Not All Capital Is Created Equal: Inside Princeton Medspa Partners

Not All Capital Is Created Equal: Inside Princeton Medspa Partners

Not All Capital Is Created Equal: Inside Princeton Medspa Partners with CEO Matt Slaine In this episode of Office Hours, host Justin Marti of Marti Law Group sits down with Matt Slaine, who joined Princeton Medspa Partners as CEO in 2025. Matt brings more than 20 years across financial services, retail, hospitality, and health and wellness, and a track record of building at scale. He previously led OT Growth Partners, one of the largest private equity-sponsored Orangetheory Fitness operators in the country (60 studios and over 20,000 members across four states), and Quality Restaurant Group, a multi-brand platform spanning roughly 350 restaurants in 15 states. He started his career in finance at Deutsche Bank and Goldman Sachs and holds a B.A. from Dartmouth College and an MBA from NYU Stern. That blend of operator and investor experience shapes his central message: not all capital is created equal, and the wrong money can magnify problems rather than solve them. For practice owners weighing a partnership, this is a practical look at why private equity is chasing med spas, how to get ready, and how to choose the right partner, not just the biggest check. WHAT YOU'LL LEARN IN THIS EPISODE * Why "not all capital is created equal," and how the wrong money can magnify the problems in your business instead of fixing them * How to read the private equity boom in medical aesthetics, and what is actually driving the wave of investment * The land grab trap: why opening unit after unit can quietly cannibalize the locations that already work * What a med spa readiness scorecard looks like, and the questions to answer before you ever go to market * Why the equity rollover may be the most overlooked wealth builder in a deal, and how cultural fit can make or break a partnership Timestamps (Audio) [00:00] Intro [01:46] From Dartmouth to the Trading Floor [06:27] Why Operators Make Better Advisors [09:09] Not All Capital Is Created Equal [11:03] The Consumerization of Healthcare [14:24] Keeping Local Trust at National Scale [17:48] The Private Equity Fear, Reframed [19:37] The Land Grab Trap [24:08] Are You Actually Ready to Partner? [26:30] What It Feels Like to Lose Your Name [29:18] Big Slice or Bigger Pie: The Equity Rollover [35:03] The Airplane Test for Choosing a Partner RESOURCES MENTIONED * Princeton Medspa Partners (PMP): national med spa platform led by CEO Matt Slaine * Marti Law Group: Justin Marti's firm advising healthcare and practice owners * OT Growth Partners: one of the largest private equity-sponsored Orangetheory Fitness operators, previously led by Matt * Orangetheory Fitness: the membership-based fitness brand from Matt's multi-unit operating background * Quality Restaurant Group: multi-brand restaurant platform Matt previously led, spanning roughly 350 restaurants in 15 states * Dartmouth College: Matt's undergraduate alma mater * NYU Stern School of Business: where Matt earned his MBA * Deutsche Bank and Goldman Sachs: where Matt began his finance career * Ideal Image: cited as an early attempt at a national aesthetics platform in laser hair removal * Med Spa Readiness Scorecard: PMP's self-assessment tool for owners weighing a partnership * Corporate Practice of Medicine: the legal doctrine shaping how aesthetics businesses must be structured CONNECT WITH MATT SLAINE Website: princetonmedspapartners.com [https://princetonmedspapartners.com/] LinkedIn: linkedin.com/in/mattslaine [https://www.linkedin.com/in/mattslaine/] You can also submit a message through the Princeton Medspa Partners website and it will reach Matt directly. CONNECT WITH JUSTIN MARTI LinkedIn: linkedin.com/in/justinmarti [https://www.linkedin.com/in/justinmarti] Email: justin@martilawgroup.com [justin@martilawgroup.com] Website: martilawgroup.com [https://martilawgroup.com]

