Succession Planning

In the event of terminal illness, incapacitation or death it is crucial that you have a detailed practice plan on how and with whom your practice should be sold. Having all the necessary documents needed by the business broker ready in advance will not only result in avoiding delays in gathering all the information but it will also be a relief to your heirs and successor trustee that they are acting according to your wishes. Any delays in selling a practice without an active owner could result in significant decrease in the value of the practice.

Siavosh "Sam" Ardalan the broker/owner of Red Hot Properties (Practice Sales) and CPA Buy and Sell personally will handle the sale himself, and at this time offers a unique service to gather and organize all the necessary documents and also do a valuation of the current value of the practice. Each practice is unique, below is the most common documents needed:

1. Company/broker non-disclosure agreement
2. Practice information/fact sheet
3. Seller's disclosure statement
4. 3 years profit and loss statement & tax returns
5. Balance Sheet
6. Copy of lease and all amendments
7. List of all equipment and furniture & inventory
8. List of employees and independent contractor
9. List of all vendors and suppliers
10. Customer/client list
11. Website, email, and social media information and passwords
12. All utilities account numbers and contact information
13. Software and software licenses
14. CPA/bookkeeping and payroll contact information
15. Copy of all licenses & fictitious practice name statement
16. Insurance policies
17. Patents and/or trade secrets (where they are kept)
18. Bank account information
19. Corporate books and records
20. Broker's current valuation of the practice

The fee for this service is currently $3,000. However, since you were referred the fee will be only $1,500, which includes the practice valuation as well. This fee will also be fully refunded/credited back to you in escrow upon sale of the practice. Please contact us as soon as possible to schedule a complimentary Consultation