Fictionalized deals, walked line by line. Each one shows why the headline multiple told the seller less than the structure did.
A fictionalized deal teardown: two DSO offers on a $700K EBITDA general practice. The higher multiple lost once cash at closing, rollover, earn-out, doctor compensation and tenure were laid side by side.
Deal teardownA fictionalized deal teardown showing how post-sale compensation terms, not the purchase price, produced a $400,000 swing between two DSO offers on a high-producing oral surgery practice.
Deal teardownA fictionalized teardown of one DSO offer under two scenarios for the rollover equity: a strong second exit and a weak one. Same LOI, a $1.1M swing in what the seller ultimately received.
Deal teardown