BEWARE OF FRANK AND JEREMY BROWN OF ADS! This firm does none of the things they claim they do. Within two months of hiring them to sell my practice I noticed they wouldn't respond to emails. Buyers complained that it would take weeks to receive requested documents and I was told to do my own showings. They disclosed that they would never be present at showings on the night of my first showing. This was a shock to me as I had just hired a commissioned broker who, if is not doing showings, isn't really earning his commission. The concerns only escalated as time went on. Frank Brown made an error in listing the price of the practice in his advertisements. Afterwards, he took the practice off his website and was unable to establish a purchase price. When asked repeatedly what the confusion or issues were, he could offer to answer. I finally went to a colleague in banking and asked them to help establish a proper purchase price. The price of the practice was 40% less than Frank Brown originally stated. One of the reasons I went with ADS was because of the price Frank committed he could sell the practice for. Then I found out that he was wrong and the true price should be 40% less! Jeremy Brown asked the banker for a 1% kickback, which is illegal. The banker refused to deal directly with ADS because of the liability and lack of ethics.
At one point Nancy sent, in error, another client's entire banking information!! Account number, address, routing number, and social security number! After a series of complaints from buyers and continued lack of communication from the secretaries, Nancy and Pam, I told Frank and Jeremy Brown that we needed to talk as I would like to cancel the contract. Frank met with me and apologized for the issues thus far and committed to being more prompt and professional. Because of the errors and delays and lost buyers, Frank also agreed to lower his commission to 6%. He and Jeremy confirmed this in an email.
Errors continued and Jeremy's unprofessional behavior and bullying tactics caused the buyer to back out 24hours before closing! Neither Frank or Jeremy reached out to me or the buyer's lawyer to discuss the fall out. I called the buyer's lawyer the next day and was told that the buyer walked away because of Jeremy Brown. The buyer agreed to move forward as long as ADS stayed out of any further dealings. Jeremy backed me into a desperate corner of needing to sell my practice. I solely handled all aspects of the closing, including landlord lease assignments, landlord guarantees, last minute demands from the buyer, and all aspects of coordinating the funding. I was never offered as much as an apology for Jeremy potentially losing the deal. ADS attempted to retrieve a 10% commission directly from the banker when they discovered I had moved forward without them. Again, the bank refused to honor the draft because it was illegal, but notified me that someone had attempted fraud in requesting the wire transfer. I reached out to Frank and Jeremy to remind them and resend the emails pertaining to the agreed lowered commission, although I felt I shouldn't pay them at all. Frank denied ever having the conversation and sued me for the original amount.
I couldn't afford a lawyer after not seeing as many patients for months because of being my own broker, and lost due to a technicality. Frank now has a lien on my home. The decrease in purchase price and lack of seeing patients ( while I acted as my own broker) while Frank and Jeremy did nothing has put me in a position where I owe more money than I made selling the practice and has been devastating.
If you go with ADS the equity you have in your practice will be squandered in errors. The mistakes of ADS cost my family greatly and I have still not recovered.
Don't make the same mistakes I did. Find an honest broker and STAY FAR AWAY FROM FRANK AND JEREMY BROWN! read more