{"product_id":"phantom-ebitda-brandon-halcott-9798254438991","title":"Phantom EBITDA: The Pre-LOI Defense Playbook for 8-Figure Dental Exits","description":"\u003cb\u003eThe playbook exists. One side has it. Now the other side does too.\u003c\/b\u003e \u003cp\u003e\u003c\/p\u003eEvery year, dental practice owners walk into acquisition meetings having spent decades building something real - and walk out with a number that reflects what a buyer could negotiate, not what the practice was worth. \u003cp\u003e\u003c\/p\u003eThe mechanism is not mystery. It is information asymmetry. \u003cp\u003e\u003c\/p\u003ePrivate equity enters every dental acquisition with a QoE team, a payer mix model, and a forensic audit protocol built on one assumption: the seller doesn't have the same data. They're usually right. The practice owner has a CPA who reads the P\u0026amp;L. The buyer has an analyst who reads the Practice Management Software. That gap - between what the financials show and what the clinical data reveals - is where deals get re-traded after the LOI is signed and the seller has surrendered their leverage. \u003cp\u003e\u003c\/p\u003e\u003cb\u003ePhantom EBITDA\u003c\/b\u003e names the mechanism precisely: the revenue that appears defensible on a P\u0026amp;L but evaporates under a Quality of Earnings audit, enabling buyers to compress valuations after exclusivity is signed and the seller cannot walk away. \u003cp\u003e\u003c\/p\u003e\u003cb\u003eThis book documents: \u003c\/b\u003e\u003cul\u003e\n\u003cli\u003eHow PE buyers extract, benchmark, and weaponize your own PMS data against you\u003c\/li\u003e\n\u003cbr\u003e\u003cli\u003eThe specific clinical compliance findings - D2950 overbilling, hygiene code alternation, payer collection anomalies - that destroy EBITDA at the closing table\u003c\/li\u003e\n\u003cbr\u003e\u003cli\u003eWhy the five-year PMS look-back reveals what your three-year P\u0026amp;L cannot hide\u003c\/li\u003e\n\u003cbr\u003e\u003cli\u003eThe behavioral signals - refund history patterns, undocumented clinical changes, escheatment liability - that sophisticated buyers flag before you know they're looking\u003c\/li\u003e\n\u003cbr\u003e\u003cli\u003eHow to build a Defensible Data Room years before a transaction - and why starting early is the only thing that actually changes your multiple\u003c\/li\u003e\n\u003cbr\u003e\u003cli\u003eThe Pre-LOI Forensic Sanitization process: running your own hostile audit before a buyer does, and using the findings to build an institutionally auditable asset that commands a premium\u003c\/li\u003e\n\u003c\/ul\u003e\u003cb\u003ePhantom EBITDA\u003c\/b\u003e is not a motivational book about mindset or a broker's guide to maximizing curb appeal. It is a forensic manual written by someone who has sat inside the DSO organizations that designed the acquisition playbook - and now operates exclusively on the sell side. \u003cp\u003e\u003c\/p\u003eIf you are 3-5 years from a potential exit, the clock is already running. If you are 12 months out, you are behind. If you are 6 months out, you are in the kill zone. \u003cp\u003e\u003c\/p\u003eThe only way to survive a buy-side Quality of Earnings audit is to conduct your own, more hostile audit first. \u003cp\u003e\u003c\/p\u003e\u003ci\u003eThis book shows you exactly how.\u003c\/i\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Brandon Halcott,James DeLuca\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9798254438991\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Independently Published\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 04\/17\/2026\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 150\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.46lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.00h x 6.00w x 0.32d","brand":"Brandon Halcott","offers":[{"title":"Paperback","offer_id":49172826882303,"sku":"9798254438991","price":14.99,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.whiterainbookhouse.com\/products\/phantom-ebitda-brandon-halcott-9798254438991","provider":"WR Book House","version":"1.0","type":"link"}