Independent Sponsor Disclosure Schedules in Healthcare Services
When the deal is healthcare services and the question is Disclosure Schedules, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.
The economics on a healthcare services platform deal usually hinge on a handful of structural decisions. Disclosure Schedules is one of them.
The typical healthcare services platform sits at $15M to $120M EV with EBITDA in the $3M to $20M range. The thesis runs on roll-up of physician practices and ancillary service lines. Most off-market healthcare deals come through advisors who have seen the structure before. Have one in your call list.
How Disclosure Schedules actually gets structured.
Coordinate disclosure schedule preparation with the seller's diligence file, not against it.
Specifically disclose against specific reps, with cross-reference indexing.
Use the schedules to surface known issues, not to hide them.
Update schedules at signing and again at closing where allowed.
In healthcare services, layer in PC/MSO structuring as part of the Disclosure Schedules workstream.
Treating disclosure as a dump. The schedules carry the same legal weight as the reps; they need the same precision.
"Disclosure schedules are the most underrated document in M&A. They protect both sides when done right."Jason Powell · Disclosure Schedules
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.
Related deal pages.
Transaction Fee Structuring for Healthcare Services
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Working Capital Adjustments for Healthcare Services
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Representation & Warranty Insurance for Healthcare Services
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Indemnification for Healthcare Services
The seller's contractual promise to compensate the buyer for breaches of representations, covenants, and spec…
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An LOI on the desk, a healthcare services target, and a Disclosure Schedules 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.