Podcasts about ebitda

In this Very Dental (Dental Hacks) Classic throwback from the 2018 Voices of Dentistry meeting, Alan captures an impromptu, high-energy conversation right from the after-party. Dr. Peter Boulden and Dr. Craig Spodak (hosts of the Bulletproof Dental Practice Podcast) sit down with DSO attorney Brian Colao of Dykema for a candid debate on the shifting landscape of dentistry.  Brian lays out a blunt reality check on consolidation, private equity, and the mechanics of DSOs, explaining why traditional practice transitions are facing unprecedented disruption. Together, they break down EBITDA multiples, rollover equity, and what the rapid rise of multi-specialty group practices means for solo practitioners navigating the future of the profession. Plus, Alan and Jason cover their favorite hacks of the week, ranging from live streaming software to dental photography essentials. Some links from the show: The Bulletproof Dental Practice podcast Dykema Join the Very Clinical Facebook group!  Join the Very Dental Facebook Group using one of these passwords: Timmerman, Paul, Bioclear, Hornbrook, Gary, McWethy, Papa Randy, or Lipscomb!  The Very Dental Podcast network is and will remain free to download. If you'd like to support the shows you love at Very Dental then show a little love to the people that support us! We're proud to be supported by the folks at Net32! I'm a big fan of the Bioclear Method! I think you should give it a try and I've got a great offer to help you get on board! Use the exclusive Very Dental Podcast code VERYDENTAL8TON for 15% OFF your total Bioclear purchase, including Core Anterior and Posterior Four day courses, Black Triangle Certification, and all Bioclear products. Crazy Dental has everything you need from cotton rolls to equipment and everything in between and the best prices you'll find anywhere! If you head over to verydentalpodcast.com/crazy and use coupon code "VERYSHIP" you'll get free shipping on your order! Go save yourself some money and support the show all at the same time! The Wonderist Agency is basically a one stop shop for marketing your practice and your brand. From logo redesign to a full service marketing plan, the folks at Wonderist have you covered! Go check them out at verydentalpodcast.com/wonderist! Enova Illumination makes the very best in loupes and headlights, including their new ergonomic angled prism loupes! They also distribute loupe mounted cameras and even the amazing line of Zumax microscopes! If you want to help out the podcast while upping your magnification and headlight game, you need to head over to verydentalpodcast.com/enova to see their whole line of products! CAD-Ray offers the best service on a wide variety of digital scanners, printers, mills and even  their very own browser based design software, Clinux! CAD-Ray has been a huge supporter of the Very Dental Podcast Network and I can tell you that you'll get no better service on everything digital dentistry than the folks from CAD-Ray. Go check them out at verydentalpodcast.com/CADRay!

India's alcohol beverage industry is worth around ₹5 lakh crore, and spirits make up roughly three-fourths of the market. But building a successful alcohol brand in India involves much more than making a good drink.00:00 Introduction01:21 How Big Is India's Alcobev Industry?02:13 Why Spirits Dominate India04:00 The Alcobev Ecosystem & Jobs07:00 India vs Global Alcohol Markets10:00 How the Indian Whisky Market Has Changed14:00 Premiumisation & Changing Consumer Preferences18:00 Building Premium Indian Alcohol Brands24:54 How Radico Kaitan Built Categories27:46 Are Alcohol Companies Profitable?29:05 What Does It Take to Launch an Alcohol Brand?35:00 Building a Brand Beyond a Great Product40:00 Distribution, Retail & Getting on Shelves45:00 Why Every Indian State Is a Different Market50:00 Regulation, Excise & Government Control55:00 How Alcohol Brands Scale Across India1:00:00 Indian Whisky vs International Brands1:10:00 The Future of Premium Indian Spirits 1:18:29 Ankur's Favourite Spirits 1:21:52 Final ThoughtsAnkur Sachdeva has spent around 25 years in the Alcobev industry, with stints at William Grant & Sons, Radico Kaitan, the Kajaria Group and Allied Blenders & Distillers. He was also involved in bringing Glenfiddich and The Balvenie to India, and today is building premium Indian whisky brands of his own.In this episode of the Prime Venture Partners Podcast, Jerome Manuel sits down with Ankur Sachdeva, Co-founder & CEO of Uppal Brewers and Distillers to understand an industry that most people consume, but few understand as a business.They start with the scale of the Indian market. Ankur explains why India's alcohol industry looks very different from global markets, where beer is the largest category, while spirits dominate India and account for around three-fourths of the market.The conversation then moves into the rise of premium Indian spirits. Ankur discusses brands such as 8PM, Magic Moments, Jaisalmer, Rampur, Indri and Royal Ranthambore, and how Indian companies have identified gaps in the market and built brands around them.But a good product is only the beginning.Ankur explains what it actually takes to launch an alcobev brand: from having a clear idea and building the product to manufacturing, capital, distribution and getting consumers to pick it off the shelf. He also talks about why a clever bottle or an unusual flavour may make an interesting product, but that alone does not necessarily make a successful brand.The episode also gets into the economics of the industry, including why established Alcobev businesses can operate at strong EBITDA levels, and what makes the category attractive once a business has established its model.For anyone interested in consumer brands, whisky, premiumisation, distribution, regulation or building businesses in India, this conversation gives a detailed look at how the alcobev industry actually works.Connect with Ankur SachdevaLinkedIn: https://www.linkedin.com/in/asachdeva/ Instagram: https://www.instagram.com/ankursachdevaind?igsi=MTdwNGljOGZ2dWtudg==Follow Jerome ManuelX (Twitter):https://x.com/JeromeAndManuelLinkedIn: https://www.linkedin.com/in/jeromermanuelRead the transcript for the entire podcast here - https://bit.ly/Prime-Venture-Partners-And-Uppal-Brewers-And-Distillers About Prime Venture PartnersPrime Venture Partners is an early-stage venture capital firm backing exceptional founders building category-defining technology companies across SaaS, fintech, AI, healthcare, consumer internet and enterprise software.Learn more: https://www.primevp.in/Follow Prime Venture Partners:LinkedIn: https://www.linkedin.com/company/2780448/admin/dashboard/X (Twitter): https://x.com/Primevp_inInstagram: https://www.instagram.com/primevp_in/Learn more about:LinkedIn: https://www.linkedin.com/company/uppal-brewers-distillers/Website: https://soorahi.com/#IndianStartups #Alcobev #Whisky #ConsumerBrands #Entrepreneurship

Send us Fan MailOne day, you will exit your private practice.You may sell it, pass it on, or simply decide you are ready for something different. The goal is not to rush that decision. The goal is to build a practice that gives you options.In this episode of the EntreMD Podcast, Dr. Una sits down with Emily Stubbs, Esq., of Visibility CFO Deal Advisors to talk about how physicians can prepare their practices for an eventual exit on their own terms.They discuss owner dependence, EBITDA, financials, legal risk, what buyers look for, and why preparing years in advance can make your practice stronger and more valuable.Whether you plan to sell someday or simply want to build a business that can thrive without depending entirely on you, this conversation will help you think differently about what you are building.Tune in!Additional Resources:Learn more about my 12-month program. Interested in 1-on-1 coaching? Apply here.Grab a copy of the "The 7-Figure Physician CEO" book. When you are ready to work with us, here are three ways: The Profitable Private Practice Movement - If you want to build a thriving private practice that serves a lot of patients, while creating time and financial freedom for you, come join us here. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.To get on a call with my team to determine your next best step, go here ...

On today's episode, Dr. Mark Costes welcomes back Brannon Moncrief of McLerran & Associates for a timely conversation about the current dental transition market, DSO consolidation, and how practice owners should evaluate their exit options. Brannon breaks down why the DSO market has shifted since the white-hot acquisition years of 2021 and 2022, how higher interest rates and more disciplined buyers have changed valuations and deal structures, and why alignment between sellers and DSOs matters more than ever.  He also compares DSO affiliations with private doctor-to-doctor sales, explaining how revenue, EBITDA, cash at close, work-back expectations, equity risk, and operational support all factor into the decision. Together, Mark and Brannon discuss when a private sale may make more sense, when a DSO deal may be worth exploring, and why understanding both the economics and the "why" behind a sale is essential for making the right transition decision. Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://dentaltransitions.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Courtney and Jonathan Dunn bought a fast-growing SaaS at 3-4x ARR, doubled it, then merged for a life-changing exit.Register for the webinar: Architecture of an Entrepreneurial Roll-Up - TOMORROW!! - https://bit.ly/4gXkwPtTopics in Jonathan & Courtney's interview:Their background in oil & gasTurning down an offer from AppleImproving their investor pitchTraveling extensively to searchAcquiring a niche healthcare software company Using all equity, no debt, for the dealUsing an earn-out to resolve valuation disagreements Having a baby during the acquisition processThe hire they wish they'd made sooner Advice for couples considering building a business together.References and how to contact Jonathan & Courtney:Jonathan's LinkedInCourtney's LinkedInCerboNed Tomasevic spelling on Acquiring Minds: How to 4x EBITDA in 3 Years Without Growing SalesGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet a free review of your books & financial ops from System Six (a $500 value):Book a call with Tim or hello@systemsix.com and mention Acquiring MindsGet a complimentary IT audit for acquisition diligence or post-close transition.Visit inzotechnologies.com/eta.Connect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

In "The Collision of Capital, Technology & Logistics", Joe Lynch speaks with Founder & Managing Partner of Gamma Point Advisory, Joey Milstein, about how the intersection of private equity, artificial intelligence, and operational execution is reshaping the future of supply chain M&A. About Joey Milstein Joey Milstein has spent more than 35 years inside the machinery of global trade, leading commercial organizations for ocean carriers, freight forwarders, and venture-backed logistics technology companies before moving to the advisory side. Having built businesses, sold technology, raised capital, and led growth from inside the industry, he brings an operator's perspective to every transaction. As Founder & Managing Partner of Gamma Point Advisory, Joseph advises founders on sell-side M&A and guides private equity firms, institutional investors, and strategic acquirers on buy-side strategy, growth, and logistics technology. He is known for connecting the worlds of operations, innovation, and capital, helping clients identify opportunities others miss and navigate one of the world's most complex industries with clarity and conviction. Joseph holds both Bachelor's and Master's degrees from New York University and serves as a strategic advisor to multiple logistics technology companies. About Gamma Point Advisory Gamma Point Advisory is a boutique M&A and strategic advisory firm focused exclusively on transportation, supply chain, and logistics technology. Unlike generalist investment banks or consultants, Gamma Point combines deep operating experience with transaction expertise, giving clients advice grounded in how the industry actually works. The firm advises founder-led businesses on sell-side M&A, capital formation, and strategic growth, while providing buy-side advisory to private equity firms, institutional investors, and strategic acquirers sourcing, evaluating, and executing investments across the logistics ecosystem. Gamma Point also works closely with emerging logistics technology companies to accelerate commercialization and market adoption. Gamma Point sits at the intersection of three worlds that rarely speak the same language: operators who move freight, innovators building the future, and the capital that funds it. Key Takeaways: The Collision of Capital, Technology & Logistics In "The Collision of Capital, Technology & Logistics", Joe Lynch speaks with Founder & Managing Partner of Gamma Point Advisory, Joey Milstein, about how the intersection of private equity, artificial intelligence, and operational execution is reshaping the future of supply chain M&A. The Intersection of Three Disconnected Worlds: Capital markets, technology providers, and logistics operators routinely "talk past each other" at industry conferences. Sustainable progress requires a "translator" who understands the nuances of operational realities, deal structures, and true software utility. The "Silver Tsunami" Driving Consolidation: Hundreds of healthy, lower mid-market logistics companies (drayage, family-owned forwarders, customs brokers) are reaching an inflection point. Owners in their 60s and 70s without generational succession plans are seeking capital infusions, mergers, or buyouts to exit. Prep Work Directly Impacts Valuations: Founders often lose millions in prospective sale value by going to market unprepared. Spending 3–6 months to audit operations, clean up balance sheets, remove unutilized assets ("dead wood"), and document institutional knowledge transforms potential multiples from 4x to 6x EBITDA. Private Equity's "Buy-and-Build" Playbook: Private equity interest in logistics—especially freight brokerage—is accelerating. PE firms look for established "platform" companies to serve as a base, then execute a "buy-and-build" strategy by acquiring smaller complementary add-ons to build scale rapidly over a 3-to-5-year horizon. Adopting Technology to Boost Valuations: Tech adoption is no longer optional for legacy operators. Implementing scalable, transferable software or modern AI tools directly increases a firm's exit valuation multiple, whereas sticking to outdated manual processes or disconnected legacy tech depresses market interest. Evaluating "Real AI" vs. Expensive Demos: With capital drying up for speculative "digital brokers" that subsidized freight rates without long-term profitability, investors and buyers now focus on technology that delivers measurable operational productivity, security, and lower overhead rather than slick, superficial software demos. Culture and Team Depth Outweigh Simple Financials: Successful acquisitions require balancing human dynamics and cultural fit alongside pure financial metrics. Founders must build institutional depth rather than centralizing all sales, financial, and operational expertise within a single leader. Learn More About The Collision of Capital, Technology & Logistics Joey Milstein | Linkedin Gamma Pint Advisory | Linkedin Gamma Point Advisory Gamma Point Podcast AI In Logistics | What works and what doesnt The Logistics of Logistics Podcast If you enjoy the podcast, please leave a positive review, subscribe, and share it with your friends and colleagues. The Logistics of Logistics Podcast: Google, Apple, Castbox, Spotify, Stitcher, PlayerFM, Tunein, Podbean, Owltail, Libsyn, Overcast Check out The Logistics of Logistics on Youtube

Building active income is great, but how do you create real enterprise value? The group analyzes how life insurance agencies are bought and sold at tech-like multiples. Featuring a deep dive into Patrick Bet-David's $250M sale of PHP to Integrity Marketing, this section breaks down how recurring renewal revenue, proprietary tech IP, and team overrides drive high 10x–15x EBITDA exit valuations.

