A Dedicated M&A Firm for Behavioral Health
Built by business owners who have been through the process — and built specifically for behavioral health.
Why Behavioral Health Needed Its Own Firm
Behavioral health practices are not like most businesses on the M&A market. The operational, regulatory, and clinical complexity embedded in these transactions — payer credentialing, HIPAA compliance, Medicaid/Medicare enrollment, clinical licensure, and CPOM restrictions — requires advisors who understand the sector, not generalists who treat it like any other service business.
Dave Carlson and Matt Lowd co-founded SeaRidge Advisory after going through the M&A process themselves — as sellers, not just advisors. That firsthand experience shapes how BHBB works: we know what owners need to hear, what they’re afraid of, and what actually matters when a deal is being negotiated.
BHBB was built because behavioral health deserved a firm that treats these transactions with the depth and specificity they require. That’s why we exist.
What BHBB Is — and Why We Built It This Way
BHBB is the behavioral health M&A vertical of SeaRidge Advisory — a multi-vertical advisory firm that operates dedicated practices across specific industries rather than dividing advisor attention across unrelated markets. The vertical structure exists because buyers, deal dynamics, and regulatory environments differ enough between industries that generalist advice is frequently the wrong advice.
Behavioral health is one of the most complex categories in lower middle market M&A. Payer credentialing, HIPAA compliance, Medicaid/Medicare enrollment transfers, clinical licensure continuity, and CPOM restrictions all interact with deal structure in ways that generalist advisors miss. BHBB was built to be the firm that doesn’t miss them.
We represent behavioral health practice owners across the full sub-vertical spectrum — ABA therapy, mental health, psychiatry, addiction treatment, eating disorder programs, counseling centers, and group practices — in transactions from $1M to $50M. Every engagement is on the seller’s side of the table.
The Advisors Behind BHBB
What makes BHBB different starts here: both advisors have built and sold their own businesses. They know what it’s like to be the seller — not just the advisor.
Dave Carlson
Co-Founder, SeaRidge AdvisoryBefore advising on M&A transactions, Dave built, scaled, and sold his own health and wellness company. He sat across the table from buyers and advisors, went through diligence, and negotiated a close — giving him direct, first-hand insight into what practice owners experience when they decide to exit.
That experience shaped SeaRidge Advisory and every brand within it, including BHBB. Dave co-founded SeaRidge because he saw how much better the brokerage industry could serve owners — and built the firm he wished had existed when he was the seller.
IBBA MemberCABB MemberMatt Lowd
Co-Founder, SeaRidge AdvisoryPrior to co-founding SeaRidge, Matt served as COO of a medical manufacturing company — and helped lead its successful seven-figure exit. Having been on the seller’s side of a transaction, he brings first-hand understanding of the financial, operational, and emotional complexity that business owners face when preparing to close.
Matt specializes in valuations and deal structuring, with a keen focus on financials and the terms that create the best outcomes for sellers.
IBBA MemberCABB MemberHow We Work
These aren’t positioning statements. They’re the commitments that shape how every engagement runs.
Confidentiality Is a Discipline
Blind profiles, NDA before every disclosure, staged information release, coordinated staff and patient notification. An accidental reveal before a transaction is imminent is a professional failure. We don’t make it.
Clinical Continuity Is an Obligation
A behavioral health practice sale doesn’t end with a wire transfer. The transition plan — how care continues, when staff are told, how the practice holds together through close — is part of every deal we work on. Not an afterthought.
Specialization Over Scale
We represent behavioral health practices. Depth in one market produces better outcomes than breadth across many. That is a structural choice, and we don’t deviate from it.
Preparation Over Speed
We prepare practices — financially, operationally, narratively — because prepared sellers get better outcomes. A practice that holds up in diligence negotiates from strength.
The Seller’s Side, Always
We do not represent buyers. BHBB works exclusively on behalf of sellers — success fee only. Our interests are aligned with the owner, not balanced against a buyer relationship we also want to protect.
Success Fee Only
No retainers. No listing fees. BHBB earns only when you close. That means we’re incentivized to find the right buyer at the right price — not to list quickly and move on.
How BHBB Compares to a General Business Broker
Generalist business brokers work across industries because the business model rewards volume over depth. BHBB is structured the opposite way — built around a single market. The difference shows up at valuation accuracy and diligence management.
| What a General Broker Brings | What BHBB Brings |
|---|---|
| Business sale experience | Behavioral health M&A experience |
| Generic buyer network | Vetted behavioral health buyer network |
| Standard financial analysis | Sub-vertical-calibrated valuation |
| Basic NDA and confidentiality | Structured clinical confidentiality protocol |
| Standard diligence coordination | Clinical, credentialing, and regulatory diligence management |
| Success fee — may have listing fees | Success fee only — no retainers, no listing fees |
About BHBB: Common Questions
BHBB functions as an M&A advisor. A traditional business broker facilitates a sale. An M&A advisor manages deal structure, buyer positioning, diligence coordination, and negotiation strategy from initial valuation through close — which is especially important in behavioral health transactions where clinical and regulatory complexity is embedded in every stage.
BHBB is the behavioral health vertical of SeaRidge Advisory, a multi-vertical M&A advisory firm that operates dedicated brands across specific industries. SeaRidge’s vertical structure ensures that each client works with advisors who specialize in their market. BHBB was built specifically for behavioral health and operates exclusively in this category.
BHBB is led by Dave Carlson and Matt Lowd, both Managing Directors of SeaRidge Advisory. Dave built and sold his own health and wellness company before co-founding SeaRidge — giving him direct experience as a seller. Matt served as COO of a medical manufacturing company and helped lead its seven-figure exit. Both are members of IBBA and CABB.
BHBB represents behavioral health practices with transaction values from $1M to $50M. Practice size affects the buyer pool and deal structure — not whether BHBB can represent the engagement. Owner-operated single-location practices and multi-site group operations are both within our scope.
BHBB represents sellers exclusively. We do not take dual-representation engagements and do not represent buyers in transactions where we represent the seller. Our advisory orientation is singular — every engagement is on the seller’s side of the table.
BHBB works on a success fee basis only. There are no retainers and no listing fees. BHBB earns when you close — which means our incentives are fully aligned with achieving the best possible outcome for you as the seller.
Dave Carlson and Matt Lowd are both members of the International Business Brokers Association (IBBA) and the California Association of Business Brokers (CABB). Both have first-hand experience as business owners who have navigated the M&A process from the seller’s perspective.
BHBB represents behavioral health practice owners nationwide. State-specific factors — including clinical licensure transfer requirements, Medicaid/Medicare credentialing, and applicable regulatory approvals — vary by jurisdiction and are incorporated into every engagement regardless of where the practice operates.
Ready to Learn What Your Practice Is Worth?
Whether you’re actively considering a sale or just beginning to understand your options, the right place to start is a confidential valuation. No pressure, no commitment — just clarity on what your practice is worth.