Succession Planning for Dental and Dental Specialty Practices

Of the approximately 27,000,000 privately owned businesses in the US, only 6,000,000 have employees. An interesting segment of those businesses are certain professional practices with value that can be sold and transferred. Dental and dental specialty practices continue to maintain the highest value...

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Bibliographic Details
Published inThe Practical Tax Lawyer Vol. 29; no. 3; p. 5
Main Authors Prescott, William P, Altieri, Mark P
Format Trade Publication Article
LanguageEnglish
Published Philadelphia American Law Institute 01.04.2015
Subjects
Agreements
Breach of contract
Capital gains
Compensation
Cost control
Dental care
Dentists
Employment
Hiring
Professional practice
Purchasing
Succession planning
United States > US
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Summary:Of the approximately 27,000,000 privately owned businesses in the US, only 6,000,000 have employees. An interesting segment of those businesses are certain professional practices with value that can be sold and transferred. Dental and dental specialty practices continue to maintain the highest values, well ahead of veterinary, optometry, and many medical practices. As such, this article discusses the exit choices for dental and dental specialty practices in light of determining their value. A complete purchase and sale is the least complex. If the practice owner has identified his or her successor and is sufficiently busy, admitting an associate with a complete sale in one to three years is workable, although more complex than a complete purchase and sale. A merger can work well for an otherwise unsalable practice. Finally, the practice owner can work an additional one or two more years and walk away.
ISSN:0890-4898
2640-9488