Sam Reader and Associates

Revdex.com:If he can write a testimonial that he was never told about *** *** *** *** nutrition practice from Dr *** *** when he showed him his profit and loss page, and also ** * never told him ever when they both decided to lower the original price, then I will be satisfied
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***

As stated in my previous response, it is my testimony that I was not aware of the *** *** Practice”.Disclosures are posted under the comment section of the Confidential Profile. For example, it might be disclosed that the purchase of the practice will not include the name of the practiceAnother example, the revenues from the weight loss program are not included within the revenues posted or the sale of the practice The disclosure for this practice in question reads: “Practice projected to collect $288, in 2013. Revenues include (outside) laser services for patients, which will continue forward with next ***….two *** *** ***”Question: Why would I allow for a disclosure of “revenues include (outside) laser services for patients, which will continue forward with ***. …two *** *** ***” and not disclose knowledge or revenues about *** *** Practice”?Answer: Because it was not disclosed to me that *** *** Practice” nor any possible revenues that could have been generated by *** *** Practice” was in existence There is nothing to be gained by not disclosing the facts as they are presented to me. My business of selling practices and having a top reputation among all of our shoppers/potential buyers and more importantly with all of our SBA funders over the past years could have never, would have never stood the test of time by purposefully withholding information such as revenue sources on the practices we represent.My business is funded by commissions based on the total amount of the revenues being reported, rational tells one that I would not be motivated to withhold revenue sources if I am being commissioned on those sources. The practice evaluation we perform is not a forensic accounting analysis of the books and revenue sources, but rather a simple multiple applied to the net cash flow following add backs - which are personal or non reoccurring expenses of the practice. Tax returns or profit and loss statements are received in trust at face value with the assumption that all revenues reported are from services rendered within the practice unless noted otherwise by the seller or seller accountant. For this reason we post the disclaimer: “THE SELLER HAS SUPPLIED THE ABOVE INFORMATION. AGENT HAS NOT INVESTIGATED ANY OF THE FACTS ABOVE. AGENT SUGGESTS BUYER RETAIN ATTORNEY, ACCOUNTANT, OR ANY OTHER ADVISOR TO VERIFY ALL OF THE ABOVE INFORMATION SUPPLIED BY THE SELLER.” This disclaimer is posted on several documents including the “Non Disclosure Agreement” which is signed by the potential purchaser Clearly it is the responsibility of the purchaser to seek out and hire the professionals i.eAccountants, Attorneys etcto vet the revenues and/or revenue sources prior to purchase. This is common practice among our purchasers

In response to this complaint, I was not aware of the *** ***” Practice. We also post: “The seller has supplied the above information, agent has not investigated any of the facts above. Agent suggest buyers retain attorney, accountant or any other advisor to verify all of
the above information supplied by the seller.” This disclosure is posted on each of the Confidential Profiles of the listing doctor. Every perspective buyer also signs a Confidentiality and Agency disclosure form. Again, it is stated: “Buyer is aware that the seller has supplied the information to S G Reader & Associates, Inc shown on the Confidentiality Form and/or complete Practice Profile and all other information that will be supplied for further due diligence by the buyer. Buyer is aware that S G Reader and Associates, Inchas not investigated any of the facts provided by the seller. S G Reader and Associates, Inc suggest buyer retain attorney, accountant or any other advisor to verify all of the information supplied by the seller. Buyer will hold S G Reader and Associates, Inc harmless pertaining to any and all clinic information being presented, be it accurate and/or inaccurate. Buyer and/or his/her counsel assumes all responsibility.”It is unfortunate that this particular purchaser chose not to retain and/or pursue due diligence as most of the purchasers do, and that is to retain professionals to assist in a thorough due diligence. I am aware that this particular purchaser had placed a call into a leading national practice advisor - after the fact. In essence, the practice advisor had shared (in so many words) with this purchaser that he had made a fatal error in not seeking and/or retaining the services of a professional to assist in the due diligence.The above stated disclosure information is our policy. It is posted and disclosed on many of our documents. It is also in the Purchase Sale Agreements. We have an intelligence based clientele - above average when it comes to understanding the risk factor that comes when purchasing a practice. This intelligence based clientele also understands that going outside the recommended hiring of professionals to assist in due diligence will result in a higher risk. Fortunately for us the majority of our clientele choose to seek the proper assistance when doing their due diligence so that these types of situations do not occur. As a result, we have been able to maintain a high performance record of buyer’s satisfaction and an impeccable reputation leading the industry over the past twenty-two years

If he can write a testimonial that he was never told about [redacted] nutrition practice from Dr [redacted] when he showed him his profit and loss page, and also [redacted] never told him ever when they both decided to lower the original price, then I will be satisfied.

