Wall Street vs. Main Street: Why SDE Beats EBITDA

Founder and CEO Bill Murray explains why solo practice buyers should stop worrying about EBITDA. When you're buying a single-doctor, owner-operated business, you're not investing in a corporation—you're buying a job, a lifestyle, and steady income. That’s why Seller’s Discretionary Earnings (SDE) is the number that matters.

In this episode, Bill breaks down the difference between SDE and EBITDA—and why applying Wall Street math to a Main Street deal doesn’t work. If you're stepping into a solo doctor’s shoes, SDE tells you what the owner actually took home and what you can expect to earn. It’s the clearest picture of what you're really buying.