What’s your practice worth if you’re no longer able to run it?
In a word, “nothing”. It’s a fact that a sole practitioner’s practice will rapidly deteriorate within one month if you’re suddenly disabled from an accident or health problems – or if you die. It makes sense. Your clients want the financial security and stability you provide. When you’re not there, they will find someone else. Quickly.
You’ve spent years building your practice – shouldn’t it be worth something if you are disabled, die, or want to retire?
Look at the protection plans you probably have in place: health insurance, home insurance, car insurance, life insurance. But who protects your business investment, who insures your clients that they will be taken care of, and who compensates your family no matter what happens?
What do you gain from ignoring the need for a Practice Continuation Agreement?
You gain nothing by putting your head in the sand. Three times in the last five years we have been contacted to take over a practice after the accountant became disabled or died. We decided in each case that it was not worth our effort to go forward due to lack of prior planning and understanding by all parties. In all three cases, the practice either disappeared or its value was severely impaired because, with no plan in place, clients found someone else to provide the services they needed.
What can you do now – at no cost – to protect your practice, your clients, and your family?
Consider a “Practice Continuation Plan” – a widely accepted management strategy to protect your accounting practice.
Our “No Strings” Practice Continuation Agreement
- The plan is simple. It’s a contract between you and / or your firm and Innes & Lotito, P.C. in the event you are disabled or die, that automatically transfers your practice under terms established in advance.
- This means your business stays intact, your income continues, and you and your family are protected – and it’s all risk free.
- Plus, anytime you choose, for any reason, you can call our office and cancel the plan. Period.
- No penalties, no run-around, no money out of your pocket. No strings attached.
Temporarily sick or injured? Who runs the business?
If you were out of work from an accident or illness and couldn’t practice for six months, how would a Practice Continuation Agreement with Innes & Lotito, P.C. protect you? We would immediately step in for whatever period of time you needed us. We would run your practice, pay you, and turn the practice back over to you (intact) when you were ready to return to work. No client stealing, no tricks. Intact. Guaranteed. And it’s in writing.
If you die – is your practice protected?
Let’s say you’ve been in practice for 15 years, have built up a good business that is just beginning to pay off from the early lean years. You’re married and have three kids. Suddenly, you’re killed in an auto accident. Would a Practice Continuation Agreement help?
YES! A Practice Continuation Agreement drawn up by you, your attorney, your primary heir, and Innes & Lotito, P.C. – in advance – means your practice can stay intact with the ongoing profits paid out according to your wishes.
So what’s the catch – and what’s the cost?
No catch. No cost. Not now, not in the future, not ever.
A Practice Continuation Agreement is a guaranteed contract, geared to fit your individual needs, that cost you nothing yet provides you with complete protection, so you don’t have to lie awake at night and wonder what would happen if…
How does it work?
- The Practice Continuation Agreement can be used to protect you in case of disability, death, or as a retirement vehicle… your choice.
- It does not go into effect until the agreed upon circumstances occur – at which time Innes & Lotito, P.C. will either temporarily continue your practice for you or take over your practice completely. Again – your choice.
- Your attorney, spouse, or legal heir are an integral part of your Practice Continuation Agreement, ensuring that your contract is coordinated with your business as well as your personal goals and plans.
Our commitment to you
- We will not, at any time, pursue or take a client from you. That is part of our moral obligation to you, and it’s guaranteed in writing as part of your Practice Continuation Agreement.
- The value you have built-up over the years will not be lost and in the case of your death, your heirs will be compensated on a regular and timely basis.
- Whether we assist you temporarily or permanently, we will assign your clients to partners who, like you, are dedicated to providing exceptional personal service.
What benefits do you get today from your Purchase Continuation Agreement?
- Our job is to support you when you want it and need it, so your clients are pleased with you.
- We serve a broad range of industries so we may be able to help you with specific tax or audit questions.
And the best part is…
You can cancel your Practice Continuation Agreement with a phone call – no matter what the reason. No hidden agendas, no fine print, no cost, no strings. That’s simple. A phone call.
Now, if you’re ready to discuss a practice continuation plan
Call us at (586) 468-0200 and ask to speak with Mike or Jerry or contact us here!