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What issues do you need to consider when entering or exiting a practice? How can you make significant lifestyle changes with a minimum of stress? Associating 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 (3rd 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 and succession.
- Ready, Set, Retire!
- Exit Choices
- Entering Practice — Make the First Choice the Right Choice
- The Essentials of the Practice Valuation
- Calculating Practice Value in 2018. Is It Changing?
- Negotiating the Win-Win Sale and Purchase
- Acquiring Your Practice — The 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
- Summary and Thoughts
About William P. Prescott, Esq., EMBA
Mr. Prescott is a shareholder in the law firm Wickens, Herzer, Panza, Cook & Batista Co. 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:
Note: Joining and Leaving the Dental Practice (3rd 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 Center for Professional Success.
Disclaimer: The views expressed in this content are solely those of the author, and do not necessarily reflect the views of the ADA. These materials are intended to provide helpful information to dentists and dental team members. They are in no way a substitute for actual professional advice based upon your unique facts and circumstances. This content is not intended or offered, nor should it be taken, as legal or other professional advice. You should always consult with your own professional advisors (e.g. attorney, accountant, insurance carrier). To the extent this content includes links to any third party web site(s), ADA intends no endorsement of their content and implies no affiliation with the organizations that provide their content. Further, ADA makes no representations or warranties about the information provided on those sites.