PRIVATE EQUITY & PODIATRY: A CEO AND DOCTOR TELL ALL The TEC Report | Episode 38 What happens when the practice you worked so hard to build becomes the very thing that keeps you from enjoying your career? And what happens when a partnership that looks attractive on paper turns out to be the wrong fit? In this episode of The TEC Report, host Brad Stoller welcomes Sean Brown, CEO of Sole Horizon, and Dr. Jeff Cohen, founder of Precision Podiatry in Central Texas, for a candid conversation about growth, private equity, clinical autonomy, and choosing the right partner for your future. Dr. Cohen shares how he and his wife built a successful, multilocation podiatry practice—and how that success created responsibilities they could no longer comfortably manage alone. Between treating patients, overseeing employees, managing finances, and navigating compliance, he found himself working two jobs: physician by day and business manager whenever the workday ended. Eventually, he began questioning whether he still wanted to practice medicine. As he explains, the problem wasn’t podiatry. It was the business burden surrounding it. His first experience with a private equity partner became a difficult lesson in the importance of due diligence and fit. After regaining ownership and continuing to grow, he approached his next partnership with a clearer understanding of what mattered beyond the purchase price. That search led him to Sean Brown and Sole Horizon. Sean brings an unusual perspective to healthcare, having started his career in aerospace before moving into medical devices and practice partnerships. He explains Sole Horizon’s long-hold approach and why he believes a longer investment horizon can better align the interests of physicians, patients, employees, and investors. Together, Sean and Dr. Cohen discuss what practice owners should understand before considering a transaction—and what they can do today to build a stronger business, whether a partnership is months away, years away, or not yet on the agenda. IN THIS EPISODE, YOU’LL HEAR: • The growth trap: Why adding locations and physicians can increase revenue while placing even more administrative responsibility on the owner. • Lessons from the wrong partnership: Dr. Cohen’s firsthand account of entering a transaction without fully understanding the relationship—and what he looked for the next time. • The long-hold difference: How Sean describes Sole Horizon’s approach to ownership, reinvestment, and building practices without a planned near-term resale. • Clinical autonomy after a transaction: Dr. Cohen shares his experience maintaining treatment decisions while gaining access to operational support and additional treatment modalities. • Why timing matters: Sean explains why owners should explore their options while they still have a strong professional runway, rather than waiting until they are ready to turn out the lights. • The realities of selling to associates: A discussion of financing challenges, succession expectations, and ways to consider the future of the entire clinical team. • What the transaction process looks like: From exploratory conversations and confidentiality agreements to financial review, letters of intent, due diligence, and post-closing integration. • What makes a practice attractive: Reputation, a stable clinical team, understandable financial results, and opportunities for sustainable growth. • Steps owners can take now: Improve financial reporting, review billing performance, understand payer contracts, track collections, and measure whether marketing generates actual patient appointments. One of the strongest themes throughout this conversation is that a successful transaction involves much more than the check received at closing. Owners also need to understand their future role, how decisions will be made, what support they will receive, and whether the partnership fits the life and career they want. As Dr. Cohen puts it: “I actually love my job again.” Whether you own a podiatry practice, lead a growing healthcare business, or are beginning to think about succession, this episode offers a firsthand look at the questions worth asking before making a major decision. EPISODE GUIDE 02:25 — Sean’s journey from aerospace to healthcare 04:33 — Dr. Cohen’s practice growth and first partnership experience 11:02 — Understanding the long-hold model 15:01 — Management burden, compliance, and renewed enthusiasm 19:03 — Clinical autonomy and treatment opportunities 20:54 — When should an owner consider a partnership? 30:42 — Selling to associates and succession challenges 32:26 — From the first conversation through closing 37:37 — Preparation, representation, and shared values 41:33 — What makes a practice a good fit? 44:22 — Strengthening financials, billing, and marketing 49:33 — Defining what you want from your next chapter TAKE YOUR NEXT STEP Take the complimentary Podiatry Due Diligence Assessment: https://www.transitionalequity.net/podiatrydiligence Schedule a 30-minute discovery call with Brad Stoller: https://calendly.com/bradcalendar/30min?month=2026-10 Are you a podiatrist and would like to talk with Sean at Sole Horizon? Call 412-368-2235 for an introduction. The TEC Report is presented by Transitional Equity Consultants, helping business owners explore strategic partnerships, mergers, and ownership transitions. Learn more: https://www.transitionalequity.net Subscribe to The TEC Report for more conversations about helping businesses survive, thrive, and create value. https://www.transitionalequity.net