What 70,000 Dental Practices Reveal About Retention, Case Acceptance, and AI

WHAT 70,000 DENTAL PRACTICES REVEAL ABOUT RETENTION, CASE ACCEPTANCE, AND AI with Ali Hyatt of Henry Schein One Justin Marti welcomes Ali Hyatt, Chief Customer and Growth Officer at Henry Schein One, for a data-rich look at what’s actually happening inside dental practices today. Ali oversees growth and customer experience across the entire organization (sales, marketing, onboarding, implementation, training, customer success, and account management), giving her a rare, end-to-end vantage point into how modern dental organizations operate. A UPenn graduate with an MBA from Dartmouth’s Tuck School of Business, she built her career at the intersection of healthcare innovation, growth strategy, and emerging technology, including years in telehealth at Amwell. Drawing on Henry Schein One’s Catalyst Index, built from roughly 5,000 practices and visibility into nearly 70,000 nationwide, Ali unpacks a counterintuitive finding: no-show and cancellation rates are improving, yet patient retention is slipping. The conversation digs into where emerging DSOs should focus, how AI is reshaping the front desk and the operatory, and why the path to growth almost always starts at the clinical moment. WHAT YOU’LL LEARN IN THIS EPISODE * Why falling cancellation rates can mask a retention problem, and what the top 10% of practices do differently * How standardized scheduling and confirmation workflows quietly protect revenue at scale * The collection-rate gap (95% vs. 98%) that decides whether your hard work actually gets paid * Why patients “delay what they don’t understand”: how to close the case-acceptance gap between 45% and 75% * Where AI is already earning its keep: ambient voice notes, second-opinion imaging, and front-desk scheduling agents * The 2–3 focus areas emerging DSOs should prioritize before trying to do everything at once TIMESTAMPS — AUDIO (+13S OFFSET) [00:00] Intro [01:58] From Telehealth to Dental: Ali’s Path [04:32] Inside the Catalyst Index: Data From 70,000 Practices [06:12] The Retention Paradox [07:18] Why Schedule Reliability Wins [09:15] Holding SOPs Together at Scale [10:49] Getting Paid: The Image Verify Edge [13:19] Why Patients Delay Treatment [16:07] Closing the Case Acceptance Gap [17:26] AI in the Operatory and at the Front Desk [23:21] Where Emerging DSOs Should Focus [24:53] The MCP Layer and What Comes Next [31:19] Where to Find the Catalyst Index RESOURCES MENTIONED * Henry Schein One — HenryScheinOne.com [https://www.henryscheinone.com/] * Dentrix Ascend — DentrixAscend.com [https://www.dentrixascend.com] * Henry Schein One Catalyst Index — 2026 Catalyst Index for DSOs (annual practice-performance report) — View report [https://www.henryscheinone.com/insights/ebook/2026-catalyst-index-for-dsos/] * Image Verify (claim-readiness imaging tool via Dentrix Ascend) * Ambient AI voice notes / clinical documentation * MCP layer in Dentrix Ascend (production-focus AI, in beta) * CareCredit (patient financing) * Amwell (telehealth — Ali’s prior company) * Thrive Live (Henry Schein One annual event) * Claude by Anthropic (AI assistant referenced) * Curodont (referenced in audio as a non-drill caries treatment — product name approximate; flag for verification) CONNECT WITH ALI HYATT * Title: Chief Customer and Growth Officer, Henry Schein One * LinkedIn: linkedin.com/in/alirobbinshyatt [https://www.linkedin.com/in/alirobbinshyatt/] * Company: Henry Schein One — HenryScheinOne.com [https://www.henryscheinone.com/] * Practice management platform: DentrixAscend.com [https://www.dentrixascend.com] * Catalyst Index report: 2026 Catalyst Index for DSOs [https://www.henryscheinone.com/insights/ebook/2026-catalyst-index-for-dsos/] CONNECT WITH JUSTIN MARTI * LinkedIn: https://www.linkedin.com/in/justinmarti [https://www.linkedin.com/in/justinmarti] * Email: justin@martilawgroup.com [justin@martilawgroup.com] * Website: martilawgroup.com [https://martilawgroup.com]

