your business for a high-value exit, even if selling feels years away. Randy shares real-world insights on how to grow your valuation, boost EBITDA, and build a business that runs without you.Discover the T.E.A.M. method (Transfer, Elevate, Automate, Multiply), the importance of leadership structure, financial consistency, and what buyers actually look for. You'll also hear how one business went from a $3M to $20M valuation in just four years.Whether you're thinking about selling or just want more freedom, this episode will change the way you think about your business's future.If you like what you're listening to, we would love it if you could give us a 5-star review! This will help us know we are giving you what you need to grow and succeed as an entrepreneur. Please reach out to us on social media or through our website with other information you might want to hear on upcoming episodes!https://www.4levelcoach.com/https://www.instagram.com/4levelcoach/https://www.facebook.com/4LevelCoach/https://www.linkedin.com/company/4-level-coach

Morgan Hamon, co-founder and president of EAG Dental Advisors, returns to the podcast to talk about dentistry financials. As a CPA, Morgan pulls from his experience to talk with Kiera about what it takes to be profitable (beyond revenue and expenses). Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent (00:01) Hello, Dental A Team listeners. This is Kiera. And today I am so jazzed. I have one of my absolute favorite guests back on the podcast, Morgan Hamon. He used to be with HDA. They have now upgraded their name to EAG Dental Advisors. Super excited. He's an incredible CPA, does all things dental, loves airplanes. He's been on the podcast so many times. We've had some good chats. Dear friend to me, Morgan, welcome back to the show. How are you?   Morgan Hamon (00:20) Ha ha.   Kiera, I'm doing good. It is so great to be with you and looking forward to our conversation today.   Kiera Dent (00:31) to you and me both. So I have to know since you love airplanes and it's in your background, are you a fan or not a fan of Top Gun? I just need to know.   Morgan Hamon (00:35) Mm-hmm.   You know, I have a soft spot   for that movie because when it came out in 1986, I was 15. And I, you know, I sort of set my sight. That definitely influenced me. said, that's what I want to do. So I went out and did it. And so.   Kiera Dent (00:46) Mmm.   So then how did you like Top Gun Maverick? was the second? Tell me, are you fan?   Morgan Hamon (00:56) That one, the purpose   of that movie was entertainment and it was entertaining, but it was a little, you gotta suspend disbelief a little bit. It was a little nostalgic because that was set in Naval Air Station, Lamar, which is where I was for eight years. So it was pretty cool seeing that and the flying scenes were real. And so they were all filmed out. It's called restricted area 2508, which is where we always used to fly. So it was pretty nostalgic seeing some of the flying scenes back where we used to go fly.   Kiera Dent (01:17) Mm-hmm.   Morgan Hamon (01:26) But technically, there's a little, like any movie, there's a little Hollywood going on there. But it was entertaining.   Kiera Dent (01:26) No.   can't   How cool though that they like made a spot for Iceman with him having throat cancer. I thought that was incredible. Like way to go Tom Hanks. So I know you guys didn't come to the podcast to hear Morgan and I talk about top men, but we're going to segue now because Morgan does all things. We love to talk profit. We love to talk taxes. We love to talk all things nerding out on CPA land, which I have really truly fallen in love with like understanding my numbers. So this is a soft spot for me, but   Morgan Hamon (01:39) Yes   Yep.   Hahaha   Mm-hmm.   Kiera Dent (02:01) Morgan said he won the topic today, which I think is a sexy topic and I cannot wait where he said leadership relates to profitability. And I said, Morgan, sign me up. Here we go. So Morgan, this is our time. This is our topic because I absolutely agree with you that leadership does relate to profitability, but take it away. And then we're to dig into tax savings. We're going to dig into all this stuff and who knows where else we're going to go, but ⁓ it'll be a great one. It always is.   Morgan Hamon (02:16) Mm-hmm.   Yes.   Well, think   this topic has evolved with me a little bit, because we've been doing this 15 years and going now. And so a lot of conversations over the years. And I've always thought about profitability, which let's face it, that's why we own businesses. We don't own businesses to pay tax. We own businesses to make a nice living and have some control over our lives. So you've to have profit, and it's hard owning a business. So if we don't have adequate profit, why bother? ⁓   Our mission has always been to really focus on profit, give our doctors feedback on what that profit is, and diagnose if things are, you know, if there's something that could put more money in their pocket. Now, with my CPA hat on, right, there's two parts of that profit equation. There's the expense side of the equation and the revenue side of the equation. And so for a lot of years, I mean, that's where our focus has been.   But I've recently, last year or two, I've really come to the conclusion, look, there's a third component there, right? And it's not math, I can't point to the P &L. But where this comes from is I get asked all the time about, and it's from the clients either considering a startup or purchasing a practice, and they'll say, okay, Morgan, you got clients all 50 states, like where's the great area? Where should I go where folks are doing well?   Kiera Dent (03:27) Ooh, I can't wait.   Morgan Hamon (03:47) I that question. I get asked, hey, do you have a special report for pediatric dentists? Because I'm going to be pediatric, so I'm going to be making more money kind of thing. Or I'll hear a report. Or I'll get a question that, do you have a report just for your clients in California? Because it's like way different out here. And I say, look, the answer is no. We have one report. In geography and specialty,   I think they may influence profitability, but that's not the deal breaker. We have plenty of clients who are specialists. The struggle, we have plenty of clients, like one of our longest term clients is in Nob Hill, San Francisco. She recently moved across the bay, but it's like the most expensive city on the planet. She killed a 55 % profit margin for like 10 years. So geography isn't, that's not how we connect the dots. I think we connect the dots with leadership.   