https://youtu.be/B9j1nlRifHM Alex Fernandez, CEO of Synergy Orthopedic Specialists, is driven by a mission to help physicians Build a Multi-Site Medical Practice that creates wealth, equity, and independence beyond their personal labor. By bringing independent physicians together, building scalable organizations, and expanding access to integrated services, Alex helps doctors operate as entrepreneurs while delivering a more convenient and cost-effective patient experience. In this conversation, Alex introduces The Multi-Site Scaling Framework—Visualize Your Target EBITDA, Align With Your Partners, Remove Yourself From the Center, Build Systems, and Build Margin Around Your Core Business. He explains why starting with the desired enterprise value creates a clearer path for growth, why alignment must be a gate for every partnership or acquisition, and how strong systems allow a business to operate without depending on its founder. Alex also shares how vertical integration, company culture, geographic expansion, and AI-assisted processes can improve profitability while preserving independent medical care. — Build a Multi-Site Medical Practice with Alex Fernandez  Good day, dear listeners. Steve Preda here with the Management Blueprint Podcast, and welcome Alejandro “Alex” Fernandez, the CEO of Synergy Orthopedic Specialists, a team of surgeons and specialists that believes in providing patients with an integrated approach to musculoskeletal—I’m glad I could pronounce this—medical care through 15 locations throughout San Diego. Alex, welcome to the show.  Thank you. Thank you. Yeah, I appreciate that. I’ve enjoyed your show, and I’m happy to be here.  Well, I’m always interested when I meet with medical provider companies or CEOs who have been doctors, because I grew up in a family of two doctors, and so I was exposed to some of the challenges of being a doctor and running a hospital. So that’s going to be interesting. So my favorite question that I ask recently to all our founders is, what is your personal why, and how are you manifesting it in your practice and in your business?  Yeah, for sure. And so my why, as you put it, comes from where I started. I actually don’t come from a family of physicians. I started not where I ended up. I’m a son of Cuban immigrants. My parents fled Castro in the ’60s, and I was born in Puerto Rico. Later on, my family took a lot of our family in the Mariel boatlift in 1981 and took hundreds of people out of Cuba. But in reality, the concept or the reality is that my parents didn’t have a lot of money. They had some connections, but they believed that I should have a college education.  But I had to work my way through eight years of college to get my bachelor’s. So I landed in healthcare as an accident. It was a small medical practice. I was basically doing front desk and medical records, and then later on learned how to do the billing, all by hand at that time. There were no electronic medical records. And I started basically at the front desk, and I watched something that I never really forgot, which is, you have these brilliant physicians, people that can diagnose patients and help them and cure them, but when it came to business, they were never taught anything about business.  So this is where I believe I have generated value over the years: basically, built companies that actually create wealth, and the wealth for the physicians in particular.Share on X I think physicians are very entrepreneurial. At least that’s the idea to begin with, is, “I’m going to go into the practice of medicine and have my own business.” But somewhere along the line, the business becomes almost like an ATM machine. It’s no different than any other entrepreneur that starts a business. They are the business. Without them, if they go away for a couple of days, the business doesn’t make any money, and they don’t really know how to do that. So what I’ve done over the years is I have gotten smaller groups of physicians to come together, form larger organizations, larger groups, and eventually built larger private businesses that can have EBITDA, equity earnings that can basically provide some additional wealth.  Particularly, I try to help them think of themselves as capitalists, not as day laborers. Because in reality, in most businesses, and particularly physicians, they’re cranking the wheel, and the more they produce, the more they work, the more they earn. But in some cases, they don’t understand how to get away from that. How to earn from all the other things that they control. Because physicians do control 80% of the spend in healthcare but earn probably no more than 5% of it.  Wow. That is shocking. So they’re not using the leverage properly, probably.  Yeah. Sometimes they know it’s there, but physicians in general are risk-averse. Just starting their own business is hard enough. Then having to figure out how to capitalize from all the levers that they have, that’s completely different. And they’re no different than, I would say, lawyers or accountants that start a small business. At some point in time, you have to figure out, how do you make the business big enough that it operates and works without you?  Yeah, I love that. I love that. And what makes you feel strongly for physicians?  Well, particularly independent physicians, I think it’s a dying breed. Years ago, I would hear the stories of my parents where they’d say, “Hey, we took you to the pediatrician,” and my dad would be friends with the OB-GYN that took care of my mom and the pediatrician. And I remember them naming them by first name or even meeting them at the social club. But nowadays, it’s very transactional. It’s very fast. There’s no connection.  So I think that’s why there’s been this whole surgence of concierge physicians where you pay extra. Because in truth, in order to make a living, the business of healthcare is compressed by downward pressures from the government and from other institutions that say, “We’re going to pay you less, but you have to have a significant amount of compliance, and you have to spend more money on this, and you have to do that.” And then at the same time, the cost of living goes up.  The employees need to make more money. Your rent goes up. The supplies continue to increase. So you have the static or lower reimbursement from the different payers, whether it’s Medicare, the government, or private institutions, and then an increase of expenses happening. That’s very strange to any business. In any other business, you say, “Well, if my costs go up, I increase my prices, and then maybe my margins are a little bit less, but I still have a significant margin.” In healthcare, you almost have to just work more in order to generate more revenue, and the expenses hopefully will increment a little bit more, but your earnings will be the same or less. So it’s a very tough situation for an independent physician.  That’s why more and more, especially physicians coming out of training, look for jobs with health systems, with the Kaisers of the world or the different large institutions in the United States, so that way they can go ahead and just go to work and take care of patients and not worry about the business of healthcare.  Yeah. But then these big hospitals turn into bureaucracies, and then they still have to worry about that in a different way.  And that’s personally the second part to that question you asked me. That’s why I like working with physicians and not necessarily with health systems. I’ve never held a job with a hospital. Not that I haven’t wanted to. It’s just, I think the nature of the bureaucracy of a health system creates some things that I’m not personally interested in.  Yeah. Well, I can see that. So Alex, this is a podcast of frameworks, as you know. So what’s a framework that has helped you build your business, maybe generate an insight, understand situations, maybe influence these physicians to come together in your roll-ups? Whatever framework you developed, could you share something with our listeners?  Yeah. Yeah, for sure. Most owners in a business—and I’ll talk in generic terms. I’ll try to make sure I don’t use any slang for healthcare—but most businesses build their business for income. They want to make income for their families, for themselves. They want to be able to take care of the people that they’re with. But they don’t really think about it from a perspective of, “Let me build a business that can multiply.” Maybe they want to, but in a lot of areas, it’s just hard for them.  I actually grew up in the bridal business. My parents had bridal stores. They basically did wedding packages, and that’s the business that I grew up in. Every summer, I would go and do the cash register or help rent tuxedos and things like that, or do filing and bookkeeping. So that’s where my entrepreneurial spirit comes from. It’s my parents. But I always saw them where maybe they built one or a couple stores, two, three stores, and they would kind of stop there. But I think I learned a lot from my dad in particular around multi-site operations in a retail industry, and I took that back into the healthcare business.  So one of the first things I think that a business owner has to do is they have to underwrite their own exit first.Share on X They have to think of growth and particularly of the value of the business if they were ever going to sell it. Figure out what your EBITDA or enterprise value is going to be, and then go from there. Then make the alignments first, but don’t make it the goal. Most people chase the volume, the customers, more locations, more deals, spend years fixing what they bolted on in order to flip it, but they don’t really take the time to align it. So I think the client, the partnership, the acquisition—you have to figure all that out at the beginning and then fix it later.  If I run into an acquisition that we’re looking at, and I don’t see the alignment from whoever I’m going to partner up with, I know it’s going to be a deal that’s going to go bad eventually. We all have to be thinking the same way. Then the other thing, like I already mentioned this a couple of times, but you have to take yourself out of the center. If you’re the CEO, you’re the business owner, and the business depends on you—you can’t go on your two- or three-week vacation to Europe or wherever you want to go, and when you come back, the business is in disarray or didn’t survive—you don’t really have a business.  You just have a job that costs you a lot of money to maintain. I think that’s where operating systems earn their keep. I haven’t really run the EOS program, but I’ve read the book, and I really like the idea of the scorecards, and I used it particularly when I came to this opportunity in San Diego. Getting everybody to row in the same direction. A business that runs with a founder and a single thing, it’s one that won’t get very far.  But on the other hand, if the founder figures out a way to build systems around them and bring in the right people, that’s going to make the business way more successful. And the last one I would say is own the margin around your core. Don’t just sell the core service. Figure out what else you have. And I think in healthcare in particular, I was mentioning this: doctors control a significant amount of what happens to a patient, but they don’t figure out ways to vertically integrate the business to have access or have the opportunity to earn some revenue and some earnings from the actual business they refer to.  So what I’ve done over the years, particularly in gastroenterology, I grew a medical practice of gastroenterologists. A couple of them came together, and it was around 50 million in revenue when I came in. And one of the first things I started doing was figuring out, how do we add, let’s say, imaging services? So we added CT. How do we add infusion services? Because back then, there were some significant drugs that were coming into market around infusion. But later on, we said, “Hey, we have an investment in an ASC, but why don’t we do the investment so the investment’s part of the group? So all the doctors can benefit from that.  And when we actually equitize the business in the future, that could be part of our exit if there’s equity there.” And then the next question was, “Well, why don’t we sell the prep that we give people before they get the colonoscopy?” So we got licensing around pharmacy, and then we said, “Well, what about anesthesia? What about pathology?” And so on and so on. So when I went to New York City and I ran a dermatology group, we built a path lab for the derms. When I came here to the orthopedic group, we had PT locations, expanded to multiple PT locations, improved the contracts around durable medical equipment, the bracing, even added anesthesia and started our own ambulatory surgical center.  So always trying to figure out, how can you vertically integrate the business to try to capture as much as you can from the client that’s in front of you? Not only just from a money perspective, but also from an experience perspective, being able to provide it all under one roof and being able to give the patient, the customer, a great experience. You want to provide outstanding medical care. Quality medical care is kind of like a base. If you go to a doctor, you expect to get better. But what we see in healthcare a lot is that people don’t think about it.  Like, in our offices, we say, “Thank you for choosing Synergy Orthopedics.” We know patients have a choice, so we have to develop a model that allows the patient to say, “Hey, I want to go here because these guys have it all under one roof.” But more importantly, that’s typically what the hospitals have. But hospitals charge for the same thing I provide two and three times more because they have a different type of leverage with the contracts. So I always say, “Why did the duck cross the road? Oh, because they went from the hospital to the ambulatory surgical center to get a colonoscopy to save 700 bucks.” I mean, it’s literally that simple.  And I don’t think patients in general know that, but I think the doctors have a great opportunity to control the delivery system, provide a great experience for the patients, and at the same time, make some money from things that they don’t physically have to do. They can hire the physical therapist, et cetera.  Yeah. Okay, so that’s great. So what I’m hearing, the framework is: think of growth first—what’s the EBITDA you want? Then create alignment, take yourself out of the center, build systems, and build margin around your core business. So that’s wonderful. Now, step two, I’m not 100% clear on. So you said make alignment with partners, but don’t make it the goal. What do you mean by that?  Well, because particularly I’ve been involved in private equity medical groups. So with private equity, you have cash, you have leverage, so you can go and buy, buy, buy, buy. In private equity, to a degree, they want growth. But I’ve been in deals where the thesis was, for example, we’re all going to be rowing in the same direction with the same flag, same brand, and we’re going to transfer from having—there were four medical groups, so four different, distinct medical groups—and we’re putting them together under what’s called a management services organization, a management company, and basically form one larger group.  But that was never aligned because the doctors, in their head, said, “You’re acquiring me, so you’re buying this magnificent, outstanding business. Now why do you want to change my electronic medical records? Why do you want to change the way we do our, let’s say, revenue cycle management or billing? Why do you want to change our brand? Our brand’s fantastic.” Even though they were all called Dermatology blah, blah, blah, something and something. So you have to make sure that the people that you’re going to bring on board, whether it’s through acquisition, merger, or just employment, that they really believe in your story, that they believe in the core vision of the business.  Not just try to put people in there and make more deals, get more locations, spend more years, and then you put all these things together and you bolt them up, but you spend more time trying to fix it. In my Gastro Health and in the ortho business, we always started with, “Let’s make sure we have our house in order before we go out and start growing the organization and adding more to what we have.” The last thing you want to do is add more and then find out that you have to spend more time fixing it.  No, that makes sense. But then you qualified it. You said, “Don’t make it the goal. Don’t make alignment the goal.” So how does it become the goal? What’s the risk there?  So no, make it the gate, not the goal. Meaning, alignment is extremely important, but you want the alignment to be the one thing that puts you together. But at the end, everybody has to be buying into the idea. It’s not the only goal. Their goal is also money. The goal is growth. But it has to be one of the key things. In healthcare, I tend to think, and particularly with private equity, that’s not perceived. It’s more about getting deals done.  Yeah. They don’t care about the mission. They don’t care about the vision, the alignment.  I think they do. In their thesis, they do, and they want it. But it’s kind of like, at the end, you’re looking at this business. They want to sell, you want to buy, you have money, they want money, and sometimes it’s just easier to say, “Well, we can grow from $30 million to $60 million, from $10 million of EBITDA to $20 million of EBITDA. We’re going to get, instead of a 10 multiple, we’re going to get a 15 multiple.”  So sometimes that gets in the way. And I would say, by the way, I worked with great and fantastic private equity firms, so I’m not saying they all think that way. But for sure, the perception is that they’re going to go in and try to make deals happen because they do have an end goal. Their end goal is to their investors that gave them funds, that they told them they were going to get them a four-, five-, seven-times multiple on their investment.  So in your own business, Synergy Orthopedic Specialists, is this a private equity-funded business or is it bootstrapped?  No. No, it’s bootstrapped. The physicians, when I came on board—at that time, I started with them six years ago in 2020, and the market was really hot still, ’21, ’22, ’23, and then the interest rates went up, and then things have softened. I think also they got softened for what we’ve been discussing earlier. There’s been a lot of deals that have been done where acquisitions were done in multiple states. There’s not a lot of synergy or a lot of things that were worked out to try to make sure that the organization was working together, the multiple organizations that were acquired.  And the idea was, if we buy four million-dollar businesses, they will be, instead of an eight-times multiple, they’ll be a 10- or 12-times multiple. So I think there’s a lot of deals that are stuck in the marketplace right now, and the groups are trying to figure out how to evolve the organization after five, six, seven years from, “Hey, we let you alone. We let you be. But now we need to start integrating. Now we have to start building an enterprise. Now we have to start building a real platform.” And I think that the organizations that did that earlier have been able to exit and done a much better multiple and growth.  And also the key is, in these transactions where people get together, a lot of times it’s all about the fun. “Hey, we go out to dinner, and everybody’s well, and everybody’s happy, and how much money we’re going to make,” and blah, blah. But nobody really asks the tough questions, or some people do because they actually don’t want the deals to get done. But I think it comes from the buyer. The buyer needs to be very upfront with what they want to accomplish with a transaction, whether, again, a merger or an acquisition.  You want to make sure that you’re extremely transparent about what the end goal is going to be. And if the end goal is like, “Hey, I’m going to leave you alone for a year, but in a year and one day, your name’s going to change, your software’s going to change, your HR is going to change. And by that time, we’ll figure out about your staff, and we might probably cut 25% of your staff because you’re bloated, and we actually have to make you a little bit more fit and trim so you can actually be able to grow and provide better care to your patients.”  So what I’m seeing is, it’s quite impressive. You have 15 locations, you have a huge service mix. You have, compared to the number of locations and service mix, a limited number of people. So how do you maintain the Synergy standard? And how do you manage this complexity with such low—low per— It took— How many people?  Yeah, it’s—right. Yeah, I agree. It’s taken some time. Again, I wouldn’t say that it’s perfect. We’re always evolving, changing. I mean, I always say the only constant thing in healthcare is change. But it started with the company culture. When I first got here, there were four or five organizations that came together, and they were still using their old names. Synergy Orthopedics was like this little kind of byline under their business cards. It wasn’t really the brand.  And then over time, we got people in the organization rowing in the same direction, using the same flag, and over time we started to dominate the market. We started to be perceived, and we are today, the largest independent medical orthopedic group in San Diego. So when people think of MSK, we take care of the hockey team, we take care of the soccer team, we take care of professional players. The larger organizations reach out to us about developing contracts, direct contracts to provide services to them.  So that took a long time, but it started with building that company culture. And along the way, some people left. Some people just didn’t fit what we were trying to build. And it wasn’t just me. I didn’t do this by myself, of course. The reality was we built a team around what we were trying to create. Physicians, in this case, are the leaders. Physician leadership was there, and this is what they wanted as well. So I think, yes, when we’re now in other counties we’re in Riverside County, so we’re north of San Diego. We’re all the way to Palm Desert and looking to grow into Orange County and L.A. County eventually.  So the goal is also in growth, and size allows leverage and negotiation power with the different payers. And that’s very different than in other industries where you have a payer, let’s say Blue Shield or Anthem or United, that kind of controls how you’re going to provide service, how much they’re going to pay you, et cetera, et cetera. So the only way to really have any type of seat at the table is that your organization has to be large enough and a market leader and basically be something, or an organization, that they can’t say no to, that they want to have in their network. So that’s how we’ve been able to do this over the last five, six years now.  So what drives the growth? Is it the acquisitions? Is it geographic expansion? Is it payers refer business? What’s the driver?  All of it. You have to do everything. It’s like that movie, Everything Everywhere All at Once. It’s like you have to do everything. We started by first creating the brand and the company culture, expanding that brand and company culture by figuring out who having the right seats on the bus, making sure the right people that wanted to be with us were there. And then we said, “Okay, we don’t have a spine program. Let’s figure out how we recruit a spine doctor. Let’s figure out how we recruit a pain doctor.  Let’s get a foot and ankle specialist because we don’t have one. Let’s expand our sports medicine program.” So we took over a fellowship training program in San Diego that was probably going to expire, and then we took it over and continued the legacy of the physician that started it from the beginning. We’ve done some mergers. We’ve done some acquisitions. We’ve done some new locations. We’ve expanded our physical therapy footprint. We built out an ambulatory surgical center. That was a big endeavor. These things cost millions and millions of dollars. Just in construction alone, it was like $600… I think our overall investment’s somewhere around $12, $15 million, so highly leveraged. We brought in a partner, a national partner, to help us run and fund the enterprise.  We started an anesthesia division. So I would say you have to do everything, and all of it together, as time goes by, creates that vision. As long as you have the vision, like I said, the beginning thing is you have to start with the end goal. And the end goal is we want to build a business that’s independent. That’s our goal. We don’t want to be sold or be part of the hospital system. So you have to build the end goal, work through the process, grow it, and do all the things at the same time, which is extremely hard, I would say.  Yeah. This is fascinating. So you have a lot of complexity. You have a lot of locations, a lot of services, 50 providers. I mean, sometimes doctors can be cats, hard to manage them. Eagles, eagles. I always say, try to get eagles to fly in a straight line. Impossible. Yeah.  But if you had a magic wand and you could fix one thing in your business in the next 12 months, what would it be?  I will be honest, it’s expenses. Expenses can and I’ve talked about this before the pressures in the healthcare industry really are driven around expenses. We just got an increase in minimum wage in healthcare, specifically in California, where a physician practice now has to pay $23 an hour for a minimum-wage job, where minimum wage is almost half of that if you’re in any other industry. So I think everybody should make more than $23, particularly in San Diego. It’s a very expensive place to live.  But I think it’s more around the pressures that are put on the industry, but the levers are not there to increase revenue to be able to support or subsidize those expenses. So, for all intents and purposes, we’re looking at how we increase revenue by keeping expenses the same, or fixed, or a little bit higher than what they are, by augmenting with AI, like every other industry is doing. Figuring out whether it’s using AI in your MRI to be able to process the imaging faster, clearer, better, and be able to add three or four more patients a day. That profit goes straight to the bottom line.  It might be before we had people that are scribes that basically did the documentation of the history, the notes, and the medical records. Now doctors are using—well, they’ve been using voice recognition for a while—but now you’re doing ambient AI, where basically it’s listening to the conversation with the patient, of course with the patient’s approval, and being able to document all that information into the record much faster, quicker, better, and more precise. And so on. Answering the phones, being able to—when the patient gets statements, we typically send out statements every two weeks.  But when we send them, we send thousands of statements, so we get thousands of phone calls. You can’t get all those phone calls when somebody says, “I owe $50, and I don’t know why,” and being able to have an AI that tells you, “The $50 is because you had a copayment or you had a deductible, and it’s due to your insurance program with whatever the insurance is.” And they’re like, “Oh, okay.” “You want to pay that right now?” “Yes.” It sends you a text to your phone, qualifies who you are, you click on it, you put your payment information. The information goes in, the payment gets posted. Nobody got involved. AI took care of the whole process. So we’re trying to figure out how to assist the staff without having to let go. At least my intent is not to let go of people.  My intent is to try to make sure that we do the best job possible and use AI to augment the process, not to replace the staff. I get very worried, in general, about what’s going on with AI as an industry, where people are saying, “Well, I use it as my assistant. I use it as this.” Well, I started at the front desk. If there are no front desk jobs, how could I have been CEO of this multimillion-dollar organization if I didn’t get a foot in the door to begin with? So I feel very worried for my kids that are growing up. One’s studying to be a psychologist, the other one’s in marketing. How are they going to learn and grow in an industry or a business if they can’t get their foot in the door?  Yeah. That is a concern. I don’t know if we can fix it, but I’m worried about it too. So Alex, who would you like to listen to this podcast and to take action? And what kind of action should they take?  Well, I think it’s generic. I always say, I have an MBA in healthcare administration, but I could have gone and done any type of business. Like I said to you, I grew up in the retail industry. So I think it’s more around, if you’re an entrepreneur and you have talent and you’ve worked really hard at doing something, you have to figure out how to hire the right people so that they can do a job that maybe you don’t know how to do, how to scale up a business by investing in it, making sure you don’t look at your business as an ATM machine or a salary that pays you every week or every period of time, but look at it as you’re an entrepreneur, a capitalist.  You’re building an organization. You’re providing jobs for people. But at the end, the business has to give you more than your salary. There has to be equity in the enterprise, and that’s the money you’ll be able to use to maybe have leverage or to use in order to add that next location or look at what’s the next opportunity, whether you’re, again, a doctor or you’re running a retail organization that wants to have multiple locations. The key is, think of the end goal. And the end goal, not necessarily that you’re going to sell, but what is it going to be? What is the business that you want to have valued at, and how have they grown?  Look and listen to other people like yourself, Steve, and all the different things that you do in regard to building that journey of the business, and figure out how to take the next step and the next step and the next step. It doesn’t happen overnight. You don’t get from a $50 million company to a $150 million company. It took me seven years to get there. But it’s done by augmenting and adding features and adding services, but doing it very intelligently, thinking it through, not just adding it for the sake of adding it, then, like I said before, having to bolt it on and try to fix more of the problems, creating more problems.  No. Fix your house, figure out where you’re at, make sure it’s earning equity. Maybe you have to reprice. Maybe you have to figure out how the business needs to run a little bit nimbler. Maybe you have to use technology, whether it’s AI answering the phone because you’re the guy that—you have a pizza shop. Why do you have to have people answering? Have the AI take the order, have the AI tell people to go to the website, and so on, so you can have pizzas going out of your store every five minutes. So for sure, there are great opportunities. And if you’re a business owner, I want you to think that you can. It’s not impossible. It can be done. You don’t need an MBA. You just need to work hard and think it through and come up with a business plan and an idea on how you want to get there.  Yeah. Well, this is very inspiring. So if you are a founder, you’re running a business, or you’re about to start a business, look at what Alex has done. He was a son of Cuban immigrants, came to this country, built from nothing a 15-location, 50-provider medical group, and works with private equity, advises companies as well. Follow his example.  So Alex Fernandez, thank you for sharing your wisdom on the show. And if you’re listening and you enjoyed this conversation, stay tuned because I have a couple of exciting entrepreneurs every week who come on the show and share their secrets and frameworks with you. So thanks for coming, Alex, and thank you for listening. Important Links: Alex's LinkedIn Alex's website

I have been banging the drum for copper for some time, but it is becoming increasingly difficult to ignore. Gold has the glamour, but many, including veteran investor Rick Rule, now see the greater opportunity in copper. In summer 2024, I highlighted three copper companies Amerigo Resources (ARG.TO) at around C$1.75 and Arizona Sonoran Copper (ASCU.TO) at C$1.36 and QCCU (QCCU.V) at 12c . Amerigo and Arizona Sonora both hit C$8 on Monday meaning gains of ~350% and ~500%. QCCU, on the other hand, is still at 12c. You can't win them all.Back in May we noted that things were getting a little hot. The metal had just hit fresh highs; there was a plethora of investment bank supercycle notes and social media was full of predictions about imminent shortages. The long-term story is intact but don't chase it, we suggested. Copper tends to be weaker over the summer and some consolidation could give you a better buying opportunity.We got a good opportunity in June but it did not last long, and here we are three months on with copper at ~$6.50/lb a couple of per cent below where we were in May.It doesn't take a genius to work out which way the trend is going in that particular chart. The summer lull has been more of a pause than anything else.Meanwhile, beneath the surface, the fundamental copper story is getting stronger.Copper's problem is not demand. It is supply.We covered the demand side extensively in May. AI needs copper. Data centres need it. Power grids need it. Electric vehicles, rearmament, reindustrialistation, India - they all need copper. This is not the usual China story by the way. If anythign China demand is lacklustre. Its imports of unwrought copper fell 11.5% year-on-year in July and industrial production there has been slowing. But, as RBC notes, the LME copper market had moved into its steepest backwardation since the 2021 squeeze. In other words, buyers are paying substantially more for copper now than for delivery later. That is a classic physical tightness indicator. Antofagasta has cut its 2026 production guidance after problems at Los Pelambres. Codelco has abandoned its 1.34 million tonne production target and now expects to produce less than it did last year.Meanwhile we have BHP's latest results. Copper now accounts for 54% of its earnings (EBITDA). Its copper mines are extraordinarily profitable (70% EBITDA margin). Yet despite the obvious incentive to produce more, BHP's copper production actually fell 3% last year. This is the largest mining company in the world, with some of the best copper assets, engineers and access to capital on the planet. If anyone can turn on the copper taps, so to speak, it should be BHP. Yet it is talking about a “persistent structural deficit” of as much as 10 million tonnes a year next decade. Demand from electrification, digitalisation, data centres and other newer uses, meanwhile, is expected to grow at around 6.5% a year.So it now aims to grow its copper production at ~5% a year, faster than the rest of its business. The requires an extraordinary amount of capital.In a recent video, Merlin Marr-Johnson, CEO of Fitzroy Minerals (FTZ.V) analyses BHP's spending plans using Escondida, the world's largest copper mine, as an example and concludes, “They're spending $5 billion to stand still. And that is the copper industry in a nutshell.”Billions of dollars of investment don't necessarily mean billions of dollars of new production. Mines get older. Grades decline. Pits get deeper. More rock has to be shifted to produce the same amount of metal. Processing plants wear out and have to be replaced. Sometimes you have to spend billions just to stop production falling.Which brings us to Rick Rule.Is copper now a better bet than gold?It could be.Rule argues that “The biggest copper mining companies in the world need to spend $250 billion to maintain current levels of copper production.” Note - to maintain, not increase. Not every one has $250 billion sitting around waiting to be spent. “The copper development boom that we absolutely have to see in the next 10 years will require vast amounts of capital.”“There's nothing that we can do, nothing at all that we can do, to avert a shortage in copper,” he says. As a result, five years from now the copper price will be, “dramatically higher than it is today.”As you know, copper is an important strategic mineral. Citi recently looked at what might happen if countries start building national inventories. Global refined copper inventories, it estimates, currently sit around at around 3 million tonnes, equivalent to just 1.3 months of global consumption. If governments decided they wanted three months instead, they would need need to find another 4 million tonnes of copper.Where does it come from?To be accumulated over two years, Citi calculates, would require the copper price price to rise to over $10/lb to bring enough scrap into the market and destroy enough demand to balance things.That is not a forecast, by the way, it is a scenario. But governments are increasingly treating critical minerals as a matter of national security. The US has proposed a US$12 billion strategic commodities programme, the EU has allocated billions to critical-mineral security and there have been calls in China for increased copper stockpiling.So what do we actually buy? This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Everyone's watching interest rates, the election, and capital markets — but Brannon Moncrief, a 20-year sell-side advisor with over 200 DSO transactions, says timing the market is a mistake and timing your situation is everything. In this episode, Brannon breaks down why quality practices are still commanding 7-9x EBITDA despite a "tight" market, the diligence red flags separating stable DSOs from ones quietly falling apart, and the handful of things that actually predict whether a doctor is happy three years after their sale — insight David ties back to a bigger question every seller eventually faces: how much is really enough? P.S. Whenever you're ready, here are some other ways I can help fast track you to your Freedom goal (you're closer than you think): 1. Schedule a Call with My Team: If you're tired of running on the hamster wheel, and are looking for a proven blueprint to create more freedom and reduce dependency on your practice income, schedule a call with my team to learn more. 2. Get Your Dentist Retirement Survival Guide: The winds of economic change are here, and now is the time to move to higher ground. This guide gives you the steps to protect your retirement, your family, and your peace of mind. Get the 25-point checklist here. 3. Are You Exit-Ready? Complete this 2-min scorecard to reveal where you stand across the four pillars that determine if you control your exit—or are just waiting for one. You'll get a personalized plan to start building optionality immediately.

