Ellis and Associates

What Ellis and Associates does

Ellis and Associates LLC is a privately held, Chicago-based boutique M&A advisory firm providing sell-side representation to U.S. medical and dental practice owners. The firm is founder-led by a Managing Partner with more than 20 years of post-University of Chicago Booth experience and a cumulative track record of executing and evaluating over $2 billion in healthcare transactions across private equity, venture capital, strategic operator, and investment-banking roles.

The firm's core offering is a proprietary 5-step M&A process — Practice Readiness & Valuation, Prep for Market, Go-to-Market, Path-to-Close, and Close — delivered through seven specialty-specific service lines covering Behavioral Health, Cardiology, Dental, Dermatology, OBGYN, Oral Surgery, and Orthodontic practices. Each engagement begins with a complimentary practice valuation and follows a quote-based advisory fee structure typical of boutique sell-side mandates; the firm explicitly notes that consultations are reserved for doctor-owners.

The business is a pure professional services operation with no proprietary technology, no AI/ML components, no disclosed employees beyond the founder, and no external funding. Distribution runs through a content-driven website (specialty service pages, a Dental News blog, and a 'Stay Smart' newsletter) plus direct consultation requests and a single Chicago office serving clients nationwide. The competitive premise rests on the principal's multi-sided M&A perspective — having sat as seller, buyer, and banker — rather than on scale, technology, or network effects.

Name

Ellis and Associates

Legal name

Ellis and Associates LLC

Website

https://ellisandassociatesllc.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Ellis and Associates is a Chicago-based, founder-led boutique M&A advisory firm that provides sell-side representation to U.S. medical and dental practice owners across seven specialty verticals, using a proprietary 5-step process led by a Managing Partner with 20+ years and $2B+ in transaction experience.

Ownership category

akta.pro rank

Product category

Healthcare M&A Advisory

SIC

Services-Management Consulting Services (8742), Services-Engineering, Accounting, Research, Management (8700)

akta.pro industry

PRIMARYFSAEAGAA

Sell-Side M&A Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

SECONDARYFSAEAGAJ

Industry-Specialist / Sector-Focused M&A Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

SECONDARYBPAHAOAA

M&A Advisory (Buy-Side & Sell-Side)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

SECONDARYFSAEAGAB

Buy-Side M&A Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

SECONDARYBPAHAOAF

Fairness Opinions & Independent Financial Advice

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

Keywords

• Healthcare M&A advisory
• Medical practice sales
• Sell-side advisory
• Practice valuation
• Dental practice brokerage

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. M&A Advisory Services: The firm generates revenue through advisory fees for sell-side M&A representation of medical practice owners. Services include practice valuation, transaction preparation, buyer outreach, negotiation support, and closing assistance. Fees are likely structured as a percentage of transaction value or fixed advisory retainers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Ellis and Associates is a boutique sell-side M&A advisory firm that represents medical and dental practice owners in the sale of their businesses. The firm provides end-to-end advisory services through a proprietary 5-step process covering practice readiness and valuation, market preparation, confidential buyer outreach, negotiation of definitive agreements, and closing execution. It serves specialty segments including behavioral health, cardiology, dental, dermatology, OBGYN, oral surgery, and orthodontic practices.

Product overview

Ellis and Associates is a sell-side M&A advisory firm specializing in medical and dental practice sales. The firm offers a unified advisory service built around a 5-step M&A process: Practice Readiness & Valuation, Prep for Market, Go to Market, Path-to-Closing, and Close. This core process supports seven distinct specialty practice sale services (Behavioral Health, Cardiology, Dental, Dermatology, OBGYN, Oral Surgery, and Orthodontic), which are delivered as specialized service lines with tailored expertise for each medical specialty. Practice Valuation is offered as a foundational standalone service that feeds into the broader advisory engagement.