Kiera Dent (04:33) Yeah.   Mm-hmm.   Morgan Hamon (04:43) You know, we have a lot of clients I've known for a long time. I've been with them along with their journey as I've been on my journey, which has been very rewarding. And I've come to the opinion that if we quantify success for a doctor and let's, and we'll talk a little bit more about this when we get to tax, but you know, is it money? Is it time? Is it all the above? If we look at, who's crossed the finish line? Who has the full deal? ⁓ It's the doctor that runs a tight.   Plain and simple. Like you can tell in me talking with them, I know them real well. You can tell by their numbers. Look, they're an amazing clinician, but they're also an amazing business leader. They know how to inspire their team. Their patients feel comfortable. They lead from the front. They just, they do it all. Those are the doctors that have the high profit margin and the high quality of life. It's not geography. It's not specialty, although that can have an influence.   That's the full package. So it is, yes, revenue, expenses, and how well do you lead your practice, in my opinion.   Kiera Dent (05:50) Morgan, I was so happy when I read that and when we were talking about what to bring on because I see it as well. I tell everybody, I can tell walking into a practice even before I walk into the practice, if I've met the leader of the practice, I usually can tell if this practice will be successful or not, truly based on the leader at the helm. And it's interesting because we did, I recently did this at our summit. So people were there, awesome.   Morgan Hamon (05:52) you   Kiera Dent (06:16) If they weren't, that's okay too. But we actually broke down and me and the consultants, we went through all of our clients. Like we looked at the clients, we looked at past clients, we looked at future clients, we looked at different pieces, what were our best clients, what were our worst clients. And I actually broke down, I'm trying to pull it up here, of like common themes of great practices and like great leadership and common themes of the not so good. And so some of the things I've seen in...   Morgan, I'm super curious to hear like what you'd add to our list. Cause I, you see it from a different perspective than we see it. So on my not so good list, these are the ones that like really they always are floundering is they don't trust their office manager. They're sometimes poor clinicians. Like they need to hire somebody else or get some training for that. ⁓ Poor leaders, they have team turnover constantly. They don't implement strategies. They're highly driven by emotion. They don't look at their numbers or their results.   Morgan Hamon (06:45) Mm-hmm. Mm-hmm.   you   you   Kiera Dent (07:11) They do a lot of CE, but they never like implement. They have lots of coaches, but they don't trust and execute. They're half in on everything. So they're not like solid on anything. They want to pay to fix the problem with no self-realization identification that maybe they are the issue. They have ego fear with no accountability. And there's a lot of blame. Like everybody else is the problem. Are some of the things that I've seen and I don't know, like I know I'm putting you on the spot. didn't, I have my nice list over here, but is there anything else you see of patterns? I'm, you and I can both like,   Morgan Hamon (07:30) Mm-hmm. ⁓   Kiera Dent (07:41) in our Rolodex of humans we know are not so good leaders or the practices who aren't as profitable, are there any other things you've noticed in their leadership that maybe isn't as strong?   Morgan Hamon (07:41) No. Right.   Well, that was a very comprehensive list. Once we're done, I'm going to write all those down because I that's very good. If I were to summarize that, if we talk about leadership, it's really about ownership and engagement. You have to own it. Everything's your problem when you're the owner. There's another podcast I like.   Kiera Dent (07:58) Yeah, of course. I'll happily share. I will happily share. And if you get anything else, share back our way too.   Morgan Hamon (08:20) and it's nothing to do with dental, it's all about leadership. And there's a saying, and it's really stuck with me, and I swear I think about this every day, Kiera, when I think about my business and how do we keep doing a good job, is that if there's a problem in your organization, it's a leadership problem. You can trace it all the way back, go any direction you want, it's going to tie back to a leadership problem.   So, if something is going sideways, it ultimately comes back to your leadership as a business owner. So, maybe the staff, maybe there was a bad patient experience, something went sideways with the patient. Was that staff trained? Maybe they were trained, maybe they were not held accountable. Do you have a bad procedure? Maybe the procedure needs adapted. mean, we think about that all the time, constantly adapting, constantly tweaking, and I think you have to do that in any business. If, like you said,   in your list there if people don't want that accountability, there's always making excuses or they don't want to engage. They say, you know, and maybe they are a good clinician. They say, I'd rather just be in the operatory but my staff's a mess. Kiera, come on in here and whip them into shape and let me know when it's all good. You know, that's not how it works. That's not how it works.   Kiera Dent (09:32) Exactly. No, not   only they're part time. I'm not your manager. I'm not your leader. I'm not your boss.   Morgan Hamon (09:38) Right, or you know   what, I'm going to have an hour meeting with my accountant and that should solve it. Like, no, we're going to come up with some action items and then you need to execute those. So you have to own it. Everything's your problem when you own a business. ⁓ And if you own it and you engage, then I think we're on the right path to not be on that extensive list that you gave, which I just love.   