What issues do you need to consider when buying or selling a dental practice? How can you make significant lifestyle changes with a minimum of stress? Entering as an associate with an existing practice offers many benefits to the younger dentist, including regular employment and opportunities to learn and grow professionally. Increasing opportunities among corporate practices with multiple locations mean that the up and coming dentist must navigate contracts carefully or risk being locked out by restrictive covenants when their association ends.
At the same time, older dentists should have a well-planned strategy for stepping down, and possibly selling their practice or transferring their patients to a younger partner. Joining and Leaving the Dental Practice (4th ed.) is an update of a portion of Business, Legal, and Tax Planning for the Dental Practice (3rd ed.), by William P. Prescott, Esq., EMBA.
This book is designed to educate dental and related professionals on important business, legal, and tax planning issues of practice entry, succession and valuation.
Chapter list:
- Ready, Set, Retire!
- Exit Choices
- Entering Practice — Make the First Choice the Right Choice
- Essentials of the Practice Valuation
- Calculating Practice Value. Is It Changing?
- Negotiating the Win-Win Sale and Purchase
- Acquiring a Practice — Importance of Purchaser Due Diligence
- Selling to a Corporate Practice
- Hiring or Becoming the Associate
- Using Restrictive Covenants
- Planning Associate Buy-Ins and Owner Buy-Outs
- Why Solo Group Arrangements Make Sense
- Negotiating the Facility Lease - NEW!
- Owning, Acquiring, and Selling the Real Estate - NEW!
- Relocating or Establishing the Practice Facility - NEW!
- Entity Choice - NEW!
- Summary and Thoughts
Resources
- Download your copy of Joining and Leaving the Dental Practice [PDF]
- View the related ADA webinar, Strategic Practice Planning
About William P. Prescott, Esq., EMBA
Mr. Prescott is a shareholder in the law firm of Wickens Herzer Panza. Much of his practice is focused on dental law, professional practices and health care, business and family succession planning, and employee benefits and retirement. He earned his JD degree from the Cleveland-Marshall College of Law, and holds an executive MBA in systems management from Baldwin Wallace College (now University) and a BBA from Cleveland State University.
Mr. Prescott has received an AV Preeminent Peer Review Rating from Martindale-Hubbell, awarded to lawyers with the highest ethical standards and professional ability, and has been elected as a Fellow of the American College of Tax Counsel, an honor reserved for leaders who have made an exceptional contribution to the profession of tax attorney. He is the author of numerous books and articles on the law and dentistry.
For more information on Mr. Prescott, please visit:
www.wickenslaw.com/team-member/william-p-prescott-esq/
Note: Joining and Leaving the Dental Practice (4th ed.) is being made available as a free resource to ADA members through the generosity of the author, William P. Prescott, Esq., EMBA and the ADA.