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PRIVATE EQUITY & PODIATRY: A CEO AND DOCTOR TELL ALL The TEC Report | Episode 38 What happens when the practice you worked so hard to build becomes the very thing that keeps you from enjoying your career? And what happens when a partnership that looks attractive on paper turns out to be the wrong fit? In this episode of The TEC Report, host Brad Stoller welcomes Sean Brown, CEO of Sole Horizon, and Dr. Jeff Cohen, founder of Precision Podiatry in Central Texas, for a candid conversation about growth, private equity, clinical autonomy, and choosing the right partner for your future. Dr. Cohen shares how he and his wife built a successful, multilocation podiatry practice—and how that success created responsibilities they could no longer comfortably manage alone. Between treating patients, overseeing employees, managing finances, and navigating compliance, he found himself working two jobs: physician by day and business manager whenever the workday ended. Eventually, he began questioning whether he still wanted to practice medicine. As he explains, the problem wasn’t podiatry. It was the business burden surrounding it. His first experience with a private equity partner became a difficult lesson in the importance of due diligence and fit. After regaining ownership and continuing to grow, he approached his next partnership with a clearer understanding of what mattered beyond the purchase price. That search led him to Sean Brown and Sole Horizon. Sean brings an unusual perspective to healthcare, having started his career in aerospace before moving into medical devices and practice partnerships. He explains Sole Horizon’s long-hold approach and why he believes a longer investment horizon can better align the interests of physicians, patients, employees, and investors. Together, Sean and Dr. Cohen discuss what practice owners should understand before considering a transaction—and what they can do today to build a stronger business, whether a partnership is months away, years away, or not yet on the agenda. IN THIS EPISODE, YOU’LL HEAR: • The growth trap: Why adding locations and physicians can increase revenue while placing even more administrative responsibility on the owner. • Lessons from the wrong partnership: Dr. Cohen’s firsthand account of entering a transaction without fully understanding the relationship—and what he looked for the next time. • The long-hold difference: How Sean describes Sole Horizon’s approach to ownership, reinvestment, and building practices without a planned near-term resale. • Clinical autonomy after a transaction: Dr. Cohen shares his experience maintaining treatment decisions while gaining access to operational support and additional treatment modalities. • Why timing matters: Sean explains why owners should explore their options while they still have a strong professional runway, rather than waiting until they are ready to turn out the lights. • The realities of selling to associates: A discussion of financing challenges, succession expectations, and ways to consider the future of the entire clinical team. • What the transaction process looks like: From exploratory conversations and confidentiality agreements to financial review, letters of intent, due diligence, and post-closing integration. • What makes a practice attractive: Reputation, a stable clinical team, understandable financial results, and opportunities for sustainable growth. • Steps owners can take now: Improve financial reporting, review billing performance, understand payer contracts, track collections, and measure whether marketing generates actual patient appointments. One of the strongest themes throughout this conversation is that a successful transaction involves much more than the check received at closing. Owners also need to understand their future role, how decisions will be made, what support they will receive, and whether the partnership fits the life and career they want. As Dr. Cohen puts it: “I actually love my job again.” Whether you own a podiatry practice, lead a growing healthcare business, or are beginning to think about succession, this episode offers a firsthand look at the questions worth asking before making a major decision. EPISODE GUIDE 02:25 — Sean’s journey from aerospace to healthcare 04:33 — Dr. Cohen’s practice growth and first partnership experience 11:02 — Understanding the long-hold model 15:01 — Management burden, compliance, and renewed enthusiasm 19:03 — Clinical autonomy and treatment opportunities 20:54 — When should an owner consider a partnership? 30:42 — Selling to associates and succession challenges 32:26 — From the first conversation through closing 37:37 — Preparation, representation, and shared values 41:33 — What makes a practice a good fit? 44:22 — Strengthening financials, billing, and marketing 49:33 — Defining what you want from your next chapter TAKE YOUR NEXT STEP Take the complimentary Podiatry Due Diligence Assessment: https://www.transitionalequity.net/podiatrydiligence Schedule a 30-minute discovery call with Brad Stoller: https://calendly.com/bradcalendar/30min?month=2026-10 Are you a podiatrist and would like to talk with Sean at Sole Horizon? Call 412-368-2235 for an introduction. The TEC Report is presented by Transitional Equity Consultants, helping business owners explore strategic partnerships, mergers, and ownership transitions. Learn more: https://www.transitionalequity.net Subscribe to The TEC Report for more conversations about helping businesses survive, thrive, and create value. https://www.transitionalequity.net

