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Membership Substitution Transactions – Why Are They So Misunderstood? By Ken Marlow in Bond Buyer 

by Kelly McCarthy, W. Kenneth "Ken" Marlow

Published: February, 2017

Submission: February, 2017


Membership substitution transactions are the most common form of business combination transaction in the nonprofit hospital industry. They are also widely misunderstood and the source of many mistakes. Many large 501(c)(3)s have become more acquisitive as a result of economic pressures of the ACA. Nonprofit health systems have been getting much better at participating in and winning competitive sale processes, resulting in an increased use of this business combination form.







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