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Transaction Advisory Services

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From large physician groups and hospitals to other healthcare enterprises — whether buying or selling a multi-site surgery, imaging center or small group/solo physician practice; our clients gain an experienced multi-disciplinary team of experts – a business partner on their side of the table.

Delta understands the desire for more than an advisor – but an advocate – not just interested in “getting the deal done” but in getting the right deal done – one that avoids pitfalls and is sustainable post-transaction.

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Provide Clear Understanding

We work with the principals to obtain a clear understanding of their goals and objectives while communicating the details and implications of  transaction alternatives.

In essence we seek to translate the proposed business transaction into both economic terms and practical post-transaction operational/management terms. Depending on the nature and size of the transaction this may include:

  • Review and assessment of the current business including appropriate dashboard and benchmarking to market and industry metrics
  • Operational review
  • Identifying transaction options and structure variables that drive the goals and objectives of the principals
  • Potential issues with buy-in/dilution including allocation of proceeds
  • Documents review and advisory regarding business deal points including such issues as exclusivity, restrictive covenants, exit strategy and intellectual property ownership
  • Recommendation of legal counsel experienced in healthcare transactions
  • Interface with legal counsel on transaction documents to ensure business points and post-transaction organizational and governance framework accurately reflect the intention of the parties

Investment Memorandum and Financial Projections

We work closely with the transaction principals to:

  • Clarify financial components including revenue, operating expenses and owner/principal compensation
  • Preparation or review of proforma financial projections assessing and reflecting the strategies, potential synergies, normalization of earnings of the principals and projected post-transaction cash flow
  • Due diligence on quality of earnings and quality of operations
  • Identify risks and contingencies including potential “deal breakers”
  • Detailing the capital requirements of the proposed business including post-transaction plans and strategies
  • Develop sources and uses of funds
  • Preparation of investment memorandum describing the business proposed transaction tenets
  • Target identification including local and national healthcare entities, private equity firms and other corporate and strategic acquirers using our network of financial and strategic partners
  • “Shopping the deal” to identified targets
  • Assessment and recommendations among competing offers
  • Negotiation and following the transaction to close, addressing issues as they arise including reverse diligence and sale preparation
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