Frank LaRosa is literally getting a text about this exact scenario while recording this episode. Frank opens with a real client story, an advisor in his mid to late sixties who has spent a year and a half weighing a full sale against a transition. The multiples sound incredible on paper, ten, twelve, even fourteen times EBITDA but once junior partners, payout structures and sell and stay scenarios come into play, the math gets a lot more complicated than the headline number suggests. Stacey brings in the psychology most advisors never plan for. She explains why so many get stuck at the altar right before retirement, not because the numbers do not work but because their identity and purpose are tied up in the business and they are not ready to let that go. That is where Frank's trademarked concept, dual monetization, comes in. Instead of selling outright, an advisor can transition to a new firm today to unlock a major payout, then set up a succession plan or sale into that same firm years later. Stacey adds important context here, pointing out that transition deals sitting at twenty to sixty percent of trailing twelve just a few years ago are now regularly exceeding one hundred percent. Frank also explains how this same strategy applies to advisors who want to pass their practice down to a son, daughter, or longtime junior partner without forcing them to come up with cash out of pocket and shares a blunt piece of advice about not letting attachment to a specific custodian cost you millions of dollars. The episode closes with a story that sticks with you, a friend of Frank's who left ten million dollars on the table because his junior partners were not willing to do the work required to make one last move. Stacey wraps things up with the reminder that the hardest part of any transition is rarely the mechanics, it is figuring out who will actually take over your clients the way you have for your entire career.   Questions answered in this episode include: What is a one last move for a financial advisor nearing retirement? What is dual monetization and how does it apply to a transition instead of a sale? Why do many financial advisors struggle to actually retire? How much have financial advisor transition deals grown in the last few years? Can a financial advisor pass their practice to a child or junior partner without a traditional loan? Should switching custodians affect a financial advisor's decision to move firms? What is the biggest hurdle for financial advisors thinking about succession?   Chapters: 00:00 Introduction: The One Last Move 01:33 What Is the One Last Move 03:39 Redefining Retirement and Purpose 05:37 Introducing Dual Monetization 11:33 Passing the Business to the Next Generation 19:16 Think Before You Sign 20:19 The Ten Million Dollar Lesson 25:20 How to Reach Frank and Stacey   Learn more about Elite and our resources: - Elite Consulting Partners: https://eliteconsultingpartners.com - Elite Marketing Concepts: https://elitemarketingconcepts.com - Elite Advisor Successions: https://eliteadvisorsuccessions.com - JEDI Database Solutions: https://jedidatabasesolutions.com - Elite Wealth Management Insights Report: https://eliteconsultingpartners.com/insight-report - Listen to more: https://eliteconsultingpartners.com/podcasts/ - LinkedIn: https://www.linkedin.com/company/elite-consulting-partners/

Bill Stone, Founder and CEO of SS&C How do you keep buying companies without eventually losing control of the company you built?  SS&C Technologies founder and CEO Bill Stone has spent four decades avoiding exactly that. Rather than treating each acquisition as an isolated transaction, SS&C built a system around protecting ownership, using debt when the economics make sense, paying it down quickly, and creating enough value after close to preserve capacity for the next deal. Bill walks through the decisions behind acquisitions including FMC, GlobeOp, and Blue Prism, his experience taking SS&C private with Carlyle, and the discipline that has allowed the company to keep acquiring across changing markets. What You'll Learn How Bill Stone kept 15% of SS&C through 100 acquisitions The exact revenue-per-head and EBITDA thresholds SS&C screens for Why strategic buyers almost always outbid private equity How to tell a motivated seller from one just fishing for a premium When rollover equity can help retain the management team How Carlyle overruled Stone's own unanimous board vote The one rule that makes Stone walk from a deal every time   Every financing decision changes what you can do on the next deal. If you're financing an acquisition and don't have a hard leverage ceiling you actually stick to, DealPilot, powered by M&A Science, has the deal guidance layer to help you set one before you're over-levered on the next deal. ____________________ This episode of M&A Science is presented by DealRoom. DealRoom is the AI-powered operating system for Buyer-Led M&A™ — one connected system for pipeline, diligence, integration, and reporting. No tool-switching, no manual updates, no data gaps. See how it works: https://hubs.ly/Q04mcGKy0 ____________________ Episode Chapters [00:00] Intro and Guest Bio Check [04:27] Protecting Ownership From Bankers [07:32] Pivoting to the Buy Side [12:12] Cutting a Client's Cost 91% [12:32] Technology Cycles From Excel to AI [15:14] First Acquisition and Going Public [16:26] Balancing Investors and Founder Control [20:08] The Carlyle Take-Private Story [27:23] Screening Deals and Cutting Costs Fast [32:02] Reading a Seller's True Motivation [35:29] Winning FMC Under Canadian Rules [42:10] Beating TPG for GlobeOp [45:22] The Leverage Ceiling and Debt Paydown [49:06] Topping Vista for Blue Prism [53:17] Walking Away From a Lying Seller [54:23] Diligence Speed and Trust But Verify [54:58] Valuations and Capital Abundance

In this episode, Dan and Donnie break down why estate planning matters for pest and lawn business owners. With successful pest control companies potentially valued at 10 to 14 times EBITDA, the business can create a significant estate—and significant tax and succession challenges. The conversation covers federal estate tax exemptions, gifting strategies, revocable and irrevocable trusts, asset protection, probate, and ways business owners can structure their estates to protect their families and preserve the value they've worked so hard to create.    Hosts: Dan Gordon, PCO Bookkeepers & M&A Specialists: https://pcobookkeepers.com/ Donnie Shelton, Triangle Home Services: https://trianglehomeservices.com/ Sponsors: Coalmarch: https://www.coalmarch.com/podcast PestSure: https://www.pestsure.com/ Voice for Pest: https://www.voiceforpest.com/podcast Forshaw: https://www.forshaw.com/ PestPac by WorkWave: https://www.pestpac.com/pmpindustryinsiders Peer Groups: https://www.pmpindustryinsider.com/peergroups Insiders Conference:  https://www.pmpindustryinsider.com/conference

Most business owners think their exit value will come down to EBITDA and an industry multiple. But buyers are not only evaluating what the company earns; they are deciding how much risk they would inherit.  That risk can show up in customer concentration, weak financial reporting, founder dependence, an incomplete leadership team, or a business that has not been prepared to operate without its owner.  In this episode of Money School Elite, I sit down with Mike Bennett, founder of Crewe Capital, to examine what sophisticated buyers actually look for and why strong exits often take years to build.  We also explore why a business does not have one fixed value, how multiple indications of interest can create competitive tension, and why the right buyer may see strategic value that another completely misses.  What You'll Discover In This Episode    Why buyers price a business according to risk, not the effort it took to build The operational weaknesses that can quietly reduce your exit valuation Why founder dependence can make an otherwise profitable company harder to sell How tracking the right KPIs helps you understand whether your business is truly ready for market Why speaking to one buyer can leave significant value on the table How multiple indications of interest reveal what the market actually believes your company is worth Why the highest-value buyer may come from outside the traditional private equity landscape   About the Guest Mike Bennett is the Managing Partner of Crewe Capital. Mr. Bennett held senior positions with three different investment banking firms before this. Mr. Bennett provides capital solutions to middle-market companies and alternative investment advisory to institutional clients. Mr. Bennett has completed over 100 investment banking transactions. Expertise includes mergers, acquisitions, corporate finance, strategic advisory, fundraising, and direct investment in real estate, private equity, and private credit. Mr. Bennett sits on multiple boards and is actively involved in his community by participating in various organizations with a charitable focus. He is a graduate of Brigham Young University and the Saïd Business School at the University of Oxford. To learn more, visit crewe.com and send an email to m@crewe.com.     About Your Host From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America's #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is the founder of The Money School™ and Money Mentor for The Money Multiplier. His success also includes managing tens of millions of dollars in assets in the financial services and advisory industry and in real estate transactions. As an innovator and visionary in wealth-building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of how money works. Chris is also a nationally recognized speaker, author, and podcast host. He has spoken to and taught over ten thousand Americans, delivering the financial knowledge that fuels lasting freedom.   Resources Private Money Guide:  https://go.moneyschoolrei.com/book-podcast Wealth Wednesday Webinar: https://go.moneyschoolrei.com/wednesday-webinar-podcast Mapping out the Millionaire Mystery:  https://go.moneyschoolrei.com/newbook-podcast    

Selling a government contracting business triggers a 180-day eligibility rule that can void a set-aside bid if the buyer is not eligible on the day of award, wiping out the time and cost of the proposal. Isaias "Cy" Alba, a partner at the law firm PilieroMazza with 20 years in government contracting M&A, walks through the specific rules that quietly strip value from a small business before a sale, from recertification timing to the False Claims Act exposure that turns a $10 million contract into $30 million in damages. What you'll learn in this episode: - The 180-day rule that can void a set-aside bid mid-transaction, and how to time your pipeline around it - Why buyers pay 3 to 5 times EBITDA for most firms, and why 8(a) companies sell for as little as 1.5 to 2 times - How affiliation and False Claims Act errors turn a $10 million contract into $30 million in liability - The SBIR intellectual property choice that protects your code for 20 years, and the patent move that hands it to the government - The single move that raises valuation most before you go to market: winning full and open work Chapters: 0:00 - Fixing value leakage 18 months before a sale 7:00 - What makes GovCon M&A different from commercial deals 15:00 - What buyers are actually paying for in a deal 21:00 - The pre-deal hygiene checklist sellers miss 29:00 - How sellers raise value in the final 6 to 12 months 33:00 - Asset deal versus equity deal and why it matters 39:00 - Purchase agreement protections: reps, warranties, earn outs 47:00 - The first 30 days after closing a business 53:00 - Rapid fire: overvalued metrics and undervalued risk Mindy gives you the federal opportunities, agency signals, recompete intel, and pursuit briefs that tell you not just what contracts exist, but which ones to chase and how to win them. I am running it live on August 22, free to join.

The Transformation Ground Control podcast covers a number of topics important to digital and business transformation. This episode covers the following topics and interviews:   Putting AI Inside ERP Is a Ferrari Engine on an Old Bicycle Is the Business Finally Taking the Wheel? (Jan Baan, Founder & Chairman - Rappit) ERP Should Propel EBITDA — Not Consume It   We also cover a number of other relevant topics related to digital and business transformation throughout the show.  

Industrial Talk is onsite at SMRP 2026 and talking to Joe Anderson, Partner/COO with ReliabilityX about "Industrial knowledge acquisition and practical application". The conversation emphasizes the importance of cybersecurity, marketing, and leadership in various industries. Speaker 1 promotes the Barcelona Cybersecurity Congress from November 3-5, 2023, and the SMRP conference in Fort Worth, Texas. Joe Anderson discusses the critical need for skilled professionals in manufacturing, highlighting the gap between knowledge acquisition and practical application. He advocates for a shift from a focus on metrics to one on leadership and culture, aiming to build an army of problem solvers. Anderson's company, ReliabilityX, aims to improve organizational reliability and culture through practical, quick-win solutions. Outline Barcelona Cybersecurity Congress Announcement Scott introduces the Barcelona Cybersecurity Congress, emphasizing its importance for cybersecurity professionals.The event is scheduled for November 3-5 in Barcelona, with networking opportunities and expert discussions.Scott plans to attend and broadcast the event, encouraging listeners to mark their calendars.The event is organized by FIRA, and Scott assures listeners they will not be disappointed. Scott Mackenzie's Career Insights Scott shares his experience of taking responsibility for marketing and sales efforts in his other businesses.He admits to being lazy in engaging on social platforms and generating necessary content.Emphasizes the importance of pushing out meaningful content to tell one's story effectively.Encourages listeners to go to Industrial Talk for help in improving their content strategy and storytelling. Introduction to Industrial Talk Podcast Speaker 1 thanks listeners for joining and mentions this is the 17th conversation at SMRP.Announces the interview with Joe Anderson, a renowned professional at SMRP in Fort Worth, Texas.Encourages listeners to put SMRP on their calendar and highlights the opportunity to meet professionals like Joe. Joe Anderson's Passion for Helping Companies Succeed Scott praises Joe Anderson's passion for helping companies succeed and his desire to make an impact.Joe shares his goal of having some sort of impact on the many manufacturers out there.Discusses the urgency of establishing a different culture and the challenges of trade shortages.Scott and Joe express concerns about the industry's readiness and the need for a renaissance. Challenges in the Industry and the Importance of Leadership Joe compares the current situation to a meme where a dog claims to be fine despite a fire around it.Emphasizes the importance of practitioners in keeping the world running and the neglect of their role.Discusses the bureaucracy and the shrinking skills, highlighting the need for leaders to focus on the right things.Scott and Joe talk about the flow of capital and the lack of preparedness among technical colleges. Builders vs. Destroyers and the Importance of Action Joe explains the concept of builders and destroyers, emphasizing the need for people who take action.Discusses the Pareto principle and how a small percentage of people do the majority of the work.Highlights the importance of focusing on reliability as a behavior rather than just an outcome.Scott and Joe discuss the challenges of changing culture and the need for consistent action. The Role of Metrics and Best Practices Joe explains the misconception that metrics are best practices and the importance of focusing on the right behaviors.Discusses the impact of teaching people to focus on outcomes rather than inputs.Highlights the role of consulting companies and the need for trust in their business models.Scott and Joe discuss the importance of leadership and the need to focus on developing people. Developing an Army of Problem Solvers Joe shares his vision of building an army of 10,000 problem solvers to address the issues in the country.Discusses the importance of developing people at all levels of the organization.Emphasizes the need for continuous development and support to ensure long-term success.Scott and Joe talk about the challenges of maintaining momentum and the importance of quick wins. The Impact of ReliabilityX on Organizations Joe explains the disruptive approach of ReliabilityX and the need for organizations to be open to change.Discusses the challenges of engaging the entire organization and the importance of having a champion.Highlights the success of ReliabilityX in raising EBITDA and the importance of quick wins.Scott and Joe discuss the ongoing nature of change and the need for continuous support. Final Thoughts and Contact Information Joe emphasizes the importance of developing robust systems to ensure long-term success.Discusses the challenges of maintaining momentum and the importance of continuous development.Scott and Joe talk about the importance of building relationships and supporting people.Joe provides his contact information and encourages listeners to reach out for more information. If interested in being on the Industrial Talk show, simply contact us and let's have a quick conversation. Finally, get your exclusive free access to the Industrial Academy and a series on “Why You Need To Podcast” for Greater Success in 2025. All links designed for keeping you current in this rapidly changing Industrial Market. Learn! Grow! Enjoy! JOE ANDERSON'S CONTACT INFORMATION: Personal LinkedIn: https://www.linkedin.com/in/joeanderson-entrepreneur/ Company LinkedIn:  https://www.linkedin.com/company/reliabilityx/posts/?feedView=all Company Website:  https://reliabilityx.com/ PODCAST VIDEO: https://youtu.be/T1KxsIxRA84 THE STRATEGIC REASON "WHY YOU NEED TO PODCAST": OTHER GREAT INDUSTRIAL RESOURCES: NEOM: https://www.neom.com/en-us Hexagon: https://hexagon.com/ Arduino: https://www.arduino.cc/ Fictiv: https://www.fictiv.com/ Hitachi Vantara: https://www.hitachivantara.com/en-us/home.html Industrial Marketing Solutions:  https://industrialtalk.com/industrial-marketing/ Industrial Academy: https://industrialtalk.com/industrial-academy/ Industrial Dojo: https://industrialtalk.com/industrial_dojo/ We the 15: https://www.wethe15.org/ YOUR INDUSTRIAL DIGITAL TOOLBOX: LifterLMS: Get One Month Free for $1 – https://lifterlms.com/ Active Campaign: Active Campaign Link Social Jukebox: https://www.socialjukebox.com/ Business Beatitude the Book Do you desire a more joy-filled, deeply-enduring sense of accomplishment and success? Live your business the way you want to live with the BUSINESS BEATITUDES...The Bridge connecting sacrifice to success. YOU NEED THE BUSINESS BEATITUDES! TAP INTO YOUR INDUSTRIAL SOUL, RESERVE YOUR COPY NOW! BE BOLD. BE BRAVE. DARE GREATLY AND CHANGE THE WORLD. GET THE BUSINESS BEATITUDES! Reserve My Copy and My 25% Discount

How can private practice sellers find the right buyers? What's the equivalent of a kitchen upgrade before a sale for private practices? Which numbers do you need to determine how attractive your practice is to potential investors?  In this episode,  Joe Sanok talks with Daniel King about what it takes to successfully sell a private practice and find the right buyer. They discuss the emotional side of selling, how to create an attractive practice listing, and what investors look for when evaluating a business. Daniel shares practical steps owners can take 3–5 years before selling, including diversifying revenue, strengthening client and clinician retention, and reducing reliance on the owner. They also break down the basics of practice valuation, including SDE and EBITDA, and offer advice for building a more valuable, transferable practice.        

In this episode the hosts analyze a four-unit quick service restaurant franchise portfolio and debate whether buying an underperforming chicken/Mexican franchise platform is a smart acquisition or an expensive operational headache.Business Listing – https://go.franzy.com/resale/qsr-4-unit-southeast-01Welcome 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.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9VrSubscribe for more episodes: https://www.youtube.com/@AcquisitionsAnonymousPodcast?sub_confirmation=1Subscribe to our Newsletter: https://www.acquanon.com/newsletterSponsors:Quiet Light BrokerageThinking about selling your e-commerce or SaaS business? Quiet Light Brokerage specializes in helping founders maximize value with experienced former operators—not just brokers—and offers a free, no-obligation business valuation. Learn more at: https://quietlight.comBedrock Quality of EarningsBefore buying a business, make sure the numbers are real. Bedrock provides buyer-focused Quality of Earnings reports using experienced financial professionals and AI-powered analysis to help uncover surprises before closing. Learn more at: https://bedrockqoe.comWhat happens when you find a franchise portfolio that's growing—but still underperforming its own brand averages? In this episode, the hosts evaluate a live four-unit quick service restaurant (QSR) portfolio consisting of chicken and Mexican food franchises in the Southeast.The business generates approximately $4.2M in trailing twelve-month revenue and $676K in adjusted EBITDA, but the opportunity isn't as straightforward as it appears. The hosts dig into franchise economics, average unit volumes (AUVs), dual-brand restaurant conversions, SBA financing, franchise transfer restrictions, and whether operational improvements can realistically unlock significant upside.The discussion goes well beyond valuation. The panel debates whether these restaurants are simply poorly operated, located in weak markets, or attached to an aging franchise brand that may never reach system averages. Along the way they explore AI drive-thru ordering, franchise legal structures, pricing flexibility, restaurant labor, and why experienced multi-unit operators may view this acquisition very differently than first-time buyers.Key Highlights:- Four-unit QSR portfolio with $4.2M revenue and $676K adjusted EBITDA- One dual-brand chicken/Mexican location could potentially be converted into a standalone Mexican concept with franchisor incentives- Discussion of AUV (Average Unit Volume), franchise due diligence, and identifying operational versus location issues- SBA financing considerations, including funding acquisition costs, working capital, and restaurant conversion expenses- Deep dive into AI ordering, pricing strategy, franchise economics, and why experienced operators often outperform first-time ownersSubscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.Do you enjoy our content? Rate our show!Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.For inquiries or suggestions, email us at contact@acquanon.com

Yoni Assia is the CEO and co-founder of eToro. In this conversation, we break down agentic trading and how AI is reshaping the platform, why bitcoin remains digital gold, eToro's move into tokenized equities, SpaceX IPO, and why eToro trades for less than 10x EBITDA.====================Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you're rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ====================Looking for a better place to trade? BloFin gives traders access to deep liquidity, advanced futures products for crypto AND TradFi assets, fast execution, and a clean, intuitive interface—all in one platform. To celebrate their partnership with us, they're giving away $100,000 in Deposit & Trade Rewards. Deposit, trade, and earn rewards based on your activity during the campaign. Check them out at ( https://partner.blofin.com/d/Pomp ).====================0:00 - Intro0:54 - Agentic trading: can AI manage your portfolio?7:37 - Tokenization & the Space-X IPO11:50 - Is crypto losing its ethos to Wall Street?13:51 - Bitcoin as digital gold14:58 - Why finance is moving to 24/7 blockchain markets19:26 - Trade Zero acquisition & going after active traders23:00 - Why eToro trades under 10x EBITDA28:10 - Building a financial super app30:25 - Tori: eToro's AI agent & collective intelligence

Andrew, Ben, and Tom discuss leaked Anthropic second-quarter results showing revenue of $11.5 billion, up 1300% year-over-year and 143% quarter-over-quarter with an annualized run rate crossing $47 billion in May compared to OpenAI's roughly $40 billion at the same point, SpaceX's AI division contributing $2.6 billion in the quarter while posting positive adjusted EBITDA despite an adjusted operating loss, Chinese memory chipmaker CXMT surpassing Tencent to become China's most valuable company with a market cap over $500 billion as capital increasingly shifts from internet platforms to hardware, and Goldman Sachs pushing back on market pricing that it views as too hawkish on the odds of a Fed rate hike.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

In Episode 385 of The Real Jason Duncan Podcast, every business owner believes the same lie: if it's profitable, it's sellable. The man who sells companies for a living says that's wrong. Buyers don't pay for profit. They pay for what keeps working after you walk out the door. Mark Hartmann has sat on both sides of the deal table. His medical claims cost containment company made the Inc. 5000 list three years in a row -- and then a private equity group offered him three times earnings on a three-year earnout, and he learned in an instant that he'd built a golden trap. Wildly profitable, over a million in EBITDA, and it all ran through him. Three years later, after rebuilding the company for transferability, he sold it for eight figures with 42 inquiries coming in after the LOI was signed. Today he runs HartmannRhodes, an M&A advisory firm helping owners of $1 million to $25 million companies actually get sold, and he wrote the book on it: Sweat Equity Payday. This lie is comfortable because every scoreboard confirms it. The P&L says you're winning. The bank believes it. The award lists believe it. But building a successful business and successfully selling that business are two entirely different disciplines -- and 8 out of 10 businesses that go to market never sell. Not because they're bad businesses. Because of owner dependence. In this episode, Jason and Mark cover: The earnout offer that exposed the lie -- why Mark walked away from three times earnings in his thirties, and when an earnout is the only option left How Mark made himself "completely useless" in his own company in three years -- and sold for eight figures because of it Why 80% of businesses that go to market never sell, and why the number one reason is owner dependence, not business quality The Kidnap Test from Mark's book: what happens to your company if you disappear for a day, a week, a month, a quarter -- and who can sign checks, run payroll, and pay vendors without you Why 9 out of 10 owners who show up ready to sell aren't actually ready -- and the generational mindset keeping boomers from ever planning an exit "You're selling a really awesome job" -- why Main Street deals die while private equity roll-ups are buying up home services and specialty contracting The horror story: a $12 million contractor, due diligence that was death by a thousand stab wounds, and a buyer who retraded the deal at the finish line -- and why the sellers walked The opposite case: how a fractional CFO staged a company for sale after the CEO's death, and it sold faster than expected for more than the valuation Mark's de-risk framework: de-risk the owner, the vendors, the customer concentration, and the employees -- plus three to five years of clean financials The trick question Mark asks every owner -- "What's your business worth?" -- and the only two answers he accepts The one thing Mark wants every owner still inside this lie to hear before the episode ends The lie costs owners the exit itself. Every business owner will exit vertically or horizontally, and only God knows when. A good business does not guarantee a good exit -- preparation, timing, and a competitive process do. This episode is about finding that out now, while it can still be fixed.

