About Our Process
IDSO Partnership
Just like Dating, Engagement, and Marriage
At LPS, we like to use the analogy of a relationship to explain our process. LPS starts by acting as a “dating consultant” by understanding your values and goals to ensure that we introduce you to qualified prospective “spouses” (IDSO partners). We only want to invest your time and ours on “dates” which will meet your goals for practice operations, your time horizon and growth plans.
LPS only accepts very attractive clients for which we believe we can draw at least five bidders. Creating a bidding contest among multiple suitors is critical to achieving the high practice values for which LPS is acclaimed and why we are by far the largest advisors in the industry. See the below infographic.
First Date
Conference Call
LPS clients will have many “First Dates” which are conference calls with qualified IDSOs we have identified that could be a fit for you both from a value and your description of the ideal partner. If you like each other, we move to the next step.
Second Date
In-Person Meeting
Executives from the IDSO and an LPS partner will meet with you at your office, after hours, and then have dinner. Second dates are often followed with higher offers and questions from you and the IDSO.
Proposal
Opening Offer
An IDSO will extend a proposal outlining their opening offer in the form of a Letter of Intent (LOI).
Meet The Family
Talk To Doctors at the IDSOs You Liked Best
LPS arranges calls with doctors at each of the IDSOs you liked from the Proposal stage. These are private calls where you may ask any questions you have about IDSO and their experience with them.
Get Engaged
Decision Time
Your decision has been narrowed down to the best IDSO for you. We then negotiate the highest value, both long and short term and the best terms for you and your team and put it in the form of a signed Letter of Intent (LOI).
Pre-Wedding Planning
Closing Process
LPS is your “wedding” planner at this point in the process. We handle the entire due diligence and closing including lawyers, accountants and negotiation of the Quality of Earnings audit process which is critical to achieving the highest value.
Prenuptial Agreement
Paperwork
The entire closing process is managed by LPS and the lawyer we will recommend to you for representation. Asset purchase agreement, employment agreements, lien releases, leases, associate agreement assignments, team benefits and many other critical items.
Honeymoon
Getting To Know Each Other
Prior to closing, your new IDSO partner will work with you to design a smooth integration process for you and your team to benefit from the IDSOs resources.
Blissful Life
Long Partnership
This process is designed to create a long partnership. It will ease administrative burdens, create a more diversified investment portfolio, grow your practice, and create wealth.
LPS ensures that you choose a partner with which you will have a long, successful relationship. LPS is involved long after closing to help our clients and their new partners in any way needed.