Orthotown April 2020 - 64

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Retain a company experienced in practice valuations to confirm
value, and work with your advisers to estimate your tax liability
from the sale.
Prepare a letter of instruction with key information relative to the
practice to include with your will in the event of the unexpected.
Get a professional practice management practice analysis to show
how you may increase the value of your practice and improve your
profits, as well as streamline office procedures and operations.
Determine whether it makes sense to upgrade to new, updated
equipment and technology.
Spruce up the office-new paint, wallpaper, carpet, etc.
Confirm your fees and compensation structure are in line with
the local market and industry standards. (Inflated employee
compensation rates will dictate a reduced sale price, and buyers
may not want to retain any overpaid employees.)
Review your website to ensure you're using it most effectively.
Review your office lease, and possibly renegotiate a longer-term
and favorable assignment clause. (Buyer usually gets a better deal
by assuming an existing lease.)
If you are overstaffed, reduce your staffing level so the percentage
of wages falls within the accepted guidelines.

3-5 years before the sale
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64

Do not pay personal expenses through the practice, particularly
as you approach three years before a sale. Although experienced
valuators may "add back" seemingly personal expenses to profit,
most buyers and lenders become skeptical if there are too many
add-backs.
Terminate low-profit insurance participation plans, which will
increase your bottom line if you have a busy practice.
If you own the real estate, do not sell it during this time period.
Adding a third party is not suggested. A real estate investor landlord
has the potential to negatively affect the sale price for your assets.
Many buyers will want to acquire the real estate with the practice
assets. If you do not sell to the buyer of the practice assets, hold the
real estate for an additional three to five years after the practice sale
to generate some additional revenue or to spread out the tax burden.
Similar to before:
° Confirm your fees and compensation structure are in line
with the local market and industry standards.
° Review your website and SEO protocols to ensure you're
using them most effectively.
° Review your office lease and possibly renegotiate a longer-term
and favorable assignment clause.

APRIL 2020 // orthotown.com

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3/26/20 11:49 AM



http://www.orthotown.com

Orthotown April 2020

Table of Contents for the Digital Edition of Orthotown April 2020

Orthotown April 2020 - Intro
Orthotown April 2020 - Cover1
Orthotown April 2020 - Cover2
Orthotown April 2020 - 1
Orthotown April 2020 - 2
Orthotown April 2020 - 3
Orthotown April 2020 - 4
Orthotown April 2020 - 5
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Orthotown April 2020 - 64
Orthotown April 2020 - 65
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Orthotown April 2020 - 70
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Orthotown April 2020 - 72
Orthotown April 2020 - Cover3
Orthotown April 2020 - Cover4
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