Drs. A and B had practiced together for over twenty years and were very good friends. They were equal owners of a successful, incorporated practice. They had a “simple” (ambiguous) contract drafted by an attorney about ten years ago in which each doctor had an option to buy the practice of the other should either of them die. Three years later, Dr. A suddenly died of a heart attack.
Dr. A was sixty-two years old and had been practicing dentistry for thirty-two years in a medium size town in middle Georgia. His practice was grossing about $900,000 a year. His children were married, his mortgage was paid, and he had a sizable amount of money put away in his pension plan. He felt a great deal of pride knowing that he had accomplished the ultimate “American Dream”.
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