Valuating A Professional Practice
Putting A Price Tag On The Practice
A professional practice can be the most valuable asset in a divorce. Establishing the appropriate value of a professional practice will play a large role in allocating assets and determining if alimony is appropriate.
Gentry Law Firm, LLC, can help you obtain a fair valuation, which can have a significant impact on your future finances.
What Value Does The Professional Bring To The Practice?
This is the key question in any high-asset divorce involving a professional practice. If the professional has an ownership interest in the practice that is largely disassociated from his or her own goodwill and personal services, then it is possible the value of that ownership interest is significant and can be divided in the divorce.
On the other hand, if the value the professional brings to his or her own practice accounts for the majority of its value, then alimony (spousal support) might be a more appropriate means of achieving an equitable resolution to the divorce.
For example, doctors with an ownership stake in a large orthopedic practice in which the business will continue on largely unaffected if they leave may have less personal goodwill attached to the practice. However, a solo attorney or accounting firm that is largely based on the personal goodwill attached to the lawyer or accountant has little value outside of what that professional brings to the practice. As such, there is less value in the business as its own entity.
An Eye For Establishing Appropriate Value
Gentry Law Firm, LLC, has helped doctors, dentists, lawyers, accountants, engineers, architects and other professionals obtain a fair valuation of their practices. The importance of obtaining the correct valuation cannot be overstated. Significant assets and alimony are at stake. You can trust Mr. Gentry to help you obtain a thorough review and valuation. In addition, we can help you establish the value of a professional license and determine if alimony is appropriate based on the support of a spouse.
Find Out What The Practice Is Worth. Call Us Today.
Having helped numerous professionals and spouses of professionals obtain a fair valuation of a practice over the past 30 years, we have a thorough understanding of the stakes and issues at play. From the moment you hire our firm, we will work diligently to obtain a meticulous appraisal of the practice and the goodwill attached to the professional’s own contributions to the business.