Finding a Capital Partner for a Healthcare Services and Technology Company

Tom Jacobs is the Founder and Board Partner at Avanza + MedHQ, which provides outpatient advisory services and administrative solutions to the healthcare industry. Under his leadership, MedHQ expanded its service offerings and partnered with Avanza Healthcare Strategies to bring outpatient advisory expertise to hospitals, physicians, and ASCs nationwide. Tom also has experience as an ASC Administrator. Michael Condron is the Managing Partner at Newport LLC, a national business advisory firm that helps privately held businesses accelerate growth, improve profitability, and prepare for successful exits. Before joining Newport, he was the COO and President of CorSolutions Medical, Inc., where he helped guide the company through major growth and a successful sale. Michael also served as CEO of CareGuide, Inc. and founded a strategic counseling firm focused on healthcare consulting, mergers, acquisitions, and divestitures. Here’s a glimpse of what you’ll learn: • [0:00] Introduction • [2:31] Tom Jacobs explains how he got started with MedHQ through a surgery center management opportunity • [4:33] What the first five years of building MedHQ taught Tom about finding a market and generating qualified leads • [6:05] How Tom chose MedHQ’s early hires and built a leadership team around accounting and HR expertise • [11:13] The key turning points in MedHQ’s growth • [19:33] Tom’s long-term vision for MedHQ and how partnering with 424 Capital became a major step in expanding the company • [23:26] How Newport LLC helped professionalize MedHQ’s path to market • [33:55] Michael Condron shares how he met Tom Jacobs and began working with MedHQ through Newport’s network • [37:16] The triggers that showed MedHQ was ready to explore exit options and capital partners • [42:13] Why Michael advises business owners to work with a trusted advisor before entering the M&A process • [48:30] Advice for founders preparing for life after a transaction In this episode… Building a company often means learning how to recognize the moments when growth needs a new kind of support. For many founders, the challenge is not just creating value, but understanding when to bring in the right people, systems, and partners to help carry that value forward. How can leaders prepare for that next stage without losing sight of the mission that got them there? Healthcare operations expert Tom Jacobs spent years searching for the right entrepreneurial opportunity before stepping into a business serving ambulatory surgery centers with essential back-office support. As the business matured, Tom learned to hire people stronger than himself in critical areas, stay ahead of technology, and turn regulatory complexity into a chance to become a trusted resource for clients. When the time came to consider a capital partner, strategic advisor Michael Condron’s perspective helped frame the process not as a quick exit but as a thoughtful next chapter built around fit, preparation, founder goals, and the company’s future growth. In this episode of Growth + Exit, Heather Bennett sits down with Tom Jacobs of Avanza + MedHQ and Michael Condron of Newport LLC to discuss preparing a founder-led business for growth, capital partnership, and exit. In separate interviews, Tom and Michael explore MedHQ’s early growth, the decision to seek a capital partner, and how founders can prepare for life after a transaction. Resources mentioned in this episode: • Susan Kearney on LinkedIn -   / susanpkearney   • Heather Bennett on LinkedIn -   / heather-h-bennett   • Newport LLC - https://newportllc.com/ • Inc. 2025 Power Partner Awards - https://www.inc.com/power-partner-awards • Tom Jacobs on LinkedIn -   / thomashjacobs   • Avanza + MedHQ - https://medhq.com/ • Michael Condron: LinkedIn -   / michaeljcondron   | Newport Profile - https://newportllc.com/partner/michae... • 424 Capital - https://424capital.com/ • Joe Denis Profile on Newport - https://newportllc.com/partner/joe-denis • Fred Fink - https://newportllc.com/partner/freder... • The Five Dysfunctions of a Team: A Leadership Fable by Patrick M. Lencioni - https://www.amazon.com/Five-Dysfuncti... Sponsor for this episode... This episode is brought to you by Newport LLC, a national business advisory firm. Newport is a team of over 50 seasoned C-suite executives who have founded, built, bought, and sold businesses. We help CEOs of privately held companies achieve exceptional value quickly and with less risk. We use our proprietary Value Acceleration Program — a set of research-based tools and methodologies — to help growth-stage businesses build and sustain value. To work with us, visit https://newportllc.com/. Powered by Rise25 Podcast Production Company - https://rise25.com/