Many of our podcast episodes discuss healthcare practice deals from the seller’s perspective, but this one flips to the buyer's side of the table. Justin Marti sits down with Kathy Ells, founder of Next Step Dental Consulting and a buyer's advocate with more than three decades in dental practice transitions, financing, and accounting, including years inside dental lending.

Kathy has supported more than 1,500 dental practices, and she now guides dentists through startups and acquisitions: evaluating opportunities, assembling an advisory team, running due diligence, coordinating financing, and preparing for day one.

For any resident or younger dentist weighing ownership, it is a practical look at what an advocate does before you sign, how lenders decide to fund you, why the lease so often decides a deal, and how to tell your staff about a sale without sending everyone to look for new jobs.

• The four jobs a buyer's advocate covers before you sign: financial, operations, clinical, and legal
• What lenders actually check before they pre-approve a practice loan, including how much cash they want to see
• Why the lease, not the purchase price, is often the thing that sinks a dental deal
• How to introduce a new owner to the staff so the team does not panic and start job hunting
• Where AI helps in a practice purchase, and where trusting it still costs you

Timestamps

[00:00] Intro: Meet Kathy Ells, the buyer's advocate

[02:21] From 35 years in dental lending to a retirement that did not stick

[06:10] The four jobs your advocate does before you sign

[11:29] Red flags or opportunity: when not to kill the deal

[15:50] The three passes every first time buyer makes

[17:47] What lenders check before they pre-approve you

[19:03] Why the LOI matters more than buyers think

[28:58] The 60 second bank quiz: rate is not the whole story

[31:35] Why the lease can sink the entire deal

[34:57] Telling the staff without spooking them

[39:14] Where AI helps, and where it still costs you

[40:40] Where to find Kathy

• Next Step Dental Consulting (nextstepdentalconsulting.com)
• Provide (dental lending)
• Henry Schein One (referenced from the earlier Office Hours episode with Allie Hyatt)
• Marti Law Group due diligence checklist
• ChatGPT (mentioned in the context of buyers drafting their own purchase agreements)

• Website: nextstepdentalconsulting.com
• Phone: 508-864-2113
• Email: kathy@nextstepdentalconsulting.com
• LinkedIn: https://www.linkedin.com/in/kathy-ells-bb9211a/

• LinkedIn: https://www.linkedin.com/in/justinmarti
• Email: justin@martilawgroup.com
• Website: martilawgroup.com

Justin Marti welcomes Dr. Anthony Stefanou, founder of Connect the Dents and a practicing dentist for 39 years, for a candid look at how dental practices are really valued, sold, and matched with buyers.

After two decades chairside, Dr. Stefanou moved into dental M&A, appraisals, and the psychology of the deal. Today, he runs a dental-specific valuation method and a one-at-a-time DSO matching program. In this discussion, he explains why the highest bid rarely produces the best outcome, how outdated “percentage of collections” formulas can shortchange a seller by hundreds of thousands of dollars, and why the same one-million-dollar practice can be valued at $750,000 by one method and $1.2 million by another.

The conversation covers when to get appraised (far earlier than most owners think), why a single well-matched DSO beats a drawn-out bidding war that ends in deal fatigue, and why protecting a practice’s legacy (its patients, its team, and the name on the door) can matter as much as the check at closing. For any practice owner weighing growth, exit timing, or life after the sale, it is a grounded, colleague-to-colleague roadmap.

What You’ll Learn in This Episode

• Why the right buyer (fit, alignment, and life after the deal) often matters more than the highest bid
• How outdated “percentage of collections” valuations can quietly cheat sellers and leave buyers overpaying
• The hidden $500,000 swing: why the same practice can be worth $750,000 or $1.2 million depending on how it’s valued
• Why one well-matched DSO beats a chaotic bidding war that ends in deal fatigue and broken trust
• When to get your practice appraised (hint: years before you plan to sell) and why checking every couple of years pinpoints your peak value
• How shifting market multiples make “my buddy got 12X” a dangerous benchmark

[00:00] Intro: Why fit beats price in dental M&A

[01:57] From 20 years chairside to dealmaking

[04:01] The consolidation wave reshaping dentistry

[06:19] More buyers, more options, more confusion

[07:17] Protecting the legacy of a practice built over decades

[09:26] The problem with outdated, embellished valuations

[13:20] The stand-alone appraisal with no strings attached

[15:40] Inside the one-at-a-time DSO matching program

[22:44] Why the wrong attorney can kill the right deal

[25:08] How to Valuate Dental Practices: the two-day workshop

[31:03] The truth about shifting multiples and “12X” claims

[33:59] When to get appraised and why quarterly tracking wins

Resources Mentioned

• Connect the Dents: connectthedents.com
• How to Valuate Dental Practices, two-day workshop hosted in New York City
• Dental-specific practice valuation methodology (fair market value and EBITDA based) referenced throughout
• One-at-a-time DSO matching program (Connect the Dents)

Connect with Dr. Anthony Stefanou

• Title: Founder & CEO, Connect the Dents (Dental M&A Advisor, Certified Business Intermediary)
• LinkedIn: linkedin.com/in/tonydmd
• Company: Connect the Dents: connectthedents.com
• Workshop: How to Valuate Dental Practices (two-day, in person)

Connect with Justin Marti

• LinkedIn: linkedin.com/in/justinmarti
• Email: justin@martilawgroup.com
• Website: martilawgroup.com

In this special episode of Office Hours, host Justin Marti of Marti Law Group pulls back the curtain on his own team, the people who move healthcare and dental deals from open to close. He is joined by Caryna Vilela, an M&A attorney, Shana Robinson, paralegal, and Ashley Roth, who leads operations at Marti Law Group.

