Morgan Advisory Group

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Morgan Advisory Group Morgan Advisory Group provides legal and business advisory services for healthcare professionals. We go beyond legal advice.

We help our clients navigate complex sales, investments, and acquisitions with confidence. Our experienced team, led by Justin Morgan, JD | MBA, provides strategic, hands-on legal guidance to help clients achieve seamless transactions, business growth, and risk mitigation. Our Services Include:

Private Practice Transactions - We guide our clients through sales, acquisitions, and partnerships. Private Equity Transactions –We support our clients in private equity transactions by helping select brokers, advisors, and private equity partners, by analyzing opportunities, and providing legal services to close the transaction. Real Estate Leasing & Acquisitions – We negotiate commercial leases and acquisitions with a focus on maximizing our client’s stability and profitability. General Counsel Services – The firm provides ongoing general counsel services to its clients to ensure they have access to counsel and advice. DSO & MSO Formation – We form and structure dental and medical services organizations for success. We integrate business strategy to improve profitability, efficiency, and long-term success. Let’s discuss how we can support your business. Contact us today to book a consultation and let’s discuss how we can support your business.

Not all reported revenue in a healthcare practice is sustainable under new ownership.This is one of the most consequenti...
10/06/2026

Not all reported revenue in a healthcare practice is sustainable under new ownership.

This is one of the most consequential issues in practice acquisitions, and one that diligence is specifically designed to surface.

Revenue that depends on the selling owner's personal relationships, clinical reputation, or production capacity may decline materially after a transition.

Revenue that reflects billing practices the buyer will not continue should not be used to support a purchase price.

Lenders evaluate revenue durability, whether collections can be maintained by a new owner operating the practice as it is, not as it was.

The question buyers should be asking is not what the practice earned.

It is what the practice will earn under new ownership, under standard billing protocols, with the patients who will stay.

That number is often different from what appears on the tax return.

Schedule a consult with us to discuss the importance of understanding the gap, and pricing for it, is what separates defensible acquisitions from overleveraged ones:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

The most common reason a healthcare practice deal slows down or falls apart isn't price.It's that everyone entered the t...
09/28/2026

The most common reason a healthcare practice deal slows down or falls apart isn't price.

It's that everyone entered the transaction on a different clock.

Sellers are focused on certainty and protecting their number. Buyers are working through diligence and waiting on underwriting. Lenders are running their own process on their own timeline.

Nobody is wrong. But when those timelines aren't aligned from the start, the gaps show up at the worst possible moment.

The expectation problem usually gets set at the beginning, when pricing is agreed to before diligence is complete, or when a closing timeline is built around optimism rather than what underwriting actually requires.

The transactions that close smoothly aren't the ones where nothing goes wrong. They're the ones where the timeline was built around reality from day one.

If you're in the middle of a practice transition and want a clear picture of what the timeline should actually look like, I'm happy to talk through it:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

In healthcare transactions, documentation doesn’t just support valuation.It determines what a lender will actually finan...
09/23/2026

In healthcare transactions, documentation doesn’t just support valuation.
It determines what a lender will actually finance.

Clean numbers are not enough. They must be verifiable and consistent.

What lenders and buyers need to see:

- Reconciled financial statements that tie across reports,
- Clear linkage between production, collections, and deposits,
- Consistent reporting periods without gaps or reclassifications, and
- Organized support for any adjustments or add-backs.

When documentation is weak, lenders default to a more conservative view of cash flow.

That often results in reduced loan proceeds, increased scrutiny, valuation pressure late in the process, and slower approval times

This is why pre-listing diligence matters.
It turns “reported performance” into “defensible performance.”

For those evaluating a transition, this is often where deals are won or lost. Let's talk:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

In both medical and veterinary practice transactions, real estate is frequently treated as something to address later. T...
09/10/2026

In both medical and veterinary practice transactions, real estate is frequently treated as something to address later. That's a mistake.

Lease assignments, landlord approvals, rent adjustments, purchase options, and term alignment all materially affect lender comfort and deal economics. Lenders typically expect the remaining lease term, including renewal options, to match or exceed the loan's amortization period. When that alignment isn't there, financing gets constrained.

When these issues are deferred until diligence is already underway, they tend to surface as closing delays or last-minute renegotiations, exactly when there's the least flexibility to resolve them.

Real estate isn't ancillary to a practice transaction. It's foundational, and it's one of the easiest issues to address early if it's on the radar from the start. Schedule a consultation to review the real estate side of a pending transaction:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

It's easy to assume a larger transaction is just a bigger version of a solo practice sale. It isn't, and treating it tha...
09/08/2026

It's easy to assume a larger transaction is just a bigger version of a solo practice sale. It isn't, and treating it that way creates problems.

Multi-doctor and platform transactions typically involve normalized earnings across several providers rather than one, financing structures that may include private capital alongside or instead of a conventional bank loan, and a diligence scope that expands well beyond a single practice's books. Entity structure, MSO arrangements, provider agreements, and rollover equity, where applicable, all come into play.

