Research & Sources

Source index (consolidated)

Peer-reviewed academic

  • Akerlof (1970), QJE 84(3):488–500, info asymmetry / "lemons." → Ep 1, 3, 7, 8, 9

  • Spence (1973), QJE 87(3):355–374, credible signaling. → Ep 8, 9, 11

  • Rothschild & Stiglitz (1976), QJE 90(4):629–649, screening. → Ep 8

  • Grossman & Hart (1986), JPE 94(4):691–719, incomplete contracts (Hart, Nobel 2016 w/ Holmström). → Ep 10

  • Axelrod & Hamilton (1981), Science 211(4489):1390–1396; Axelrod (1984) The Evolution of Cooperation, repeated-game cooperation, tit-for-tat, "shadow of the future." → Ep 11

  • Patatoukas (2012), The Accounting Review 87(2):363–392, customer-base concentration (efficiency and risk). → Ep 1, 7

  • Kohers & Ang (2000), Journal of Business 73(3):445–476, earnouts. → Ep 2, 6, 8, 10

  • Thaler (1988), JEP 2(1):191–202, the winner's curse. → Ep 2, 6

  • Sloan (1996), The Accounting Review 71(3):289–315; Richardson, Sloan, Soliman & Tuna (2005), JAE 39(3):437–485, accrual anomaly / earnings quality. → Ep 3

  • Minnis (2011), JAR 49(2):457–506; Lisowsky & Minnis (2020), JAR 58(3):547–588, value of verified financials. → Ep 3

  • Petersen & Rajan (1997), RFS 10(3):661–691, trade credit as a distress signal. → Ep 3

  • Bloom & Van Reenen (2007), QJE 122(4):1351–1408; Bloom et al. (2013, India RCT), QJE 128(1):1–51, management practices → value & survival (causal). → Ep 5

  • Luca (2011, rev. 2016), Harvard Business School WP 12-016, reviews → revenue (one star ≈ 5–9%; working paper, not a journal article). → Ep 7

  • DeTienne (2010) & DeTienne, McKelvie & Chandler (2015), JBV, exit as process; stewardship typology. → Ep 1, 8, 9

  • Ward (1987), Keeping the Family Business Healthy, succession survival (~30%/12%/3%). → Ep 1, 5

  • Singh, Song et al. (2022), JAMA Health Forum 3(9); Capps, Dranove & Ody (2018), J. Health Econ. 59:139–152, PE acquisition effects on physician practices. → Ep 4, 9

Industry / practitioner & official

  • EPI, National State of Owner Readiness, ~20–30% of marketed businesses sell; ~80% no written plan; ~75% regret; ~50% forced by the 5 Ds. → Ep 1, 5, 8, 11

  • Valuation practice, owner-dependence discount (severe 20–50%); customer-concentration discount; recurring-revenue premium. → Ep 1, 5, 7

  • BizBuySell / broker data, median sale ~$350K; avg multiple ~2.7x; ranges 3–8x EBITDA; QoE ~20% haircut; WC true-ups $20–50K on $1M. → Ep 2, 3

  • SBA SOP 50 10 8 (eff. 6/1/2025), 7(a) max $5M; ~10-yr term; injection ≥10% (≥5% own cash); seller note standby ≤50%; DSCR ~1.25x; prime ~6.75% mid-2026. → Ep 2, 6

  • Seller financing, common in a majority of small-biz deals; note ~10–30% of price, 5–7 yr, ~7–10%. → Ep 6, 9

  • AMA Physician Practice Benchmark (Kane), private practice 60.1%→42.2%; ownership 53.2%→35.4%; PE-owned ~6.5%. → Ep 4

  • Deal failure, ~50% of signed-LOI deals don't close; Axial Dead Deal Report (financing ~10.7% of broken LOIs). → Ep 8

  • Nielsen Global Trust in Advertising, word of mouth most trusted (~high-80s–low-90s%); McKinsey, WOM behind ~20–50% of purchases. → Ep 7

  • OnPay (2019), ~86% of owners trust their accountant; ~31% most-trusted advisor. → Ep 11

  • Practice-transition norms, asset sales; income-shifting buy-in (~40/30/20/10); transition 6 mo–2 yr. → Ep 9

Official law & tax

  • AKS 42 U.S.C. §1320a-7b(b); Stark 42 U.S.C. §1395nn; Texas CPOM (Medical Practice Act; TMB rule 22 TAC §177.17). → Ep 4, 9

  • Installment sales IRC §453, IRS Pub 537, Form 6252 (recapture/§453A caveats). → Ep 9

  • Purchase-price allocation IRC §1060, Form 8594; §338(h)(10). → Ep 10

  • Non-competes, FTC national rule vacated (Ryan LLC v. FTC); state-by-state; sale-of-business covenants treated far more favorably than employment ones; physician rules vary and are evolving. → Ep 10

Pre-record verification flags

  • Ep 1, industry statistics (sale/regret rates, discount multiples).

  • Ep 2 & 6, SBA terms, current prime/DSCR, multiples (move frequently).

  • Ep 4 & 9, AKS/Stark/CPOM and installment-sale tax: confirm with healthcare counsel + CPA (highest liability).

  • Ep 10, tax specifics and the non-compete landscape (actively changing).

  • All episodes, read source abstracts so on-air phrasing is the host's own; keep the academic/practitioner buckets separate out loud.