Find answers to commonly asked questions below. If you would like to schedule a free consultation, please complete our intake form.
What does Pegasus Equity Advisors do?
What does Pegasus Equity Advisors do?
Pegasus is a sell-side advisory firm that represents physician practice owners in private equity transactions. We do not represent buyers. Our role is to guide you through the entire process — from understanding your practice's value to selecting the right PE partner to closing the deal — so you can make a fully informed decision about the future of your practice.
What specialties does Pegasus work with?
What specialties does Pegasus work with?
We advise physician practices across ophthalmology, optometry, cardiology, dermatology, gastroenterology, behavioral health, orthopedics, urology, general dentistry, and veterinary care. PE consolidation is active across all of these verticals, and our team tracks each market closely so we can provide specialty-specific guidance — not generic advice.
What is my medical practice worth to private equity?
What is my medical practice worth to private equity?
Practice valuations in PE transactions are typically expressed as a multiple of your comp-adjusted EBITDA — that is, your normalized earnings after adjusting physician compensation to market rates. Multiples vary by specialty, geography, size, growth trajectory, payer mix, and how many qualified buyers are competing for the deal. Our financial analysis team calculates your comp-adjusted EBITDA and provides a realistic valuation range before we introduce you to any buyer.
What is EBITDA and why does it matter for my practice sale?
What is EBITDA and why does it matter for my practice sale?
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization — it is the standard measure PE buyers use to value a medical practice. "Comp-adjusted" EBITDA goes a step further: it normalizes physician owner compensation to fair market value, removes one-time expenses, and accounts for any personal expenses running through the practice. This adjusted figure, multiplied by the prevailing market multiple for your specialty, determines your practice's enterprise value. Getting this number right is the single most important financial step in the transaction.
How long does it take to sell a physician practice to private equity?
How long does it take to sell a physician practice to private equity?
A typical engagement spans six to twelve months from our initial consultation to closing. The timeline depends on how quickly financials can be organized, how many buyers are engaged, and the complexity of diligence. We manage the process to move efficiently without sacrificing thoroughness — rushing a transaction often leaves value on the table.
What is the difference between a practice broker and a PE advisory firm?
What is the difference between a practice broker and a PE advisory firm?
A practice broker typically lists your practice and waits for interested buyers — similar to a residential real estate agent. A PE advisory firm like Pegasus takes a fundamentally different approach: we proactively identify the PE platforms best suited to your practice, create competitive tension among multiple qualified buyers, and negotiate deal terms on your behalf. We are not matching you with whoever shows up first. We are running a disciplined, confidential process designed to maximize both your valuation and your alignment with the right long-term partner.
Does Pegasus represent the buyer or the seller?
Does Pegasus represent the buyer or the seller?
We represent the seller — exclusively. Pegasus works on behalf of the physician practice owner, never the PE buyer. This matters because it means our incentives are aligned entirely with yours: getting you the best terms, the right partner, and the strongest deal structure. Firms that represent both sides of the table face inherent conflicts of interest that we avoid entirely.
Will I still run my practice after a PE transaction?
Will I still run my practice after a PE transaction?
In the vast majority of physician-practice PE transactions, yes. PE buyers are acquiring your practice because of the clinical leadership and patient relationships you have built — they want you to stay. Most deal structures include a management services agreement that handles the administrative and operational burden while preserving your clinical autonomy. The specifics vary by buyer, which is why selecting the right PE partner — one whose operating model respects physician independence — is a critical part of our advisory process.
How does Pegasus get paid?
How does Pegasus get paid?
Pegasus earns a success fee at closing, calculated as a percentage of the total transaction value. We charge a nominal monthly retainer, however, our compensation is aligned with yours — we succeed only when you close a deal you are satisfied with. We are transparent about our fee structure from the very first conversation.
What happens during the first consultation?
What happens during the first consultation?
The initial consultation is confidential and free of obligation. We spend time understanding your practice — its size, specialty, geography, financial profile, and what you want from a potential transaction. We explain the current PE landscape for your specialty, discuss realistic valuation expectations, and outline what a process with Pegasus looks like. By the end of the conversation, you will have a clear sense of whether exploring a PE partnership makes sense for your situation.
How many buyers will see my practice's information?
How many buyers will see my practice's information?
Only the PE groups we specifically select and you approve. Pegasus does not broadcast your practice to the open market. We identify a curated set of qualified buyers whose investment thesis, operating model, and cultural values align with your goals — typically between three and eight groups, depending on the specialty. Every buyer signs a non-disclosure agreement before receiving any confidential information.
What makes Pegasus different from a large investment bank?
What makes Pegasus different from a large investment bank?
Large investment banks serve a broad client base — from software companies to manufacturing firms. Pegasus focuses exclusively on physician practices and healthcare PE. That specialization means we understand the nuances of your specialty's market dynamics, know the active buyers and their reputations, and can speak your language. We also offer a level of personal attention that a large bank cannot — you work directly with senior advisors, not junior analysts.
Is now a good time to explore a PE partnership?
Is now a good time to explore a PE partnership?
PE interest in physician practices remains strong across most specialties, driven by aging demographics, rising procedural volumes, and the strategic value of consolidated platforms. That said, the right timing depends on your practice's specific situation — its financial trajectory, your personal goals, and market conditions in your specialty. We publish quarterly market intelligence reports, The Intelligencer, covering PE activity in each specialty we serve. These are available on our website and provide a current view of market conditions.
What information do I need to get started?
What information do I need to get started?
To begin, we need your most recent two to three years of financial statements (profit and loss, ideally from your accounting software), a general sense of your practice's size and provider count, and an understanding of what you are hoping to achieve. You do not need polished materials or a formal valuation — that is our job. The intake form on our website captures the basics, or you can schedule a call to walk through it together.
Where is Pegasus located? Do you work with practices outside Texas?
Where is Pegasus located? Do you work with practices outside Texas?
Pegasus is headquartered in Dallas, Texas, but we work with physician practices nationwide. PE transactions in healthcare are not constrained by geography — buyers are national platforms that acquire practices across the country. Whether your practice is in Texas, Florida, California, or anywhere else, our process and relationships apply.