E#36 with Joshua Catlett: Why Most Clinic Owners Are Not Exit Ready | BOAC

Joshua Catlett bought his first private healthcare practice at around 22 years old.He started at the front desk, answering phones, making tea, fixing the website, managing the diary and learning how a clinic actually works from the inside. That first practice eventually became the foundation for BodySet, a 36-site healthcare group that went on to take private equity investment.Today, Joshua is the Founder and Managing Director of Verilo, a specialist healthcare business brokerage and advisory firm supporting clinic owners through valuation, sale, acquisition and exit planning.In this episode, Jared Aron speaks with Joshua about the real business of buying, selling and scaling healthcare clinics.They cover what buyers actually look for, why concentration risk can reduce valuation, how maintainable EBITDA is assessed, what makes a clinic genuinely exit ready, and why many owners only discover operational weaknesses when they enter a sale process.Joshua also shares stories from his own acquisition journey, including how he structured early deals, what he learned from sitting on reception, why the front desk gives you one of the clearest views of the business, and how small details such as insurance, lease terms or poor financial visibility can put an entire transaction at risk.Later in the conversation, Jared and Joshua discuss technology adoption in healthcare, the rise of AI, the pressure on clinics to become more efficient, and why online booking is still far more difficult than it should be for patients.In this episode, they discuss:Buying a private practice at 22Building BodySet into a 36-site clinic groupSelling into private equityWhat Verilo does for clinic ownersWhy selling a clinic is not just about finding a buyerThe emotional side of healthcare M&AConcentration risk and owner dependencyLease security and premises riskMaintainable EBITDA and clinic valuationWhy buyers care about data qualityThe importance of understanding the patient bodyWhy many clinic owners do not know their numbersAI, workforce transformation and operational efficiencyWhy clinics need to make booking easier for patientsWhat it means to build an exit-ready clinicThis episode is especially relevant for clinic owners, founders, healthcare operators, MSK clinic leaders, aesthetics clinic owners, dental practice owners, buyers, sellers and anyone thinking about the future value of their healthcare business.The Business of a Clinic is hosted by Jared Aron, founder of Coherent. The podcast explores how private healthcare clinics can grow by improving the business and operational side of care, including patient engagement, follow-up, retention, technology, clinic operations and the overall patient experience.