What sellers underestimate most is the sheer volume of work required to get there. Building out the schedules, financial detail, and data room a corporate or private equity buyer expects takes considerably more time and resources than a doctor-to-doctor sale, and it is often the first place sellers realize they've entered a fundamentally different kind of process.

None of this makes a larger deal harder to close. It makes it a different kind of transaction, and it should be approached that way from the outset. Request a transaction review if you're evaluating a multi-doctor deal:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

A change of ownership doesn't just create risk around payer relationships. It creates an opportunity, if the buyer treat...
09/03/2026

A change of ownership doesn't just create risk around payer relationships. It creates an opportunity, if the buyer treats it as a decision rather than something to inherit by default.

Some insurance relationships don't automatically transfer to a new owner, which can create real revenue risk if patients rely on those plans. But the flip side is just as real: some plans in the existing mix may be worth pursuing continuity on, others may be underperforming or administratively burdensome enough to drop, and others may be candidates for rate renegotiation now that a new owner is at the table.

Certain specialty insurance categories complicate this further, with some programs operating on closed panels or limited enrollment windows, meaning a new owner may not be able to join even if they want to. Working with a credentialing specialist early in the process is often what separates a smooth payer transition from one that surfaces gaps after closing.

The point is to make these calls intentionally, before closing, as part of diligence and transition planning, not to inherit whatever mix happens to be in place. Reach out to talk through what this looks like for your situation:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

Most buyers inspect the equipment. Fewer inspect the building it sits in, and that gap can be costly.A thorough premises...
09/01/2026

Most buyers inspect the equipment. Fewer inspect the building it sits in, and that gap can be costly.

A thorough premises inspection covers mechanical, electrical, and plumbing systems, HVAC, and any other infrastructure that affects whether the space can support the practice's operations. Healthcare practices often run equipment with real power and ventilation requirements, which makes this more than a cosmetic walkthrough.

A failing HVAC system, aging electrical panels, or plumbing issues translate into real costs, costs that should be reflected in the purchase price, or in some cases should cause a buyer to reconsider the deal altogether.

Findings from this inspection should go to legal counsel before closing, so they can be negotiated into the transaction documents rather than absorbed after the fact. Schedule a consultation if you're preparing for a purchase:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

In an asset sale, the buyer isn't stepping into the seller's regulatory history. New licenses and permits get obtained f...
08/27/2026

In an asset sale, the buyer isn't stepping into the seller's regulatory history. New licenses and permits get obtained fresh, in the buyer's own name.

That doesn't mean the seller's documentation doesn't matter. A seller who can't produce current, organized licensing and permitting records isn't simply disorganized, it's worth taking as a signal. Practices careless about licenses and permits tend to be careless in other areas too, including insurance billing.

Incomplete or lapsed regulatory documentation, combined with other findings during diligence, can point toward deeper issues worth a closer look before the deal moves forward.

It's a small thing to check, and it tells you more than it looks like it should. Request a transaction review if you're evaluating a practice:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

In most practice acquisitions, the purchase price is built substantially on goodwill, and goodwill depends heavily on co...
08/25/2026

In most practice acquisitions, the purchase price is built substantially on goodwill, and goodwill depends heavily on continuity.

Long-tenured clinical and administrative staff maintain the patient relationships that goodwill is supposed to represent. High turnover, or unresolved personnel issues that haven't been addressed before the sale, can erode that value quickly, whether or not it shows up anywhere in the financials.

Difficult personnel situations, compensation disputes, unresolved HR matters, a problem employee nobody has dealt with, should be surfaced early rather than left for the buyer to discover during diligence. These issues affect both the transition and the price.

Sellers who address staffing issues before going to market protect the value they're asking a buyer to pay for. Schedule a consultation to talk through preparing a practice for sale:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

Deal teams often overlook communication signals until it's too late to act on them.Delayed responses, inconsistent answe...
08/20/2026

Deal teams often overlook communication signals until it's too late to act on them.

Delayed responses, inconsistent answers, or repeated follow-up requests usually point to something unresolved, either a concern that hasn't surfaced yet or internal misalignment on one side of the table. Lenders in particular read slow or evasive communication as elevated risk, even when nothing has technically gone wrong.

Once communication shifts from proactive to reactive, confidence tends to erode quietly, and deals rarely recover once that happens.

Responsiveness isn't a soft skill in a transaction. It's a form of risk management, and it's one of the easiest signals to watch for early. Schedule a consultation if you'd like to talk through where a deal currently stands:

Hi,Thank you for reaching out to the firm. We will be happy to help. Before your initial consultation, please gather relevant information about your needs, including contracts, offers, financial statements, and other information. I look foward to speaking with you! Warm regards,Justin

Address

7409 Beverly Boulevard
Los Angeles, CA
90036

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

(213)3698698

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