Latest / The Buyer & Seller Podcast with Fexingo: Business Brokers, Exits, and Private Sales Explained
Why Customer Concentration Killed This Medical Billing Business
In this episode of The Buyer & Seller Podcast, Lucas and Luna dig into a 2025 sale that should have been a home run: a medical billing company with 40 employees, clean books, and a profitable niche in anesthesia coding. The owner expected a double-digit EBITDA multiple and a competitive bidding war. Instead, the business sold for just 3.2 times EBITDA — to a PE roll-up that had been circling for months. Why? Because 72 percent of revenue came from a single hospital system. Lucas walks through how that concentration ratio scared off every other buyer, triggered a full-blown audit of the top…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.