Just Say No To The DSO

The Fox in the Henhouse: Chip Fichtner, Fear, and Greed

4 September 2026 · 52:40

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Chip Fichtner

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What it is about

Bob Speil and Nate Williams open with the starfish principle—one doctor who doesn’t sell is worth the whole podcast—then analogize DSO dealmaking to Big Tobacco: a fortune in getting people hooked, almost nothing in talking them out of it. They take a highlighter to Chip Fichtner’s LPS 2025 scorecard and “just reconnect” emails, knocking the 6.75–11x EBITDA headlines down to work-backs, minority equity, and a…

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