Kiera Dent (10:03) right? Yeah, no, and I love it. And   it just made me actually think of something I heard a financial conference and they said EBITDA equals engagement. And I've thought about that a lot because the more engaged your team is, the more engaged you are, honestly, a lot of higher EBITDA there is, I won't leave our audience hanging. I do have the good list and maybe you can add to this to see. So the ones that I found like, that truly just knock it out of the park, these are our most successful right? I'm like, what is their DNA makeup that makes them this great leader?   Morgan Hamon (10:22) Mm-hmm.   Mm-hmm.   Kiera Dent (10:32) and it's their great implementers. They allow the teams to be free, like within the parameters. So they've got a great team culture. They're great at decision-making. They execute, they're consistent. They roll with the punches. They have long-term teams. They make their decisions based on numbers. They're great visionaries. And they know what they're working towards. They don't get distracted. So there's this laser focus that they have. ⁓ And on here, I would also say that they have massive ownership. And they also are not afraid to have the uncomfortable conversations with their team.   Morgan Hamon (10:52) Mm-hmm.   Thank   Mm-hmm.   Kiera Dent (11:02) So   like they truly do, they're excellent at it. They might not be excellent communicators, but they're excellent at like tidying it up, driving their team for success. Those are some of the things I see, but I'm curious if there's anything else you'd want to add to that list because I think you're right. But I think that's a DNA makeup, right? It's people who are disciplined. If I go into the gym, they probably have like strong work ethic. They are laser focused. It's just like, it's who they are in all the aspects of our life, but I don't think they're necessarily born that way.   Morgan Hamon (11:10) Mm-hmm.   Kiera Dent (11:30) I think a lot of them can be, but I think a lot of them create that over time as well. Like it's an evolution of them, not necessarily like, if I'm just born a great leader, like, no, they're constantly working on it, but I'm curious your thoughts.   Morgan Hamon (11:34) Mm-hmm.   Thanks   Yeah,   no, I think that's a good list. If I were to try to tie that together, I would say it's you lead from the front. you know, like all just a personal example for me, like responsiveness is a huge part of our culture. Like, you know, if clients reach out to us, they need to hear back like in a few hours, like today. Lead from the front. is not do what I say. It is do what I do and keep up. Keep up with me.   Kiera Dent (12:03) Yeah.   Morgan Hamon (12:12) Let me show you what I expect. You follow my example and let's go where I'm leading us. I think is when you own a dental practice, you have to do the same thing, whether that's in the daily huddle. You lead by example. If there's a certain patient experience you want your office to have, you have to lead that. They have to be emulating you and say, I sure hope I can do this as well as the doctor. ⁓ Lead from the front. I think you also have to make sure your team understands why their work is important.   Kiera Dent (12:42) cream.   Morgan Hamon (12:42) And   I do that all the time. Why is our work important as well? Because our clients are these dentists. They're drowning in debt. They don't necessarily learn how to run a dental practice in dental school. They're trying to put it all together to make a nice living. And they have probably eight or 10 employees that are accounting on them for their jobs. So our work matters. We're working with people's lives here. So you really have to... ⁓   I think articulate why the work's important and maybe that's not as challenging and don't practice because everybody knows. It's care. They're there to get care. They're in the chair. They're scared. They want to be comfortable and everything's going to be okay. I think you got to lead from the front. You got to say, look, let's do what I do and make sure you keep up with me.   Kiera Dent (13:32) Yeah, no, I love that. I just, think something that I love that you brought this up is I love when I have things internal, as much as it's annoying, that could actually help me become more profitable. It's like, hey, let me go to the gym and work out to be more disciplined. Let me read leadership books to learn how to lead. Let me practice uncomfortable conversations. Let me practice my decision-making. And the reality is like you becoming this person and leadership.   Morgan Hamon (13:34) you   Hehe.   Mm-hmm.   Kiera Dent (14:00) will equate to higher profitability. It's wild. Like I look back at maybe not so strong of leadership days and my business and profitability, I think definitely mirrored and matched where I was. And so also for us to say like, Hey, how do I maybe get to the next level? How can you evolve as a leader as well and be a bit stronger of that good version rather than the not so good version I think is really powerful.   Morgan Hamon (14:10) Mm-hmm.   Hehehe.   Yeah,   I think you really have to recognize whatever industry you're in that your technical skill and your leadership skill are completely different. You have to invest in those skills to acquire those and to maintain them. And just because you could be the most amazing CPA, just brilliant practitioner, that doesn't mean you're a good leader. You could be the most amazing clinician.   Kiera Dent (14:35) 100.   Morgan Hamon (14:51) and just do the most amazing work. That doesn't mean you're gonna be running a ⁓ great tunnel practice. You have to invest in those skills. Just being a smart person with some big degrees, that doesn't do it. You have to acquire those skills. And I didn't realize, I mean, when I was a younger guy in the Navy, I I learned all this. back then, I was just trying to do a good job and...   get killed and and make it all happen. I didn't realize all these amazing lessons and training I was learning because they, mean leadership is, I mean that's first and foremost what we're there to do and so I was very fortunate in that regard but I don't, you you can't, no matter what business you're in, can't rest on your laurels. You got to always be thinking about leadership. Am I being a good leader? Okay, this is going sideways. I need to lead the team back, you know. I can't just, you know, write a memo.   