Dermatology & Aesthetics M&A Market Update with Special Guest, Dana Jacoby

Despite broader headwinds across healthcare M&A, dermatology and aesthetics continue to attract buyer interest, particularly for high-quality practices with durable earnings, strong provider teams, and solid operational infrastructure. In this episode, Clint Bundy and Drew Thomas are joined by Dana Jacoby, founder and CEO of Vector Medical Group, and Jordan Frickles, director at Bundy Group, for a timely look at the current market.

The conversation explores the factors shaping transaction activity, including succession planning, reimbursement uncertainty, evolving state and federal scrutiny of private equity and MSO structures, and a more demanding diligence environment. Dana and Jordan also discuss what buyers are prioritizing today and why strong practices can still command compelling valuations even as the path to closing becomes more complex.

The group also draws on recent transaction experience, including Bundy Group's Catskill Dermatology deal, to explain how deal structures are adapting to perceived risk. The episode closes with practical guidance for practice owners: prepare early, strengthen the provider bench, build transferable operations, and work with advisors who understand the specialty and the changing healthcare M&A landscape.

Key Topics

• Why dermatology and aesthetics have remained active despite broader healthcare M&A headwinds
• Succession planning and the growing number of established practice owners considering their next chapter
• The impact of state-level regulation and proposed federal oversight of private equity-backed healthcare transactions
• How reimbursement uncertainty is affecting buyer and seller decision-making
• The three core drivers of value: financial performance, provider bench depth, and operational infrastructure
• Why transferability and reduced owner dependency matter to buyers
• How extended diligence and more sophisticated deal structures are changing the path to closing
  Lessons from the recent Catskill Dermatology transaction
• Why owners should begin preparing years before a potential sale
  

Key Takeaway

A strong market opportunity does not eliminate the need for preparation. Buyers are still willing to pay for high-quality dermatology and aesthetics practices, but they are examining risk more closely and taking longer to complete diligence. Owners who build a transferable practice, reduce key-person dependency, and strengthen their financial and operational systems well in advance can create greater flexibility and value when the time comes to consider a transaction.