While healthcare on its surface seems like an industry-specific exploration to occupy these pages, the topics we cover in this issue have broad applicability to any business owner given the critical and often costly role that healthcare and its regulation play in operating a substantial business. Indeed, Brown Brothers Harriman, a private business itself, grapples with healthcare-related issues like most other companies. As a company that thrives on human capital, we are intensely focused on providing high-quality, affordable healthcare to our employees and their families. This topic is at the heart of the article in this quarter’s issue on the Affordable Care Act (ACA) and how it affects businesses and consumers. Hayley Xuereb, Ph.D., a senior equity analyst on our Core Select investment team focused on healthcare, penned this piece and provides an overview of
what business owners need to know about the ACA. 

Our feature in this edition of Owner to Owner is an interview with Stephen Thorne, Founder and CEO of Pacific Dental Services. Over the last twenty years, Mr. Thorne has built one of the largest dental practice management businesses – those that provide administrative services like accounting, marketing, etc. to dental practices – in the United States. Additionally, Tom Martin, Mark Williams, Kyle Gordon and Matt Salsbury tackle the impact of the strong dollar on the economy and credit, M&A and private equity markets in the Business Environment section. Finally, Anne Warren, a wealth planner in our Boston office, covers planning techniques that many of our clients take advantage of: grantor retained annuity trusts (GRATs) and sales of business interests to grantor trusts.