The episode details a structural shift within the managed services market toward increased operational automation and integration, framed by vendor-led consolidation of core service platforms with embedded AI-driven workflows. ConnectWise has combined previously separate systems—PSA, RMM, ScreenConnect, and others—into a unified platform powered by agent-based automation ("agentic AI") under the "Predictive IT" model. The associated risk for service providers is growing reliance on consolidated vendor ecosystems for both service delivery operations and automation capabilities, blurring the distinction between core service expertise and contextual tooling. A consequential data point highlighted is from Service Leadership benchmarking, which shows sustained 19% EBITDA over six years for MSPs, with the most profitable—in what ConnectWise identifies as "best-in-class"—gaining advantage through higher investment in automation and agent-driven workflows. According to ConnectWise, production test data show that deploying agentic automations has produced a 30–60% reduction in tickets requiring direct human involvement, along with 45% reductions in handling times and claimed margin improvements of 5–12 percentage points. Importantly, labor cost pressures and technician burnout persist, positioning automation as a response to both expense management and workforce availability challenges. Supporting developments clarify that best-in-class or larger MSPs often experiment with building their own automation tools, but many report variable outcomes, including cases where internally built solutions fail to deliver anticipated efficiency or escalate costs—a result ConnectWise attributes to confusion over what constitutes "core" versus "contextual" investment. ConnectWise now positions its integrated approach as a way for smaller and mid-size MSPs to access operational automation without standing up custom software projects or incurring the risks and overhead of internal development. The episode also surfaces channel-wide conversation about the tension between per-user, per-workflow, and consumption-based pricing, highlighting the risk of variable costs being introduced into previously fixed-fee MSP engagement models. For service providers, the practical implications are increased dependency on platform vendors for operational tooling, with a shift away from internally built processes toward outsourced automation and dashboard-driven performance tracking. This creates new pricing models—metered by user, workflow, or consumption—which can introduce variability and contract risk when compared against flat-fee client agreements. Providers need to monitor the alignment between vendor billing structures and their own client contracts, assess the operational impact of vendor stack consolidation, and maintain transparency around efficiency gains versus workload transfers. Oversight mechanisms must be updated to account for reliance on agent-run workflows and to mitigate associated accountability and governance risks. Supported by: WebPros (CometBackUp)Pax8

In this episode: How a virus-infected Prince of Persia floppy disk on a Commodore 64 sparked a lifelong obsession with cybersecurity (03:03 - 06:45) From NYU to Yale cryptography PhD to Goldman Sachs to Gilt Groupe, and the near-miss that changed everything (03:03 - 06:45) What SecurityScorecard actually does and why the pen and paper questionnaire era had to end (06:55 - 08:18) What it looked like in the early days, including an IKEA furniture test for business partnerships (08:26 - 12:01) Why SecurityScorecard now scores every company in the world, not just twelve million organizations (12:01 - 12:29) The Gilt Groupe credit card near-miss, what the first 24 hours looked like, and why fear was the first reaction (12:50 - 17:30) What it takes to create an entire market category from scratch and why the job to be done never changes (17:48 - 20:20) The difference between the CISO version and CEO version of Alex, and what Satya Nadella said about zooming out (20:49 - 22:36) Which version of Alex people would rather have a beer with and why any job besides CEO is more fun (22:43 - 23:45) How North Korea used a fake hedge fund to try to recruit SecurityScorecard developers (24:06 - 25:47) Why the world is not becoming safer and the critical difference between robustness and resilience (25:59 - 26:42) The True Confessions keynote: why openly admitting breaches makes the whole ecosystem stronger (27:13 - 29:22) The Jaguar Land Rover breach and what it took to double a UK company's security budget overnight (27:13 - 29:22) The single most dangerous thing a board member has ever said in a meeting about cybersecurity (29:45 - 31:09) What one thing a non-technical CEO could do this week to make their CISO's life better (31:25 - 32:12) The Lifestyle Polygraph: restaurant health scores, PowerPoint ban, The Inner Game of Tennis, chess, false advertising, and podcast advice (33:07 - 41:32)   Timestamp Highlights: (03:03) Prince of Persia, a floppy disk, and the origin of a cybersecurity career (06:07) The realization that changed everything: you can do everything right and still lose (08:26) The IKEA furniture test for business partnerships (12:50) The Gilt Groupe near-miss and what the first 24 hours looked like (17:48) What it takes to create a market category from scratch (20:49) CISO vs CEO: zooming in vs zooming out (22:43) Which version of Alex would you rather have a beer with? (24:06) North Korea's fake hedge fund operation (25:59) Robustness vs resilience: why the mindset has to change (29:45) The most dangerous thing a board member has ever said (31:25) One thing every non-technical CEO should do this week (36:48) The Inner Game of Tennis and the infinite game (40:00) Chess, false advertising, and meeting his future wife   Resources & Links: SecurityScorecard — securityscorecard.com The Perfect Scorecard by Aleksandr Yampolskiy ThreatLocker — Presenting sponsor of No Password Required DerScanner — Episode sponsor Cyber Florida — The Mother Ship

Is your accounting practice built to scale—or positioned for a high-multiple exit? In this episode of Growing Your Firm, host David Cristello welcomes back Geoff Bruskin, founder and CEO of White Tiger Connections. Geoff pulls back the curtain on the current "white-hot" public accounting M&A market in 2026. From the rise of Fractional COO engagements to 7x+ EBITDA multiples, Jeff breaks down what buyers are looking for and why private equity (PE) plays fail 40% of the time when they ignore the human element of change management. Whether you're an Operations Manager looking to optimize workflow, a Managing Partner eyeing a future exit, or a CPA starting a firm, this episode is packed with real-world deal structures, go-to-market strategies, and tech implementation blueprints. In this episode, we explore: The Fractional COO Model: Why $1M to $20M accounting firms are hiring fractional executive leaders to build infrastructure for scale rather than overpaying for full-time roles. Inside a 7.4x EBITDA Deal: A deep dive into a $2.7M remote, subscription-based micro-platform firm asking $8M. The PE Spectrum (Successes vs. Failures): Why 30–40% of private equity acquisitions fail due to aggressive price hikes, poor software adoption, and staff turnover. The "Solutions Architect" Role: Why every growing practice needs an internal champion to bridge systems like CCH, TaxDome, Carbon, and CRM tools. Offensive vs. Defensive Strategy: How cross-selling Client Advisory Services (CAS) and wealth management can multiply your firm's enterprise value. Agentic AI & Claude CoWork: How modern leaders use AI agents to automate IT mapping, proposal scoping, and client deliverables. Key Deal Benchmarks Mentioned: Average Deal Multiple: 4x to 6x Adjusted EBITDA for traditional practices. Micro-Platform Multiples: Up to 7.4x+ for firms with 100% subscription models and balanced CAS/Tax integration. Solutions Architect Compensation: $60k to $150k annually (domestic or offshore) to eliminate technology friction. Featured Guest: Geoff Bruskin   Take control of your practice: Optimize your workflow with Jetpack Workflow: https://bit.ly/4bj4a0H

In this episode of the Grow A Small Business Podcast host Troy Trewin interviews Murray Kent shares how he turned a $40,000 acquisition of Con-ex into a $10M+ business with 35 employees and consistent 15–20% annual growth. He reveals how customer diversification, niche marketing, financial discipline, and an open-book management culture helped drive that growth. Murray explains why reducing owner dependency and building a strong team ultimately increased Conex's value and helped him secure a sale at nearly 6.5× EBITDA. He also discusses managing stress, maintaining work-life balance, and helping employees break through their own limitations. Finally, Murray shares his advice for business owners thinking about their exit, including why you should start building Conex to sell from day one. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? Murray Kent shares that the hardest part of growing a small business is managing your own expectations and stress. He explains that stress is a constant part of business ownership, whether it comes from people, finances, or sales. The key is learning to manage it, stay healthy, and remind yourself that difficult periods will eventually pass. What's your favorite business book that has helped you the most? Murray Kent shares that his favorite business book is Built to Sell, which had a major influence on how he approached building his businesses. He says its focus on creating a business with the eventual exit in mind shaped his thinking throughout his journey. Murray believes this approach leads to a stronger, more attractive business for a future buyer. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Murray Kent shares that he regularly learns from podcasts and books featuring the experiences of other business owners. He recommends Built to Sell Radio and Mark Bouris's Straight Talk, along with Money Café and The Contrarians. Murray values hearing real business stories because they reveal what worked, what didn't, and lessons he can apply to his own experience. What tool or resource would you recommend to grow a small business? Murray Kent shares that the most valuable resource for growing a small business is becoming a better coach, encourager, and inspirer of people. He believes business owners should learn how to bring out the best in their team and help employees feel like owners. By developing and empowering people, leaders can create stronger engagement and drive sustainable business growth. What advice would you give yourself on day one of starting out in business? Murray Kent shares that he would remind himself that everything is going to be okay and encourage himself to take the leap. He believes it is important to consider the worst that could happen, but also think about the regret of not taking the opportunity. His advice is to have a plan, take the risk, and trust yourself to make it work.  Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Success is having the freedom to live life on your own terms — Murray Kent Build a business that can grow without being dependent on you — Murray Kent If you want to take a leap, think about the worst that can happen, but also think about what you might regret if you do not do it — Murray Kent      

In this episode the hosts break down the sale of a 100-year-old Washington, D.C. specialty food institution, debating whether its legendary brand and seller financing outweigh razor-thin restaurant margins and a confusing listing.Business Listing – https://www.bizbuysell.com/business-opportunity/over-a-century-in-specialty-food-business-rare-opportunity/2526833/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.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9VrSubscribe for more episodes: https://www.youtube.com/@AcquisitionsAnonymousPodcast?sub_confirmation=1Subscribe to our Newsletter: https://www.acquanon.com/newsletterSponsors:FRANZY - Thinking about buying a franchise instead of an independent business? FRANZY is a free platform built for acquisition-minded entrepreneurs who want to explore franchise ownership without broker bias. FRANZY matches you with franchise opportunities based on your capital, goals, and lifestyle—and includes free coaching from experienced franchise operators. If you're exploring ETA but want a structured, system-driven alternative, check out https://franzy.com/ Quiet Light Brokerage specializes in helping entrepreneurs buy and sell businesses with experienced operators as brokers. They offer a free valuation clarity call to help owners understand what their business is worth and how to increase its value before selling. Learn more at https://quietlight.com/This week the Acquisitions Anonymous crew analyzes a century-old Washington, D.C. specialty food business listed for $950,000, generating approximately $3.3 million in annual revenue and $205,000 in EBITDA. The business includes prepared foods, sandwiches, charcuterie offerings, and a long-established reputation dating back to 1925, with the seller offering financing as part of the deal.What initially appears to be a straightforward specialty food acquisition quickly turns into a mystery. The listing contains conflicting details about the facilities, mentions a "home-based" operation despite having a retail presence, and leaves major questions unanswered about multiple locations, revenue allocation, and the role of its gift basket and catering operations. The hosts discuss why poor presentation can scare away buyers—even when the underlying business may be stronger than it appears.The conversation expands into restaurant economics, succession planning, seller financing, and the challenge of buying legacy businesses with thin margins. While everyone agrees the brand carries real value, they debate whether a buyer could successfully expand it through packaged consumer products, franchising, or additional locations—or whether this is simply a demanding retail operation with limited upside.Key Highlights- 100-year-old Washington, D.C. specialty food business listed for $950K with $205K EBITDA on $3.3M revenue- Seller is willing to provide financing, suggesting flexibility but also shifting post-close risk- Confusing listing raises major diligence questions about locations, facilities, and operating structure- Hosts discuss leveraging a historic local brand into packaged consumer products or multi-location growth- Great example of how a poorly written listing can hide a potentially interesting acquisition opportunitySubscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.Do you enjoy our content? Rate our show!Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.For inquiries or suggestions, email us at contact@acquanon.com

14 Aug 2026. Emirates Global Aluminium (EGA) has posted adjusted profits up 34%, even as sales volumes fell by a third. CFO Pål Kildemo joins us on how that happened. Plus, a quarter of a million square feet of indoor sport is opening in Dubai. Terry Kidd of AllSports on one of the emirate’s biggest fitness investments. And the global beauty industry lands in Dubai for the 30th time this month. Show Director Ravi Ramchandani on who’s coming and what it’s worth.See omnystudio.com/listener for privacy information.

John is a highly respected leader in the alternative finance industry, bringing more than 17 years of experience building, scaling, and optimizing high-performing sales and funding organizations.  Throughout his career, he has successfully launched over seven sales organizations and co-founded two funding companies, including one that achieved a successful exit at five times EBITDA and another that continues to fund more than $7 million monthly. Known for his expertise in alternative lending, sales leadership, and risk assessment, John has developed a reputation for building teams that excel in both customer acquisition and long-term client retention. His approach focuses on thoroughly evaluating business profiles and aligning funding solutions with the unique needs of each client, helping businesses secure the capital necessary for sustainable growth. In addition to his operational success, John is passionate about mentoring sales professionals, developing funding strategies, and navigating the ever-changing landscape of alternative finance. His insights on leadership, scaling organizations, business funding, sales excellence, and industry trends would provide tremendous value to your audience. During the show we discuss: Why paying more for capital can sometimes be the smarter business decision The bank-statement signals funders actually look at Why a "business credit card" may not actually build business credit How to go from alternative funding to traditional financing The 0% funding trap—and what to check before applying Why business owners get rejected even when they think they're ready How AI could eliminate huge portions of the traditional underwriting process Why the right funder should help you become more fundable—not just close today's deal Resources: LinkedIn: https://www.linkedin.com/in/jdicanio/ Website: https://directmerchantfunding.com/

Alright, a question I get often. What is the difference between EBITDA vs SDE? We dive into a few high-level differences to watch out for when evaluating businesses. EBITDA is typically used for larger businesses ($2-3M+ Profit). SDE is typically used for smaller businesses. BUT neither of those is cash flow. A few podcast nuggies: - SDE is not Cash Flow - Loan payments don't show up on the P&L many times - If you take a business with no debt, stack on 80%+ debt, you are fundamentally changing the entire business structure. You are ADDING risk here. You can get into trouble if you only take their costs vs WHAT YOUR costs will be.   Inzo Technologies: Get a complimentary IT audit for acquisition diligence or post-close transition. Visit inzotechnologies.com/eta.

