If you are considering acquiring a dental practice, keep in mind the following thoughts and suggestions as you proceed:
We are oftentimes asked if it would not be prudent to hire an associate, practice together for a while and then if both parties decide they like each other, draw up a contract at that time. The purpose is to discover more about the other party before making any long-term commitments. This is probably the most widely used approach by dentists, and unfortunately, the most often abused.
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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