From: Donald Pomeranz
To: "Jeffrey E." <jeevacation@grnail.com>
Subject: Re:
Date: Sun, 26 Apr 2015 13:45:15 +0000
Good morning from Ocala, Fl
I honestly haven't a clue what you meant by this last note. However, relaxing a bit outside of St. T I
thought I would give you my thoughts about all of this and try to give you an understanding of my
perspective.
I feel very strongly that my concept of goodwill in a practice involves the selling of my patient
records, my 40+ year good reputation, my willingness to take under my wing a very young
practitioner with absolutely no real clinical experience and teach her as honestly and to the best of
my ability how to become a good dentist. While this is completely impossible in even two or three
years it is a good start. To become a good dentist takes 10-15 years of clinical experience, and lots
of continuing education. I was once told this very same thing by the dean of my dental school and
thought he was off the wall. Dr. Ingle found several of us in the hall as graduating seniors with large
chips on our shoulders. His comment that day was you guys think you know it all but let me tell
you, "in five years you may know something. In ten years you'll just be getting the hang of things.
In fifteen years you'll finally know what you're doing." We laughed and said thanks and didn't
believe a word. Well, Jeff, he couldn't have been more correct!
What you are asking me to do is take Karyna under my wing and help her through the next number
of years. I have no idea what kind of dentist she is at this point in time. For all I know she could be
all thumbs and be totally inept. I get a sense that is truly not the case but you are still asking me to
accept the unknown.
Do these considerations have a price? Absolutely and it will never be for what you are suggesting.
What I've described is my concept of goodwill. It definitely has value and it this that value that true
practice appraisers include in valuation of a practice, not just a look at the hard numbers. Your
advisers think that $400K is about what my practice is worth given the fact that practices aren't
selling in the V.I. That will dramatically change with the changes in the dental practice Act and the
subsequent Rules and Regulations changes. I think that my practice is well worth a minimum of
$800K with me in it for the next few years.
I am amazed over the last couple of months that I have been approached by not only you, but two
other individuals about selling my practice. And this comes without even advertising. It seems that
my age and number of years in practice leads many to recognize that retirement may be in my
future. While retirement is nice the fact of the matter is that I have no hobby (unless I become an
Ocala cowboy) so keeping my hands in dentistry for a while longer is likely to continue. I find the
future of dentistry very promising and especially so in the V.I. I think that young dentists like
Karyna and Whitney Gray if they pursue continuing education will find dentistry as rewarding a
profession as I have.
One of the interested parties in my practice is a V.I. dentist who is interested in developing a larger
practice with mine as the center. This dentists has a firm understanding of the value of my practice
so it will be intriguing to see where that goes.
At any rate I wanted you to hear a bit for from me. I remain very flattered and appreciative of the
fact that you initially have chosen my practice and me as Karyna's entry into the world of private
EFTA00858483
practice.
Take care, Donald
On Sat, Apr 25, 2015 at 9:16 AM, jeffrey E. <jeevacation@gmail.com> wrote:
the only way to value goodwill of a single is to pay it out . based on its revenue, its not a large brad corp
please note
The information contained in this communication is
confidential, may be attorney-client privileged, may
constitute inside information, and is intended only for
the use of the addressee. It is the property of
WE
Unauthorized use, disclosure or copying of this
communication or any part thereof is strictly prohibited
and may be unlawful. If you have received this
communication in error, please notify us immediately by
return e-mail or by e-mail to jeevacation®gmail.com, and
destroy this communication and all copies thereof,
including all attachments. copyright -all rights reserved
EFTA00858484