Business Transition Services

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FINANCIAL & TAX PLANNING

Serving Businesses For Over 15 Years

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Dr. Gary Ackerman consults with health care professionals nationwide on taxation, real estate...

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Business Transition Services, Inc. was formed in 2001 from the simple idea that business owners should...

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June 30, 2016

June 21-23, Patterson Veterinary University Executive Management Course, Chapel Hill, NC

June 30, 2016

September 13-15, Patterson Veterinary University Executive Management Course, Seattle, WA

What Clients Say

Gary is also well versed in tax related strategies which are of the utmost importance when selling a practice. I highly recommend Gary and his services to all prospective sellers

As a former doctor, he has an especially valuable knowledge of the veterinary industry, what makes a practice profitable/successful, and what a potential seller can do now to make his/her practice more financially valuable in a sale situation.

I can’t express my gratitude sufficiently for your time and exchange of wisdom and experience yesterday with Dr. and her entourage. I made notes furiously as you spoke and will put the new-found knowledge to effect immediately.

I was VERY impressed with your presentation, delivery, and you conveyed a very non-selfserving presentation that was endearing. I do hope we can work together again.

I just want to say a big thank you and convey my huge desire to reciprocate this favor someday soon.

The information provided was critical to making the hard decisions that govern the amount of after-tax retiree income that my wife and I receive, as well as determining the financial legacy that we will leave behind.

BTS has “especially valuable knowledge of the veterinary industry.”

After 37 years in veterinary practice, I considered myself to be a successful clinician and a capable businessman, but I was filled with uncertainty and apprehension regarding retirement.

When presented with an opportunity to sell I became aware of how little I knew about the process.

You were the only one with your head screwed on straight throughout this entire process. On behalf of my wife and I, a big thank you!

My husband and I are more than pleased with working with you and the way things turned out. And I know he is looking forward into getting into the investment aspect now. You helped us through a stressful process (at least for me) and I appreciate all your help. Just wanted to let you know that I talked to a classmate of mine who had heard through the grapevine that I had sold the clinic. I told him about my experience with the process and how much you had helped us. I hope you get the opportunity to work with him

If it turns out that your practice, like mine was 10 years ago when I had it appraised, has low profitability, you will get much less than you think after the sale. I was shocked and really dismayed when I found out I could only get 50% of annual revenue for my four DVM practices.

His experience as a practicing veterinarian and his expertise in finance make him uniquely qualified to advise veterinarians who are actively planning their retirements, and he continues to closely follow and advise us long after the sale.

Business Transition Services, Inc. provided the critical information that I needed to negotiate the legal and financial maze associated with the sale of a veterinary practice.

A team of knowledgeable advocates with specific expertise concerning veterinary practices and asset management proved to be the answer. In my opinion, a trusted practice broker and an experienced assent manager with experience in tax mitigation were worth more than their fees in peace of mind and real savings.

You have been a great help to us in our situation, I urge you to get in touch with Gary in the meantime. He is a tremendous resource.

I understand (which seems to be less and less the case as we go through all this), and the numbers you give are correct. I would like my CPA to sign off on this, but it seems like a good plan to me.

While it is possible to navigate these waters, I found that my local accountant and attorney that had served me so well in the accumulation phase were somewhat out of their depth in the disposal phase.

Valuation of real estate and good will, fees, 1031 exchanges, financing and, perhaps most concerning, taxes were all considerations. Much of this was new territory for me.

There were many more moving parts than I expected, not the least of which being how to handle the proceeds.

Few in the USA have a broad knowledge base in taxation of business transitions and have an intimate familiarity with the business of veterinary medicine. I have found him to be a person of integrity and dedication to service.

When I added it all up, I was about to give up almost 40% of the sales proceeds on taxes. I was shocked and dismayed yet again.

Ask what taxes will be due on the sale and prepare yourself for some rough news.

Once you understand valuation AND have your practice positioned for a proper sale price, your education really begins.

Knowing how your practice is valued (everything excluding the land and building, if you own it) is ABSOLUTELY CRITICAL to avoid being underpaid.

In seminars I have attended on selling one’s practice, the speakers said begin planning the sale 5-10 years out. They were not kidding.

Most veterinarians are pretty well scooped out with the medical issues of running a practice but run under a handicap when it comes to selling a practice.

Guidance and help made the process of selling our eight-doctor practice relatively free of bumps in the road.

A team of knowledgeable advocates with specific expertise concerning veterinary practices and asset management proved to be the answer.

BTS provided the critical information that I needed to negotiate the legal and financial maze associated with the sale of a veterinary practice.

I began planning and educating myself 10 years before I actually retired. I really thought I had a good understanding of all of the moving parts involved in selling my practice. I was wrong.I highly recommend contacting Dr. Ackerman early on in your transition process so that you can be sure that you understand the “big picture.”

Dr. Gary Ackerman was instrumental in filling in all of the gaps and making the transition all come together. Not only did he have first hand experience selling a practice, but also helped guide me through all of the tax implications so that I could make better decisions.

Now that my transition is done, my husband and I continue to work with Dr. Ackerman. He is always readily accessible and continues to be a wealth of information for many of our financial decisions.

I cannot tell you how much my wife and I have appreciated Gary's expertise. He helped us defer - and for a long time - nearly $1 million in what would have otherwise been an immediate state and federal tax liability when we sold our group practice. Proceeds will be taxed as it is pulled out, so this is not tax avoidance. It may actually result in the payment of more taxes, but over a longer period of time. You get the time value of money working in your favor...not the taxing authorities...and that is the critical bottom line here.

The major impact for me is that I am now in a "work is optional" mode. To be clear, if we had not been able to tax defer to the extent that Gary's plan did, then I would have had to work another 5 years to get into the "work is optional" mode. The impact is the significant!

I should comment that I did a hell of a lot of digging on the internet before I finally found Morse Capital Partners...got lucky! I trust Gary explicitly and strongly recommend that you do too. Your choices are not complicated: either a) pay +40% in taxes at the time of closing due to the higher effective tax rate imposed upon you and then invest from there or b) defer a substantial portion and have a larger amount to invest and then pay the taxes on the growth over a long period of time at a lower effective tax rate.

Gary is extremely knowledgeable and professional. Because of this he answered our many questions with clarity and understanding. We are confident that we maximized our return on a complex transaction because of his involvement.

The market is favorable for practice sales, waiting and considering all options will not hurt.

I would be happy to answer any questions and discuss my recent experience. A very unexpected but welcome and pleasant surprise.

I do want to take a moment and comment on how happy I am with how things are going in managing the portfolio. I feel particularly lucky to have tripped across you in my search to find help!