Most medical practice owners believe that once they sign a Letter of Intent (LOI), the hard part is over. The truth? That's when the real work begins. In this episode of The TEC Report Podcast, host Brad Stoller sits down with Stephanie Butler, Partner at Transitional Equity Consultants, to pull back the curtain on the due diligence process that can make—or break—a practice sale. Whether you're considering selling to a private equity group, partnering with a larger healthcare organization, or simply preparing for a future transition, this conversation reveals what sophisticated buyers are really looking for and why so many transactions lose value after the LOI is signed. In this episode, you'll learn: ✔️ The biggest due diligence mistakes medical practice owners make ✔️ Why buyers keep asking for "just one more document" ✔️ The hidden red flags that can lower your valuation ✔️ How preparation builds buyer confidence and strengthens negotiations ✔️ Why trust—not paperwork—is often the key to getting a deal closed ✔️ How experienced M&A advisors help keep transactions on track Stephanie also shares real-world insights from decades of advising business owners through successful mergers and acquisitions, including why due diligence isn't about finding reasons to walk away—it's about eliminating uncertainty. If selling your practice is anywhere in your future—even if it's years away—this episode could help you avoid costly mistakes and protect one of the largest financial transactions of your career. https://www.transitionalequity.net

Almost all medical practice owners are phenominal in their speciality.   It is their extreme knowledge and ability to combine that knowledge with skills to be at the top of their field and make a difference in their patients' lives. Then it happens.    The practice owner decides he/she wants to sell or partner with someone to grow.   They are approached by a potential suiter who makes them an offer and they feel they can save thousands in commissions if they just partner or sell to that suiter.   Congratulations!!! Or maybe congratulations are NOT in order.   That practice owner has gone from an expert to a novice when it comes to selling their practice.     Abraham Lincoln was once quoted as saying... "Only a fool represents themselves".   Maybe there is something to that!    How much money did that practice owner leave on the table?   How much aggravation is the result from a deal that is not structured properly?   What about taxes?   So may questions that most simply don't even consider. You have now become a "generalist" in the transaction space and you are going up against seasoned professional buyers who know all the tricks of the trade to get the most for their money (and the least for you!) Join Brad and Joe as they bring up some real concerns that many owners don't consider until it is too late.     https://www.transitionalequity.net

Join Brad and his guest, Joe Rotarius, the managing partner of Transitional Equity Consultants as they take a dive into why some medical practices sell for extreme values while others simply cannot sell at all. Whether you are considering selling your practice today or in the future, this is a must listen to so you can be prepared when your time has come to sell. https://www.transitionalequity.net

Join in as Brad interviews one of Transitional Equity Consultant's own clients, Dr. Cynthia Classen.   Dr. Classen grew her practice to multiple locations then eventually sold off her practice to move on to the next chapter in her life.    Dr. Classen goes through her journey in the hopes that she can help other medical practice owners grow but also to grow with intention.   She is a big believer in having an exit strategy set long before you exit your business. This is a MUST episode to listen to whether you are a medical practice owner or ANY business owner.     Hint - don't try to do this all on your own!!! To reach Dr. Classen, you can go to her website at: www.drcindyswellness.com or email her at [email protected] (720) 724-5627 https://www.transitionalequity.net

Episode 31 is part 2 of the Top Ten Ways to Increase the Valuation of your Podiatry Practice.    This episode continues on from Episode 30 (Part 1) and goes into an overall view of items 6-10  from their book entitled...   Top Ten Ways to Maximize Your Podiatry Practice Value.   Their book is a simple checklist of areas that professional buyers look for when they are considering acquiring or merging with a smaller podiatry practice. For a free digital copy of the book, email Brad Stoller at [email protected] For more information on Transitional Equity Consultants, visit their website at  https://transitionalequity.net Brad Stoller  (412) 368-2235 Joseph (JR) Rotarius (913) 980-5558 https://www.transitionalequity.net

