The death of a family member is perhaps the most painful experience anyone can endure…
This is particularly true when a dental specialist dies. The unfortunate reality is that with the passing of a dental specialist, the timeliness of the practice sale is crucial in maintaining the practice value. Unlike restorative practices, there is little or no availability of specialist locum tennens to help maintain a specialty practice’s production or referral base. Additionally, the emergency nature of many specialty procedures requires a specialist’s immediate attention. Referring offices are unable to ask their emergency patients to wait on treatment while a transition occurs, and must refer them elsewhere. Over a very short period of time, the referral base will dwindle and the practice value will plummet.
Preparing the deceased doctors practice for sale is a terrible burden to add to the already stressed and grieving survivors who have no idea what information to collect or where to look. They feel helpless at this moment and don’t know where to turn for professional help. Confusion grows and ultimately rules the moment when rational thinking and decisiveness are most necessary to protect the significant and hard-earned equity remaining in the deceased doctor’s practice. It is little wonder that many valuable practices of deceased specialists are sold at fire sale prices, if indeed they are sold at all!
Phase II offers the Prepared Practice Program as a solution to the frustration, confusion and loss of value that traditionally occurs when a specialist dies. And the best news is that it is free*.
The Prepared Practice Program is simple. Our kit will provide you with a Practice Appraisal Application which lists the items and information required for a practice appraisal. There is a Sales Consulting Agreement authorizing us to sell the practice. Simply complete the application and gather the requested materials and put them in an envelope. You may send the information to us for safekeeping (no action will be taken by us unless authorized by you or your family). Or if you prefer, keep the envelope and instruct your spouse or other responsible party to put the envelope in the mail in the event that anything should happen to you. You may also feel free to send the information to any other broker you may trust or have a relationship with. The important thing is that you are protected.
If you notify Phase II that you have taken advantage of this service, we will notify you annually to update your information. In the event that anything should happen to you, it is critical to have current up-to-date information to achieve the best possible results for your family.
If anything should happen to you, from the time Phase II is notified and receives your information we will perform the practice appraisal and work to obtain the best sales price for your estate.
Completing the initial application will take time and effort. You will quickly appreciate just how important it is that you and your staff are able to gather the information rather that your survivors. Your annual updating of information, however, will be much quicker and easier than your initial application.
While the Prepared Practice Program is free,* in the event that anything should happen to you and your family engages Phase II to provide appraisal and brokerage services, our normal fees for those services would apply. These fees are outlined in the Sales Consulting Agreement.
Also, if you wish to learn the value and marketability of your practice today, you may send your completed information to Phase II and we will provide you with a current practice appraisal for our normal appraisal fee. Besides learning the value of your practice, we will discuss your practice management efficiency, fees, and areas for improvement. This is a very valuable tool for your future transition planning and can be updated annually for a small fee.
A small investment of your time today can pay tremendous dividends – potentially hundreds of thousands of dollars – for your family later. The Prepared Practice Program is the easiest and most effective approach you can take to protect one of your most valuable assets. Contact us to learn how to do this for your own practice.