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BBB Accredited Business since

Sam Reader and Associates

Phone: (928) 282-8434 Fax: (928) 282-8435 P.O. Box 161, Sedona, AZ 86339 http://www.samreader.com View Additional Web Addresses


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Description

This company provides services for the following practices; chiropractic, physical therapy, acupuncture, medical, and dental.  


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Sam Reader and Associates meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that affect the rating for Sam Reader and Associates include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 1 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 1
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Sam Reader and Associates
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: January 03, 2008 Business started: 12/10/1992 in AZ Business incorporated 12/10/1992 in AZ
Type of Entity

Limited Liability Company (LLC)

Business Management
Mr. Samuel G. Reader, President/CEO Ms. Katrina Reader, Secretary
Contact Information
Principal: Mr. Samuel G. Reader, President/CEO
Business Category

Business Consultants Medical Business Administration Chiropractors Equipment & Supplies Physical Therapy Equipment Recruitment Services Medical Billing Services

Alternate Business Names
S. G. Reader & Associates, Inc. S.G.R., Inc.

Additional Locations

  • P.O. Box 161

    Sedona, AZ 86339

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

2/22/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: He misrepresented a business he sold to me. He failed to deduct an aspect of a Chiropractic business called ********** ********. And claims he did not know about it, and the old owner claims that he told Sam about his ********** ******** practice. Sam was suppose to itemize it out to deduct it from the gross profit. He has sold many healthcare practices and chiropractic with ********** ******** combo practices. So he knows that if a DC is not selling his/her ********** ******** and only the chiropractic business, he suppose to deduct the ********** ******** business out of the gross profit. Also he never verified $94000 files were already closed. They were worth $0. A closed file is worth nothing.

Desired Settlement: I may sue him for $115000.00, which is the cost of the chiropractic practice.

Business Response:
In response to this complaint, I was not aware of the *********** ********” Practice.  We also post: “The seller has supplied the above information, agent has not investigated any of the facts above.  Agent suggest buyers retain attorney, accountant or any other advisor to verify all of the above information supplied by the seller.”  This disclosure is posted on each of the Confidential Profiles of the listing doctor. 
Every perspective buyer also signs a Confidentiality and Agency disclosure form.  Again, it is stated: “Buyer is aware that the seller has supplied the information to S G Reader & Associates, Inc shown on the Confidentiality Form and/or complete Practice Profile and all other information that will be supplied for further due diligence by the buyer.  Buyer is aware that S G Reader and Associates, Inc. has not investigated any of the facts provided by the seller.  S G Reader and Associates, Inc suggest buyer retain attorney, accountant or any other advisor to verify all of the information supplied by the seller.  Buyer will hold S G Reader and Associates, Inc harmless pertaining to any and all clinic information being presented, be it accurate and/or inaccurate.  Buyer and/or his/her counsel assumes all responsibility.”
It is unfortunate that this particular purchaser chose not to retain and/or pursue due diligence as most of the purchasers do, and that is to retain professionals to assist in a thorough due diligence.  I am aware that this particular purchaser had placed a call into a leading national practice advisor - after the fact.  In essence, the practice advisor had shared (in so many words) with this purchaser that he had made a fatal error in not seeking and/or retaining the services of a professional to assist in the due diligence.
The above stated disclosure information is our policy.  It is posted and disclosed on many of our documents.  It is also in the Purchase Sale Agreements.  We have an intelligence based clientele - above average when it comes to understanding the risk factor that comes when purchasing a practice.  This intelligence based clientele also understands that going outside the recommended hiring of professionals to assist in due diligence will result in a higher risk.  Fortunately for us the majority of our clientele choose to seek the proper assistance when doing their due diligence so that these types of situations do not occur.  As a result, we have been able to maintain a high performance record of buyer’s satisfaction and an impeccable reputation leading the industry over the past twenty-two years.

Consumer Response: Better Business Bureau:

If he can write a testimonial that he was never told about ****** ****** ******** ******** nutrition practice from Dr ****** *********** when he showed him his profit and loss page, and also ** * never told him ever when they both decided to lower the original price, then I will be satisfied.

I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


Regards,

******* ***


Business Response: As stated in my previous response, it is my testimony that I was not aware of the *********** ******** Practice”.


Disclosures are posted under the comment section of the Confidential Profile.  For example, it might be disclosed that the purchase of the practice will not include the name of the practice. Another example, the revenues from the weight loss program are not included within the revenues posted or the sale of the practice.  


The disclosure for this practice in question reads: “Practice projected to collect $288, 000.00 in 2013.  Revenues include (outside) laser services for patients, which will continue forward with next ***….two ******** ****** *****”


Question: Why would I allow for a disclosure of “revenues include (outside) laser services for patients, which will continue forward with ***.  …two ******** ****** *****” and not disclose knowledge or revenues about *********** ******** Practice”?


Answer:  Because it was not disclosed to me that  *********** ******** Practice” nor any possible revenues that could have been generated by *********** ******** Practice” was in existence.  


There is nothing to be gained by not disclosing the facts as they are presented to me.  My business of selling practices and having a top reputation among all of our shoppers/potential buyers and more importantly with all of our SBA funders over the past 22 years could have never, would have never stood the test of time by purposefully withholding information such as revenue sources on the practices we represent.


My business is funded by commissions based on the total amount of the revenues being reported, rational tells one that I would not be motivated to withhold revenue sources if I am being commissioned on those sources.   


The practice evaluation we perform is not a forensic accounting analysis of the books and revenue sources, but rather a simple multiple applied to the net cash flow following add backs -  which are personal or non reoccurring expenses of the practice.  Tax returns or profit and loss statements are received in trust at face value with the assumption that all revenues reported are from services rendered within the practice unless noted otherwise by the seller or seller accountant.  For this reason we post the disclaimer: “THE SELLER HAS SUPPLIED THE ABOVE INFORMATION.  AGENT HAS NOT INVESTIGATED ANY OF THE FACTS ABOVE.  AGENT SUGGESTS BUYER RETAIN ATTORNEY, ACCOUNTANT, OR ANY OTHER ADVISOR TO VERIFY ALL OF THE ABOVE INFORMATION SUPPLIED BY THE SELLER.”  This disclaimer is posted on several documents including the  “Non Disclosure Agreement” which is signed by the potential purchaser.  


Clearly it is the responsibility of the purchaser to seek out and hire the professionals i.e. Accountants, Attorneys etc. to vet the revenues and/or revenue sources prior to purchase.  This is common practice among our purchasers.  


Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

0 Customer Reviews on Sam Reader and Associates
Positive Experience (0 reviews)
Neutral Experience (0 reviews)
Negative Experience (0 reviews)