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Planning for the “What If’s”

Are your financial affairs in order?
That very personal question can haunt us all at one time or another. The last thing that most of us want to do is prepare for our own demise. However unsettling the topic may be, having an ultimate exit plan makes an untimely and unfortunate event much easier for loved ones that are left behind to deal with the transition of our practice.

Case in Point
One day everything is status quo, business as usual. The next day, Dr. X is suddenly no longer in the picture. In an instant, everything changed. The world that his family and staff once knew had been turned upside down. Dr. X was very private with his business affairs and preferred to handle most of them by himself. As a result, much of his financial life had to be reconstructed with forensic accounting. Bank accounts, passwords to computers and software, and accounts receivables / payables, were much more difficult to retrieve and reconstruct because he had not performed any advanced planning for that day that many of us don’t like to think about, or don’t expect.

Instead of a smooth transition following this untimely event, the practice bumbled along while everyone scrambled to try and put the pieces together in an effort to maintain some type of continuity for staff and patients. Some staff members left while others had to be let go in order to save on overhead expenses. As a result, this very successful practice that had a value of $650,000 prior to the unexpected passing of the doctor, sold for closer to $300,000, resulting in a significant loss for the heirs.

This scenario can be avoided. Although it certainly may not be the most exciting event to plan for, life for those we leave behind will be much easier to deal with if you have left with an exit plan in place.

Answering The Tough Questions
When is the last time you thought about what would happen to your practice if tomorrow you were no longer there to answer those most important questions that keep things running smoothly and profitably? What would your practice look like if you were not there? Are your financial affairs in order, just in case? Have you had a practice valuation in the last year? Do you have a written plan stored in a safe place that more than one person knows about and has access to?

Don’t put it off another day. Contact your local ADS Florida representative who can assist you in being prepared for the unexpected. We can help by providing a written practice valuation with annual updates of all practice documentation necessary for transition. We also offer a comprehensive death and disability plan that will assist your heirs in the most comprehensive manner.

Then, make time to sit with your family so they are fully informed to ensure that things will run as smoothly as possible “just in case”.

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