Webb CFO

A client asked me what my biggest accomplishment was one morning when we were starting a call. I proudly told him, “I sold my fancy French bulldozer today.”

He easily replied, “I didn’t know you owned a fancy French bulldozer.”

Honestly...I didn’t know I owned a fancy French bulldozer either.

Sorting through and understanding my husband’s farm equipment that he inherited from his uncle has been a task.

The fancy bulldozer was someone else’s decision two generations back. I’m sure it was bought on discount because it was less expensive than the mainstream bulldozers, and the relative thought they were getting a “deal.”

I’ve learned a few things from this:

1. There is a limited market for fancy French bulldozers.

2. If something was sold to you at a discount because it was hard to find parts it’s even more difficult to sell a used something that is hard to find parts.

Sometimes you just have to take a loss and move on.

I’ve said it so many times - something is only worth what someone else will pay for it.

I have no idea what my husband‘s uncle paid for this fancy French bulldozer, but I am grateful that I had a worksheet that had serial numbers, book value and a liquidation value recommended. I happily took the cash, created a bill of sale, and wished the new owner best of luck.

Now...who needs a John Deere tractor?

A note from Sarah...

“You may not realize this, but if your spouse is a business owner, you are—by default—married to their business partner.
 
I often tell clients that a partnership is much like a business marriage. What I never anticipated was that I would literally become my spouse’s business partner after my husband passed away.
 
My husband was a solo practitioner for nearly 15 years. In 2021, he merged with another firm that had two partners.

Those 18 months were the most difficult of his professional life. The values weren’t aligned, the hours were unsustainable, and the culture wasn’t right.

Eventually, he and what I came to call the “good partner” decided to leave and start their own firm. The three years that followed were the highlight of his career.

He loved the people he worked with, brought levity to very serious situations, and grew the firm with intention and integrity.
 
Now, that “good partner” and I are navigating the aftermath of what happens when someone dies too young—and without a plan.

I didn’t choose this partner for myself, yet we are required to work together to make decisions that impact both of us professionally and financially.
 
While she and the firm are grieving the loss of a partner and managing the practical realities of running a law firm with a missing owner, she has been thoughtful, considerate, and has gone above and beyond to look out for my family and me.
  
But I can’t help but ask:

What if we were still partnered with the “bad partner”?
What if I were owed a significant amount of money with no access to it?
What if I had no visibility into a complex business structure?
 
For most couples, the business is their most valuable asset.
 
Take steps today to put safeguards in place—corporate powers of attorney, buy-sell agreements, and clear instructions for the “just in case.”
 
Don’t leave your grieving spouse to navigate complex business decisions when their focus should be elsewhere.“

We're taking a (very) brief pause from conference content because this topic came up more than once in conversations at CureNet Research and Consortium of Independent Immunology Clinics (CIIC), and it’s one worth talking about.

Post-tax season, growth and wealth-building are top of mind for a lot of practice owners. But one thing we see over and over is this, growth in private practice isn’t just about making more money. It’s about making smarter financial decisions with the money you already have and the opportunities in front of you.

From banking relationships and financing options to private equity, debt structure, and long-term wealth planning, there’s a lot for physicians to navigate. And one of the biggest mistakes we see is moving too quickly without slowing down to ask the right questions first.

After working with dozens of clients, we’ve seen what works, what doesn’t, and the questions you need to ask.

Check out our perspective in the full blog post here:

🔗 https://webbcfoforphysicians.com/what-physicians-need-to-know-about-growth-banking-and-building-real-wealth-in-a-private-practice/