DSO or Doctor-to-Doctor? How to Exit Your Dental Practice the Right Way — with Matt Sutton & Andrew Kobylski of McLerran & Associates

Host Justin Marti of Marti Law Group sits down with Matt Sutton and Andrew Kobylski of McLerran & Associates, one of the country's leading dental-specific sell-side brokerages. Matt brings over 20 years in the dental space as a banker, broker, and former VP of Business Development for a fast-growing, PE-backed orthodontic DSO, while Andrew — a former healthcare-focused wealth advisor and CFP — leads valuation and transition advisory work across both the private and DSO markets. Together they unpack the real difference between selling to a fellow dentist and affiliating with a DSO, why the “why” behind your exit matters as much as the dollars, and what today's market is actually rewarding. If you're a practice owner who wants to exit on your terms — not leave money (or your sanity) on the table — this conversation is your roadmap. WHAT YOU'LL LEARN IN THIS EPISODE 1. Why the smartest sellers get a valuation three to five years before they plan to exit — and what that head start lets you fix 2. How DSO deals and doctor-to-doctor sales really differ across valuation, work-back expectations, and tax treatment 3. The reason a headline multiple can be deeply misleading — and why your true, defensible EBITDA matters far more 4. What's driving today's seller's market on the private side, and what cooled the DSO gold rush after 2023 5. How to spot a deal structure padded with unattainable earn-ups before you sign the letter of intent TIMESTAMPS [00:00] Intro [01:28] Two operators, one mission: meet Matt & Andrew [04:24] Why McLerran keeps everything in-house [08:03] Selling with the end in mind: the fiduciary approach [13:05] The half of your exit nobody talks about — your “why” [16:07] Equity structures and the power of optionality [17:50] Why the private market has never been stronger [20:37] The valuation you should've gotten three years ago [24:07] After the gold rush: the DSO “hangover” [32:45] Multiples lie. EBITDA doesn't. [34:34] The $17M offer that wasn't [40:22] How to work with McLerran RESOURCES MENTIONED 1. McLerran & Associates — DentalTransitions.com [https://dentaltransitions.com/] 2. 3. CONNECT WITH MATT SUTTON & ANDREW KOBYLSKI Website: https://dentaltransitions.com/ [https://dentaltransitions.com/] Matt Sutton on LinkedIn: linkedin.com/in/contactsutton [https://www.linkedin.com/in/contactsutton/] Andrew Kobylski on LinkedIn: linkedin.com/in/andrew-kobylski [https://www.linkedin.com/in/andrew-kobylski-cfp%C2%AE-56a050127/] Email: matt@dentaltransitions.com | andrew@dentaltransitions.com Free discovery calls are available daily through the McLerran website. CONNECT WITH JUSTIN MARTI LinkedIn: linkedin.com/in/justinmarti [https://www.linkedin.com/in/justinmarti] Email: justin@martilawgroup.com Website: martilawgroup.com [https://martilawgroup.com]

Inside the Med Spa M&A Boom: How to Maximize Your Exit with Chris Hubble of Lux Med Transition Strategies