Kiera Dent (15:17) Yeah   Morgan Hamon (15:44) Hey everybody, this is where we need to be. Follow me. Keep up with me.   Kiera Dent (15:49) Yeah, no Morgan, that was such a brilliant piece and I really loved how you just highlighted it and so fun to see that what we see on the team side and the success of the growth and the production and the collections also now correlates with your financial PNL, ⁓ which I think is just magic and it all just ties together. But as you listen to this list and Morgan I talking about it, I also want to just say like if this does not light you up and you're like, ⁓ gosh.   Morgan Hamon (16:05) Mm-hmm   Kiera Dent (16:17) That's okay. You actually can just be an amazing clinician and have somebody actually be the great leader. Just because you opened the practice and you do the dentistry does not mean you need to be the leader of the practice. So I've seen some doctors actually be great implementers. Like they actually would rather execute, implement, do all the ideas and have somebody else be the visionary. That's okay too. And I think like my best thing is know thyself and be free. But if you want to be more profitable, look at this. And I want to take like a sharp   Morgan Hamon (16:18) Mm-hmm.   Mm-hmm.   Hmm.   Mm-hmm.   Yes.   Kiera Dent (16:46) right turn Morgan and talk taxes. It's like, didn't know how to awkwardly like transition. So I'm just gonna like, but I want to talk taxes because I'm like, this also ties into the discipline of leadership, the ownership of leadership and like being freaking savvy to learn how to do taxes better. Like Morgan, I had this client the other day and we were talking and we built this like cute little overhead scorecard for people. We have the EBITDA on there. It comes from the CPAs. So we're like, just make it very simple, like black and white.   Morgan Hamon (16:53) Mm-hmm. Mm-hmm.   Mm-hmm.   you   Kiera Dent (17:15) And then I was like, wait a second, I should throw a tax bucket on there. So like what you're getting paid for your W-2 plus what your profit is, like that gets taxed. I have a doctor, she has been an owner, we're talking 20 plus years. She's like, Kiera, I never knew that my profit had to get taxed. Like I never knew that that extra cash, like I just thought that was cash that came to me. And I'm like, this is why doctors are always broke because they don't know how this works out. So I'm super excited to talk about.   Morgan Hamon (17:21) Mm-hmm.   Mm-hmm.   you   Mm-hmm.   No. Right. Mm hmm.   Kiera Dent (17:45) tax planning, it's mid-year, let's make sure you're not crying in December and like, popping the confetti.   Morgan Hamon (17:46) Yeah.   Yeah, right. And   crying in December. if you recall, ⁓ my topic was just kind of the psychology of tax. And again, this has evolved over time with a lot of conversations. I think...   Kiera Dent (17:54) was New York I'm   The   is like the wise sage over there, Morgan. Like you got, like, just, you're just hanging out over there.   Morgan Hamon (18:09) Well, it's always trying to,   you know, I think about my conversations. How do we kind of empower these dentists to achieve this? And it's all through, I think, education. You've got to understand why. Like this doctor, 20-year-old, didn't understand.   Kiera Dent (18:29) I was like, no, I'm not wearing a strip.   Morgan Hamon (18:30) Every initial consultation   I'm having now with a startup doctor, we do a tax 101 just real quick, takes me like five minutes. Let's get our hands on some concepts here. Why I think this is important to really understand and talk about tax, just kind of how it makes us feel, is because we've had some instances where you have a doctor, and let's just say on our previous conversation, this is how we're gonna tie it together, right? So we have the doctors on that secondary list,   They're rock star. They're killing it. They're making tons of cash. They're engaging the right people. They got the right people in place, and it ultimately results in a lot of success. I've seen people do that, but then when it comes time for tax, they lose sight of all that, and they get just really obsessed about that tax bill. They lose what I'll think of as like peace and fulfillment.   just at the start of the call, I recently got remarried and my wife and I, we talk about that a lot, peace and fulfillment. Why do we have that in life? And that's what we're working for. And I think when you own a business, you're working towards something, right? And we want to have that peace and fulfillment. And I've seen that just get destroyed with people because they get very emotional and overly focused on their tax. And I see the logic just sort of exit stage left.   and we just end up with this very emotional reaction to tax. And who I tend to really direct this conversation to is not necessarily what you just described, Bill. That's kind an interesting one. Usually if someone's been making great money 20 years, they kind of know the program. It is, Kiera, it's the newer owners making real money for the first time in their lives. And that is where there's an adjustment. There's a mental journey they have to go on.   Kiera Dent (20:21) 100.   Morgan Hamon (20:29) And so what I thought today, like, I guarantee you we have some listeners as soon as they heard tax, they're like, what's on their mind is, what's the secret? How do I save more on tax? Well, it does. So, right? So we're going to get to that. All right. Well, we'll get to that. But before we do that, I thought, let's have some straight talk.   Kiera Dent (20:40) It does feel like the CPA's hold back or the secret robot. mean, tell me your Harry Potter rules there, Morgan. I just want to know. I need to find one CPA that just knows the secrets of the trade.   Yeah.   Morgan Hamon (20:58) Let's have some straight talk on tax. Why is this emotional? Why is this hard? Let's just take the journey of a doctor that is an associate doing pretty well with their W-2. We all think that we all go in W-2s. You have mandatory withholding. It comes out of your check, gets fired off to the government. You get your net check and you might look at your paycheck and go, what's all this stuff? don't know. I got my net check. I'm to plan my life around this net check. Then we do the tax return.   