The Close M&A Podcast with Caber Hill Advisors

In this episode of The Close, Craig Castelli sits down with Brian Colao, member and director of Dykema’s Dental Service Organization Industry Group, to discuss the evolution of the DSO Conference, the current state of dental M&A, and what it will take for organizations to stand out in today’s market. Brian shares his perspective on private equity headwinds, opportunities for new capital, and h...

Mike White, partner at CLA, joins Craig Castelli to discuss his entrepreneurial path from building and selling his own CPA firm to advising business owners through M&A. They cover quality of earnings, why clean financials matter before a sale, current deal activity, healthcare sectors drawing investor interest, Medicaid and reimbursement risk, and how business owners should think about timing,...

In a special episode, Craig checks in to share a midyear update on lower middle market M&A activity in 2026. He breaks down mixed market signals, private equity’s continued focus on add-on acquisitions, and the sectors seeing strong investor interest, including healthcare, facility services, business services, and industrials. Craig also explains what business owners should focus on now if the...

In this episode of The Close, Craig Castelli speaks with David Strosnider, partner at McDonald Hopkins, about the “second deal” happening inside many M&A transactions: management team agreements. David explains what executives should understand about rollover equity, restrictive covenants, employment agreements, incentive plans and buyer dynamics. They also discuss how deal size can affect tim...

In this episode of The Close, Craig Castelli speaks with Dave Nissen, partner at Cherry Bekaert and former CEO of PKF Mueller. Dave shares how PFK Mueller grew from a small Elgin, Illinois accounting firm into a larger regional player, the role vision and budgeting played in that growth, and how strategic acquisitions helped build talent and capabilities. He also reflects on PKF Mueller’s sale to...

Craig Castelli sits down with Billy Ching, chair of the private equity practice at Nelson Mullins, to break down what actually drives successful deals. They cover why communication between bankers and lawyers can make or break outcomes, how private equity has evolved for smaller businesses, and what founders should look for beyond valuation. The conversation also dives into today’s market dynamics...

Craig Castelli sits down with Michael Murray of Altair Advisors to break down how business owners should think about wealth, risk, and planning before a sale. They discuss why most entrepreneurs wait too long to prepare, how to structure deals the right way, and the real tradeoffs between rollover equity and earnouts. From family dynamics to tax strategy and life after exit, this conversation offe...

Ericka Adler, healthcare attorney at Roetzel & Andress, joins Craig Castelli to break down how private equity has reshaped healthcare M&A. They discuss the rise of PE buyers, what physicians often underestimate in the diligence process, and why many deals fall apart after closing. Ericka shares practical advice on preparing for a sale, navigating negotiations, and protecting what matters b...

Brendan Anderson, founder of ScaleCo, joins Craig Castelli to break down what it really takes to turn small, founder-led businesses into scalable growth companies. They discuss why people, not strategy, drive success, how infrastructure and data unlock value, and why many business owners underestimate the work required to grow. Brendan also shares how ScaleCo partners with companies long before in...

In this episode Craig is joined by Scott Becker, founder of Becker's Healthcare , host of Becker Private Equity & Business Podcast , author of The Entrepreneur's Edge , and partner at McGuireWoods . Scott shares lessons from selling Becker’s Healthcare and his decades in M&A. He breaks down why founders need the right advisors, how to run a business during a deal process, and the...

In this solo episode, Craig Castelli breaks down Caber Hill’s latest survey of private equity partners, reflecting on the 2025 M&A market and the factors that slowed deal activity. He explores shifts in deal volume, quality, and structure, including the impact of tariffs and seller expectations. Looking ahead, Craig shares why optimism is building for 2026, with strong buyer demand, abundant d...

In this episode, Craig sits down with Chris Winterhalter, founder of Hotel Rehabs, to unpack his journey from post-crash real estate hustling to building one of the most innovative turnkey hotel renovation companies in the industry. Chris shares the scrappy early days, the evolution of his integrated GC model, the importance of leadership and process, and why expanding into Mexico City became a pi...

