Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what i learned loosely edited and shared here) - If it seems a bit unrefined, you're reading our notes, so. yeah. -Ron

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About The Guest(s): Joshua Catlett is an investor and advisor in the private healthcare sector. He has a background in physiotherapy and has successfully built and sold multiple businesses in the industry. He is now the founder of a M&A advisory consultancy and brokerage, helping private practices in the healthcare sector prepare for sale and find buyers.

Summary: Joshua Catlett shares his entrepreneurial journey in the private healthcare sector, from selling protein powders to building and selling a successful physiotherapy business. He discusses the challenges and lessons he learned along the way, including the importance of communication during acquisitions and the value of corporate governance when working with private equity. He also highlights the current state of the healthcare market and the opportunities for investors and buyers in the sector.

Key Takeaways:

• Joshua Catlett started his entrepreneurial journey by selling protein powders and later founded a physiotherapy business.
• He learned the importance of communication during acquisitions and the impact of staff turnover on the success of a business.
• Private healthcare practices in the UK are in high demand, with limited supply and a growing need for services.
• The healthcare market is experiencing growth, especially in mental health and physical health services.
• Telemedicine has seen some adoption in the industry, but in-person visits are still preferred for physical therapy.

Quotes:

• "Stick with your gut feeling when choosing a partner for your business. Valuation is important, but compatibility and shared vision matter more." - Joshua Catlett
• "Overcommunicate during acquisitions to ensure a smooth transition and retain key staff." - Joshua Catlett

Article:

Joshua Catlett: Investing and Advising in the Private Healthcare Sector

In this thought leadership article, we will explore the insights and experiences of Joshua Catlett, an investor and advisor in the private healthcare sector. Joshua has a wealth of knowledge and expertise in this field, having worked in various roles and successfully built and sold his own physiotherapy business. We will delve into his origin story, his journey as an entrepreneur, and the lessons he has learned along the way.

Introduction: A Passion for Entrepreneurship and Healthcare

Joshua Catlett is an investor and advisor primarily focused on the private healthcare sector. With a background in physiotherapy and a passion for entrepreneurship, Joshua has built a successful career in the industry. He has experience in buying and selling businesses, as well as providing M&A advisory services to clients. In this article, we will explore his journey, the challenges he has faced, and the opportunities he sees in the market.

The Early Ventures: From Protein Powders to Occupational Health

Joshua's entrepreneurial journey began at a young age, with his first venture involving selling protein powders. Although it wasn't structured as a business, this experience laid the foundation for his future endeavors. After working in the occupational health sector, Joshua had the opportunity to bid for a contract and start his own business. However, he faced a setback when his bid was rejected. Undeterred, he used the remaining investment to acquire a small private practice, which became a labor of love for him.

Building a Physiotherapy Empire: Lessons in Acquisitions and Growth

Joshua's first acquisition marked the beginning of his journey to build a successful physiotherapy business. He went on to make seven acquisitions, ranging from small owner-operator practices to larger companies. Through strategic acquisitions and organic growth, Joshua built one of the top 10 private physiotherapy groups in the UK. He eventually sold part of the business to private equity, a decision that taught him valuable lessons about corporate governance and the importance of choosing the right partners.

Valuation and Exit Strategies: Navigating the Sale of a Healthcare Practice

Valuing and selling a healthcare practice can be a complex process. Joshua shares his insights on the typical valuation models used in the industry, which are often based on multiples of EBITDA. He emphasizes the importance of adjusted EBITDA and the need to consider factors such as the involvement of the owner and the size of the business. Joshua also highlights the challenges of retaining staff during the transition and the need for effective communication to ensure a smooth exit.

The Future of the Private Healthcare Sector: Opportunities and Challenges

Looking ahead, Joshua sees a bright future for the private healthcare sector. The demand for private healthcare services is growing, driven by factors such as limited availability in the NHS and increased awareness of the importance of mental and physical health. However, recruitment remains a challenge, and the impact of Brexit and the COVID-19 pandemic has added further complexity to the market. Joshua believes there is an opportunity for consolidation and franchising models to meet the growing demand and improve the quality of care.

Conclusion: A Thriving Sector with Exciting Opportunities

In conclusion, Joshua Catlett's journey in the private healthcare sector has been filled with valuable lessons and insights. His experiences as an entrepreneur, investor, and advisor have given him a unique perspective on the industry. The private healthcare sector offers exciting opportunities for growth and investment, but it also comes with its own set of challenges. By understanding the market dynamics, valuations, and the importance of effective communication, investors and practitioners can navigate this sector successfully and contribute to the improvement of healthcare services.

As the demand for private healthcare continues to rise, there is a need for innovative solutions and strategic partnerships. Joshua's expertise and passion for the industry position him as a valuable resource for those looking to enter or navigate the private healthcare sector. With his guidance, investors and practitioners can make informed decisions and contribute to the growth and development of this thriving industry.

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