Patrick Larkin, Partner & Practice Leader, Cerity Partners Three years after launching his independent RIA, Patrick Larkin merged with Cerity Partners—but not because that was the original plan. He explains how ownership changed the way he viewed enterprise value, optionality, and the future of his business. In Summary Going independent is often viewed as the destination. Patrick Larkin discovered it was just the beginning. Louis sits down with Patrick, Partner and Practice Leader at Cerity Partners and former founder of Oak Hill Wealth Advisors, to discuss an unconventional journey: leaving Wells Fargo to build an independent RIA, then choosing to merge that business just three years later. Rather than following a predetermined exit strategy, Patrick shares how ownership fundamentally changed the way he thought about enterprise value. A conversation with a prospective acquirer revealed that buyers weren't interested in purchasing a book of business—they were looking for a business. That realization reshaped how he invested, hired, delegated, and ultimately positioned his firm for the future. The conversation from our Build Grow & Transact series also offers a candid look at life after a merger, from evaluating cultural fit and partnership to balancing autonomy with the resources of a larger organization. More broadly, it illustrates how ownership creates optionality—and why the most valuable decision an advisor makes may not be the one they originally envisioned. The Storyline After spending nearly 15 years building a successful practice at AG Edwards, Wachovia, and Wells Fargo, Patrick Larkin launched Oak Hill Wealth Advisors in 2022 with a simple objective: build a business on his own terms. Like many advisors, he expected independence to be the final destination for a long time. But then there was the realization that ownership changes more than economics; it changes perspective. And it became the beginning of an entirely different way of thinking. As acquisition inquiries arrived sooner than expected, Patrick realized something that fundamentally changed his strategy. Sophisticated buyers weren't evaluating his client relationships as a book of business; they were evaluating Oak Hill as an enterprise. That insight shifted his priorities from maximizing short-term profitability to building a business that could thrive beyond its founder. Just three years after launching, Patrick chose to merge with Cerity Partners—not because he was looking for an exit, but because he believed it strengthened the future for his clients, his team, and his family. Louis and Patrick explore what led to that decision, how ownership increased the value of his business almost immediately, why he compares independence to an IPO, and what advisors should consider if they hope to create options for the future—even if they don't yet know what that future looks like. Topics Covered Building enterprise value versus maximizing annual income Creating optionality through ownership Leaving Wells Fargo to launch an independent RIA Why buyers value businesses more than books of business Evaluating strategic partners and acquisition opportunities The economics of independence and business valuation Life after merging with Cerity Partners Balancing autonomy with enterprise-scale resources Leadership, succession, and building beyond the founder Long-term ownership and partnership models > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Patrick decide to leave Wells Fargo? (11:07) Patrick explains why growing frustrations around control, firm priorities, and the ability to build his business eventually outweighed the comfort of staying put. How did going independent immediately change the value of his business? (21:42) Patrick introduces one of the episode's biggest ideas: why launching Oak Hill felt like taking a company public and how ownership increased the firm's value almost overnight. Why did Patrick sell only three years after becoming independent? (20:03) An unexpected conversation with a prospective acquirer completely changed how he viewed enterprise value and accelerated his long-term thinking. What separates a business from a book of business? (21:42) Patrick discusses why recruiting advisors, delegating client relationships, and investing beyond himself made Oak Hill more attractive to strategic buyers. Why Cerity Partners? (26:48) Rather than focusing on valuation, Cerity emphasized culture, partnership, and long-term alignment—qualities Patrick says ultimately mattered most. What is life actually like after a merger? (37:57) Patrick offers an unusually candid perspective on autonomy, leadership, and why he says he hasn't second-guessed the decision once. Key Takeaways Ownership creates opportunities that often aren't visible until after independence. Enterprise value is built by creating a business that can thrive beyond its founder. The first acquisition conversation can be valuable even if no transaction occurs. Cultural alignment may ultimately matter more than valuation when selecting a long-term partner. Independence doesn't eliminate future options—it expands them. Strategic transactions can strengthen outcomes for clients, employees, and owners simultaneously. The goal isn't simply to own a business; it's to create choices for what comes next. https://youtu.be/f7FGLGjBbyo Quotable Moments “The day Oak Hill launched felt like the business had gone public.” “Potential acquirers weren't interested in buying a book. They were interested in buying a business.” “Ownership isn't simply about control. It's about creating optionality.” “The fear of leaving is almost always worse than the actual experience of leaving.” FAQs Why did Patrick Larkin merge with Cerity Partners only three years after launching his RIA? Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Why does Patrick compare independence to an IPO? Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. What changed after Patrick became independent? Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. What made Cerity Partners stand out? Patrick cites the firm's culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. Is this episode only relevant for advisors considering selling? No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. What is the biggest lesson Patrick hopes advisors take away? That independence isn't simply about leaving a firm. It's about creating the ability to choose what comes next on your own terms. Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. Patrick cites the firm's culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. That independence isn't simply about leaving a firm. It's about creating the ability to choose what comes next on your own terms. Related Resources From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners Ownership Matters: What Advisors Need to Know When Evaluating Firms Top Tips for Setting Your Business Up for Success Years Before a Move Patrick LarkinPartner and Practice Leader Patrick is a Partner and Practice Leader in the Lansdowne, VA office. He is a member of the Lansdowne Practice, where he works closely with families, foundations, and non-profits to help them define and achieve their financial goals with clarity and confidence. With a deep specialization in retirement income distribution planning and complex risk and wealth management strategies, Patrick is known for helping clients simplify complicated financial decisions, reduce uncertainty, and build sustainable, long-term plans. His approach emphasizes fiduciary responsibility, transparency, and personalized guidance — ensuring clients always feel informed and empowered. Prior to joining Cerity Partners, Patrick was the founding member of Oak Hill Wealth Advisors, where he built a highly respected independent advisory practice that earned the trust of families, professionals, and mission-driven organizations across the region. His leadership was instrumental in shaping a client-first culture that continues today. Patrick's work is rooted in a passion for long-term relationships — guiding clients not just through markets, but through life's milestones such as retirement, business transitions, philanthropic planning, and wealth transfer across generations. He takes pride in being both a strategic advisor and a steady partner to the people he serves. Patrick lives in Bluemont, VA, with his wife Angela, their two children, Paige and Sean, and their Golden Retrievers, Huckleberry and Genoa. Outside of the office, Patrick and his family enjoy an active lifestyle — whether it's hiking and backpacking on the Appalachian Trail, biking the Great Allegheny Passage, or sailing on the Chesapeake Bay. These experiences reflect his belief in balance, resilience, and enjoying the journey — values he also brings to his work with clients. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: From Breakaway to Transaction in 3 Years A conversation with Louis Diamond and Patrick Larkin, Partner & Practice Leader at Cerity Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: From Breakaway to Transaction in 3 Years. It’s a conversation with Patrick Larkin, Partner and Practice Leader at Cerity Partners. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Ownership as a way of creating opportunities you can’t always predict. That’s exactly why we created our Build, Grow, and Transact series. Independence isn’t the end of the story. It’s often the beginning of thinking differently about enterprise value, optionality, and what comes next. Today’s guest is Patrick Larkin, Partner and Practice Leader at Cerity Partners, and formerly the founder of Oak Hill Wealth Advisors. Patrick spent nearly 15 years building a successful practice at A.G. Edwards, Wachovia, and eventually Wells Fargo before launching his own independent firm in 2022. Just three years later, he merged that firm into Cerity. At first glance, that timeline might seem surprisingly short, but as you’ll hear, the merger wasn’t a change in direction. It was the result of seeing his business differently once he owned it. Yet, it’s this perspective that really brings that thought home. Patrick said the day Oak Hill launched felt like the business had gone public because overnight, what had been viewed as a book of business became an enterprise with substantially greater value, some four to five times the value of what it was worth at Wells. And that realization changed the way he invested, the way he hired, and ultimately the way he thought about the future. Pat and I also talk about something advisors don’t often discuss candidly, what life actually looks like after a merger. How much control do you give up? What changes day to day? How do you know whether you’re joining a partner or simply selling a business? Whether your long-term plan is to remain independent forever or eventually join a larger organization, Patrick’s experience is a reminder that ownership isn’t simply about control. It’s about creating optionality and putting yourself in a position where the next decision is yours to make. So let’s get to it. Patrick, thanks for coming on our show today. Patrick Larkin: Oh, my pleasure. Nice to meet you, Louis. Louis Diamond: You too. So let’s start off basically how we start every interview. Tell us about yourself, your background, and how you found your way into our industry in the first place. Patrick Larkin: Yeah, thank you for asking. I knew I always wanted to be a financial advisor. That part really wasn’t in question, but upon graduating college and being a 22-year-old, I knew that it was probably not practical to walk in and start advising people my parents’ age with their life savings. Probably wasn’t going to be a recipe for success. So I took a quick tour through the pharmaceutical industry first, which ended up being unexpectedly valuable. My employers there pushed me to think like an entrepreneur and within our territories. And honestly, that mindset never left me. It shaped how I built everything that came after. Eventually, an opportunity presented itself in Loudoun County, Virginia in Northern Virginia, and I became an FA trainee with A.G. Edwards, absolutely fantastic firm to start my career. Now, what drew me to this career was pretty simple. I felt like it was one of the professions that we had an opportunity to do so much good for others while simultaneously also doing well for yourself, and those two things aren’t in conflict. I also really loved the idea that in this profession there was no hiding. You don’t get paid to show up. You get paid for what you actually do. And perhaps for me, what was most important, I loved the weight of responsibility. I loved earning people’s trust. I loved the idea of deserving, being deserving of their trust, and being a steward of what they’ve worked a lifetime to build. I never took that lightly, and I still don’t. Louis Diamond: That’s amazing. Yeah, I mean, the number of people I’ve heard, you talked so fondly about A.G. Edwards and there’s a bunch of other firms that have since been absorbed or emerged that are like the regional firms of old. So not surprised to hear you loved it. A.G. Edwards, obviously, became Wells Fargo Advisors or was acquired or merged with Wells Fargo. So I know you’re at Wells and A.G. Edwards until 2022. So give us a quick version. How’d you build your practice from the pharma world into being in FA? Patrick Larkin: Yeah, so as I started with A.G. Edwards, I came in at really just the perfect time. It was towards the end of the financial crisis. And I built the business the old-fashioned way with a lot of cold calling and eventually did some dinner seminars, which I can tell you is a very expensive way to learn how to speak in front of a room. But I made some progress, and I was also in a great office, small enough that some of the advisors there would hand off some of the smaller accounts that they weren’t interested in working with, and got an opportunity to get a lot of reps in working with real life clients and individuals. I knew early on I didn’t have enough talent to win on talent alone, so I made up for it and compensated for that with really hard work. The real turning point came for me when A.G. Edwards was first acquired by Wachovia Securities, and that was about five years into my career. And at that point, my branch manager, who was eyeing retirement, asked me to step in as her partner, and that changed everything. We eventually moved over to a Wachovia Securities office, another really great local office in Loudoun County, Virginia. And from that office, I worked on and became a CIMA, a CFP, worked with the clients, built a business through referrals. And I found at that point in my career when I would go to a meeting with Wachovia, eventually Wells Fargo, as a young 30-year-old, I would look around the room often and realize that I was the youngest person in the room. The funny thing was 10 years later, I would go into that same room and I’d look around and I still was the youngest guy in that room. And those demographics in our industry, and when I came into our industry, ultimately led that office that I worked in with Wells Fargo Advisors, I eventually was the recipient and party to five different succession plans- Louis Diamond: Wow. Patrick Larkin: … at Wells Fargo Advisors. I hoped that I had built a reputation as somebody that these other advisors would entrust with their clients. And over that time period, really, I would say professionally, one of my accomplishments I’m most proud of is all five of those retired advisors that I used to work with, who had an opportunity to see me work with clients, all became clients of mine, I still continue to work with. And it’s professionally just one of the greatest honors that I’ve ever had. Louis Diamond: I mean, that’s a large number of advisors you helped sunset, but I would agree it’s the ultimate proof of concept that they not only trusted you with their clients and their life’s work, but now also with their family’s wealth. So I like that, kind of the full life cycle there. So I’m curious, though, you stayed at Wells through a really turbulent time through the fake bank scandal. There’s a lot of attrition. I mean, obviously, they’re still a powerhouse to this day, but what kept you at Wells for as long as it did before you left in 2022? Patrick Larkin: You described it as a turbulent time. Pretty turbulent might be an understatement. Even before Wells, the transition to Wells, Wachovia Bank had been the first company that we transitioned to from A.G. Edwards. And we, of course, went through the financial crisis during that time period and handholding our clients and helping them get through that time period and dealing with concerns that we shouldn’t really have to be prepared with. “Is my money safe? It’s not what’s happening to the market, but is my money safe in your institution?” But once things stabilized, I found real purpose in partnering with some of the retiring advisors and opportunities that came up. It was a really wonderful climate and atmosphere in our local office. It was really a family-like atmosphere, and I still had a lot to learn. And all those advisors that I partnered with, I’ve joked I’ve never had an original idea in my entire life. I stole all my good ideas from them. And some of them were really ahead of their time, and I learned, adopted, and built my own philosophies by working closely with them. Ultimately, by the time I left Wells Fargo, I was finishing up the fifth sunset program and had only made my way halfway through the sunset before the opportunity presented itself to create my own practice. Louis Diamond: So I’m curious, when did you first seriously start thinking about leaving and what really tipped the scales for you? What was the proverbial straw that broke the camel’s back? Patrick Larkin: Yeah, it really was a number of small items and ultimately one big one. But for a long time, I’d been content, but as I tried to grow the business beyond what I could do individually, I felt like I kept running into walls. There were it felt like limitations on how I could build out my team and structure the practice the way I envisioned it. Additionally, there were some new policies that also started to bother me. One of them was the platform advisory fee, which in my eyes was less about client transparency and more about replacing a declining revenue source on the firm’s balance sheet. And after dealing with clients and helping them through the bank scandal at the firm, I was concerned that this would come back and hurt me and the relationships that I had with my clients. Incidentally, I just recently onboarded a new client that transferred to us. And for them, looking at their statement, identifying this platform advisory fee- Louis Diamond: Oh boy. Patrick Larkin: … was the last straw for them before they moved about 15 million of assets to us. Also, I thought I would be I would be a better allocator of resources than Wells Fargo. Wells Fargo retained about half of the revenue that I earned for the business. They seemed to think that the best allocation of that money was additional middle management. Whereas, I thought investment in technology, investment in additional personnel, and an investment in marketing were best places to continue to build out my vision. The final straw, and really a thing that crystallized everything for me was when I read a book in 2021 called The Infinite Game, a book written by Simon Sinek. Chapter eight, the title is Ethical Fading. And it uses the Wells Fargo bank scandal as a case study in what happens when a firm loses its moral compass. I read the chapter and thought, “There it is, I have to do something.” That was really the final push I needed. I mentioned earlier I was very fortunate to start my career with a company called A.G. Edwards, a regional brokerage firm. And while I was at A.G. Edwards, there was a research report that came out on A.G. Edwards as a company. And I’m going to paraphrase a little bit on what was said in that report, but ultimately there was a line in there, and it was a criticism, but I took it as a huge positive as being an employee there. The line said, “While management does not necessarily say it, we believe the client is put ahead of the shareholder.” And that was something I was very proud of. And I just, upon reflecting on it, felt confident those were words that I never was going to see go to print about Wells Fargo. Louis Diamond: So you left Wells in 2022 and founded Oak Hill Wealth Partners in Lansdowne, Virginia. Walk us through that decision. Why go independent rather than going to another firm? Patrick Larkin: I really thought moving to another firm, the things that I had grown frustrated with at Wells Fargo Advisors, I would also find at another wirehouse firm. I was ready, and honestly, the simple answer is I thought I could do better. And I wanted control after having what I felt like was very little control. I had grown frustrated with others making important decisions, and I wanted an opportunity to grab the reins and make decisions on my own. I believe at that time, the future of wealth management was going to be built around fiduciary advice, and I didn’t want to watch that from the sidelines anymore. I was watching what was happening in the industry. And as we were trying to hire new advisors, reaching out to college graduates who were studying CFP programs, identified that they were more inclined to want to start employment with an RIA than a wirehouse. What made the timing work really well was Wells Fargo had actually introduced a program to help advisors in the private client group spin off and establish their own RIAs. Now, whenever I tell this to another advisor, particularly ones that are wirehouses, they can’t understand it. And quite frankly, I don’t understand why they helped us do it, but we were about the 30th practice that they helped us through this process and they provided real support. They hired consultants, made vendor recommendations, even referrals to financing so I could pay off my last succession plan before I left. The only really upside for Wells Fargo was that the ask was that we continue to use First Clearing as the custodian. And one of the downsides for me was I was going to leave all of my deferred comp behind with Wells Fargo. Now, all clients had to do to join me was sign a positive consent. And on May 9th, 2020, we turned on our computers in our new office and our clients were already there. That same day, we launched and started a relationship with Charles Schwab. And it was so exciting to be able to start shopping for what I thought was the best FinTech, really feeling like I was stuck with proprietary tools that Wells Fargo advisors had offered. I felt like I was a kid in a candy store. And if there was a cool tool that I identified that would help us serve our clients better, I was all in and I was buying it. I really feel that some of the technology that Oak Hill eventually bought into and some of the tools we’re using now are going to take years and years before they eventually trickle down to where the wirehouses are, if ever. Louis Diamond: Interesting. So it was really it was for the most part an internal move from one- Patrick Larkin: It was- Louis Diamond: … channel to the other. Patrick Larkin: … it was an internal move, but there was no requirement to stay at First Clearing. As a fiduciary, they couldn’t make those demands. And again, they helped us with the financing, which is really unusual that they helped us secure a loan so I could pay off the last retiring advisor. It’s really unusual that a bank will loan money where there is no business at the time, but because of previous experience that financial institution had working with Wells, they helped us facilitate the transaction. And the program is still in place at Wells Fargo, which is absolutely amazing to me after the experience that I’ve just had myself. Louis Diamond: Yeah, it’s interesting. I mean, does it cannibalize a more profitable revenue source? Sure. But if the alternative was all the assets go to Schwab or Fidelity, to me, honestly, it’s smart. I think they played the long game by not being adversarial on it. Patrick Larkin: I think they played a long game and they took the philosophy, and I think they use it as a recruiting tool that if you love them, set them free. And that’s exactly what they did. Louis Diamond: So for the rest of the episode, I want to talk about your eventual, and not that long period of time, transaction or decision to merge Oak Hill with Cerity Partners. This is our Build, Grow, Transact subseries. And I was really struck by your story because you were three years or so into running Oak Hill, and then your merger with Cerity Partners, an amazing RIA closed. That’s a fairly short runway. Usually when I see folks go independent for the first time, it’s 10, 15, 20 years, maybe never, that they decide to merge or sell. I’m curious to understand your thinking about the transaction. Were you looking to do something? Or was it just like right place, right time and the opportunity presented itself? Patrick Larkin: I had started Oak Hill with the intent of eventually down the road, much closer to retirement, looking for a partner. The opportunity and what I learned early on helped change that idea and philosophy, and I adapted and made modifications to take advantage of it. Louis Diamond: Interesting. So you weren’t necessarily planning on selling or merging the business, it just kind of circumstances happened the way they did? Patrick Larkin: Yeah. When we started Oak Hill Wealth Advisors, it was a really pretty short period of time before we started getting calls from larger national RIAs about potential acquisition, much sooner than I expected. Early on, I just brushed them off, but about a year in, I took one of those calls and it really just opened my eyes up. I realized for the first time this small firm, this little practice actually had some real value, way more than I’d given it credit for. That first call, that first exploration didn’t go anywhere. It wasn’t a good fit. But what it gave me was a much clearer picture of what the serious acquirers were actually looking for. And that changed decisions I made at Oak Hill going forward. I really at that point stopped trying to optimize for near-term profit and really thought of my business as a business and started building towards enterprise value, sometimes at the cost of short-term income. And that turned out to be exactly the right call. Louis Diamond: That’s such an interesting perspective. Let’s double-click into that concept. So it sounds almost counterintuitive that if you kind of had this light bulb moment that like, “Okay, maybe I want to transact my business sooner than I initially thought.” I think most people would say, “Let’s become lean and mean. Let’s become as profitable as possible so my EBITDA’s higher.” But you took the different approach. What were the decisions you did to invest more in enterprise value rather than current cash flow? Patrick Larkin: A true business is one that doesn’t need me to be here every day to operate. And when we left Wells Fargo Advisors, it was myself and one other advisor that created Oak Hill Wealth Advisors. I was responsible for about 95% of the assets and revenue. And one of the more significant investments we made is in additional advisors. I recruited three new advisors, all CFPs, to join Oak Hill Wealth Advisors. Whereas, before I had been largely managing all the relationships myself. For someone that kind of grew up in the regional wirehouse space, it’s pretty counterintuitive to start moving relationships away from you onto other advisors. You’re trained and built to create a moat around your relationships, and realized that the potential acquirers are not interested, at least the ones I was interested in, weren’t interested in buying a book. They were interested in buying a business. And that just meant every decision we made going forward was not profit-driven, but how can I increase the value of the business? So after that first call, I knew I probably would be looking to move forward with a transaction sooner as opposed to the end of retirement. That information that I got on that first call helped me realize that when Oak Hill Wealth Advisors opened its doors on May 9th, 2022, we effectively had an IPO. I had great familiarity with how the succession plans at Wells Fargo Advisors worked. And on that day that we opened our practice, the value of my business jumped to be four to five times the value of it in a succession plan at Wells Fargo Advisors. Now, I knew going forward that I was going to be able to increase revenue. I was going to be able to increase EBITDA. I was going to potentially have some benefits from a market tailwind. I knew the multiples of EBITDA that the firms use may fluctuate, but the biggest change by far occurred leaving the wirehouse and having the value of my business grow four to fivefold in that same day. So what I really focused on was making sure that I was going to, when I was ready to start looking again after I had worked on improving the practice, really was going to look for a firm that was going to be a good cultural fit for both my clients, my team, and myself. Louis Diamond: That’s such a cool perspective. I’ve never heard anyone say that the day we launched your independent business was like an IPO. But honestly, it’s so true. You’re planting a flag in the ground that like, “Here is real value. This is value that we’ve created that we own rather than it being a book of business and a W-2 paycheck.” And it’s a fascinating perspective. Patrick Larkin: Yep. It really is amazing that the value changed that much on one day and the future value changes. Looking at the equity that I owned in Oak Hill Wealth Advisors, it made sense to consider is there a better way to take some risk off the table for myself and my family and diversify some of the equity that I had in Oak Hill Wealth Advisors with a larger enterprise? Louis Diamond: It makes complete sense. Obviously, everyone would sign up for 4 to 5X increase in value. Patrick Larkin: Sure. Louis Diamond: That’s not the reason most people go independent, but it’s important to know. And also, what I really liked about what you shared is I think a really valuable learning for anyone is those calls come in, whether it’s from annoying people like me or from an acquirer, from a firm, they’re not all noise. You took it as an opportunity to learn. Even though that first person who called wasn’t the right fit, it crystallized something in your mind and it let you make proactive decisions that ultimately paid off in spades when it came time to sign the dotted line for your transaction with Cerity. So I think it’s brilliant. And it’s very big picture, big-business-owner-type stuff that I think a lot of people will just filter out because it’s annoying and I’m young, I’m not looking to sell, but that was the journey. Patrick Larkin: Yeah, that first call changed my opinion about timing of when to move forward with a partnership. Originally, I thought this would be something at the end of retirement. The timing of doing so sooner seemed a lot more appealing after having that conversation and realizing what we had actually built. Louis Diamond: Amazing. So ultimately you decided to merge with Cerity Partners. We’ve had Kurt Miscinski from Cerity Partners on the show. They’re a real heavyweight within the RIA world. Most recently, they were valued at $8 billion in a recap, and it’s a very impressive firm. What specifically drew you to Cerity versus other potential buyers? Like you said, you got a lot of calls. Patrick Larkin: After that first call, I just got to work and focused on continuing to take care of our clients, building a team, adding new advisors, being a mentor to those advisors. But at the same time, we were being approached fairly regularly by that point. And I had a pretty good system for quickly deciding whether something was worth a second look, and most weren’t. But about a year ago, one of the national RIAs caught my attention and I started having conversations with them. And once I had progressed with them, I though, “You know what? If I’m giving this consideration, I really need to cast a wider net.” So I reached out to other RIAs that I had looked at and admired and been keeping an eye on. And ultimately, my longtime business coach, Barbara Kay, suggested I talk with Cerity Partners, a company that one of her other clients had just recently joined. And from the very first call, I could tell something was different. And I talked to many different companies. Cerity Partners, and an individual I spoke with, Geoff Newman, they weren’t leading with valuation formulas or deal structure. They were asking questions about my clients, my team, and how I actually ran the practice. They had a very defined process for identifying partners who were genuinely compatible, not just advisors with books that were transferable. And that distinction mattered greatly to me. They also offered really, in my opinion, the right balance of support and still having some autonomy. And their aspiration to deliver consistent standard of care to clients, whether they be in California or Virginia, so that those individuals get the same quality of experience, resonated with how I was already running things within my practice. That combination of support and autonomy, I really liked the idea of continuing to have oversight over my local practice, over our practice, which included the budget, salaries, and bonuses. It more than anybody else felt like a partnership and not a buyout. And I really appreciate it during that first call, Cerity was the only company that talked about a hundred-year plan. It was amazing to me to hear what their thoughts were. Most of the other firms I spoke with talked about valuations. And very quickly in the process, I found myself on a Zoom call with a Patagonia fleece vest-wearing private equity rep walking me through a valuation. And it was efficient, but it was not a cultural fit for me. And the infrastructure behind us and the combination of autonomy is really harder to find than most people think. As I progressed with Cerity, I remember early on in the process thinking to myself, “My God, I hope they want me, I hope they want me,” because I could tell I’m a very process-driven person They had a process with the way they brought me on board. And ultimately, we had a due diligence trip set up to go to one of their larger offices where I met with one of their leaders, Claire O’Keefe, part of their practice development, and had an opportunity to meet with different leaders within the firm and really get my arms wrapped around the potential that they had. Just the quality of the people I encountered through the whole process just kept reinforcing the decision. And by the time we got to the finish line, it didn’t feel like a transaction. It felt like I was joining something that I was excited to be part of. So just a little bit more about what attracted me to Cerity, their culture is just phenomenal. Cerity Partners uses the word “meritocracy” and they actually mean it. Ownership and influence here track your contribution, not your tenure or how well you play the politics. I just attended my first partner meeting in April, and without exaggeration, it was the most extraordinary professional meeting I’ve attended in my 25-year career. During the meeting, there was open debate about the direction of the firm, and every voice in the room carried weight. You could feel the culture. And that type of culture is built over years. You can’t fake it. Everyone in the room it felt like was rowing in the same direction. And by the time the meeting was over, I was so excited to get back to my team and tell them about what I had just witnessed, I wasn’t looking for the exit. I was looking for the brick wall to run through. I was so excited. And every once in a while I wonder having spent so much time in the wirehouse spaces, the bar just set really low for me when I talked to some of my other colleagues that have been independent for a long time. But it was just an absolutely amazing experience. And I do want to just add, one of the last really important things to me about Cerity Partners is I’ve been very fortunate with my career and in this profession. And part of my goal over the rest of my career is to have a legacy. And my legacy currently exists with the families I’ve advised and the team that I’ve built and have served and led. But Cerity Partners is helping me achieve even a greater legacy in our industry with our shared long-term goals. During my first meeting, they talked about their hundred-year vision of being a worldwide employee-owned professional services firm. And currently, and this is very exciting, the employees are the largest shareholder of the firm. No one else I talked to talked about their long-term goals like this, and it’s a vision I believe in. I want to contribute to help to see it accomplished. And one day when I do retire, I want to look back and see how I contribute it to a company that I believe is going to change the direction of professional wealth management. Louis Diamond: Wow. Patrick Larkin: My partnership with Cerity Partners is going to make that a reality. It’s just an amazing place. Yeah, very happy. Louis Diamond: Honestly, you can’t fake that type of enthusiasm. It sounds like- Patrick Larkin: It’s not- Louis Diamond: … you entered into a transaction, which is it’s like jumping into the deep end. How do you sort through what’s the sales process versus what’s real? How much of this is actually going to translate to my life? But hearing you not that long after the transaction, you still feel that and it’s very cool. In the press release I read, you cited estate planning, private markets access, and cross-border planning as key reasons for the merger. Can you talk about what it was about those? Maybe- Patrick Larkin: Yeah. Louis Diamond: … anything else that was missed? Patrick Larkin: Yeah. Louis Diamond: And were those not things that you felt like you could have delivered yourself as a standalone? Patrick Larkin: I thought that they were going to help me be able to be more effective in delivering those, but they weren’t the complete picture. The capabilities that we cited in the release were genuine gaps I wanted to fill and have available for clients and be able to prospect and go after new additional clients. But being fully honest, there were also deeper drivers. One was my team. Sometimes we get emotional about this. Being someone who’s trusted is really important to me, and that’s something I hold in high priority. There are people that followed me out of Wells Fargo to join me. One of my client associates had delayed her retirement so that she could join me and help us launch for the first three months. One of my other client associates has been with me close to 15 years. These are people that trusted me to do the right thing and to make sure that I wasn’t walking them off the plank. Being able to join Cerity Partners and give them a future that didn’t hinge entirely on my personal longevity was a huge relief. And Cerity Partners is an ownership culture. I’m so happy to say today that every single individual on my team in our practice in Lansdowne is now either an equity owner in Cerity Partners or very shortly will be an equity- Louis Diamond: So cool. Patrick Larkin: … equity owner. So they have a stake as well in what they’re building. It matters. My youngest client associate noticed how much it costs to send to FedEx. And he goes, “Now that I’m an owner, maybe we should rethink about sending regular mail.” Another driver was my family. And I’ve always had the philosophy of trying to prioritize and clients first, team and colleagues, and then my family. And I’ve always made decisions that if I put those others before myself, eventually I’ll be taken care of. And going through this transaction, it was so generous to my family and provided such security. There was a little bit of guilt that, “Am I doing this for all the right reasons?” But being able to secure my family’s future, converting equity in a three-year-old RIA into a stake of a $8 billion-plus valuation with institutional backing, that was a meaningful moment and I’d be less than honest if I glossed over that. I also really wanted to be part of something larger than myself. And the opportunity to help build a legacy in this business with Cerity Partners really gives me the platform to do that. Louis Diamond: Very cool. I can tell that you’re genuine, not just because of the way you sound, the way you’re speaking, but in the very beginning of the episode, you talked about the reason you got into this business was because you thought it gave you the dual purpose of being able to help people, but also being able to enrich yourself or your family. So this answer, it comes full circle. You’re able to accomplish all these goals, which made it the right decision. And I think, look, I say to advisors all the time, “You’re allowed to be greedy, you’re allowed to be selfish as long as the clients are still in the front of your mind as the most important thing.” There’s nothing wrong with doing better for clients, building a legacy in your case, but also reaping the rewards of all your hard work and labor and also all the risks that you’ve taken over your career. I got to ask you, though, from being an employee of Wells, where you were running your team, for the most part, you can run the business within their guardrails the way you want, to then running an RIA, which is really like you’re fully in control of everything, to now being a partner, but you’re not the one who has the name on the door anymore. Patrick Larkin: Right, right. Louis Diamond: Well, how do you think about the giving up control and full ownership of your practice versus owning a very small amount of a much larger entity? Patrick Larkin: There was such continuity. Oak Hill Wealth Advisors and Cerity Partners were so philosophically aligned that I genuinely never felt like I was giving up anything that I wasn’t glad to let go. My wife joined the business shortly before I left Wells Fargo Advisors. And still to this day, on my drive home from work, I call her up and say, “You’re not going to believe this.” And it’s all a positive, good thing. So Cerity has struck the perfect balance of that autonomy and support combination that I was looking for. So I still have control and a say over the way our practice is managed. Very shortly after the merger, my supervisor came down and met me for the first time, and we went out together after the day had ended. And early in the conversation I said to him, “What can I do to make your life easier?” And he said, “Pat, what can I do to make your life easier?” And that set the tone that still exists to this day. I almost cried when he said that because that was so different than what I had experienced up to that point. So the collaboration, the way we work together, it’s just absolutely amazing. And not once for a single moment have I second-guessed my decision. And it’s really weird because I’ve now been part of this organization for nearly nine months, and there just has not been one thing that’s occurred where I said, “That’s a disappointment.” It’s just been absolutely amazing every single day. Louis Diamond: Very cool. To me, there’s different arcs of when you want to ask people the question of, “Hey, any regrets?” And usually you don’t want to ask them too soon because they’re still going through the transition and integration and growing pains. And you don’t want to ask them too far in the future because you forget about what was life before. To be this short of a duration into this new partnership and to have these feelings, that’s absolutely pretty special. I got two more questions for you, Pat, if you don’t mind. Patrick Larkin: Sure. Louis Diamond: First one, economically, to me, one of the hardest things for really any advisor to really grapple with or to fully comprehend or make their own is, “I own 100% of the equity in my business. I get to decide when I want to sell in the future. My business is growing 10% per year. I wait to sell until 10 years from now, my business is going to be much bigger and I get to keep all the cash flow. I get to make all the decisions.” That compared to the path that you took, which was take cash off the table, which everyone understands, to, “Now, I own a much smaller piece of a much larger pie.” How would you talk to someone about the financial trade-off between a hundred percent ownership in their business, full control, full discretion over everything, versus becoming a minority equity partner in a larger entity? Patrick Larkin: You have to look at the valuation of my business, again, the day that we opened our doors as Oak Hill Wealth Advisors. There was such a massive jump in the value of the business. There was not going to be an opportunity for an appreciation at that level. So then, you have to compare what the growth rate is of Oak Hill Wealth Advisors versus a Cerity Partners. And I’m not embarrassed to say that Cerity Partners is and has been growing at a much faster rate of return. The value of the equity that I have retained in Cerity Partners, my ownership stake, I fully expect by the time I transact that business as I get closer to retirement, that’s going to be worth many times more than whatever opportunity I would have had at Wells Fargo with the valuation they would have provided me. Nevermind, very important, the tax consequences of a structure like this is all the retiring advisors that I worked with were taxed at their highest marginal rate. I owned a business and we were taxed at long-term capital gains rates. A significant difference in savings in what as the owner we actually realize. So yeah, I feel very comfortable with the ownership that I have and the control and continued opportunity with the meritocracy culture to increase my share of ownership in the company. Louis Diamond: Okay, and let’s do one more question here. I’ll pick it back up. So Pat, I think it’s a really cool perspective. It’s almost do your homework, and if you find the right horse and the right jockey that can run faster than you can on your own, that the equity value will compound and grow and appreciate in a faster, more efficient way than what you’re doing on your own, which makes complete sense. It’s the ultimate trade-off. And again, it’s like jumping into the deep end. On the one hand, Oak Hill was all you, right? You control the growth, for better or worse, for the good days, the bad days, the good years, the bad years, versus now your growth is diversified amongst hundreds of partners across M&A, across different lead flow channels, et cetera. It makes complete sense. But honestly, if I were an advisor, I don’t know how I would think about it. I think it’s all just fact-and-circumstance-based on where I am in my life and who the firm is and what I’m trying to accomplish. But it’s such a cool perspective because usually the playbook that we see, which is why we did this series, is go independent and there’s a long pause until there is a realization of all the value that’s been created. So seeing you do this in a much quicker timeframe, it seems like it was the absolutely right decision. To me, it just is another path, another way that an advisor or a firm is able to think about their future. Any final advice or parting words for someone who is sitting right where you were in 2021 or 2022 thinking about making the leap? And we’ll say a transition in general, or really anything you want to share to wrap our episode here. Patrick Larkin: Thank you for having me, and this is a great question. Happy to give a thoughtful answer to it. Before I’d left Wells Fargo Advisors through the program and started Oak Hill Wealth Advisors, I had an opportunity to go through a due diligence process and make sure that this was going to be a right move for me. There was no carrot out there that was obvious. I learned after that first conversation that I had built a practice that had some value to it. I was leaving behind the security of something I knew, leaving behind a significant amount in deferred compensation, and I wanted to make sure I was making the right decision. And through that due diligence process, talked to about five other firms that had recently left Wells Fargo to join this RIA program. I asked them a lot of different questions about what their experience was. And at every point during those conversations, they all said the same thing at different points. And it sounded like this. They said, “I’m working harder than I ever have before, but I wish I had done this sooner.” So my advice to those people, do it. I know that sounds simple, but I mean it. The fear of leaving is almost always worse than the actual experience of leaving. And I understand the inertia of not leaving and the real apprehension of what was on the other side. But what I found was a version of this profession I genuinely didn’t know was possible. One where I could do things the right way on my terms for the people I care most about serving. And not every path is going to look like mine. Some advisors should go fully independent and stay there, and that can be an incredible life. But when it comes time to look for a partner, quite frankly, if Cerity Partners is not on your shortlist, you’re making a significant mistake. And I say that not to sell anything, but because I’ve lived the comparison firsthand and there’s simply nothing else like it. Louis Diamond: So Pat, it’s been really fun, but I don’t think we’ve had anyone on the eight years or so we’ve been doing this show that’s gone through this type of arc or journey that you have. One of my big takeaways or sticking points that this episode brought for me is by going independent and taking control over your future, you created complete optionality for yourself to do exactly what you wanted to do with your business, even if that was different than what you initially planned. So in your case, it was selling within three years of going independent, but by taking action, being proactive, playing some offense, you made the opportunity happen on your terms and your timeline. So this has been fun in so many different ways. I loved your comment about how when you went independent, it’s basically like the day of your IPO, the four-to-five-times increase in value versus an internal succession deal, and even just the way to think about getting equity in a larger entity versus running your own plays only. So thank you so much for doing this. This has been fun. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firm’s or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Build, Grow & Transact: From Breakaway to Transaction in 3 Years A conversation with Louis Diamond and Patrick Larkin, Partner & Practice Leader at Cerity Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: From Breakaway to Transaction in 3 Years. It’s a conversation with Patrick Larkin, Partner and Practice Leader at Cerity Partners. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Ownership as a way of creating opportunities you can’t always predict. That’s exactly why we created our Build, Grow, and Transact series. Independence isn’t the end of the story. It’s often the beginning of thinking differently about enterprise value, optionality, and what comes next. Today’s guest is Patrick Larkin, Partner and Practice Leader at Cerity Partners, and formerly the founder of Oak Hill Wealth Advisors. Patrick spent nearly 15 years building a successful practice at A.G. Edwards, Wachovia, and eventually Wells Fargo before launching his own independent firm in 2022. Just three years later, he merged that firm into Cerity. At first glance, that timeline might seem surprisingly short, but as you’ll hear, the merger wasn’t a change in direction. It was the result of seeing his business differently once he owned it. Yet, it’s this perspective that really brings that thought home. Patrick said the day Oak Hill launched felt like the business had gone public because overnight, what had been viewed as a book of business became an enterprise with substantially greater value, some four to five times the value of what it was worth at Wells. And that realization changed the way he invested, the way he hired, and ultimately the way he thought about the future. Pat and I also talk about something advisors don’t often discuss candidly, what life actually looks like after a merger. How much control do you give up? What changes day to day? How do you know whether you’re joining a partner or simply selling a business? Whether your long-term plan is to remain independent forever or eventually join a larger organization, Patrick’s experience is a reminder that ownership isn’t simply about control. It’s about creating optionality and putting yourself in a position where the next decision is yours to make. So let’s get to it. Patrick, thanks for coming on our show today. Patrick Larkin: Oh, my pleasure. Nice to meet you, Louis. Louis Diamond: You too. So let’s start off basically how we start every interview. Tell us about yourself, your background, and how you found your way into our industry in the first place. Patrick Larkin: Yeah, thank you for asking. I knew I always wanted to be a financial advisor. That part really wasn’t in question, but upon graduating college and being a 22-year-old, I knew that it was probably not practical to walk in and start advising people my parents’ age with their life savings. Probably wasn’t going to be a recipe for success. So I took a quick tour through the pharmaceutical industry first, which ended up being unexpectedly valuable. My employers there pushed me to think like an entrepreneur and within our territories. And honestly, that mindset never left me. It shaped how I built everything that came after. Eventually, an opportunity presented itself in Loudoun County, Virginia in Northern Virginia, and I became an FA trainee with A.G. Edwards, absolutely fantastic firm to start my career. Now, what drew me to this career was pretty simple. I felt like it was one of the professions that we had an opportunity to do so much good for others while simultaneously also doing well for yourself, and those two things aren’t in conflict. I also really loved the idea that in this profession there was no hiding. You don’t get paid to show up. You get paid for what you actually do. And perhaps for me, what was most important, I loved the weight of responsibility. I loved earning people’s trust. I loved the idea of deserving, being deserving of their trust, and being a steward of what they’ve worked a lifetime to build. I never took that lightly, and I still don’t. Louis Diamond: That’s amazing. Yeah, I mean, the number of people I’ve heard, you talked so fondly about A.G. Edwards and there’s a bunch of other firms that have since been absorbed or emerged that are like the regional firms of old. So not surprised to hear you loved it. A.G. Edwards, obviously, became Wells Fargo Advisors or was acquired or merged with Wells Fargo. So I know you’re at Wells and A.G. Edwards until 2022. So give us a quick version. How’d you build your practice from the pharma world into being in FA? Patrick Larkin: Yeah, so as I started with A.G. Edwards, I came in at really just the perfect time. It was towards the end of the financial crisis. And I built the business the old-fashioned way with a lot of cold calling and eventually did some dinner seminars, which I can tell you is a very expensive way to learn how to speak in front of a room. But I made some progress, and I was also in a great office, small enough that some of the advisors there would hand off some of the smaller accounts that they weren’t interested in working with, and got an opportunity to get a lot of reps in working with real life clients and individuals. I knew early on I didn’t have enough talent to win on talent alone, so I made up for it and compensated for that with really hard work. The real turning point came for me when A.G. Edwards was first acquired by Wachovia Securities, and that was about five years into my career. And at that point, my branch manager, who was eyeing retirement, asked me to step in as her partner, and that changed everything. We eventually moved over to a Wachovia Securities office, another really great local office in Loudoun County, Virginia. And from that office, I worked on and became a CIMA, a CFP, worked with the clients, built a business through referrals. And I found at that point in my career when I would go to a meeting with Wachovia, eventually Wells Fargo, as a young 30-year-old, I would look around the room often and realize that I was the youngest person in the room. The funny thing was 10 years later, I would go into that same room and I’d look around and I still was the youngest guy in that room. And those demographics in our industry, and when I came into our industry, ultimately led that office that I worked in with Wells Fargo Advisors, I eventually was the recipient and party to five different succession plans- Louis Diamond: Wow. Patrick Larkin: … at Wells Fargo Advisors. I hoped that I had built a reputation as somebody that these other advisors would entrust with their clients. And over that time period, really, I would say professionally, one of my accomplishments I’m most proud of is all five of those retired advisors that I used to work with, who had an opportunity to see me work with clients, all became clients of mine, I still continue to work with. And it’s professionally just one of the greatest honors that I’ve ever had. Louis Diamond: I mean, that’s a large number of advisors you helped sunset, but I would agree it’s the ultimate p