In this episode of Office Hours, host Justin Marti of Marti Law Group sits down with Chris Hubble, Founder and CEO of Lux Med Transition Strategies, an M&A advisory firm dedicated to the medical aesthetics and wellness space. With a 20-year career in healthcare , including senior operational roles at Med Synergies and a multi-year run building a speciality dental DSO — Chris brings a rare perspective shaped by sitting on both the buyer and seller sides of the table. Together, Justin and Chris unpack what aesthetic and wellness practice owners need to know about today's buyer landscape, the operational and financial metrics that drive valuation, and the costly missteps that can quietly erode a deal. If you own a med spa, plastic surgery practice, or wellness business , or you're even three to five years out from a potential exit , this conversation is a strategic playbook for getting ready the right way. What You'll Learn in This Episode * The real difference between selling to a family office vs. private equity , and why the source of capital changes how you'll be managed post-close * The operational, compliance, and financial KPIs aesthetic practice owners should be tracking now to protect (and grow) their multiple * Why introducing a buyer to your team too early can cost you a million dollars at the eleventh hour * How to evaluate whether you're actually ready to go to market , or whether you need a 2–3 year runway to fix structural issues first * Why partnership fit, not just price, determines whether your exit becomes a legacy win or a long, painful "marriage" Timestamps (Audio Version) [00:00] Intro [01:50] What Lux Med actually does for sellers in the aesthetics space [02:48] From hospital MSOs to dental DSOs: Chris's path through healthcare consolidation [07:17] Why medical aesthetics looks like dental did 10 years ago [10:26] Family office vs. private equity: the distinction sellers miss [17:02] The operational and financial metrics buyers actually care about [21:35] Why going it alone almost always leaves money on the table [24:48] The $1M lesson: what happens when you introduce the buyer to your team too soon [28:48] Selling in 5 years vs. selling tomorrow: how to prepare either way [33:17] Inside Julia AI: the first AI-powered buyer–seller matching tool in M&A [35:31] How to get a no-obligation valuation from Lux Med Resources Mentioned * Lux Med Transition Strategies: https://luxmedtransition.comhttps://luxmedtransition.com [https://luxmedtransition.com] * Professional Transition Strategies (PTS): https://professionaltransition.comhttps://professionaltransition.com [https://professionaltransition.com] * Julia.ai (PTS/Lux Med's proprietary AI-powered buyer–seller matchmaking tool): https://professionaltransition.com/julia-ai/https://professionaltransition.com/julia-ai/ [https://professionaltransition.com/julia-ai/] * Kyle Francis (Founder & President, Professional Transition Strategies): https://www.linkedin.com/in/kylewfrancis/https://www.linkedin.com/in/kylewfrancis/ [https://www.linkedin.com/in/kylewfrancis/] * MedSynergies (acquired by Optum in 2014): https://www.optum.com/business/about/news/optum-to-acquire-medsynergies.htmlhttps://www.optum.com/business/about/news/optum-to-acquire-medsynergies.html [https://www.optum.com/business/about/news/optum-to-acquire-medsynergies.html] * Optum (UnitedHealth Group): https://www.optum.comhttps://www.optum.com [https://www.optum.com] * Authority Magazine — Chris Hubble interview: https://medium.com/authority-magazine/chris-hubble-of-luxmed-transition-strategies-five-things-you-need-to-know-to-succeed-in-the-modern-112469feeb77https://medium.com/authority-magazine/chris-hubble-of-luxmed-transition-strategies-five-things-you-need-to-know-to-succeed-in-the-modern-112469feeb77 [https://medium.com/authority-magazine/chris-hubble-of-luxmed-transition-strategies-five-things-you-need-to-know-to-succeed-in-the-modern-112469feeb77] Connect with Chris Hubble * Website: https://luxmedtransition.comhttps://luxmedtransition.com [https://luxmedtransition.com] (Contact Us page) * Company LinkedIn: https://www.linkedin.com/company/luxmed-transition-strategieshttps://www.linkedin.com/company/luxmed-transition-strategies [https://www.linkedin.com/company/luxmed-transition-strategies] Connect with Justin Marti * LinkedIn: https://www.linkedin.com/in/justinmartihttps://www.linkedin.com/in/justinmarti [https://www.linkedin.com/in/justinmarti] * Email: justin@martilawgroup.com * Website: martilawgroup.com

From One Tiny Room to a Concierge Powerhouse: How Aesthera MedSpa’s Founders Scaled the Right Way

