By Diwakar Sinha

If you’re leading a DSO or MSO, you’ve likely been watching the market closely. After a few years of volatility, the environment is shifting, and 2026 is shaping up to be a strong window for founders considering a transaction.

But here’s the reality: if you want to go to market in 2026, you need to start preparing now. The difference between a good outcome and a great one is how early and how well you prepare.

Why 2026 Matters

The capital environment is improving. Buyers are re-engaging. Strategic acquirers and private equity firms are actively looking for platforms that are ready to scale. But they’re being selective, and they’re moving fast.

Valuations are holding for the right businesses. If you’ve built a scalable, efficient, and well-run organization, you’re in a strong position. But buyers aren’t just looking at your numbers, they’re evaluating your systems, your leadership, your growth story, and your readiness to integrate.

That’s why the work starts now.

The Founder’s Checklist: What to Do Now to Be Ready for 2026

1. Get a clear, honest assessment of your business. Start with a deep operational and financial review. Understand where your EBITDA really sits, not just what your P&L says. Identify inefficiencies, margin opportunities, and areas where your story needs to be tightened. This isn’t about dressing up the business; it’s about knowing what you’re taking to market.

2. Recast your financials with precision. Buyers will scrutinize every line of your financials. You need to be ready with a clean, defensible EBITDA that reflects the true earning power of your business. That means identifying legitimate add-backs, normalizing expenses, and preparing for a quality of earnings review before a buyer ever sees your numbers.

3. Build your narrative. What makes your platform different? Why are you winning in your market? What’s your growth strategy post-transaction? Buyers want to see a clear, compelling story not just a spreadsheet. We help founders craft a narrative that resonates with both strategic and financial buyers.

4. Prepare for diligence before you go to the market. Diligence isn’t just a checklist it’s a stress test. If you’re scrambling to find documents or explain inconsistencies, you lose leverage. We help you build a data room that’s airtight, anticipate buyer questions, and eliminate surprises before they happen.

5. Understand your buyer universe. Not all buyers are created equal. Some will offer a higher price but a worse structure. Others may align better with your culture and long-term goals. We help you map the landscape, understand who’s active, and position your business to attract the right kind of attention.

6. Focus on structure, not just price. The biggest mistake founders make is chasing the highest headline number. But the real value is in the structure earnouts, equity rollovers, governance rights, and post-close roles. We help you negotiate terms that protect your upside, reduce your risk, and preserve your legacy.

7. Build your internal team’s readiness. Your leadership team will be part of the diligence process. They need to be aligned, informed, and ready to engage. We work with founders to prepare their teams, not just for the transaction, but for what comes after.

Why You Need to Engage Now

If you want to go to market in 2026, Q4 2025 and early Q1 2026 are your prep window. That’s when we do the heavy lifting, the diagnostics, the positioning, the financial cleanup, and the strategic planning. Waiting until mid-2026 means you’ll be behind the curve, competing with better-prepared sellers in a crowded market.

At Polaris, we’re not just bankers. We’re operators. We’ve built, scaled, and sold healthcare businesses. We know what buyers look for and we know how to help founders show up with clarity, confidence, and control.

2026 is your window. But the work starts now.

Let’s connect and help us build your legacy.