In episode 265, Coffey talks with John Singleton about HR's long-standing identity crisis, the strategic skills the profession must develop to stay relevant, and how AI is reshaping both the work of HR and the way work itself gets done.  They discuss HR's decades-long reputation as a bureaucratic gatekeeper — from the 1996 Fortune critique through the 2025 revisit of "Why We Hate HR" — and what it means to function instead as a strategic confidant and ethical agent; the DEI whiplash as a case study in HR failing to provide compliant, data-grounded counsel when it mattered most; using PESTEL and SWOT analysis to advise on business expansion decisions including workforce availability and market fit; financial literacy as a critical and underdeveloped skill for HR professionals, including reading P&L statements and linking people decisions to EBITDA; the dangers of AI-powered auto-application tools flooding recruiting pipelines with unvetted, uninterested candidates; why AI should not replace human judgment in interviewing, candidate evaluation, and culture-fit assessment; the growing requirement for HR practitioners to understand AI governance, prompt literacy, output verification, and state-level AI employment legislation; the individual responsibility of HR professionals to own their own continuous learning when employers won't fund it; HR's emerging role as architect of human-AI workflow integration in partnership with IT and operations; and HR's internal identity crisis as the profession's biggest obstacle to earning the strategic credibility it seeks.  For HR teams who discuss this podcast in their team meetings, we've created a discussion starter PDF to help guide your conversation. Download it here https://goodmorninghr.com/EP265  Good Morning, HR is brought to you by Imperative—Bulletproof Background Checks. For more information about our commitment to quality and excellent customer service, visit us at https://imperativeinfo.com.   If you are an HRCI or SHRM-certified professional, this episode of Good Morning, HR has been pre-approved for half a recertification credit. To obtain the recertification information for this episode, visit https://goodmorninghr.com.   About our Guest:  John Singleton, SHRM-CP, is a fractional HR partner based in the Dallas-Fort Worth area, working 1-on-1 with Texas founders, business owners, and leadership teams on the people side of building and scaling. With 16+ years of HR leadership experience — including senior roles at Tata Consultancy Services, Coforge, and Mastek — John brings pattern recognition, strategic judgment, and a trusted vendor network to every engagement. His approach goes beyond handbooks and compliance. He serves as a confidante and strategic sounding board for the harder conversations founders face — the ones that don't fit neatly into an HR playbook. Whether it's navigating the compliance cliff at 50 employees, coaching a leadership team through a difficult hire, or being the calm voice on the phone when something unexpected lands, John's role is to be the person in the room when it matters most. Based in Waxahachie, TX, John founded Quick HR Solutions to give small and mid-sized Texas businesses access to senior-level HR partnership without the cost of a full-time hire.  John Singleton can be reached at   Your Website: www.quickhrtx.com  LinkedIn: https://www.linkedin.com/in/johnsingleton720   About Mike Coffey:  Mike Coffey is an entrepreneur, licensed private investigator, business strategist, HR consultant, and registered yoga teacher. In 1999, he founded Imperative, a background investigations and due diligence firm helping risk-averse clients make well-informed decisions about the people they involve in their business. Imperative delivers in-depth employment background investigations, know-your-customer and anti-money laundering compliance, and due diligence investigations to more than 300 risk-averse corporate clients across the US, and, through its PFC Caregiver & Household Screening brand, many more private estates, family offices, and personal service agencies. Imperative has been named a Best Places to Work, the Texas Association of Business' small business of the year, and is accredited by the Professional Background Screening Association.  Mike shares his insight from 25+ years of HR-entrepreneurship on the Good Morning, HR podcast, where each week he talks to business leaders about bringing people together to create value for customers, shareholders, and community. Mike has been recognized as an Entrepreneur of Excellence by FW, Inc. and has twice been recognized as the North Texas HR Professional of the Year.  Mike serves as a board member of a number of organizations, including the Texas State Council, where he serves Texas' 31 SHRM chapters as State Director-Elect; Workforce Solutions for Tarrant County; the Texas Association of Business; and the Fort Worth Chamber of Commerce, where he is chair of the Talent Committee. Mike is a certified Senior Professional in Human Resources (SPHR) through the HR Certification Institute and a SHRM Senior Certified Professional (SHRM-SCP). He is also a Yoga Alliance registered yoga teacher (RYT-200) and teaches multiple times each week. Mike and his very patient wife of 29 years are empty nesters in Fort Worth.  Learning Objectives: Distinguish between HR as compliance gatekeeper and HR as strategic business partner, and identify the advisory behaviors — including data-driven counsel, financial fluency, and risk-option framing — that define the latter. Evaluate the compliance and reputational risks of AI-assisted recruiting tools, including auto-application platforms and resume-scanning systems, and articulate the human judgment elements those tools cannot replicate. Identify the technical, financial, and interpersonal skill sets HR practitioners must proactively develop to remain relevant as AI eliminates transactional HR work and expands the profession's strategic scope. 

In this episode, we sit down with DeeAnn Palin, founder and CEO of On Point Business Solutions, to explore how talent strategy can either drain a business or become a powerful driver of growth. Known as the CEO Whisperer, DeeAnn has spent more than 20 years in executive leadership and over a decade helping founder-led companies avoid costly talent mistakes, improve EBITDA, and prepare for strategic growth and transition. Drawing on her experience leading operations, turnarounds, and transformational growth initiatives, DeeAnn shares why HR is often misunderstood as an expense instead of being leveraged as a strategic business asset. During our time together, we discuss:Why traditional HR is often viewed as a cost center—and how that mindset limits growthThe concept of the “Million Dollar Mistake” and how hidden talent problems quietly erode profitabilityThe role HR should play in helping CEOs achieve long-term growth objectivesHow modern assessment tools and AI can improve leadership effectiveness, team performance, and hiring decisionsWhy organizations should rethink their total rewards strategy rather than focusing solely on compensationHow to solve talent gaps without overspending on the wrong benefits, incentives, or hiresA real-world case study showing how one organization transformed culture, performance, and financial outcomes through strategic talent managementThe importance of Jim Collins' Hedgehog Concept in aligning talent with organizational successThis episode provides practical insights for leaders who want to unlock hidden value in their workforce and build people systems that accelerate business growth.To learn more from DeeAnn visit www.onptbiz.com Request a business X-ray assessmentLearn more about Aptiv Index and strategic talent solutionsConnect with the On Point Business Solutions team

"Give me a price, I'll give you a structure. Give me a structure, I'll give you a price." In this solocast, Corey Kupfer takes that favorite saying of his and uses it to unpack a handful of the deal world's most repeated cliches, testing which ones hold up and which ones only apply in certain situations. Corey has spent more than 35 years structuring and negotiating deals, and in this episode he draws on that experience to walk through what's really behind a purchase price, a valuation multiple, and a few tax and entity assumptions sellers often take as gospel. WHAT YOU'LL LEARN: Corey breaks down what actually makes up a deal structure, from escrow and promissory notes to earnouts and rollover equity, and why "give me a price, I'll give you a structure" is the question that should come before you get excited about a top line number. He also digs into why comparing multiples without knowing what they're calculated on is misleading, when the advice to take cash up front actually applies, and why he pushes back on the idea that most businesses can't be scaled or sold. KEY INSIGHTS: A purchase price is never just one number. Escrow holdbacks, contingent payments tied to retention, earnouts tied to growth targets, and rollover equity can all sit inside a single deal, and each one carries different risk and different timing. Multiples are almost never apples to apples. Most quoted multiples are calculated on adjusted EBITDA, and buyers can adjust that number differently, which means a higher multiple doesn't always mean a higher price. Take cash up front is better advice for Main Street, owner operator deals than it is for the middle market and up, where professional buyers and PE backed firms have more reputational reasons to pay what they owe. The S Corp regret Corey heard at an industry event traced back to a missed QSBS election, not to S Corps being universally worse. Entity structure decisions depend on industry, timing, and ownership goals, not blanket rules. Corey doesn't believe in unscalable businesses, only businesses that haven't found their systems yet. The same logic applies to sellability, most businesses that can't sell today can become sellable with the right changes. Perfect for entrepreneurs preparing for a sale, raising capital, or negotiating a licensing or royalty deal who want to ask sharper questions before they get anchored on a number. FOR MORE ON THIS EPISODE:https://www.coreykupfer.com/blog/dealcliches FOR MORE ON COREY KUPFERhttps://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Episode Highlights with Timestamps:01:01 - The famous deal world saying, give me a price, I'll give you a structure, and why it matters 03:45 - What's actually inside a deal structure, escrow, promissory notes, and contingent payments 06:24 - Why comparing multiples without knowing what they're calculated on is misleading 09:08 - When take cash up front is real advice, and when it isn't 13:41 - The S Corp story from an industry event and the QSBS election behind it 16:45 - Why Corey believes every business is potentially scalable and sellable Related Episodes:Episode 328 with Richard Manders, for a deeper look at multiple arbitrage and how buyers think about valuation multiples. Episode 339 for more on purchase price structures, contingencies, and how retention and earnouts affect what a seller actually collects. Episode 325 with Kelly Finnell, for a related conversation on tax advantaged entity and ownership structures. Keywords/Tags: deal structure, purchase price negotiation, EBITDA multiple, adjusted EBITDA, earnouts, rollover equity, escrow, QSBS, S Corp versus C Corp, business sellability, business scalability, licensing royalties, M&A negotiation, DealQuest solocast

Connect With ChazJosh Wilson started at seven years old on a cruise ship, charging his vacation friends a markup to use his grandfather's cruise card. He built a wedding DJ business at 16 and sold it at 19 for $25,000. His only W2 job was two months as a buggy boy at Winn Dixie before he got fired. Since then he has built a 25-million-dollar real estate portfolio, lost over a million dollars on a single investment, and pivoted to M&A where he is now acquiring his seventh company with a goal of 10 companies and 10 million in EBITDA before exiting to private equity.In this conversation with Chaz Wolfe, Josh breaks down the entire M&A framework he uses: what to look for in a target company, why he only buys companies doing at least a million in cashflow, the five reasons a contractor business owner should consider selling to a holding company instead of selling on the open market, why most businesses have not raised prices since COVID, and how the multiple arbitrage game works when you roll your equity into a holding company instead of taking a 3x exit alone.Key Takeaways:The first question in any acquisition: when was the last time they raised prices? Nine out of ten businesses Josh looks at have not raised prices in years. A 10 to 20 percent price increase is often the first value add after closing.Only buy companies doing at least one million in cashflow. Below that threshold, you cannot afford to hire the management team you need to actually run the business. You end up doing everything yourself again.A 3x multiple on your own is a mom-and-pop exit. Roll your equity into a holding company targeting 8 to 10x and you may triple your eventual payout for waiting a few years.PE companies buy cashflow, not hustle. When private equity looks at a portfolio, they want a C suite in place, a back office running, general managers in every entity, and systems that do not require the founder. Build that picture and you become attractive.Going wide to find your vertical is not always a mistake. Josh spent five years acquiring different industries to find where he could go deepest. He is now locking in on transportation. The path was the education.The mentor moment that changed everything: Josh was sitting in a hot tub during COVID, watching his real estate portfolio and wondering if his tenants were going to pay. In that moment he realized he could not keep living his entire life this way. That discomfort drove the pivot.If I can't do it, no one can is a guarantee that you will never scale. Josh learned it the hard way. The C suite he built is the only reason he can now focus exclusively on vision and growth.Pivoting is not failure. Real entrepreneurs master the art of knowing when things are heading in the wrong direction and correcting course before it costs them everything.$25,000 was enough to count as a real exit. The size of the deal does not determine whether the principle applied. Josh knew how to create value and find a buyer at 19 years old. The same principle runs his 7-company portfolio today.Build the right C suite first. CFO, COO, CEO roles need to be filled by people who love operating, not just people who are available. Josh found each one through deliberate relationships, not desperation.If you are a contractor business owner doing $1M+ and you feel stuck in the day-to-day, we built GTK for you.Through peer mastermind and 1:1 coaching, we help you:increase profitinstall real systemsbuild a team that runs the businessget your time backVisit www.gatheringthekings.com for information on how to apply.Connect with Chaz Wolfe (Host):WebsiteFacebookInstagramLinkedInYouTubeProfit Starts with Better Books!Clean books. Clear reports. Monthly bookkeeping built by business owners, for business owners.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showLike what you heard? Share this episode with a friend and leave us a review on Apple Podcasts or Spotify! Join the conversation by visiting GatheringTheKings.com and apply to connect with other high-performing entrepreneurs and their families.

