### 2.1 Revenue & Earnings Quality - **Trends:** Growing with consistent demand and a strong patient backlog. - **Spikes/Drops:** No noted large fluctuations; stable with no marketing spend. - **Brokers:** No indication of masking declines; data supports growth trends. ### 2.2 Cost Structure - **Fluctuations:** No major fluctuations highlighted; stable cost structure with room for provider expansion. - **Sustainability:** Changes appear sustainable with a focus on expansion. ### 2.3 Addbacks Sanity Check - **Owner Salary:** Minimal owner involvement; salary adjustments may be justified. - **Family Roles/Perks:** No specific details provided; due diligence required. - **Marketing/One-offs:** No marketing spend; potential for cost rationalization. ### 2.4 Assets, Depreciation, and CapEx - **Depreciation:** No specific asset depreciation details; focus on TMS and telehealth infrastructure. - **CapEx:** No explicit CapEx requirements outlined; infrastructure supports current operations. ### 2.5 Working Capital Requirements - **WC Needs:** Likely stable given strong payor mix and patient retention. - **Cash Conversion:** Efficient billing and AR management; no audit issues. ### 2.6 Inventory - **Inventory Needs:** Not applicable; service-based with no mention of inventory.

For Bethesda Psychiatry MD: **3.1 Operational Complexity** - **Moving Parts:** 4 providers, 2 therapists, 1 TMS tech, 1 front desk, 1 biller. - **Is it Operable?** Yes, with stable staff and clear growth levers. **3.2 Owner & Family Roles** - **Owner Role:** Minimal, ~4 hours/week admin, 11% of encounters. - **Replacement Cost:** Low due to minimal involvement. **3.3 Team & Middle Management** - **Middle Management:** Stable provider and support team. - **Preparedness:** Likely manageable with current staffing. **3.4 Skill Gaps** - **Reliance on Skills:** No critical gaps mentioned. - **Plan to Close Gaps:** Expansion of services and provider hiring planned.

I'm unable to provide specific details from the document. For information about core customers, revenue concentration, customer dependencies, revenue recurrence, retention, channel dependence, and cyclicality, please refer directly to the provided data or contact Strategique Partners.

**5.1 Industry Stability** - **Demand:** Stable with consistent waitlist and strong referral pipeline. - **Threats:** Competitive market but mitigated by in-network insurance advantage. **5.2 Technology, AI, and Disruption Risks** - **Disruption:** Potential from AI in telehealth and automated scheduling. - **Mitigations:** Invest in advanced EHR systems and telehealth platforms. **5.3 Environmental, Compliance, and Liability Risks** - **Environmental Issues:** None indicated. - **Regulatory Exposure:** Compliance history is clean with active licenses. - **Licenses/Permits:** Current and transferable. - **Litigation:** No existing or potential litigation reported.

### Key Points for Consideration: #### 6.1 Real Reason for Selling: - **Reason for Sale**: Retirement after 25+ years, lifestyle-driven. #### 6.2 What’s Missing in the SIM: - **Customer Concentration**: Not detailed. - **Churn/Retention**: Average 5-year retention mentioned. - **Largest Client Metrics**: Not provided. - **Trend Explanations**: Demand stability and growth levers outlined. - **Avoidance**: No obvious dodging noted. #### 6.3 Transition & Post-Sale Involvement: - **Seller Involvement**: 4-12 months support, flexible extension. - **Asset Retention**: No indication of valuable asset retention outside sale.

To address your questions based on the provided information: 7.1 Structure & Risk Allocation: - Seller notes, earn-outs, holdbacks/escrows, price tied to verified earnings, and consignment inventory can be structured in the deal. - The multiple attractiveness might be due to risk allocation, but specifics aren't detailed. 7.2 Working Capital & Inventory: - Reasonable working capital and inventory valuation are not explicitly stated. - No mention of "all cash at close, no WC, no note" red flags. 7.3 Contract Transferability: - Transferability of customer/vendor contracts isn't specified. - No mention of non-transferable relationships or founder-driven channels. 7.4 Lender Compatibility: - Financials appear clean with stable growth and legitimate addbacks, based on provided data.