Host Justin Marti of Marti Law Group sits down with Matt Sutton and Andrew Kobylski of McLerran & Associates, one of the country's leading dental-specific sell-side brokerages. Matt brings over 20 years in the dental space as a banker, broker, and former VP of Business Development for a fast-growing, PE-backed orthodontic DSO, while Andrew — a former healthcare-focused wealth advisor and CFP — leads valuation and transition advisory work across both the private and DSO markets. Together they unpack the real difference between selling to a fellow dentist and affiliating with a DSO, why the “why” behind your exit matters as much as the dollars, and what today's market is actually rewarding. If you're a practice owner who wants to exit on your terms — not leave money (or your sanity) on the table — this conversation is your roadmap.
What You'll Learn in This Episode- Why the smartest sellers get a valuation three to five years before they plan to exit — and what that head start lets you fix
- How DSO deals and doctor-to-doctor sales really differ across valuation, work-back expectations, and tax treatment
- The reason a headline multiple can be deeply misleading — and why your true, defensible EBITDA matters far more
- What's driving today's seller's market on the private side, and what cooled the DSO gold rush after 2023
- How to spot a deal structure padded with unattainable earn-ups before you sign the letter of intent
Timestamps[00:00] Intro
[01:28] Two operators, one mission: meet Matt & Andrew
[04:24] Why McLerran keeps everything in-house
[08:03] Selling with the end in mind: the fiduciary approach
[13:05] The half of your exit nobody talks about — your “why”
[16:07] Equity structures and the power of optionality
[17:50] Why the private market has never been stronger
[20:37] The valuation you should've gotten three years ago
[24:07] After the gold rush: the DSO “hangover”
[32:45] Multiples lie. EBITDA doesn't.
[34:34] The $17M offer that wasn't
[40:22] How to work with McLerran
Resources Mentioned- McLerran & Associates — DentalTransitions.com
Connect with Matt Sutton & Andrew KobylskiWebsite: https://dentaltransitions.com/
Matt Sutton on LinkedIn: linkedin.com/in/contactsutton
Andrew Kobylski on LinkedIn: linkedin.com/in/andrew-kobylski
Email: matt@dentaltransitions.com | andrew@dentaltransitions.com
Free discovery calls are available daily through the McLerran website.
Connect with Justin MartiLinkedIn: linkedin.com/in/justinmarti
Email: justin@martilawgroup.com
Website: martilawgroup.com