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Regards,

In response to this complaint, I was not aware of the [redacted]” Practice.  We also post: “The seller has supplied the above information, agent has not investigated any of the facts above.  Agent suggest buyers retain attorney, accountant or any other advisor to verify...

all of the above information supplied by the seller.”  This disclosure is posted on each of the Confidential Profiles of the listing doctor. Every perspective buyer also signs a Confidentiality and Agency disclosure form.  Again, it is stated: “Buyer is aware that the seller has supplied the information to S G Reader & Associates, Inc shown on the Confidentiality Form and/or complete Practice Profile and all other information that will be supplied for further due diligence by the buyer.  Buyer is aware that S G Reader and Associates, Inc. has not investigated any of the facts provided by the seller.  S G Reader and Associates, Inc suggest buyer retain attorney, accountant or any other advisor to verify all of the information supplied by the seller.  Buyer will hold S G Reader and Associates, Inc harmless pertaining to any and all clinic information being presented, be it accurate and/or inaccurate.  Buyer and/or his/her counsel assumes all responsibility.”It is unfortunate that this particular purchaser chose not to retain and/or pursue due diligence as most of the purchasers do, and that is to retain professionals to assist in a thorough due diligence.  I am aware that this particular purchaser had placed a call into a leading national practice advisor - after the fact.  In essence, the practice advisor had shared (in so many words) with this purchaser that he had made a fatal error in not seeking and/or retaining the services of a professional to assist in the due diligence.The above stated disclosure information is our policy.  It is posted and disclosed on many of our documents.  It is also in the Purchase Sale Agreements.  We have an intelligence based clientele - above average when it comes to understanding the risk factor that comes when purchasing a practice.  This intelligence based clientele also understands that going outside the recommended hiring of professionals to assist in due diligence will result in a higher risk.  Fortunately for us the majority of our clientele choose to seek the proper assistance when doing their due diligence so that these types of situations do not occur.  As a result, we have been able to maintain a high performance record of buyer’s satisfaction and an impeccable reputation leading the industry over the past twenty-two years.

As stated in my previous response, it is my testimony that I was not aware of the [redacted] Practice”.Disclosures are posted under the comment section of the Confidential Profile.  For example, it might be disclosed that the purchase of the practice will not include the name of the practice. Another example, the revenues from the weight loss program are not included within the revenues posted or the sale of the practice.  The disclosure for this practice in question reads: “Practice projected to collect $288, 000.00 in 2013.  Revenues include (outside) laser services for patients, which will continue forward with next [redacted]….two [redacted]”Question: Why would I allow for a disclosure of “revenues include (outside) laser services for patients, which will continue forward with [redacted].  …two [redacted]” and not disclose knowledge or revenues about [redacted] Practice”?Answer:  Because it was not disclosed to me that  [redacted] Practice” nor any possible revenues that could have been generated by [redacted] Practice” was in existence.  There is nothing to be gained by not disclosing the facts as they are presented to me.  My business of selling practices and having a top reputation among all of our shoppers/potential buyers and more importantly with all of our SBA funders over the past 22 years could have never, would have never stood the test of time by purposefully withholding information such as revenue sources on the practices we represent.My business is funded by commissions based on the total amount of the revenues being reported, rational tells one that I would not be motivated to withhold revenue sources if I am being commissioned on those sources.   The practice evaluation we perform is not a forensic accounting analysis of the books and revenue sources, but rather a simple multiple applied to the net cash flow following add backs -  which are personal or non reoccurring expenses of the practice.  Tax returns or profit and loss statements are received in trust at face value with the assumption that all revenues reported are from services rendered within the practice unless noted otherwise by the seller or seller accountant.  For this reason we post the disclaimer: “THE SELLER HAS SUPPLIED THE ABOVE INFORMATION.  AGENT HAS NOT INVESTIGATED ANY OF THE FACTS ABOVE.  AGENT SUGGESTS BUYER RETAIN ATTORNEY, ACCOUNTANT, OR ANY OTHER ADVISOR TO VERIFY ALL OF THE ABOVE INFORMATION SUPPLIED BY THE SELLER.”  This disclaimer is posted on several documents including the  “Non Disclosure Agreement” which is signed by the potential purchaser.  Clearly it is the responsibility of the purchaser to seek out and hire the professionals i.e. Accountants, Attorneys etc. to vet the revenues and/or revenue sources prior to purchase.  This is common practice among our purchasers.

Review: He misrepresented a business he sold to me. He failed to deduct an aspect of a Chiropractic business called [redacted]. And claims he did not know about it, and the old owner claims that he told Sam about his [redacted] practice. Sam was suppose to itemize it out to deduct it from the gross profit. He has sold many healthcare practices and chiropractic with [redacted] combo practices. So he knows that if a DC is not selling his/her [redacted] and only the chiropractic business, he suppose to deduct the [redacted] business out of the gross profit. Also he never verified $94000 files were already closed. They were worth $0. A closed file is worth nothing.Desired Settlement: I may sue him for $115000.00, which is the cost of the chiropractic practice.

