Pre-close · Dental Practice Management

Dental Practice Management Deals: Change of Control Consents Done Right

Securities and M&A counsel for independent sponsors managing dental practice management transactions, from LOI to close to the capital markets that open up afterward.

EV range $10M to $130M EV EBITDA $2.5M to $22M Audience Buy-side / Sponsor
The deal context

Dental Practice Management deals in the lower middle market run a specific playbook. Change of Control Consents is where the structure either holds or starts to leak.

The typical dental practice management platform sits at $10M to $130M EV with EBITDA in the $2.5M to $22M range. The thesis runs on DSO buy-up under an MSO. Insurance mix dictates valuation. Read the PPO contracts before the EBITDA.

The moves

How Change of Control Consents actually gets structured.

  1. Build a consent matrix from the data room contracts.

  2. Sort consents into required, prudent, and informational categories.

  3. Assign owners and deadlines for each consent.

  4. Track consent progress in a single closing dashboard.

  5. In dental practice management, layer in MSO model documented per state as part of the Change of Control Consents workstream.

The common mistake

Discovering a required consent on the day before close. The signing slips, the deal team loses leverage.

Jason's take
"Consents are a project, not a footnote. Run them like a project."
Jason Powell · Change of Control Consents
Capital after close

The deal is one thing. The capital that opens up after close is another.

After close, the call list for refinancing, recapitalization, and growth equity gets short and known. Jason carries that list.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
ENGAGE THE PRACTICE

Change of Control Consents for Dental Practice Management, on independent sponsor terms.

Independent sponsor counsel that already speaks fluent deal-by-deal economics, structures clean LPAs, and travels with capital markets relationships for what comes after close.