The Dentist's L.A.S.S.T. System provides comprehensive and collaborative L.egal & A.ccounting S.olutions for S.treamlined T.ransitions ("L.A.S.S.T.").
The Dentist's L.A.S.S.T. System is the LAST system the dentist will ever need to achieve financial freedom and live the Liberty "Never Start Again" lifestyle: a lifestyle that enables you to spend every day all day doing what you love to do, so you will never work a day in your life!
How does it work?
Let's start with a quick overview of the 5 steps you will want to remember when we discuss your transition plan.
To help you remember the order in which you need to follow each step, we provide you with a Mnemonic Device - in this case, an acronym: IECCE.
Each letter stands for a word:
Each word stands for one of the 5 steps we help you take in order to ensure a smooth and profitable transition.
1. Information gathering.
Where are your practice and finances now, compared to where you want them to be?
What kind of lifestyle do you want, and how much money do you need in order to achieve financial freedom?
What strategies are you able and willing to implement, and what other information do we need to have before we can help you decide which option is best for you?
We take the time to learn about your unique needs and situation in detail, so we can create a plan that's ideal for you.
2. Evaluation of options.
As we learn about your current situation and the results that you are looking to achieve as you transition out and exit the practice, we may discuss several different options for you to consider. We will collaborate with you to evaluate each option and select the one that will enable us to create a transition plan that's ideal for you.
3. Coordination of services.
We coordinate and collaborate with all the professionals you need to optimize the value of your practice and enjoy a smooth and profitable transition, so you don't have to spend your time putting all the pieces together yourself.
This power team includes:
- Legal, accounting and financial professionals
- Business, real estate and insurance brokers
- Other dentists who collaborate with you to help the dentist to whom you're selling the practice transition into an equity position in the practice while you transition out over time and, ultimately, exit the practice
4. Construction of transition plan.
Once we've determined what you want to accomplish and how you want to achieve it, we start constructing the legal and logistical details of the plan.
We organize the legal documents you'll need, as well as an action plan with a schedule of the milestones we want to achieve and the dates on which we expect to reach them.
5. Execution of transition plan.
Once we've designed your transition plan and assembled all the professionals you need to complete it, we help you execute the transition and keep it on track from start to finish.
We manage collaboration and referrals among the various professionals and service providers who serve you, with coordinated leadership to ensure that every action supports your end goal, and management to make sure that the most important actions and strategies come first, so you can get better results in less time.
We periodically collaborate with you to provide detailed information about the status of your transition plan, what milestones you should expect to achieve, and whether we're on track to achieve them on time. As we reach each milestone together, we measure the results we've gotten, make sure all the parties involved are completely in alignment, and see if corrective action is needed to ensure that we stay on track.
In some cases, the risks and benefits of your transition plan will be shared with a Member Hedge Fund that may provide other expertise and resources to help you successfully execute your plan.
Whatever your unique transition plan entails, one thing stays the same: we will work with you every step of the way to make sure it's successful, so you can create the financial freedom, lifestyle and legacy you desire!
Let's look at the system in more detail.
The L.A.S.S.T. System begins with a consultation to discuss your options for transitioning out of your practice at your own pace, with more than double the income you would receive if you sold your practice today. We will help you to evaluate your options and see how the L.A.S.S.T. system might help you to achieve your goals.
After we have a clear understanding of your transition goals, your assigned Mediator will help you to identify a participating CPA and Lawyer who agree to collaborate with us to design and execute the transition plan that best aligns with your goals and helps you to get the money you are looking for on your ideal timetable.
We then work with your Mediator to proactively implement the Liberty Resolution Solutions ("LRS") Mediation & Transaction Facilitation Process (the "LRS Process"), which is designed to reduce the time and expense of negotiating and preparing contract documents and closing the transaction.
The LRS Process enables you to design and LIVE the lifestyle you want, both while you’re still working and after you transition completely out of your practice.
You get to determine all aspects of your transition plan.
1. How many hours you want to work.
2. When you want to start reducing your working hours.
3. When you want to stop working completely, with enough money to live comfortably and leave a legacy for future generations.
The LRS Process helps you to sell your practice for the best price and on the best possible terms. We also help you to design your ideal transition plan.
For example, do you want to sell your practice entirely, or keep partial ownership of the practice and continue to share in the profits? Either way, the LRS Process can help you to systematically evaluate competing offers and select the offer that is most aligned with your ideal transition plan.
After the sale closes and you execute your transition plan, conflicts may arise. The good news is, the LRS process enables you to collaborate with your partners and the Mediator to resolve conflict in the most practical and cost-effective manner.
This collaborative environment enables you to overcome your differences and continue to work together with a mutual commitment to helping you transition out of your practice with 2 to 3 times more money than you would get if you sold your practice today.
LRS works with both the Seller and the Buyer, enabling them to collaborate with our Mediator and their respective lawyers and accountants as needed, to facilitate negotiations in a way that enables them to reach an agreement that provides each of them with the income and lifestyle they want.
It’s never too early to get started.
Even if you aren’t looking to sell your practice for 2, 5, or even 10 years, the LRS Process will help you to maximize the value of your practice so you can start making more money NOW, and prepare a profitable transition and exit strategy that you can execute when you’re ready.
The sooner you start maximizing the value of your business, the more money you’ll get in the long run, through both collections from patients AND the eventual sale of your practice.
We can introduce you to buyers who want to pay you what your practice is worth.
We work with a dentist-owned and directed Hedge Fund, which may be interested in buying all or a portion of your practice and growing it with you in a manner that’s been systematized and proven to more than double the value of other dental practices.
In the event that you do choose to sell your practice to the Fund, the LRS Process makes the transition simple and easy by helping you to negotiate and draft most of the necessary documents for less than one-half of the legal fees that you might otherwise have to spend.
These documents may include:
1. Option to Purchase – Time of the Essence
2. Asset Purchase & Sale Agreement
3. Bill of Sale & Receipt
4. Entity Option Agreement
5. Operating Agreement
6. Contractor – Employment Agreement
7. Intellectual Property and Asset Maximization Plan to review with a L.A.S.S.T. System-Certified Accountant and Attorney
Are you ready to triple the value of your practice?
How many years ago did you start building your practice? How much time, money and energy did you invest to grow your practice to its current valuation?
Now consider the following illustration: let’s assume that your practice has a current valuation and sales price of $1M.
The L.A.S.S.T. System can help you to increase your valuation and sales price to $2M, $3M, or even more over the next 3 to 5 years. How much additional time, money and energy do you think it would take you to so dramatically increase the valuation of your practice if you didn't have a collaborative group of experts committed to helping you?
If you are interested in learning how you can reduce the time, expense and stress involved in transitioning out of your practice while increasing your return on your investment in the practice by 2-3x, let's have a conversation.
Email us at [email protected] to schedule a consultation with an LRS Mediation Consultant today! You can also call us at 631-946-0037.