In this episode of FreightWaves Today, hosts Craig Fuller and Julie Van de Kamp dive into the latest industrial data, market updates, and expert interviews across the freight, logistics, energy, and rail sectors. In the morning minute we have the 3 top stories of the day including: Congress pushes to tie USPS executive bonuses directly to 95% on-time delivery metrics via the bipartisan "No Bonuses for Bad Service Act", Werner Enterprises CEO Derek Leathers addresses seasonal spot market trends, capacity tightening, and rate outlooks, and Michigan regulators suspend Northern Michigan University's CDL training program amid a nationwide fraud crackdown. Our first guest, Tom Kloza, Chief Energy Advisor at Gulf Oil, breaks down rising diesel prices, global refining capacity constraints, and how emerging drone warfare poses unprecedented risks to oil infrastructure. In the SONAR update, Julie gives a detailed look at current tender rejections sitting at 13.5%, rising import container volumes, domestic rail mode shifts, and carrier authority changes. Then Patrick Kelleher, CEO of GXO Logistics, stops by to discuss peak season expectations, rapid growth in AI data center construction, manufacturing re-shoring, and tests with humanoid robotics in the warehouse. Trains Magazine's Bill Stephens is back with the latest numbers from Association of American Railroads (AAR) weekly volume data, strong non-coal carload gains, and a federal court ruling upholding the FRA's two-person crew rule. And lastly, Jeff Dangelo, CEO of Fura, announces the acquisition of High Rise (their 7th deal) and explains how AI is streamlining operations and unlocking massive EBITDA improvements for small-to-midsize brokerages. ⁠Follow the FreightWaves Today Podcast⁠ ⁠Other FreightWaves Shows⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Frank talks with Nick D'Andrea, owner of AMDG Advisors in Moosic, about helping founder- and family-owned businesses prepare for and execute sell-side M&A. They cover how owners should think about legacy vs. cash goals, what buyers focus on (EBITDA, margins, trailing 12 months), common financial red flags like accounts receivable and messy P&Ls, and why it's best to engage an advisor before signing an LOI. Nick outlines his end-to-end sales process from CIM creation and buyer outreach to management presentations, LOIs, due diligence, and closing, plus typical deal structures like owners staying on, rolling equity, or bonuses for employees. Nick shares his background in big accounting and transactions, his move back from Philadelphia, and how to contact him at amdgadvisors.com.To learn more, visit their website or LinkedIn.If you or someone you know wants to be featured on our podcast, visit our website! 

12 Aug 2026. Is Bitcoin becoming a safe haven when tensions rise? We ask Saqr Ereiqat of the Dubai Digital Asset Association, who says yes and no. Plus, earnings season rolls on. Abu Dhabi’s sovereign AI company Presight has posted another quarter of strong growth, with CEO Thomas Pramotedham. And the region’s oilfield services giant NESR reports a record quarter: revenue is up 59% and profits nearly tripled. We speak to Chairman and CEO Sherif Foda. Our Summer Strategy series also continues, with the Dubai restaurant that spent more on marketing, not less, when spending slowed. Sylvana Sari of Bobi Bowl explains why.See omnystudio.com/listener for privacy information.

In this episode the hosts talk about a 30-year-old Maryland tent rental business generating over $1.25M in annual EBITDA, debating whether its remarkable stability outweighs the risks of seasonality, asset maintenance, and a premium asking price.Business Listing – https://www.bizbuysell.com/business-opportunity/special-events-tent-rental-company-highly-profitable/2526933/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.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9VrSubscribe for more episodes: https://www.youtube.com/@AcquisitionsAnonymousPodcast?sub_confirmation=1Subscribe to our Newsletter: https://www.acquanon.com/newsletter

Six Flags' new leadership is successfully reorienting the company toward repeat visitation, yet this quarter its debt cost more than its parks earned.The strategy of getting more passholders to attend more often and spend more, thereby increasing lifetime spend, is working. Revenue and attendance were up, adjusted for the divested parks, and the upcoming Halloween season, with 448 Halloween-themed experiences from coast to coast, should supercharge that strategy. Yet, while the parks made money, the company still posted a loss due to its debt.Running the parks produced $88.6 million of operating income, up from $74.5 million a year ago. Interest on the company's debt cost $102 million, and the quarter landed at a $20.1 million loss before taxes. The $203 million headline loss is mostly a $157.4 million tax charge, an accounting catch-up tied to the park sales, not a bill: Six Flags paid $4.5 million in cash taxes in the entire first half. Same-park revenue, attendance, and EBITDA all grew, pass sales are up 7%, and the stock still fell 16%.Meanwhile, Six Flags Great America announced Camp Timber Trail, a nine-attraction family land opening in 2027, led by Sky Hawk, a suspended family coaster billed as the Midwest's longest, tallest, and fastest, another build aimed at the family-together demographic that keeps spending.Listen to weekly BONUS episodes on our Patreon.

In this episode, we kick things off by examining the latest quarterly results from third-party logistics provider RXO, which posted a mixed second-quarter performance. While net income remained at a five cents per share loss, the company achieved what it described as a ⁠historic sequential increase in profit per load driven by a massive jump in truckload spot mix⁠. That spot mix surged to forty-two percent in the second quarter, up from just thirty-three percent in the first quarter, as the strengthening freight market provides a tailwind for the broker. Next, we explore the encouraging turnaround at Forward Air, which is showing real signs of recovery following what analysts have called a messy merger with freight forwarder Omni Logistics. The company reported ⁠its best quarterly performance since the January 2024 combination, with consolidated revenue climbing nine percent year-over-year⁠ and consolidated adjusted EBITDA rising eighteen percent to ninety-three million dollars. The expedited freight segment led the charge with a solid twenty-four percent year-over-year revenue increase, benefiting from less-than-truckload freight that had previously been lost to a depressed truckload market now returning. Finally, we cover the heavy-duty truck market where North American Class 8 net orders totaled twenty-two thousand units in July, down thirty-one percent from June. However, industry analysts are clear that ⁠the slowdown reflects limited production availability rather than softening freight demand⁠, with calendar-year 2026 production essentially sold out. Through July, 2026 Class 8 net orders are running one hundred twenty percent higher than the same period last year, underscoring robust replacement demand and improving fleet utilization. ⁠Follow the FreightWaves Today Podcast⁠ ⁠Other FreightWaves Shows⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Krispy Kreme narrowed its loss and expanded margins during its latest quarter, as the doughnut chain continued to make progress with its turnaround plan. They reiterated its forecast for systemwide sales growth of 2% to 4% in constant currency this year, as well as its outlook for revenue and adjusted Ebitda. For more, Josh speaks with Bloomberg's Dani Burger and Michael McKee. See omnystudio.com/listener for privacy information.

How do you manage money more effectively? How can you stop being surprised by taxes? How do you turn your cashflow into something predictable? Kiera answers these questions and more, with three monthly habits you can build to create profitability. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent- Dental A Team (00:01) Hello, Dental A Team listeners. This is Kiera. And today's topic is one of my favorite. It's money, taxes, and making a money-making machine. Yeah. Yay. Let's talk money and taxes. Because honestly, this is what everybody hates. And I'm not a CPA. I'm not a financial advisor. I'm none of those things. I'm just a girl who loves to help practices be more profitable. Help dentists like make and keep the money that they deserve, but doing it in an ethical way as a smart business owner. Because honestly, do you know how many people come to me and they're Kiera, I just want to become the CEO of my business because I don't get it, I don't know how. And I love   Helping people become competent running their businesses through systems, team, vision, you name it. I love to do it with you. So what I found is like a lot of times doctors don't have a production problem. They have a money management problem because you don't freaking know how to do it. You learned how to drop that box. You learned how to make that. This one was funny, guys. Like, why in dental school did they tell you you're doing an I L F filling? Like, come on. Like I remember seeing that and I was like, wow, dentistry. Or like I love when there's new people and they're like, Yeah, doc, we need a B O. And I'm like,   All right, or we could do like an OB, like it's fine, whatever. Or like I remember someone was like, What's a do? A DO I was like, my gosh, that's hilarious. So there's so many things like you've learned all that, but you didn't learn how to like manage your money and talk about it. So I have seen so many practices where they're a multi-million dollar office, but guess what? They're strapped for cash, they're not able to do these things. And the goal is not to like just produce more, it's to build a practice that creates consistent wealth for you. Now, team members listening, I want you to know you want your doctor.   To be insanely wealthy. Like you do. You want the practice to be wealthy because you want it to be cash flowing positive. Because if it is, you're happy. It's more stable, it's more confident. And I'm not saying like, I want your doctor to be wealthy. I want them to do well. You do too. Because guess what? If they're doing great, that means you're doing great. So I want you guys to walk like, how do we manage money money monthly? How do we stop getting surprised by taxes? And this is Kiera's tactical way of doing it. Talk to your CPAs. I'm not able to be that person, but I'm gonna give you some quick tips that work really well.   And then make sure your CPA validates and does it that's best for you. And then also, like, how can we turn this into predictable cash flow? Like that's what you're looking for. So let's do it. And to me, this is where I just see so many. We work with hundreds of offices across the nation. We're Dental A Team, we're experts in dental consulting. We work with dentists and teams. We either are virtual or in person, we're obsessed with making your life better. We call it the yes success model, where it's focused on you, your vision, your team, getting that organized, business fundamentals, earnings and profitability.   And then system structure and scalability. Like, how do we take it and turn it into that? That's what you're looking for. You want to make more money, you want to have less time that's spent in the office, you want to have more efficiencies. Like, let's do that together. That's what we're about. And really, today I get jazzed about this because so many offices are like, Kiera, I don't know where my money went. Guess what? I was that way too. Like, truly, it's so obnoxious. Because I know you are producing it. You need to just make it. Like, and how scary. I think about poor dentists. Like,   You go out, you do your fillings, you don't know if you're gonna get paid for it. You hope and pray that someone's collecting that money, but you will literally have no idea. Then the next thing is you get slapped with taxes, and you're like, my gosh, I have no money. Let's get you money. Like you went to dental school, you have so much debt on you, like you deserve to be a profitable business owner. So, like I said, just three things. Sorry about that. I'm just gonna yank this. Three things that you can do that are monthly habits to create profitability. You good with that? Let's get profitability.   cash flow and financial confidence. Here we go. So number one, dun dun dun dun, it's super sexy and not. All you gotta do, you gotta review your numbers every single month. Not when you're nervous, but as a consistent thing. You can join me. I've talked about it so many times. I call it the MMs. It's morning money meditation. That's it. Just do it. Like roll over. I turn on the call map or I'm into Joe Dispenser right now. there was another one I was listening to for a hot minute. I think it was called I don't even remember.   Was called. I can't even tell you guys. I don't remember. It was like this activations, I think is what it was called. That one was a fun one. It was like manifesting like multiple millions, like whatever you want do. but I meditate, I get my mind right, and then I look at my bank account. So join me on it. But I feel like a lot of times people just they don't know it, they don't get it, they just hope their CPA does it. my financial advisor will get it. I don't need to look at this. I'm just gonna do dentistry. Like, no, pull your head out of the sand. You are a business owner, you've got to look at it. So   We review our numbers before there's a problem, not when something fills off. So things to be looking at on a constant basis. What is our collection and production ratio? And I'm talking production in net, not gross. We got to be able to make sure, like, I don't care. I know Delta Dental's terrible. Guess what? That's all you can collect. So stop feeding your ego. Let's feed the family. Let's look at real numbers. What is that percentage? It needs to be at 98%. Half of you have a money issue, not because you have a money issue, it's because your team's not collecting. Teams, collect the money. We did the work.   Collect the money, fight with insurance, fight, fight, fight, get that money. Like you've got to. So we need to know what those two numbers are and you need to be at 98% collections. Okay. That's number one on your money. Number two is what's your overhead? Should be at 50% or less, 20% doctor pay. You gotta do this. What are we spending in those categories? So I like to look at our payroll percentage. I like to look at our supplies, labs. those are like the main big ticket items within that 50%. Doctor should pay should be sitting between 20 and 30%. All right, let's look at that.   Then beyond that, there's also probably money sitting in your AR. We should never have more than one month's worth of AR sitting there. So if you're producing $200,000, your total AR should never be more than $200,000. That's just the way the game works. So those are things we're gonna look at. All right. You gotta look at did we hit our goals, production, collection? What's our overhead? Did we overspend? Why? What improved and what did it? So we're gonna look at our PL. So I look at.   All of our team, all of our clients, they're on add it to analytics. So you usually have an online analytic. We build a KPI scorecard for all of our clients. Every client has it. So we're looking at what's our goal? What's our production? Is it red or green for that week or that month? Is it red or green for the collections? What's our collection percentage this month? What's our collection percentage year today? Because some months are gonna be low, some months are gonna be high. That's normal business. But we got to make sure we're collecting enough for our BAM, our bare ace minimum. And if not, we need to have savings for that. All right, so we have all that.   Then we also have an overhead calculator. I love the overhead calculator. I'm obsessed with it. We finally nailed this overhead calculator. Like it is, it's dreamy. Because what we do, I like to see this. It's a rolling month. So for those of you watching, great. I'm gonna share a screen. For those of you who are listening to the podcast, I'll explain it. Don't worry. So on here we have a scorecard. So this is one of my favorites. It's the overhead one. So what we do is we have our goals. So we set in our goals.   Like payrolls 30%, supplies are 5%, labs 7%, facility and equipment 8%, advertising 2%, less you're in growth mode, office supplies less than 1%, insurance half a percentage, professional services. We put in there your consulting fee. You're welcome. I want you to see that you can pay for consulting and be profitable. Bank charges and fees, I hope and pray they're less than 3%. They should be lower. And if not, you can get with Moolah. Phone internet utilities, less than 5% or 0.5, excuse me. And then other is usually 1%.   All that totals up to 60%. That means our doctor pay is probably gonna be sitting in at 20% or 30%. How can we trim this? A lot of people can produce more and have less payroll. We can outsource different things. Could we get our supplies lower? Can we order things differently? Labs, like let's look at that facility and equipment. Can we get that lower? Can we reduce our rent? Advertising, office supplies, could we get that down to a half a percentage? Professional services, like what if we got it to 1%? Or one of the fastest, easiest ways is we boost our production.   And it's gonna actually offset it and get it to a 50% overhead. Then what's amazing is we have our year to date. So what is it? What's our collection amount? We always want watch that. Year to date, and then we do a difference. So what's amazing is as you scroll through, we do January, February, March, April, we have our total overhead. What's our doctor W2? What's our doctor distribution, doctor salary? I want to see what percentage it is. This really quickly shows you what's my overhead, what's my doctorate, and then what's my EBITDA or earnings before interest, taxes, depreciation, and amortization.   What's our total expenses, not including debt services? What's that? We want that to be sitting at 80% or less. And it gives us a dollar amount. So we're able to see it month over month and then year to date where we sit. What's the net profit? So in this practice, because they're at 60%, their net profit can only be at 10% unless our doctor pays lower. I don't really care how you do it because distributions are distributions. So if you want to take the profit, you want to leave it in the business, you got to make sure that the practice is paying for your life. Then we have all of our debt services. This is usually where people get stuck on cash. You're stuck on cash.   Because you have your profit, but then your profit doesn't pay for your debt services. And then after your debt services, those debt services a lot of times are not tax deductible. So then you're getting whipped on the other side with your taxes. It's really just this like yin and yang back and forth. Then we look at it. Now, taxes, we put it at 37%. Talks to your CPA. That's the highest tax bracket. You might not be there based on what your profitability is. But we have all this. So this way everything's dialed in. Every single month we're looking it over. I'm obsessed with this because I love it. I made my CPA make one of these.   What's our difference? How is this? What's our year to date? We go over this every single freaking month. Give the PL. Let's fill this in. Let's teach you how to do it this way. The more intimate you are with the numbers. I know people are like, I don't want to fill this in. Can you do it for me? No. I'll teach you one time, but then you're gonna fill this in. Why? Because if you look at this every month, think you're gonna get better? Yes, because what you track and measure improves. Okay. So that's what we're looking at. When we talk about our numbers, when we talk about these different things.   This is how you review your numbers monthly. I kid you not. Now, my gym trainer, I'm gonna talk about her a lot. You guys, I went on a really incredible gym training. All right. I decided when I turned 40, which I'm still like anybody who's got some good tips for like I'm halfway to 80. Do you guys realize that? Like, shoot, that's a moment, okay? Like, that's a moment that I'm still processing. Anyway, I decided I was going to be fit and 40.   And I was like, I'm gonna be the best shape of my life. So my trainer and I have been working out with her for about two years. We set a goal. I hired this incredible photographer. His name is Kai York. He's out of Spain. Go check him out. His photography is absolutely incredible. And I was like, I'm gonna do this incredible fitness journey. And I'll tell you, she was like, Kiera, you've been working out for two years with me. She said, if you want to get to what you want, you've got to start tracking your metrics. And I was like, Yeah, yeah, yeah. Food, food, food. Daddy daddy da.   I'm so busy, blah, blah, blah, blah. Then I was like, fine. So she made me do this like intake form again. And the intake form said, How committed are you? And I remember writing, I'm 100% committed. How committed are you? So I went back to the coach. He guys, I'm a little sassy. My coach and I have come to like this really good place with each other. we have a very great relationship, and I'm super thankful for her. And what was crazy is I went all in. I am on 80 days of tracking my macros 100%.   I usually hit it right on track every single time. I'm not perfect, but I am consistent. I weigh in every single day that I'm home. So we weigh in, measure, do all the measurements every single day consistently. We were like three months into this journey. And I was a girl who was anorexic as a girl who was like never gonna get on a scale. I was like, I don't track it. And she said, Kiera, like we worked a lot on this of anorexia things. And if it ever got to a spot where I felt like it was trickling back.   It was a no-go. But she helped me see that like I'm just using this information to be able to make changes in my life. I was using this information to see, okay, if I ate certain things, how does that impact my weight? I wasn't going after a certain number on the scale. Our ultimate goal, because my my vision is that when I'm 90, I can freaking run faster than my grandkids or people younger than me. I want to be this like freaking ripped 90-year-old lady with cotton candy pink hair. Like that's that's really the vision.   I don't want to be frail. I don't want to be feeble. Yes, I'll sit there and like crochet and knit. I'm still gonna do like some like granny things. I wanna do that. That like feels exciting for me. But I want to be like so strong. So it wasn't about a number on the scale, it wasn't about a body fat percentage. It was truly I want to be in the best shape of my life that's physically strong. Like I wanna be strong. I want to be strong, like not skinny. Like I used to be going after being super skinny. now it's a how can I have like the strongest and take care of my body?   The whole reason I bring this up is because when I track and measure, I got the results I wanted. The first time in my life, I've said, I want a six-pack, I want a six pack, but she's like, Kiera, you've got to track and you gotta measure and you've got to look at it. We use it as data and we make decisions based on that. I bring that up because I feel like your metrics and your numbers, looking at them monthly, looking at them daily, looking at them weekly are the same thing. We don't get obsessive. Like for me, I could have gotten very obsessive and gotten right back into habits of anorexia. That's not the path. The path is to be my strongest, most fit self for you.   Your path is we're gonna be the most profitable fit practice that you can have. We gotta track it, we gotta measure it, and we gotta look at it constantly. But that way we make decisions based on it. So I want you looking at this. This is how you're going to be able to be financially free. This is how you're gonna have money. You're gonna be able to be like into that predictable money-making machine for you that's profitable. You're gonna have profitability, you're gonna have cash flow, and you're gonna have financial confidence. You've got to track and measure, otherwise it will never improve. And I'm just saying, like.   So we have a KPI scorecard that's gonna track your collections, your production, your payroll, your overhead, your profitability, our AR. Then we're gonna have like if one of those is off, then we can dig deeper. But if you look at those at a high level, just like I'm tracking my metrics, I promise you you will improve. What gets measured, like improves. So let's do it. Let's do it together. and I believe your story tells, like your numbers will tell a story long before your bank account does. And it's a way for you to track and measure, it's a way for you to validate. so   Put it on your calendar, have a nice little financial date with yourself. also have this in leadership. Our leadership team looks at our KPIs every single week. Every week, non-negotiable. That's what we do. And some people are like, well, I don't want my team to know numbers. Yeah, it freaks me out sometimes. But guess what? This is part of the game of business. And if I can't trust my leadership team to know my numbers, they might not be the right leadership team for me. Leadership team members, your doctors need to have profit. They've got to pay taxes on that. They got to be able to take care of themselves. And guess what? They work hard. Let them have big dreams and visions.   Just like you have big dreams and visions. Let's make sure we make both come true. Kate, now number two. I'm off my rant. I hope you guys loved it because I loved it. Number two is we got to do whatever your CPA tells you. I'm not a CPA. I can't really like get into that lane. And I'm not trying to get into that lane. I'm just saying for me, taxes were my biggest enemy. At the end of the year, I had a huge tax bill that I had not been saving for. And I know my was like, but Kiera, it's great. You get all this money. And I'm like, yay, but I don't have that money. I spent it.   Like, I don't know, people spend their paychecks. It's just like mystery. And I don't like living in this like, can I spend the money? Can I not spend the money? That never feels good to me. So what I decided to do with my CPA is we put it together and every single month I was like, this is a freaking equation, guys. Whatever my profit is, I need to just save that much money. Like that's it. Why do we like wait up for a quarter or wait up for six months or wait till the end of the year? And then I'm like, shoot, you want me to pay how much? Like, where's that money?   To me, I'm very proactive. I hate being reactive. So I had my CPA work with me. You can talk to your CPA. They can do this for you. Say, I don't like the quarterlies. I like to save it. For me, I personally put mine over an ally, A-L-L-Y. I know their interest rates are not as good as they used to be, dang it. But I'm still making money on that. And then I've got the money set aside. So when they ask me for my quarterly, they ask me for my end of year. I'm not freaking out about this money, but non-negotiable for cure dent before the end of the month, every single month, that money moves. Non-negoti, I don't care what it is.   I move away a distribution. So I have put money, it's profit first model. I do money for taxes. I do money for our BAM for our company to make sure we have that. And then I do our profit moves every single month, non-negotiable. I don't care if it's a good month. I don't care if it's a bad month. But what that does is it forces me to make sure our collections are in place. Do this. You guys are totally able to do this. Okay. So what happens is every single month, my CPA tells me, Kiera, this is where you were. This is your profit. This is how much money you need to put away for taxes.   Is it technically retroactive? Yes. So in June, I'll be moving money for May. Okay. So some months you're going to have a really high month. Then you get September. That's really fun. You still got to find the money because guess what? It doesn't change. You have to go find that money. I move that money out of my bank account into a third party account. So it sits over an ally. It does accrue interest over there, but it sits there. I don't touch it. It only is paid for taxes and I have them labeled into buckets. So it's my taxes, what's my company? Bam. And it moves. This is a disciplined skill.   You do not need to have this hard. For me, I also realized it was taxes, it was tithing or charitable contributions. And then like 401k. So when I used to do a SEP IRA, that was a fun throw because I had to pay that money too. Then I also have end of year bonuses. I hate doing this in December. Like I hated December. I used to dread December. I'd cry every December. Let's stop that. Whatever money you're paying out, if you know you're paying bonuses at the end of the year, let's figure out what it is divided by 12. Let's set that money aside every single month. That way you have it available.   I will tell you this will reduce your financial stress faster than anything else. So let's just do it. And for me, taxes, it's just an operating expense. For me, like that's just part of doing business. I don't, it's not, it's not like money lost. It's just a line item. Like I just need to put it in the bank account. What I also love is because I save every single month. So I kid you not, this is what Care does. I'm happy to put you on my like, I don't really have a text thread, but pretend I do. If you want to be a part of it, great.   By the end of the month, every month before the calendar flips to the next month, my money has moved. Non-negotiable, it will move. So I do have a doctor where we like text at the end of the month to make sure we're both moving money. and so what I do is I move it. What happens is at the end of the year, typically we're making expenses or doing corporate expenses, things like that, capital expenses, excuse me. And when that happens, from there, what we're able to do is we're then able to determine what our tax bill is going to be at the end of the year.   Every year that I have done this, where I save every month, I do 37%, like or whatever your tax bracket is, talk to your CPA. At the end of the year, every year, I'm eight years strong on this. So I feel like it's a pretty good track record to be sharing information. Every single year, I've saved more money than I actually need to pay for taxes. How many of you have done that? Like, that's it, because I put it on my goalboard. I said, That's it. I'm gonna become a freaking tax expert. I read tax books, I like talked to my CPA. I was like, I am sick of crying in December. We're gonna resolve this forever.   Now every single year I have more money than what I used to have. And I say that that's my tax refund. It's been a very long time since as a business owner actually get a tax refund, but that's the way I'm able to have a tax refund. And then I use that money for whatever because it's free. Like I don't have to be worried. I can spend it. And what we do is we make sure the business has enough to pay for my partial life. We have enough to save for taxes. And then whatever's left over to me, that's your like, it's your tax refund. Enjoy that, baby. Like have a good time. I also always have money for quarterlies. I have money set aside for that. So I've never stressed out.   So when the CPA says carry you owe X amount, I'm like, yep, here we go. Off it goes. And I accrued interest on So I feel even happier because I've been accruing interest on that money and I've been saving it. So tax planning is cash flow planning because most of the time I've noticed that business owners get stuck on their taxes. It's cash flow and it's very stressful. So I genuinely believe like your IRS bill should never be your largest surprise. Like, guys, you can do this. So   I set up a meeting with my financial my CPA and my financial advisors. I meet with them every single month. And then I do usually mid year. So it's coming up right now. I'll be meeting with my CPA. Where am I at? What have I paid? What do I still need to have? Where are we projected? Am I high? Am I low? What do we have that at? Every single month they tell me how much I need to save for taxes. Your CPA works for you. Make them work for you. So reserve it. Now, if we're behind, because a few years I've been behind. But guess what? If I'm doing that meeting in June or July,   I have six months to make up that cash. Or if you guys have like some of you are paying back taxes and it just breaks my heart and I'm sorry. So what we do is we just pay a little extra every single month and we just set that. So whatever they tell me, tack on 10% of my debt, we're gonna pay that down, we're gonna pay that back. There's ways that you can do this, and I'm happy to work through any of it. This is what we talk about in our mastermind. Like, pick my brain because I got so sick of crying. Like I said, I'm not a CPA. Your CPAs tell you all that. I'll just tell you I'm a   I'm an entrepreneur over here and a true business owner. It's had to figure out how to make money not be stressful and actually have a cash flow. All right. Number three is how do we make this like predictable cash flow for you? So I think for you, next is going to be like this is all dentistry. So how do we convert like production into profit? So being a good dentist. So we're gonna have strong case acceptance. Make sure patients are saying yes to your dentistry, collections percentage at 98%. Make sure overhead's where it needs to be. Let's make sure our schedule is scheduled efficiently.   Let's make sure that we've got consistent patient and team retention. two practices honestly can collect the exact same amount. One's gonna have profit and wealth, the other one's gonna have stress and overhead. Like the difference is our systems and are we staying consistent? What's our morning huddle? Like I was just in a practice, they're doing so well. And I was like, hey, we're not talking a huddle about how we win. Like let's let's add that in. So they're prepping. I promise you their production's gonna go up every single time I'm in office, their production spikes. It's just that's a little Dental A Team magic because people get excited, their production goes up.   But you've got to have those. Like you've got to have consistent systems. We've got to have consistent case acceptance, consistent schedules, consistent collections. Like those things have to be there. We have to control our overhead and see it. Consistency is not sexy, but it's how you get results. I hope you heard that. Consistency is not sexy, but it's how you get results. It's not perfection. I did not say you have be perfect. You guys, when I'm doing my cut, I was in the best shape of my life. I'm still so proud of myself. I wasn't perfect.   You better believe I still ate Reese's Easter eggs, guys. I freaking love those. You want to make me happy? Ship me those. Please. Like, I love them. they have to be the big eggs, not the little ones. The peanut butter to chocolate ratio is very different. And I peel off all the chocolate. I just want the peanut butter. Like, I'm there for it. I still ate those. I wasn't perfect. At the end, I was perfect. I was literally just eating chicken, rice, and almonds. Like, ugh, chicken for breakfast. Yeah, that was the next level moment. but I was perfect for two weeks.   But I was consistent. I wasn't perfect. You don't have to be perfect. You do need to be consistent. So having those systems, and I want you guys to just look to see in your practice where is one money, like where is it leaking in your practice? Is it in our case acceptance? Is it in our scheduling? Is it in our collections? Is it in us not looking at our overhead? And let's fix it this quarter. Let's set that as a quarterly rock. Let's get it fixed. So, as a quick review, I've ranted on this. I hope you guys loved it. But like truly, I want this to be like money and taxes. And how do you get out of the rut? And how do you stop crying?   How do you actually have cash flow, not cash slow? Like, let's get the cash flow, guys. you gotta review your numbers monthly. I'd recommend it's actually weekly, but start with monthly. You gotta plan for taxes every single month. And then we gotta build systems that turn it production into profit. Like just focus on those ones that are gonna put money on your books. You've got to be able to have this financial confidence. Like it's not a hope, a wish, a prayer. It's by being consistent. It's about being stable. I know that I'm gonna always have money for taxes. Always. Like that's just a discipline. That's a standard, and I will not go below that.   I will not ever go below. Like that's just my standard. We gotta cut, we gotta figure it out. And I love it because it forces me to innovate, forces me to squeeze the juice. Like I will pay myself. I'm not gonna sit here and not like you people just need to live below their means. Like, save 10%. I've always paid 10% to charitable contributions. I'll tell you if you don't do that, I'm not saying you gotta do charitable contributions, but they have shown that people that do save and don't live on everything that they spend.   Actually, you're able to be like the most successful people. That was a great study. I didn't even know it. And I heard it and I was like, wow. But I think it's because it forces us to see that you don't have to live on every single penny that comes through. You're actually able to live below your means, set these as standards, make them and be disciplined. And if you're not great at this, reach out. I love to help people with this. Like you don't have to have this be unpredictable anymore. We can get it to where it's cash flow confident. And I want you to be confident. So reach out.   I do believe that financial success is not good luck. It is just having systems and consistency. That's all it is. So reach out. I'd love to help you understand your numbers. I'd love to help you improve this. I'd love to have you have a practice that really does create genuine true wealth for you. I've got doctors that are asking me for a private mastermind where it's like, how do we wealth generate beyond? So first step is to stabilize, next step is to have structure, next step is to scale. So reach out. I'd love to help you. I'd love to help you guys create real wealth.   Your practices should be assets, not liabilities. So let's get it to where it's cash flowing positive. again, it can really truly be yours. I went from crying all the time to feeling confident as a business owner and I love to share that with people. So reach out Hello@TheDentalATeam.com. And as always, thanks for listening, and I'll catch you next time on the Dental A Team podcast.

