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NOW PLAYING: Confidentiality

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Confidentiality, I know John is always an issue when a practice is listed for sale, how do you manage this aspect?

Well, with my four sales people, what we do is we get a confidentiality agreement signed by the buyer so that he is not going to divulge the information we get in the tax forms, information about the practice that it is between the buyer and the seller. Then after the offer is accepted, then we can proceed with an accepted offer, then we go with our first draft with our buy-sell agreement and then continue on the sale, but primarily we want to make sure that the patients, they won’t know about the sales until we completed it, and the staff after we have an accepted buyer and after the bank has approved the buyer, then we feel comfortable in telling the staff, say “Okay staff, here is your potential new buyer”, we usually have them take the staff out to lunch and make sure they get together because basically what we are to is, a lot of people don’t think about it, but we are match makers. We try to put the buyer and the seller together that their personality matches with the seller in that way, he is going to be successful, the staff is going to love him, so the staff is going to be able to do the transition from the seller to the new buyer.

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