In this episode of Office Hours for Practice Owners, host Justin Marti of Marti Law Group sits down with two of his own clients and longtime collaborators: Shonra Weiss, Co-Founder and CEO of Aesthera MedSpa, and Dr Megan Malzone, Co-Founder and COO. Shonra is a board-certified nurse practitioner and Certified Aesthetic Nurse Specialist with more than two decades of clinical experience, while Dr Malzone is a board-certified internal medicine physician who brings a whole-patient approach to aesthetics. Together, they built Aesthera. A self-funded, one-room operation launched in the middle of the 2020 pandemic into a full-service concierge med spa with eight treatment rooms, fifteen employees, and a second location. This conversation goes deeper than the usual growth-metrics talk. They explore the emotional reality of partnership, the discipline necessary in aesthetic practice, to treat the practice as a serious business rather than a physician’s side hustle, and the systems that made disciplined scaling possible. WHAT YOU’LL LEARN IN THIS EPISODE * Why treating a med spa as a “side gig” almost guarantees burnout, and what full commitment actually requires * How to structure a multi-partner business so that disagreements, retirements, and exits don’t blow it up * The hiring philosophy that led Aesthera to turn away seasoned providers in favor of culture fits * Why a fractional CFO may be one of the highest-leverage hires an aesthetic practice can make * How to resist chasing shiny equipment and trends, and invest only when the data and patient base justify it TIMESTAMPS [00:00] Intro [02:04] Two unlikely paths into aesthetics [04:55] Where the Aesthera vision was born [08:03] Launching a business in the middle of COVID [10:29] The scrappy “one-room” beginning [13:39] Partnership as a marriage, and the prenup that protects it [18:42] “Assigned to everyone is assigned to no one”: owning your roles [19:53] Why a med spa can’t survive as a side gig [23:08] The human side: trust, vulnerability, and going dark for a week [28:52] The fractional CFO that became a “proxy MBA” [36:35] What’s next: a second location and integrative wellness [37:54] Hiring for core values over a full book of patients RESOURCES MENTIONED * Aesthera MedSpa — Concierge medical aesthetics practice in Pismo Beach, CA. Website: https://www.aestheramedspa.com/https://www.aestheramedspa.com/ [https://www.aestheramedspa.com/] Instagram: https://www.instagram.com/aesthera.aesthetics/@aesthera.aesthetics [https://www.instagram.com/aesthera.aesthetics/] Contact: 931 N Oak Park Blvd, Ste 101, Pismo Beach, CA 93449 · (805) 574-4037 * Maven Financial Partners — Fractional CFO firm specializing in med spas, dental, and aesthetic practices; referenced as the pivotal early hire that gave the founders their "proxy MBA." https://www.mavenfp.com/https://www.mavenfp.com/ [https://www.mavenfp.com/] * EOS / "Traction" (Entrepreneurial Operating System) — The "rocks" and accountabilities framework the team uses for quarterly goal-setting. Based on the book Traction by Gino Wickman. https://www.eosworldwide.com/https://www.eosworldwide.com/ [https://www.eosworldwide.com/] CONNECT WITH SHONRA WEISS * Website: aestheramedspa.com/about/our-team/shonra-weiss [https://www.aestheramedspa.com/about/our-team/shonra-weiss/] * LinkedIn: linkedin.com/in/shonra-weiss-msn-np [https://www.linkedin.com/in/shonra-weiss-msn-np-33a376102/] * Company: aestheramedspa.com [https://www.aestheramedspa.com/] CONNECT WITH DR MEGAN MALZONE * Website: aestheramedspa.com/about/our-team/dr-megan-malzone [https://www.aestheramedspa.com/about/our-team/dr-megan-malzone/] * LinkedIn: linkedin.com/in/megan-malzone-md [https://www.linkedin.com/in/megan-malzone-md-b82888303/] * Company: aestheramedspa.com [https://www.aestheramedspa.com/] CONNECT WITH JUSTIN MARTI * LinkedIn: linkedin.com/in/justinmarti [https://www.linkedin.com/in/justinmarti] * Email: justin@martilawgroup.com [justin@martilawgroup.com] * Website: martilawgroup.com [https://martilawgroup.com]