This episode of The Close features Anthony Saber, President of Saber Building Services, a Detroit-based company built from humble beginnings into a 450-person team. Anthony shares how lessons from his upbringing, early family responsibilities, and years of hands-on work shaped his steady growth philosophy. He explains why staying local, prioritizing people, and choosing value over volume have guid...

Matt Pettit, founder of Seven Hills Capital, a healthcare-focused private equity firm based in Nashville, shares his journey from working in middle market PE to starting his own firm. He and Craig discuss why he chose the entrepreneurial path over a traditional partnership track. And they explore common misconceptions about private equity, the importance of finding founders who want true partners,...

Join host Craig Castelli as he sits down with Lee Edwards, President and CEO of The Greenery, a thriving commercial landscaping company with branches across the Southeast. Lee shares his journey from joining his parents' business in his twenties to building a growth-focused organization that prioritizes employee development and retention. Discover how The Greenery transitioned from an ESOP to...

In this episode, Craig sits down with Dave Ogurek, Director at Caber Hill Advisors and the firm's first full-time hire. Dave shares his journey from corporate finance roles at manufacturing and PepsiCo to due diligence work in the audiology space, and how these experiences prepared him for investment banking. He discusses the importance of preparing businesses for sale, shares a memorable due...

In this episode of The Close, Craig interviews Dr. Pete Smidt, founder of Smalltown Dental, about his rapid expansion during COVID-19 when he grew from two to eight practices in just one year. Pete shares the challenges of managing multiple office cultures, dealing with staff challenges, and building leadership teams while acquiring multiple practices. He discusses his strategic shift toward de no...

In this episode of The Close, Craig and Josh Gammon discuss the growing litigation funding market and how Wealth Docket, a litigation funding company that Josh co-founded, focuses on complex commercial and patent litigation for individual claimants and small law firms. The conversation covers the challenges of valuing intellectual property, distinguishing between assets with true standalone value...

In this solo episode of The Close, Craig Castelli tackles listener questions covering timely M&A topics. He discusses how the government shutdown impacts SBA financing and government contractor deals, explains reverse due diligence strategies for sellers to properly vet potential buyers, and breaks down the value of conducting sell-side quality of earnings reports. Craig provides practical ins...

Business owner Ted Hsu shares his journey from selling his company to finding new purpose in life after exit. He discusses the critical aspects of the sale process, emphasizing the importance of paying attention to all that is said and left unspoken. Ted reflects on his smooth transition to working within a PE-backed environment, crediting proper systems and scalability focus. Ted offers candid ad...

Caber Hill Advisors Managing Director Jordan Gerber explores his unique path to investment banking. From his early days as a CPA to owning and selling his own collection agency, Jordan shares hard-earned lessons about the M&A process, including mistakes he made during his own business sale. Now specializing as a generalist covering multiple sectors, Jordan discusses how his diverse background...

Craig is joined by Denielle Finkelstein & Thyme Sullivan, the founders of Unicorn, who made a bold pivot from retail shelves to revolutionizing workplace bathrooms. After struggling in the competitive retail space selling premium period products, they discovered an untapped market by creating the first-ever dispensers placed directly in bathroom stalls. With zero customer churn over three and...

In this episode of The Close, Maria Melone discusses the challenges facing healthcare M&A, particularly in dental and med spa sectors. She explains how many advisors focus solely on headline multiples while ignoring crucial deal structure elements like cash-at-close ratios, equity terms, and buyer-seller fit. Maria shares a compelling example of how the same transaction could be valued at 28x,...

Nick Olsen, Managing Director of Cornerstone International Alliance, discusses what makes successful M&A advisors and how business owners should evaluate them. Nick shares insights from working with 165 M&A advisors who've closed $5.5 billion in deals over four years. He emphasizes the importance of relationship management, being a trusted advisor, and developing strong business devel...

Dr. Abhishek Nagaraj and Dr. Anushka Gaglani, co-founders of Areo Dental Group, discuss their entrepreneurial journey from associates to successful multi-practice owners. Founded in 2016, Areo has grown through strategic acquisitions and de novo development across multiple states. The duo shares insights on leadership development, the importance of peer groups and mentorship, and their decision to...