There's always a little settle up. You might owe a little, get all my back. You always hope to get a little money back, but generally you just plan your life with never having your hands on that money as a W-2. So now we own a business. You get all that money and then we now have to turn around and pay it back. Now keep in mind your tax rates. Okay. If you are married, Google the 2025 tax rates, right? That's what they are. That's what they are. If you're an employee.   Kiera Dent (21:44) Yep.   Morgan Hamon (21:55) That's what they are if you're the owner of a pass-through business. They are the same. But that act of having to turn around and write a check just is, you gotta become comfortable with that and it's an adjustment. ⁓ And here's the other thing where if we just, okay, let's take all our emotions about tax, let's just kind put it over the side and let's just talk very logically.   Kiera Dent (22:12) I agree.   Morgan Hamon (22:23) If you're gonna make three times as much money, what's also going to be three times as much? Your tax. But it's actually maybe a little bit more, right? We got a progressive tax system, right? So, I think when people become high earners, and they go through the grieving process,   Kiera Dent (22:36) see what we feel. It's awesome.   Morgan Hamon (22:48) And I guarantee you, I'll just talk through this briefly, but Gary, you and I have both been through this. And the doctors that are killing it and making lots of money, they've probably been through it too. But if we think about the grieving process, what's the first step? All right, it's denial. Okay, it's the first year you went from making 200 grand as an associate and now making 700 grand. And we've already written off the equipment and now we got 700 grand income. And you get your tax plan and you're like, what? This isn't for me.   Kiera Dent (22:54) Yes.   Morgan Hamon (23:17) Honey, think our email got hacked. We got this, this can't be right. This isn't mine. You go full on denial, this can't be right. And then we're like, no, I'm sorry. I'm sorry, that is your tax plan. And then we immediately go to anger. I'm so mad. thought Morgan was, I thought Morgan was this cool guy. I'm mad at him.   Kiera Dent (23:22) I'm   Hmm?   I need a different CPA, Morgan. I'm finding a different Harry Potter wizard. I need someone better than you.   Not today, I'm out of here.   Morgan Hamon (23:45) You get angry.   You're like, what the heck? I got this tax bill. So you get kind of angry. And then you go into bargaining and say, you know what? I'm going to go buy a CEREC machine tomorrow. Say, OK. I mean, do you need that? mean, do you do a lot of grounds? So you get all, I'm going to do this, this, and then where people are really in troubles and they stop making their estimated payments. Well, this can't be right. This can't   Kiera Dent (23:53) Hahaha.   Ha   Morgan Hamon (24:14) I'm going to go, I'm going to buy this and this and this. And then we start, there's a 6,000 pound truck. I'm going to go buy this big truck. And I kind of joke around a little bit. Yeah. So you get into bargaining, right? And then you're like, OK, well, gosh, I don't need any other equipment. I'm already doing the stuff. And then you get into depression. You're like, really? Am I going to? I guess this just stinks. And then finally, get to acceptance.   Kiera Dent (24:23) G-Wagon right now. I'm gonna brand it.   Morgan Hamon (24:43) and you realize if you're a high earner, there is a corresponding bill. Now that can be managed. There are ways for legal, perfectly legal tax avoidance to get into the so-called secrets. But you go through this journey. This has just been my, I guess, my 15-year research project. I've been through it personally myself, and I'm a CPA, and I still like writing this check. Dang. ⁓   Kiera Dent (25:06) same.   you   Morgan Hamon (25:13) But,   so that's what we have to, I think, wrap our head around, you understand that. And I encourage people, look, if you're a dentist, and maybe this dentist joins the seven figure club, right? You got seven figure profit, that's pretty amazing, right? That's really good income. But you will have a six figure tax bill. And that's okay. That's okay. ⁓   Kiera Dent (25:37) You will.   Morgan Hamon (25:42) And you just, got to get through to acceptance and take comfort in that you are engaged to take advantage of the legal opportunities that are out there for proper tax avoidance. And that's the, we talk about the secrets, you know, I see these clowns on, on YouTube of like, ⁓ I know the secrets of the tax code. mean, if you see that, I mean, just run. ⁓ There are no secrets. They're all well-known. Like I know all our competitors in our, the dental field and I'm on friendly terms with many of them.   We all know these. We all know the stuff that can be done. Legal tax avoidance. here's, we'll call it the secret, ⁓ Dentists, everyone's part of it. Here's the secrets, okay? Here's the secret. When you have a pass through business, which is what these dental practices are, right? So the business, and this will shed some light on your client 20 years, right? Your business does not pay income tax. The business tax return   Kiera Dent (26:22) Everybody's perking up right now, Morgan. They're like, okay.   Morgan Hamon (26:42) is math. It's absurdly complex math, but it quantifies the profit that's passed it through and gets listed on your personal tax return. And you owe income tax on that profit. That's what it means by pass through. And it's all ordinary income tax. There's no special tax rate for business owners. It's ordinary income tax. So how do we save money? Here's the secret. We have to capture as many expenses that we're otherwise incurring and capture those as business deductions.   When we do that, that lowers profit. Less profit passes through to the personal tax return, you pay less tax. That's the secret. So you have to execute the strategies, right? The home office is perfect for doctors. Totally substantiated, totally mainstream deduction. That's what justifies the car.   