Together they reveal the business, emotional, logistical, and human side of buying and selling a practice. Dive into the personalities, the panic, the 11th hour renegotiations, and the war stories clients never see. If you have ever assumed the legal work is just paperwork, this conversation will change how you think about the entire process.

What You'll Learn in This Episode

• Why selling a practice is as much an emotional journey as a legal one, and how the right team manages both
• The buyer and seller personality types that show up in every deal, and how to spot yours early
• What actually happens during closing week, from lender checklists to chasing signatures across time zones
• How a deal can nearly die at the 11th hour when settled terms resurface, and how a strategic team keeps it alive
• Why culture, communication, and an entrepreneurial mindset separate a boutique advisory firm from big law

Timestamps

[00:00] Intro: Meet the Team Behind the Deals

[04:49] The Emotional Side: Why Clients Really Hire Lawyers

[06:47] Reading the Room: The Personalities in Every Deal

[10:01] Why Buyers and Sellers Are Never Aligned

[13:46] Closing Week: The Chaos Clients Never See

[17:15] When Deals Nearly Die at the 11th Hour

[18:18] Inside a Deal: From Open to Close

[27:41] What Justin Is Really Like on Closing Week

[44:25] War Stories: Envelopes, Doormats, and Five Dollars Cash

[48:44] Why the Team Is Bigger Than the Name

Connect with the Marti Law Group Team

• Reach the team through Marti Law Group at martilawgroup.com
• Caryna Vilela, M&A and Securities Attorney at Marti Law Group
• Shana Robinson, Paralegal at Marti Law Group
• Ashley Roth, Operations Manager at Marti Law Group

Connect with Justin Marti

• LinkedIn: https://www.linkedin.com/in/justinmarti
• Email: justin@martilawgroup.co

Not All Capital Is Created Equal: Inside Princeton Medspa Partners with CEO Matt Slaine

In this episode of Office Hours, host Justin Marti of Marti Law Group sits down with Matt Slaine, who joined Princeton Medspa Partners as CEO in 2025. Matt brings more than 20 years across financial services, retail, hospitality, and health and wellness, and a track record of building at scale.

He previously led OT Growth Partners, one of the largest private equity-sponsored Orangetheory Fitness operators in the country (60 studios and over 20,000 members across four states), and Quality Restaurant Group, a multi-brand platform spanning roughly 350 restaurants in 15 states.

He started his career in finance at Deutsche Bank and Goldman Sachs and holds a B.A. from Dartmouth College and an MBA from NYU Stern. That blend of operator and investor experience shapes his central message: not all capital is created equal, and the wrong money can magnify problems rather than solve them.

For practice owners weighing a partnership, this is a practical look at why private equity is chasing med spas, how to get ready, and how to choose the right partner, not just the biggest check.

• Why "not all capital is created equal," and how the wrong money can magnify the problems in your business instead of fixing them
• How to read the private equity boom in medical aesthetics, and what is actually driving the wave of investment
• The land grab trap: why opening unit after unit can quietly cannibalize the locations that already work
• What a med spa readiness scorecard looks like, and the questions to answer before you ever go to market
• Why the equity rollover may be the most overlooked wealth builder in a deal, and how cultural fit can make or break a partnership

Timestamps (Audio)

[00:00] Intro

[01:46] From Dartmouth to the Trading Floor

[06:27] Why Operators Make Better Advisors

[09:09] Not All Capital Is Created Equal

[11:03] The Consumerization of Healthcare

[14:24] Keeping Local Trust at National Scale

[17:48] The Private Equity Fear, Reframed

[19:37] The Land Grab Trap

[24:08] Are You Actually Ready to Partner?

[26:30] What It Feels Like to Lose Your Name

[29:18] Big Slice or Bigger Pie: The Equity Rollover

[35:03] The Airplane Test for Choosing a Partner

• Princeton Medspa Partners (PMP): national med spa platform led by CEO Matt Slaine
• Marti Law Group: Justin Marti's firm advising healthcare and practice owners
• OT Growth Partners: one of the largest private equity-sponsored Orangetheory Fitness operators, previously led by Matt
• Orangetheory Fitness: the membership-based fitness brand from Matt's multi-unit operating background
• Quality Restaurant Group: multi-brand restaurant platform Matt previously led, spanning roughly 350 restaurants in 15 states
• Dartmouth College: Matt's undergraduate alma mater
• NYU Stern School of Business: where Matt earned his MBA
• Deutsche Bank and Goldman Sachs: where Matt began his finance career
• Ideal Image: cited as an early attempt at a national aesthetics platform in laser hair removal
• Med Spa Readiness Scorecard: PMP's self-assessment tool for owners weighing a partnership
• Corporate Practice of Medicine: the legal doctrine shaping how aesthetics businesses must be structured

Website: princetonmedspapartners.com

LinkedIn: linkedin.com/in/mattslaine

You can also submit a message through the Princeton Medspa Partners website and it will reach Matt directly.

LinkedIn: linkedin.com/in/justinmarti

Email: justin@martilawgroup.com

Website: martilawgroup.com

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.

1. Why the smartest sellers get a valuation three to five years before they plan to exit — and what that head start lets you fix
2. How DSO deals and doctor-to-doctor sales really differ across valuation, work-back expectations, and tax treatment
3. The reason a headline multiple can be deeply misleading — and why your true, defensible EBITDA matters far more
4. What's driving today's seller's market on the private side, and what cooled the DSO gold rush after 2023
5. How to spot a deal structure padded with unattainable earn-ups before you sign the letter of intent

[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

1. McLerran & Associates — DentalTransitions.com
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Website: 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.

LinkedIn: linkedin.com/in/justinmarti

Email: justin@martilawgroup.com

Website: martilawgroup.com