Insights
Articles and commentary from the firm on dental M&A.
The 2026 dental M&A Thesis · June 2026 · 12 min readWhy three in four DSO platforms that went to market did not close, what broke in the old playbook, and why the return moved from the multiple to the practice. → Read here
The Operational QoE™ Thesis · June 2026 · 26 min readIf returns now come from how a practice is run, how do you measure that before you buy it or sell it. The document, the five categories, the engagement, and the 12-location example. → Read here
Read here
- Why year-one underperformance gets blamed on integrationMarch 2026
- The upside in your model came from the playbook, not the practiceApril 2026
- What the premium above trailing earnings is actually buyingApril 2026
- Every buyer knows there is upside. Almost none can say how much before they price it.March 2026
- Missing year-one EBITDA is a documentation problem, not an execution problemApril 2026
- The upside you are paying for is not in the diligence packageFebruary 2026
- The financial QoE gets outsourced without a second thought. The operational read should too.July 2026
- No category of advisor is set up to produce the Operational QoEJune 2026
On LinkedIn
Read here
- Hundreds of accepted treatment plans, sitting unscheduled, on the day you listMarch 2026
- Clean 12% growth, and the conversion gap underneath itApril 2026
- Most owners list on earnings lower than the group can produceFebruary 2026
- Documented assets and contested projections are not the same thingApril 2026
- The financial QoE tells you what the numbers are. Not why they look that way.March 2026
- Most groups sell on an EBITDA lower than the group can actually produceMarch 2026
On LinkedIn
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- The practices you already own decide whether the next one worksJuly 2026
- Who is actually allowed to fix an underperforming practice?July 2026
- The EBITDA lever that almost never gets pulledFebruary 2026
- What a lender cannot see behind a group's EBITDAMarch 2026
- The highest-leverage move in dental right now is not marketing or another associateApril 2026
Read here
- 12 is the new 5: what Bain's number means for a dental buyerMarch 2026
- Six-year holds are a value creation problem, not a timing problemApril 2026
- Antitrust has arrived in outpatient consolidation, and dental is nextJuly 2026
On LinkedIn
Read here
- The five categories, and why a financial QoE cannot see themJun 2026
- How the Operational QoE works, in four short piecesJun 2026
On LinkedIn