It happens all the time.   A doctor who owns a private practice thinks about retiring then tries to figure out how he or she is going to exit the practice.   They always thought the practice had a lot of value, but then no offers come in and they end up settling for an offer that just wasn't what he/she thought it would be. There are so many reasons that the practice didn't sell for what the doctor thought it should.   Today's episode is designed specifically for podiatrists, but the principles can apply to almost any business.    Brad Stoller and JR Rotarius discuss their new guide for podiatrists - "The Top Ten Ways to Maximize Your Podiatry Practice Valuation."   It is a checklist of items that every podiatrist who owns their practice needs to digest.   The checklist is simply that-a checklist or guide if you will from the point of view of the buyers that we have been working with over the past couple of years in the Podiatry industry. So today, we're going to take a deep dive into the first five areas.   Our special guest today is Joseph (JR) Rotarius, partner with the M&A firm, Transitional Equity Consultants.   https://www.transitionalequity.net

This episode is all about why most businesses fail miserably with their content writing, videos, blog posts and other articles.   They spend time and money only to get no views and fails to capture anyone's attention - especially their intended prospects. If you own a business or are in charge of finding prospects for your business, you may have found what a lot of others are claiming…. It’s more difficult than ever to get people’s attention.   I’ve been hearing from a lot of business owners that they are getting business, but most of it is upsells from current clients or referrals – no one is bragging about brand new clients who are part of their outbound program.   Most are complaining about the inability to get their prospects’ attention.   There’s just too many people trying to get everyone’s attention. It’s a real problem – or is it? Our guest today knows all about getting the attention of people.  He’s the founder of Content Monkey Media and has been providing video, blogs, and almost any form of media that a client needs to create a terrific brand for his clients.   His content works  - and he shares why. Please welcome Rishi Sood. www.ContentMonkeyMedia.com https://www.transitionalequity.net

Some businesses are doing great while others are really struggling and some just aren't making it.   Regardless if your business is doing great or really struggling, one thing is certain... the amount of stress that is being experienced by employees everywhere regardless if their business is thriving or struggling or if they are out of work. Overall health of Americans and people across the world as well seems to be at an all time low.  So what are they supposed to do when they're being told to stay away from others? They're being told to stay away from gyms, people are staying home overeating and getting fat. Let's face it, our overall health has deteriorated from the pandemic and it is affecting businesses everywhere.  So our guest today has recently written a new book called “Why are you Sick, Fat, and Tired?.   She has specialized in how to use alternative methods to help business owners and employees reduce the stress of today and help their overall health.    Of course, the healthier you are, the better you are going to perform. To contact Dr. Pat www.HealthTeamNetwork.com https://www.transitionalequity.net

Businesses are re-hiring and doing everything they can to expand their sales. It seems to be a challenge, as it half the businesses are doing their best to “hang in there” as the pandemic is flaring up once again. The other half of businesses are growing and growing fast.    The challenges out there for salespeople is that they have to adapt to new sales strategies, or they just aren’t going to be successful – simple as that. For those businesses who are rapidly expanding a new set of challenges is there in hiring the right people who can be effective. And it can really be tricky as most sales people interview well, look good on paper, and will cost companies hundreds of thousands of dollars when they make bad hires. We’re lucky to have one of the country’s top experts on hiring sales people - Jeff Hines.   Jeff goes into the biggest mistakes that hiring managers make and what they should do in order to guarantee better results. Jeff can be reached at Accelerates Sales and Leadership Institute  (312) 213-3010 [email protected] www.asliinc.com https://www.transitionalequity.net