You can deduct a car, but that means you have to be engaged. You have to get the mile IQ. You have to understand what is your business percentage use. You have to do this right. You have to document it. There's things you have to do right. Take your board meeting. ⁓ If the cash flow allows, have a qualified retirement plan. Take full advantage of that. ⁓ If you're okay with having staff over to your house, have those meetings at home and have the office rent it from you. again, these aren't... People know these. This isn't...   I'd love to tell you I'm some genius that went and studied the tax code and formulated all these myself. This is out there. What you're engaging with your CPA is folks that will actually bring this to you and do it, but ultimately the doctor has to do it. What I think about is if someone thinks, well, I'm just going to have an hour meeting with my account at the end of the year and they're just going to take care of all of this. That's like saying, you know what?   Kiera Dent (28:07) haha   cringe.   Morgan Hamon (28:30) I know I need to work out and eat right to be healthy but I'm just going to go meet with my doc this fall and that should do it. Maybe they'll give me a pill that'll make me in shape and healthy. But no, you got to do the stuff. So if your accountant tells you, look, take a board meeting, document it properly, there's a proper way to do it, you got to do it. That's how we say the proper legal avoidance. your account comes to you and says, look, it's time to be an S-Corp,   Kiera Dent (28:51) Mm-hmm.   Morgan Hamon (29:00) because the profit is appropriate, you gotta follow the instruction. There's a procedure there and it's gonna save a lot of money on self-employment payroll tax if it's done correctly. You gotta listen, but you gotta engage. There's action items. And so we, ⁓ every September, I made a checklist. You know, again, Navy guy, right? I got a checklist. Log in, do the checklist. I call it our business tax savings maximizer. That's the flashiest, catchiest name I could think of. But like, log in and do it. That's the secret.   Kiera Dent (29:19) I love it.   you   Morgan Hamon (29:29) So, you know, for those listeners that waiting for the secret, that's it, right? We got to capture expenses as business deductions and there is action items for the doctor. It requires that engagement. And to circle back to where what you said earlier, like you can't come into the office and just fix it for them. They've got responsibilities on things to do too and that's the same with tax policy.   Kiera Dent (29:53) I thought that was such a beautiful way. And as you were going through the phases of grief, I'm like, oh yeah, I definitely lived all of those.   Thanks for kicking it off with Top Gun, ending with like tack strategy. Thanks for sharing some of the tips. But truly super honored to work with you and love what you guys are doing for dentists out there.   Morgan Hamon (30:04) Alright.   Kiera,   I always enjoy our visits and look forward to each one. So I appreciate you having me. I really enjoyed it.   Kiera Dent (30:16) course. And for all of you listening, thank you for listening and I'll catch you next time on The Dental A Team podcast.  

In this episode of Owned and Operated, John and Jack break down the most underrated—and often misunderstood—pillar of business success: cash flow.They dive deep into what cash flow actually means (hint: it's not EBITDA or net profit) and why failing to understand it almost tanked their companies. From sharing near-miss horror stories to the practical systems they've built—like automatic savings transfers and cash forecasting—this episode is a must-watch for any operator who wants to build a sustainable, growth-ready business.Whether you're just starting out or scaling past $10M, John and Jack unpack how better cash flow habits can protect your company from financial landmines and unlock new levels of financial control.

In this week's episode of Poised for Exit, we sit down with Jacob Petersen, a board-certified M&A intermediary who breaks down what really makes a business attractive to buyers.Jacob shares his journey from accounting to business brokerage and explains how he helps privately held business owners understand and increase the value of their companies.The conversation explores key valuation concepts like Seller's Discretionary Earnings (SDE) and EBITDA, with Jacob explaining how each is used and what they reveal about a company's true cash flow. He also clears up common misconceptions about intangible assets and why strong documentation is essential.Jacob highlights the importance of clean financials, realistic forecasting, and reducing owner dependency. He shares real-life success stories, including one where a business with minimal hard assets sold for over 2.5 million thanks to strong systems and diverse customers.If you are a business owner thinking about selling or just want to increase your company's value, this episode offers practical advice and powerful takeaways to help you build a more sellable business.Find Jacob hereConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

In today's Part 2 episode, Morgan Hamon returns for Part 2 of his conversation with Dr. Mark Costes, diving headfirst into the intricate realities of selling a dental practice. From decoding EBITDA and enterprise value manipulation by private equity-backed DSOs to the critical role of quality of earnings reports and add-backs, Morgan unpacks what dentists need to know before entering any transaction. They explore the benefits and tax pitfalls of owning versus leasing commercial real estate, the real story behind cost segregation studies, and how depreciation recapture can sting if you're not prepared. Morgan also shares eye-opening advice on selling timing, managing post-sale windfalls, and the limited tax mitigation options available to W-2 dentists. Plus, they wrap up with some lighthearted stories and unforgettable insights from Morgan's days landing F-18s on aircraft carriers. EPISODE RESOURCES https://www.eisneramper.