Business

Response:

In response to this complaint, I was not aware of the [redacted]” Practice. We also post: “The seller has supplied the above information, agent has not investigated any of the facts above. Agent suggest buyers retain attorney, accountant or any other advisor to verify all of the above information supplied by the seller.” This disclosure is posted on each of the Confidential Profiles of the listing doctor. Every perspective buyer also signs a Confidentiality and Agency disclosure form. Again, it is stated: “Buyer is aware that the seller has supplied the information to S G Reader & Associates, Inc shown on the Confidentiality Form and/or complete Practice Profile and all other information that will be supplied for further due diligence by the buyer. Buyer is aware that S G Reader and Associates, Inc. has not investigated any of the facts provided by the seller. S G Reader and Associates, Inc suggest buyer retain attorney, accountant or any other advisor to verify all of the information supplied by the seller. Buyer will hold S G Reader and Associates, Inc harmless pertaining to any and all clinic information being presented, be it accurate and/or inaccurate. Buyer and/or his/her counsel assumes all responsibility.”It is unfortunate that this particular purchaser chose not to retain and/or pursue due diligence as most of the purchasers do, and that is to retain professionals to assist in a thorough due diligence. I am aware that this particular purchaser had placed a call into a leading national practice advisor - after the fact. In essence, the practice advisor had shared (in so many words) with this purchaser that he had made a fatal error in not seeking and/or retaining the services of a professional to assist in the due diligence.The above stated disclosure information is our policy. It is posted and disclosed on many of our documents. It is also in the Purchase Sale Agreements. We have an intelligence based clientele - above average when it comes to understanding the risk factor that comes when purchasing a practice. This intelligence based clientele also understands that going outside the recommended hiring of professionals to assist in due diligence will result in a higher risk. Fortunately for us the majority of our clientele choose to seek the proper assistance when doing their due diligence so that these types of situations do not occur. As a result, we have been able to maintain a high performance record of buyer’s satisfaction and an impeccable reputation leading the industry over the past twenty-two years.

Consumer

Response:

If he can write a testimonial that he was never told about [redacted] nutrition practice from Dr [redacted] when he showed him his profit and loss page, and also [redacted] never told him ever when they both decided to lower the original price, then I will be satisfied.

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Regards,

Business

Response:

As stated in my previous response, it is my testimony that I was not aware of the [redacted] Practice”.Disclosures are posted under the comment section of the Confidential Profile. For example, it might be disclosed that the purchase of the practice will not include the name of the practice. Another example, the revenues from the weight loss program are not included within the revenues posted or the sale of the practice. The disclosure for this practice in question reads: “Practice projected to collect $288, 000.00 in 2013. Revenues include (outside) laser services for patients, which will continue forward with next [redacted]….two [redacted]”Question: Why would I allow for a disclosure of “revenues include (outside) laser services for patients, which will continue forward with [redacted]. …two [redacted]” and not disclose knowledge or revenues about [redacted] Practice”?Answer: Because it was not disclosed to me that [redacted] Practice” nor any possible revenues that could have been generated by [redacted] Practice” was in existence. There is nothing to be gained by not disclosing the facts as they are presented to me. My business of selling practices and having a top reputation among all of our shoppers/potential buyers and more importantly with all of our SBA funders over the past 22 years could have never, would have never stood the test of time by purposefully withholding information such as revenue sources on the practices we represent.My business is funded by commissions based on the total amount of the revenues being reported, rational tells one that I would not be motivated to withhold revenue sources if I am being commissioned on those sources. The practice evaluation we perform is not a forensic accounting analysis of the books and revenue sources, but rather a simple multiple applied to the net cash flow following add backs - which are personal or non reoccurring expenses of the practice. Tax returns or profit and loss statements are received in trust at face value with the assumption that all revenues reported are from services rendered within the practice unless noted otherwise by the seller or seller accountant. For this reason we post the disclaimer: “THE SELLER HAS SUPPLIED THE ABOVE INFORMATION. AGENT HAS NOT INVESTIGATED ANY OF THE FACTS ABOVE. AGENT SUGGESTS BUYER RETAIN ATTORNEY, ACCOUNTANT, OR ANY OTHER ADVISOR TO VERIFY ALL OF THE ABOVE INFORMATION SUPPLIED BY THE SELLER.” This disclaimer is posted on several documents including the “Non Disclosure Agreement” which is signed by the potential purchaser. Clearly it is the responsibility of the purchaser to seek out and hire the professionals i.e. Accountants, Attorneys etc. to vet the revenues and/or revenue sources prior to purchase. This is common practice among our purchasers.