{ "item_title" : "Phantom EBITDA", "item_author" : [" Brandon Halcott", "James DeLuca "], "item_description" : "The playbook exists. One side has it. Now the other side does too. Every year, dental practice owners walk into acquisition meetings having spent decades building something real - and walk out with a number that reflects what a buyer could negotiate, not what the practice was worth. The mechanism is not mystery. It is information asymmetry. Private equity enters every dental acquisition with a QoE team, a payer mix model, and a forensic audit protocol built on one assumption: the seller doesn't have the same data. They're usually right. The practice owner has a CPA who reads the P&L. The buyer has an analyst who reads the Practice Management Software. That gap - between what the financials show and what the clinical data reveals - is where deals get re-traded after the LOI is signed and the seller has surrendered their leverage. Phantom EBITDA names the mechanism precisely: the revenue that appears defensible on a P&L but evaporates under a Quality of Earnings audit, enabling buyers to compress valuations after exclusivity is signed and the seller cannot walk away. This book documents: How PE buyers extract, benchmark, and weaponize your own PMS data against youThe specific clinical compliance findings - D2950 overbilling, hygiene code alternation, payer collection anomalies - that destroy EBITDA at the closing tableWhy the five-year PMS look-back reveals what your three-year P&L cannot hideThe behavioral signals - refund history patterns, undocumented clinical changes, escheatment liability - that sophisticated buyers flag before you know they're lookingHow to build a Defensible Data Room years before a transaction - and why starting early is the only thing that actually changes your multipleThe Pre-LOI Forensic Sanitization process: running your own hostile audit before a buyer does, and using the findings to build an institutionally auditable asset that commands a premiumPhantom EBITDA is not a motivational book about mindset or a broker's guide to maximizing curb appeal. It is a forensic manual written by someone who has sat inside the DSO organizations that designed the acquisition playbook - and now operates exclusively on the sell side. If you are 3-5 years from a potential exit, the clock is already running. If you are 12 months out, you are behind. If you are 6 months out, you are in the kill zone. The only way to survive a buy-side Quality of Earnings audit is to conduct your own, more hostile audit first. This book shows you exactly how.", "item_img_path" : "https://covers4.booksamillion.com/covers/bam/9/79/825/443/9798254438991_b.jpg", "price_data" : { "retail_price" : "14.99", "online_price" : "14.99", "our_price" : "14.99", "club_price" : "14.99", "savings_pct" : "0", "savings_amt" : "0.00", "club_savings_pct" : "0", "club_savings_amt" : "0.00", "discount_pct" : "10", "store_price" : "" } }

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