I met a recent dental school graduate looking for a practice to buy. He was married and had one child and a second on the way. He was trying to decide what area he was interested in purchasing a practice and he felt compelled to explain to me that “the money was just not that important.”
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Doctors invariably want to sell their office building at the same time they sell their practice. Selling the building with the office will usually result in tens of thousands of lost dollars for the seller. It is known as the “I just don’t want to be bothered with anything after the practice is sold” syndrome. It can have a devastating effect on the financial net worth of the retiring doctor at a very critical time in his or her life.
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Years ago, you decided it was time to “take in an associate.” You interviewed a few candidates, and before long you met the ideal associate for your practice. Of course, you didn’t know whether or not “things would work out,” so you both decided to work together for awhile without a written contract. There is no sense in spending money on a contract until you knew for sure that this was the right candidate. After all, you are both professionals, what is there to worry about?
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