Pre-close · Dental Practice Management

Dental Practice Management Lease Assignments: An Independent Sponsor's Counsel

Independent sponsor counsel for dental practice management, focused on Lease Assignments and the deal mechanics that protect sponsor economics and LP alignment.

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

An independent sponsor closing dental practice management transactions in the $10M to $130M EV range has a defined set of moves at the Lease Assignments stage. Most of them are not in a generic M&A textbook.

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 Lease Assignments actually gets structured.

  1. Pull every lease, estoppel, and SNDA in the data room.

  2. Identify landlord consent requirements and prepare consent packages.

  3. Address landlord recapture rights that can be triggered at change of control.

  4. Sequence consent collection to avoid a last-minute single-landlord veto.

  5. In dental practice management, layer in MSO model documented per state as part of the Lease Assignments workstream.

The common mistake

Waiting until two weeks before close to request landlord consents. Landlords use the timeline against the buyer.

Jason's take
"Lease consents are the deal-killer that never makes the highlight reel. Start early, finish early."
Jason Powell · Lease Assignments
Capital after close

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

Refinancing, recaps, growth rounds, and the right strategic conversation eighteen months early are all downstream of relationships that take years to build and minutes to use.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
TALK TO JASON

An LOI on the desk, a dental practice management target, and a Lease Assignments question worth a real conversation.

Twenty minutes of practitioner-grade input from a securities attorney whose first move is to read the deal, not the engagement letter.