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Ever wonder what it really takes to build an M&A machine inside the restoration world? This week, we sit down with Jeff Moore, the guy leading the charge at ATI Restoration, to get into the weeds on what he's learned after buying 40+ companies in five short years. We dig into: Why culture eats EBITDA for breakfast 44:00 The million-dollar HR screwup that still makes Jeff cringe 08:25 Why earnouts suck (his words, not ours) 10:55 How misjudging people can cost you a hell of a lot more than money 33:41 What most folks misunderstand about ATI (and big players in general) 49:18 Why PE-backed rollups fail—and what separates a win from a write-off 40:52 It's not just M&A talk—this is about identity, reputation, trust, and straight-up hard-won leadership scars. thanks for listening, Chris and Brandon Did you know... Only 30% of businesses listed for sale actually find a buyer? Even more striking, just 10% of those sell for the price their owners anticipated or higher, meaning only 3% of all business owners achieve their desired sale price. By focusing on understanding and enhancing your enterprise value, you can significantly boost your chances of joining that successful 3%. Business Health & Value Assessment Start Assessment Know Your Enterprise Value. See Your Potential Gaps. Complete this assessment in less than 15 minutes and receive a free assessment for your business that includes: A Lite Valuation Of Your Business Your Value Multiplier Per Your Industry Health Assessment Per Our PYB Methodology Business Value & Growth Roadmap Tailored For You Value Acceleration Strategies Spotlight on Floodlight: Your Secret Weapon for Sales & Scaling This isn't a paid plug. It's real talk from the front lines. If you've ever thought, “How do I get a VP-level sales leader or even a sales team without hiring full-time?” Floodlight has the answer. Fractional Sales Leadership They act as your outsourced VP of Sales, taking full responsibility for training, managing, and growing your sales team. No six-figure hire needed. Clients often close 20 to 50 percent more deals within six months, thanks to data-driven coaching, CRM setup, scripts, and performance reviews. More at floodlightgrp.com/sales Commercial Sales MasterCourse A self-paced, video-driven B2B sales course designed specifically for restoration teams. Perfect for building commercial revenue and getting free from TPA handcuffs. Covers mindset, prospecting, pipeline building, LinkedIn lead generation, and includes a $250 discount with code SALESBOOST. Details at floodlightgrp.com/courses Tailored Consulting & Coaching Floodlight's Propel Your Business methodology offers a full-circle roadmap: financials, sales, marketing, leadership, recruiting, productivity. All built for contractors. These aren't “life coaches.” They're former restoration owners who've lived the chaos and know how to scale out of it. Explore more at floodlightgrp.com Live Training, Tools & Strategic Partnerships Floodlight also delivers live onsite and virtual training, keynote speaking, and leadership tracks covering operations, project management, and strategic growth. Bonus: They've vetted tools like Xcelerate, Liftify, and Sureti. Floodlight clients get access to exclusive discounts on tech that actually moves the needle. See all partnerships at floodlightgrp.com/partners Why it matters for you as a listener You don't need to figure this stuff out alone. If you're serious about sales growth, operational clarity, exit readiness, or leadership development, Floodlight is already helping folks like you scale smarter. And you get it from industry insiders. People who've sat in your chair, survived the fires, and built systems that actually work.

Michael and Heather break down a $1.35M aerial ropes course adventure park for sale in the Colorado mountains, questioning if it's a business or just an expensive hobby gone wrong.Business Listing – https://www.bizbuysell.com/business-opportunity/don-t-miss-amazing-aerial-ropes-course-adventure-park-in-bailey-co/2366740/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.

What if you could turn your real estate into a money-making machine while keeping your business running exactly where it is? Jordan Shtulman and Jonathan Wolfe of Stream Capital Partners have mastered the art of sale leaseback arbitrage, helping private equity firms unlock millions from non-earning real estate assets. With host Phil Coover, they explain how private equity firms buying businesses at four to eight times EBITDA can sell the underlying real estate at 12 to 18 times rent multiples. Tune in for their insights about structuring complex sale leaseback deals, the personality traits needed for success in commission-only brokerage, and why being an advisor trumps being a broker.Connect and Learn More☑️ Jordan Shtulman | LinkedIn☑️ Jonathan Wolfe | LinkedIn☑️ Stream Capital Partners | LinkedIn | Facebook | Instagram | X☑️ Phil Coover | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional

Send us a textToo many aesthetic practice owners think revenue equals success until their P&L tells a different story. If you don't understand your numbers, you can't control your outcomes, and what you don't track will eventually cost you.In this episode of Shorr Solutions: The Podcast, host-turned-guest Jay Shorr joins one of our partners and Sr. Client Success Manager, Cristian Devoz, to uncover the financial blind spots most providers overlook. Discover how to properly analyze your profit and loss statement, identify areas to cut (and where not to), understand what a healthy EBITDA looks like, and learn a few simple steps you can take to boost your revenue.Schedule your free consult with our expert, Jay Shorr, here.To sign up for our Conversion Cascade 2.0 online course, click here. Don't forget to enter code PODCAST at checkout for 20% OFF! Connect with us:Website: https://shorrsolutions.com/Instagram: https://www.instagram.com/shorrsolutionsFacebook: https://www.facebook.com/shorrsolutionsLinkedIn: https://www.linkedin.com/company/shorrsolutionsYouTube: https://www.youtube.com/user/TheBestMBS1/featured

