Capital and IC
Shareable reference
Underwrite only the margin proved on one site over a full cycle, then a written gate before add-on capital.
Share: https://meridian.keyteller.com/use-cases/portfolio-company-playbook
A practical example
Atlas Dental owns 14 practices. The fund model takes 300-500 bps of margin from one scheduling and coding layer already live at the platform. Next four add-ons are in LOI. The desk sits the work: scheduling lives in phone trees and one office manager per site. Coding data is not in a form a second practice can reuse. Underwrite only the margin proved on one site over a full billing cycle, then a written gate: no add-on capital until that site holds the margin without the original manager.
What you leave with. A playbook with common gates, local ownership, and a one-site proof before add-ons.
Not this. A four-hour integration deck or a vendor demo of scheduling software. Calendar for this class of work is measured in weeks, not hours.
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