Restrictive covenants that arise as part of a partnership agreement are typically deemed enforceable if reasonable in scope the geographic radius of the restriction and in duration the term of the restriction, typically three years or less. Conclusion The buy-in transaction has a natural flow and process. The dentists should focus on practicing and letting their advisors advise them. Each deal and practice is unique, so be careful when comparing buy-in deals at different dental practices. It is important to engage a dental transactional attorney and a dental CPA who are familiar with the issues to guide potential partners through this important process.
Sinking Your Teeth into an Associateship Arrangement tqrbeywztfwrfrtsccfuexzrvdebxsrartar Co-Ownership -- Minimizing Your Tax Risks William Barrett is a partner at Mandelbaum Salsburg www. He is recognized nationally as an authority in dental law, with unique expertise in dental and dental specialty practice transactions, practice sales and purchases, associate buy-ins, and financing options and workouts.
Barrett can be reached at or wbarrett msgld. Sponsored Content is made possible by our sponsor; it does not necessarily reflect the views of our editorial staff. Subscribe to our e-mail newsletters today.
This dental hygienist had to use her own money on a decent ergonomic chair. Now the part-time RDH uses the chair and adjusts it to her liking. The chair owner is tired of having to constantly readjust, but worries she's being petty. There's a lot involved when it comes to running a dental practice.
Among the things that need attention are human resources issues. These HR experts help dentists avoid any HR legal issues with employees.
Partnerships in Dentistry | Patterson Connect
This dental office staff is tired of their work hours being changed on a whim, even if they do get longer lunches as "repayment. This dental team member says the dentist has been having staff travel between his two offices for years without paying them for the travel time. Free Samples Blogs Videos Subscribe. Bringing on a partner in your dental office?
Eight issues to consider before moving forward. Make dental case acceptance a 'slam dunk'.
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Did you like this article? Get more articles like this delivered to your inbox. Subscribe to the DentistryIQ. Is RDH being petty about sharing chair she had to buy herself? Human Resources Questions for Dentists: Must dentist buy ergonomic desk for employee? Last minute changes to schedule drive dental staff crazy. Is travel time between dental offices paid time? Employee evaluation and wage review. Prev 1 2 3 Next.
Using a partnership for a flexible transition
Quick Links Videos Dental Jobs. Despite this, partnerships have risen in popularity for a variety of reasons—increasing costs associated with technology and government regulation, decreasing reimbursements as a result of the growing presence and acceptance of PPO plans, and fiercer competition as more dentists graduate each year. Other factors include general dentists expanding their procedure mixes and more multispecialty corporate practices entering the fray.
These circumstances undoubtedly place more pressure on doctors to consider a partnership. The most common way to transition in and out of the ownership of a dental practice is still through a full sale or purchase. In such a case, a doctor will typically sell the entire practice to one purchaser in one transaction and then quickly transition out of the practice. This abrupt transition can present a problem for many sellers.
Partnerships & Incorporation
If you ask most sellers what they prefer, between quitting dentistry cold turkey or taking a slower, staged exit from the profession, the majority choose the latter. For doctors who are working four to five days per week, selling and walking away undeniably creates a large vacuum in their daily lives that is often difficult to fill.
However, most dentists own one-doctor practices in terms of income and patient volume. When they sell to another dentist, the new owner cannot afford and does not need an associate. A perfect solution to this conundrum is the well-planned sale of a fractional interest in your practice. By selling an interest, you can gradually reduce your schedule while shifting the abandoned production over to your partner.
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This will prevent practice income from declining as a result of your decreased time. In addition, by purchasing an initial interest in your practice, the new partner would simultaneously legally commit to purchase your remaining interest at a later date. As an example, if Dr. In other words, the seller can lock in his or her transition plan with the initial transaction and keep working as long as he or she chooses, reducing time to a schedule that is mutually agreeable with his or her partner. Sometimes this process happens quickly, over only a year or two.