Differentiator

Problem solved

Functional benefit

Products and services

• 5-Step M&A Process A comprehensive sell-side M&A advisory process comprising five steps: Practice Readiness and Valuation, Prep for Market, Go to Market, Path-to-Close, and Close. Designed for medical and dental practice owners to maximize options, value, and outcomes when selling.
• Practice Valuation Rigorous practice valuation service analyzing financial performance, operational quality, growth potential, and market comparables to help practice owners understand value before testing the market. Offered as a complimentary initial engagement.
• Behavioral Health Practice Sale Advisory M&A advisory services for behavioral health, mental health, psychology, psychiatry, outpatient therapy, substance use disorder, and ABA practices, including valuation, buyer targeting, negotiation, and closing support.
• Cardiology Practice Sale Advisory M&A advisory services for cardiology and cardiovascular practices, covering valuation, buyer outreach, negotiation, and deal support with expertise in ancillary imaging, diagnostics, interventional and EP service lines, and payer relationships.
• Dental Practice Sale Advisory M&A advisory services for general and specialty dental practices, including valuation, practice preparation, buyer targeting, negotiation, and closing support for individual dentist buyers, DSOs, and private equity-backed platforms.
• Dermatology Practice Sale Advisory M&A advisory services for dermatology and aesthetic medicine practices, including valuation, buyer outreach, negotiation, and closing support for cosmetic and general dermatology practices.
• OBGYN Practice Sale Advisory M&A advisory services for obstetrics, gynecology, and women's health practices, including valuation, buyer targeting, negotiation, and closing support for hospital, physician group, or PE platform buyers.
• Oral Surgery Practice Sale Advisory M&A advisory services for oral and maxillofacial surgery practices, including valuation, buyer targeting, negotiation, and closing support with expertise in surgical case volume and referral networks.
• Orthodontic Practice Sale Advisory M&A advisory services for orthodontic and dentofacial orthopedic practices, including valuation, buyer targeting, negotiation, and closing support for OSO and DSO transactions.

Quantifiable outcome

• Practices with professional representation achieve valuations 10-40% higher than without representation.

Segments7 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• KPMG Corporate Finance: Big Four advisory practice covering healthcare M&A including physician and dental practice transactions. Competes at the larger end of the same seller market with broader service capabilities.
• Lincoln International: Global investment bank with a Healthcare Group advising on physician and dental practice transactions. A larger incumbent serving the same seller base, typically on bigger platform deals.
• Houlihan Lokey: Large global investment bank with a dedicated Healthcare Services M&A group covering physician practices, dental, and behavioral health. Competes for the same sellers but offers broader capabilities and larger platform mandates.
• William Blair: Mid-market investment bank with a healthcare services M&A practice covering physician, dental, and specialty practice transactions. Competes on larger mandates where Ellis & Associates would not typically engage.
• Deloitte Corporate Finance: Advisory arm of a Big Four firm with a healthcare M&A practice covering physician and dental practice consolidations. A broader incumbent that overlaps on larger healthcare services transactions.

Direct peers

• VERTESS: Healthcare M&A advisory firm specializing in transactions for healthcare services and behavioral health providers. Overlapping target customer (physician/dentist/behavioral health practice owners) and similar boutique sell-side positioning make it a close peer.
• Edgemont Partners: Healthcare-focused M&A advisory boutique serving a comparable mix of physician and dental practice owners. Edgemont competes head-to-head for sell-side mandates in specialties including dental, derm, and behavioral health.
• Provident Healthcare Partners: Specialist healthcare M&A advisor covering many of the same physician practice verticals including dental, behavioral health, and physician services. Directly comparable on customer profile and boutique sell-side model.
• Brentwood Capital Advisors: Healthcare-focused M&A advisory boutique with comparable sell-side coverage of physician practices and healthcare services companies. Closely matched on size, customer profile, and boutique positioning.
• Brown Gibbons Lang & Company (BGL): Independent investment bank with a dedicated healthcare and life sciences M&A practice. Targets the same physician and dental practice seller base with similar sell-side advisory services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EllisandAssoc
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ellis and Associates