In this quick but powerful episode of  Retirement Planning Simplified, Joe Curry explains what every small business owner needs to know before selling a business, especially if retirement is getting close. Joe breaks down two important terms you always hear: EBITDA — used for bigger companies with management teams. SDE (Seller's Discretionary Earnings) — used for most owner-operated businesses under $5 million in revenue. You'll learn what buyers really look for, how to tell which number fits your business, and why it matters so much for your selling price. Joe also shares the 8 big things that can increase your multiple — like having a good team, clear financial records, steady growth, happy customers, and not being too dependent on you as the owner. What You'll Learn: ✔️ What EBITDA and SDE mean (00:01) ✔️ Which one fits your business (01:20) ✔️ 8 ways to boost your value before you sell (02:27) —------------------------------------------------------------- ABOUT JOE  CURRY Joe Curry is the host of Business and Exit Planning Simplified and the owner and lead financial planner at Matthews + Associates in Peterborough, Ontario. A Certified Financial Planner and Certified Exit Planning Advisor, Joe is passionate about helping business owners maximize value, plan successful exits, and find purpose beyond their business. His mission is to ensure clients retire with confidence—financially secure and personally fulfilled. You can reach out to Joe through: LinkedIn: https://www.linkedin.com/in/curryjoe Website: https://www.retirementplanningsimplified.ca/   https://www.facebook.com/RetirementPlanningSimplified/                https://matthewsandassociates.ca/    ABOUT BUSINESS AND EXIT PLANNING SIMPLIFIED The Business and Exit Planning Simplified podcast offers clear, actionable guidance to help business owners maximize value, plan successful exits, and achieve financial freedom. Hosted by Joe Curry, a Certified Financial Planner and Certified Exit Planning Advisor, each episode delivers expert insights, real-life case studies, and practical strategies tailored for service-based entrepreneurs approaching retirement. The podcast empowers listeners to transition with clarity, confidence, and a renewed sense of purpose.  —------------------------------------------------------------- Disclaimer: Opinions expressed are those of Joseph Curry, a registrant of Aligned Capital Partners Inc. (ACPI), and may not necessarily be those of ACPI. This video is for informational purposes only and not intended to be personalized investment advice. The views expressed are opinions of Joseph Curry and may not necessarily be those of ACPI. Content is prepared for general circulation and information contained does not constitute an offer or solicitation to buy or sell any investment fund, security or other product or service.  

Kelvin Subowo, CEO of Daily Co., joins Jeremy Au to share how he built one of Indonesia's fastest growing F&B groups after seven failed ventures. They talk through how Kelvin's early failures taught him the realities of Indonesia's price sensitive market, how cloud kitchens initially succeeded but quickly collapsed post-Covid, and how Daily Co. pivoted by acquiring and scaling offline food brands. They explore how founder retention, backend integration, and M&A discipline enabled sustainable growth. Kelvin also explains how Chinese brands are entering Indonesia with capital and speed, and why his team is doubling down on scale, team culture, and long-term local partnerships. 05:22 He failed seven times: His early startups included a potato chip brand, a HappyFresh-style grocery delivery, a classified forum, and an Instagram-era Etsy clone, all of which failed due to underfunding, misaligned business models, and reliance on customer subsidies 11:39 The cloud kitchen model collapsed post pandemic: Customer subsidies ended, delivery and platform fees remained high, and fuel prices surged, making unit economics unsustainable and causing Daily Co. to shut down over 200 outlets by mid-2022 16:09 Kelvin acquired Bread Life and shifted to central production: The team repurposed its delivery network to support offline brands, bought the mall-based bakery chain, centralized baking to lower costs, and reopened with a profitable retail model 21:58 Daily Co. now acquires profitable founder led brands: It targets three to five times EBITDA valuations, only acquires IP and assets to avoid legacy liabilities, retains founders to run operations, and integrates backend services like HR, finance, and supply chain 29:47 Kelvin believes team loyalty helped Daily Co. survive downturns: Many team members have been with him since 2011, and instead of layoffs, they pivoted together to scale new categories like bakery, aiming to build an ecosystem focused on staple food and "share of belly" consumption across meals and snacks Watch, listen or read the full insight at https://www.bravesea.com/blog/kelvin-subowo-scaling-after-shutdown Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

On June 23, Ola Electric's stock crashed to an all-time low of ₹43. This week, the stock staged a brief rebound, jumping nearly 20% in a single session. But at ₹47, it's still trading far below its IPO price of ₹76 and more than 70% off its post-listing peak.On an earnings call, founder Bhavish Aggarwal insisted the company was on track. With rising margins and tighter cost control, he said, Ola would hit EBITDA break-even at 25,000 units a month.But a closer look at Ola's financials tells a very different story.For FY25:— Revenue dropped nearly 10%— Losses ballooned over 40%, to ₹2,300 crore— And cash flow from operations? Deeply negative at ₹2,391 crore—nearly 4x worse than the year beforeIn today's episode, we unpack the growing gap between narrative and numbers at Ola Electric and ask: can Bhavish really steer this ship to safety?Tune in. Check out The Ken's new careers podcast, 90,000 hours: Spotify: https://open.spotify.com/show/5HEi59iUPRMMFfUvxeio47Apple: https://podcasts.apple.com/podcast/90-000-hours/id1826777519Attend The Ken's next event. Details here. 

  This week, we speak with Kyivstar CEO Oleksandr Komarov about the company's $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine's leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to public market investors. Oleksandr explains how the company has maintained high EBITDA margins despite the many disruptions unleashed by Russia's ongoing invasion of Ukraine.  He gets into why he decided now was the right time to make Kyivstar the first pureplay Ukraine stock to be listed in the US, and how its listing would give investors a chance to participate in the company's industry consolidation plans as well as the eventual reconstruction of Ukraine.  

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

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.

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.