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?
There are some dentists and their advisors who worry more about the seller benefits, and lose sight of the immediate and long term benefits for the purchaser. Dentists have turned down buying a practice because their advisors told them it was overpriced by as little as ten or twenty thousand dollars, and they lost the millions of dollars of income they could have made over the next twenty to thirty years of practice.
Most doctors will practice an average of 35 years. The number of years a doctor ultimately practices, multiplied by the income he or she earns over that period, equals Lifetime Income. A doctor’s Lifetime Income will be greatly affected by career decisions that may include buying a practice, joining a practice as an associate, or for those real risk-takers, starting a new practice from scratch. But are all of these career choices equally wise? Which has the greatest impact on the doctor's Lif
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