Holden Bale runs strategy at Merkle, the dentsu-owned consulting firm with roughly 16,000 people worldwide and about 4,000 of them sitting in data science. He came on to walk through what Merkle's consumer research actually shows about AI and shopping. The numbers do not line up with the conference talk track.Twenty-two percent of consumers across North America, Central America and most of EMEA now name an AI app as a first stop for product search and evaluation. Google still sits around 78 percent, Amazon around 49. More than half of men and over a third of women say they already use AI tools to shop. That is self-reported, and Holden is the first to discount it.The gap brands keep missing is what happens after discovery. Fifty-three percent say they leave the AI app and buy on a website. Eleven percent claim they bought inside the app. Holden says that second number is fiction, and explains why the GMV math cannot carry it. He has a slide he brings to conferences in red type: agentic commerce does not exist.Then he gives the forecast anyway. A quarter of an eight trillion dollar B2C market flowing through discrete AI apps by the end of the decade, most of that share taken out of marketplaces. Somewhere between 10 and 25 percent of commerce running autonomously. The condition for all of it is Amazon and the LLM firms working out a commercial arrangement instead of a lawsuit.One more number worth sitting with. Merkle surveyed 100-plus companies above a billion dollars in revenue. Eighty-eight percent had deployed something powered by a large language model. Six percent could prove it moved EBITDA.Holden's advice to brand executives has almost nothing to do with AI and everything to do with the product data most companies still cannot pull out of nineteen different systems.This episode is brought to you by Avalara. Tax, tariffs and duties get complicated the moment you add a channel or cross a border. See what Avalara has built for growing brands at avalara.watsonweekly.comNewsletter: watsonweekly.comChapters 00:00 What Merkle actually does, and why strategy and execution stopped being separate jobs 03:15 The Shoptalk data: AI is eating search, not shopping 06:11 Is AI traffic invisible, or are brands just not tracking it 08:25 The social commerce comparison, and why perceived attribution matters 11:36 Avalara 13:07 The 2030 forecast: 25 percent inside AI apps, 10 to 25 percent autonomous 16:47 Who has time to train a personal AI 17:49 Order history is the one thing the LLMs do not have 21:34 What a brand executive should start now 24:34 Test and learn, minus the learn

Cat Agostinho built Imagen Insights on a bet that most brands get wrong: real, unedited feedback from real people beats any dashboard, survey, or assumption a company makes about its own audience. Tomorrow Group agreed enough to acquire it in March 2026, at six times EBITDA.Cat explains why the feedback most founders trust often tells them nothing, why the loudest agreement in the room can be the least useful signal, and why the businesses getting this right are asking a very different question before they build anything at all. Stop guessing what your customers want, and start finding out what they're actually hiding from you.More from James:Connect with James on LinkedIn or at peer-effect.com 

If you sold your Amazon brand tomorrow, would you really know what a buyer would pay? Most operators are in the dark about their brand's true market value. Neil Twa breaks down the hard truths of Amazon brand M&A in 2026 on The High Voltage Business Builders Podcast. Remember the aggregator gold rush from 2020 to 2022? Buyers were throwing eight to ten times EBITDA at brands. Thrasio alone raised over three billion dollars. But in 2026, the game has changed. Neil shares a real acquisition story from Daniel, an operator in our community, to illustrate what buyers are truly looking for now. Plus, Neil outlines three critical moves to prepare your brand for sale, whether you're planning to exit in six months or six years. Get your financials in order, understand your real EBITDA, and more. Ready to implement with us? Join the Voltage Business Builders cohort at voltagedm.com?utm_source=rss&utm_medium=show_notes&utm_campaign=ep341 See your Amazon numbers in one place and protect your margins with Caiman Data at voltagedm.com: https://voltagedm.com?utm_source=rss&utm_medium=show_notes&utm_campaign=ep341&learn_mcp=1

It's ev.news Briefly for Saturday 01 August 2026, everything you need to know in 4 minutes if you haven't got time for the full show.Patreon supporters fund this show, get the episodes ad free, as soon as they're ready and are part of the EV News Daily Community. You can be like them by clicking here: https://www.patreon.com/EVNewsDailyEV SALES SPREAD AS CHINA SLOWSGlobal EV sales rose 35% in Q2 2026 with record sales in 50 countries, while more than 90 countries posted year-on-year growth despite a 5% decline in overall car sales. The IEA now forecasts EVs will account for 29% of global sales in 2026, driven by growth beyond China and the US in markets like Australia, Brazil, India, Korea and Vietnam, though China's EV sales are expected to stagnate year-on-year for the first time this decade while still representing over 60% of new cars sold there.EUROPEAN BEV SHARE HITS RECORD IN JUNEEuropean new car registrations rose 13% year-on-year in June with BEV registrations climbing 50.7% to capture a record 25.7% market share of 359,300 units. Combustion vehicles fell 13.6% to 27% market share, while Tesla led EV rankings but growth broadened across Renault, BMW, Skoda, Mercedes-Benz, Kia, Volvo and BYD.RIVIAN BEATS, BUT R2 COSTS MOUNTRivian posted Q2 2026 revenue of $1.658 billion with record gross profit of $179 million and 11% gross margin, improving for five consecutive quarters, but the R2 mid-size SUV ramp added $100 million in extra costs. The company raised full-year delivery guidance to 65,000-70,000 vehicles and narrowed adjusted EBITDA loss guidance to $1.8-2.0 billion, requiring roughly 42,000-47,000 deliveries in the second half.RIVIAN SEES STRONG EARLY R2 CONVERSIONRivian reported R2 Launch Edition reservation-to-order conversion is running meaningfully above expectations, signaling strong demand at the premium price point. The company expects broader R2 trim availability in early 2027, which could drive better momentum when lower-priced versions become available.VW URGES FAST EU TARIFFS ON CHINESE PHEVSVW Group CEO Oliver Blume called for the EU to quickly apply 35% tariffs on Chinese plug-in hybrids similar to those on Chinese battery electric vehicles, citing undercutting of European car makers. Chinese brand sales in Europe rose 101% in H1 2026 to 685,990 units with 9.5% market share, up from 5% a year earlier, with BYD models dominating the PHEV top sellers list.DENZA OPENS UK BAO 5 ORDERSDENZA opened UK orders for the BAO 5 plug-in hybrid SUV priced from £69,500 to £78,880, featuring a dual-motor system delivering 544PS combined power with 62 miles of electric range and up to 100kW DC charging. The entry Elegance trim includes premium features like a 15.6-inch central screen with Google, leather upholstery, panoramic roof and a 18-speaker Devialet audio system.MERCEDES FACES YEARS OF CHINA PRICE PRESSUREMercedes-Benz CEO Ola Källenius warned that China's EV pricing war will persist for years as Chinese brands like BYD push aggressively into the luxury segment, challenging models such as the S-Class and G-Class. Mercedes recorded a 30% second-quarter sales drop in China, though the company is cutting costs and maintaining strength in its top-end luxury and AMG segments.GENESIS PRICES GV60 MAGMA AT $71,495Genesis priced its first performance EV, the GV60 Magma, at $71,495 with deliveries starting in select US states, targeting Mercedes-AMG and BMW M buyers with 600hp in normal use and 641hp in Boost Mode for under four-second 0-60mph acceleration. The car uses an 84kWh battery with 800V architecture enabling 10-80% charging in about 20 minutes and features an electronic limited-slip differential, Drift Mode and simulated engine sounds.CHINESE TRUCK MAKERS USE EUROPE'S FACTORIESChinese truck makers SuperPanther and Sinotruk are entering Europe through contract manufacturing at existing plants rather than building new factories, using the semi-knocked-down method to speed market entry and reduce costs. Steyr Automotive in Austria now assembles SuperPanther's eTopas 600 and Sinotruk's vehicles, with plans to expand to cab production and painting as volumes rise.VATTENFALL TESTS OPEN EV CHARGING BAYSVattenfall InCharge is piloting 300 public chargers in North Brabant and Limburg from August 2026 to January 2027, splitting them between 150 open bays for all vehicles and 150 standard bays reserved for EVs to test faster deployment by removing exclusive EV parking restrictions. The trial addresses an administrative bottleneck rather than a technical one, testing whether chargers can be installed faster without requiring traffic rulings and public objection periods.MAN STARTS MCS-READY ELECTRIC TRUCK PRODUCTIONMAN started series production of MCS-ready electric trucks, the eTGX and eTGS, at its Munich plant as the first series-produced European electric trucks supporting Megawatt Charging System at up to 750kW via MCS. With configurations of 534kWh or 623kWh usable capacity, the trucks achieve 20-80% charges in under 30-40 minutes, fitting within legally required driver breaks for long-haul use.NEXT MX-5 READIES FOR ELECTRIC FUTUREMazda CEO Masahiro Moro said the next MX-5 Miata will be designed with electrification in mind, marking a shift from earlier statements emphasizing the internal combustion engine as the current path forward. Patents from 2025 show Mazda exploring batteries running through the transmission tunnel to support a flexible chassis, with the company aiming to preserve the Miata's core character during its transition to electric power.

In this throwback episode of the Group Function Podcast, Alan Mead sits down with two titans of dental podcasting: Dr. Mark Costes and Dr. Paul Etchison!  Together they decode the rapidly evolving world of Dental Service Organizations (DSOs). They break down complex industry jargon like EBITDA, recapitalization, and same-store growth, making it easily digestible for independent practice owners. The trio explores the transition from the initial wave of practice consolidation to the modern, highly discerning private equity landscape. Between dropping heavy business knowledge, they also take a nostalgic detour to reminisce about feral 1970s and 80s childhoods, riding bikes until sundown, and the ultimate debate: Star Wars versus He-Man. Mark and Paul use quite a few terms that you might not be 100% familiar with. I had heard them kicked around, but before the conversation starts, I list a couple definitions that you might find helpful: DSO: Simply put, DSO stands for Dental Service Organization. A DSO is a company that helps administer the business aspects (management, marketing and business administration) of the dental practice. EBITA: EBITA stands for "Earnings Before Interest, Taxes and Amoritization." It is a measure of profitability that a potential investor can use to evaluate a potential company or practice. It's used help make "apples to apples" comparisons between potential investments. EBITA is calculated from financial data reported by a company. Many DSOs valuate dental practices as a multiple of their EBITA. same store growth (or same store sales): a measure of growth used by a DSO to know how well an individual practice within the DSO is doing. A DSO will want to know how well the individual practice is doing vs. the entire DSOs growth. The idea is to invest in a practice that has potential to grow in it's own location separate from its relationship to the whole DSO. Private equity (or PE): a type of investment where investors buy shares of privately-held businesses. Private equity is the money supply that has driven the DSO revolution in dentistry (and many other industries). Private equity money expects a return on their investment much like any investor would.  Recapitalization (aka: recapitalization event): "the second bite at the apple" according to Mark and Paul. Recapitalization is the restructuring of a company's debt and equity mixture, and/or financing. This is usually done to stabilize a company's capital structure. In the context of a DSO, recapitalization might be the sale of a smaller DSO/group to a larger one and/or the buying out of dental owners. Some links from the show: Dental Success Network (Mark's stuff) Dental Practice Heroes (Paul's stuff) Join the Very Dental Facebook Group using one of these passwords: Timmerman, Paul, Bioclear, Hornbrook, Gary, McWethy, Papa Randy, Frank or Lipscomb!  The Very Dental Podcast network is and will remain free to download. If you'd like to support the shows you love at Very Dental then show a little love to the people that support us! We're proud to be supported by the folks at Net32! I'm a big fan of the Bioclear Method! I think you should give it a try and I've got a great offer to help you get on board! Use the exclusive Very Dental Podcast code VERYDENTAL8TON for 15% OFF your total Bioclear purchase, including Core Anterior and Posterior Four day courses, Black Triangle Certification, and all Bioclear products. Crazy Dental has everything you need from cotton rolls to equipment and everything in between and the best prices you'll find anywhere! If you head over to verydentalpodcast.com/crazy and use coupon code "VERYSHIP" you'll get free shipping on your order! Go save yourself some money and support the show all at the same time! The Wonderist Agency is basically a one stop shop for marketing your practice and your brand. From logo redesign to a full service marketing plan, the folks at Wonderist have you covered! Go check them out at verydentalpodcast.com/wonderist! Enova Illumination makes the very best in loupes and headlights, including their new ergonomic angled prism loupes! They also distribute loupe mounted cameras and even the amazing line of Zumax microscopes! If you want to help out the podcast while upping your magnification and headlight game, you need to head over to verydentalpodcast.com/enova to see their whole line of products! CAD-Ray offers the best service on a wide variety of digital scanners, printers, mills and even  their very own browser based design software, Clinux! CAD-Ray has been a huge supporter of the Very Dental Podcast Network and I can tell you that you'll get no better service on everything digital dentistry than the folks from CAD-Ray. Go check them out at verydentalpodcast.com/CADRay!

PE GUY turned a Snapchat filter into millions of views and a seven-figure business. Host Devin Mathews (a real PE guy) conducts due diligence on Johnny Hilbrant Partridge's background, business model, and the wealthy towns he's taking on next. We sat down with Johnny in PE GUY's natural habitat -- a Winnetka, IL pool house to figure out how a goofy internet character became an oddly accurate and honest mirror of the private equity industry. Johnny grew up in Winnetka and now lives in Wellesley (two classic PE Guy towns). He went to New Trier (the affluent North Shore high school that inspired "Breakfast Club"), played water polo at the University of Denver, worked for the Ellen Degeneres Show, and the PE-backed Barry's, and Soul Cycle before creating the viral character. What started out as an Instagram reel to make his friends laugh is now generating millions of views from more than 500,000 followers. We go deep into the PE GUY universe. Catchphrases like "decent," "substantial," "due to my role," plus his three kids named Tarantino, Montauk, and EBITDA. Not to mention Wifey and Nanny's #1, #2, and #3. We also break down Johnny's revenue streams: Cameo, brand deals, appearances, and PE GUY swag. Then Johnny puts Devin under the microscope and asks, "Can private equity ever be stopped?"