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The Investment ProcessThe investment process begins when contact is initially made and discussions about the owner's practice start. Shortly after, the owner of the O&P practice will be provided a confidentiality/non-disclosure agreement to be signed by Phoenix and the owner. The function of this agreement is to provide complete assurance to the owner that Phoenix will in no way disclose any information obtained prior to the due diligence process to any third party, or employees of the owner's practice. Financial information will never be disclosed or made available except to the executive management of Phoenix Health Partners. The next step takes us to discussing financial information about the owners practice. We will request financials for the last calendar year. This will allow Phoenix to provide a gross ball park valuation of the practice. Shortly after, the Vice President of Acquisitions will request to visit the facilities(s) to personally meet with the owner(s). This meeting allows Phoenix to gain a clear understanding of the practices needs and strengths. During this time, Phoenix will have provided the owner with a detailed list of required financial information for the current and last two calendar years. After the detailed financials have been received and reviewed by our CEO, James C. Rogers, a detailed non-binding letter of intent will be presented to the owner by the V.P of Acquisitions. The letter of intent serves as a non-binding offer to purchase the practice and start the due diligence process. This is where the cavalry rides in and the process generally becomes known to the employee's. Several members of the executive management will visit the facility(s). We will make a formal presentation to all employees out lining the Phoenix investment process and who we are. We understand this process can be very stressful to the staff. This meeting serves as an opportunity for the staff to ask questions, visit with the Phoenix management and to alleviate fears and generate enthusiasm. During this visit, we will meet with every key employee and start developing a strategy for success and growth. This visit also serves as a fact finding mission for Phoenix. Shortly after this visit, any needed adjustments will be made to the purchase offer. A formal, legally binding purchase offer will be presented to the owner(s) and a closing date will be established. Attorneys will prepare the closing documents and the investment process will start at the time of closing. Things to keep in mind... Under no circumstances will the financial details of the acquisition be made known to any person other than the owner(s) of the practice, representing attorneys and accountants as well as the executive management of Phoenix Health Partners. Secondly, any potential acquisition is openly invited to visit our corporate head quarters in Chattanooga, Tennessee. We look forward to getting to know you and serving your practice. |