Whether you own or manage a business - large or small - you have an ever changing technology environment.   With all the changes that are constantly happening, wouldn't it be nice if employees could get instant help with their IT questions and problems?    AND save you money while doing it??? Today's guest is TJ Karwal, the co-founder of Cluster Net.    TJ's company has just unveiled their one-of-a kind platform that can take over the expensive and often exhausting level 1 service tasks.   The system also performs security functions that can identify and isolate security breaches before they download all of your data. TJ gives a brief overview of the system that they spent 3 1/2 years developing.    The system is designed for Managed Service Providers in order for them to take care of their clients in a more efficient manner. https://www.transitionalequity.net

It’s actually starting to feel somewhat “normal”.    People are out and about, schools are back in session, the NFL is playing and traffic is getting more congested again.   But yet, each one of those things I just mentioned have had to make tremendous changes in order to continue.    Schools are open, but a lot of remote learning.   The NFL is playing, but no one in the stands.    Restaurants are open, but only at 50% capacity.   We are all out shopping, but everyone has to wear a mask.    It’s a crazy world we now live in and no one really knows when we will be able to put our masks away for good – maybe never. With change comes fear.   Uncertainty breads fear, but it also spawns the biggest leaps in some businesses – usually those who embrace new changes and technology. Our guest today specializes in helping businesses use technology in order to not only stay competitive, but also to take that next step into the land of incredible opportunity.    Our guest today is Kyle Knapp of Viterium.   He is a graduate of the US Naval Academy and has 16 years of business IT management experience as well the CAHIMS designation which stands for Certified Healthcare Information and Management Systems.   He also has the difficult certification of CASP+, which is CompTIA’s most advanced cybersecurity certification.   Another of the other areas I noticed is that he is a member of the Vistage Group, which is a CEO peer group focusing on issues in business.  Put everything together and you have someone who understands business and how to network and protect it. Contact information for Kyle Knapp: www.viterium.net [email protected] (724) 200-7082 https://www.transitionalequity.net

The pandemic has some businesses booming and yet others are closing their doors.   When business that IS booming, unfortunately, is the business of cyber crime.   Here are some stats that are going to blow you away… These are from the FBI….. Since the pandemic started – the US has had 4,000 cyber attacks…….     Each day   That’s a 400% increase since before the pandemic started!   According to Microsoft, phishing and social engineering attacks have jumped to 20,000 – 30,000 attacks a day in the US alone since the pandemic started. So for all you business owners who keep saying “that’s only for the big companies” or “we don’t have anything that any one would want”, you really need to pay attention to this episode. So today’s episode is all about how to find out if your system has been compromised and what you can do about it.   Our guest today is one of the top experts in cybersecurity.   He has been featured recently on Pittsburgh’s KDKA news, his company has been won the Blue Crystal Award for the best computer service in Pittsburgh, and he has tirelessly worked for many clients that you have heard of but we’re not allowed to tell who they. Our guest today is Albert Whale.  To reach Albert with questions: Albert Whale [email protected] (412) 889-6870 https://www.transitionalequity.net

Are you struggling with profitability in your business?   Are employees seeming to turn over more and more?   Are your business referrals not as strong as you think they should be? Whether you own a medical practice or a non-medical business, there are certain fundamentals that you need to follow if you want to work less and make more.    Our guest is Dr. Peter Wishnie, an extremely successful podiatric practice (business) owner and top author.    He is also a partner in the company, Top Practices, which is a mentorship/mastermind organization that helps podiatrists manage and grow their practices. Dr. Wishnie shares his expertise on business fundamentals, leadership and referrals in order to grow any business, not just podiatric practices. If you need to reach Dr. Wishnie with any questions, you can email him at: [email protected] www.TopPractices.com https://www.transitionalequity.net

Competition is getting tougher.   Covid 19 is forcing you to cut back on your budget.   Yet, you need to grow your sales.   So what can you do? Micheal Greenberg, the CEO of Call for Content, shares his successes and how you can use podcasts to build relationships and increase your company's sales.   Michael is one of the county's top podcast experts and helps his clients formulate strategies for growth. Whether your company is in home improvements, real estate, or even wine tasting, podcasts are terrific for creating conversations that people who share your interests are dying to be involved. Questions about podcasting or if you wish to talk with Michael directly, you can contact him at www.callforcontent.com.    Simply book a time or visit the chatbot to talk directly with Micheal. https://www.transitionalequity.net