Since you are reading this article, it's safe to assume that you have a pretty successful practice. You are probably in your mid-to-late thirties or forties, and your practice is grossing in the mid-six figures. You should be feeling pretty secure, comfortable and pleased by your success. Maybe, however, you are wondering “So, what's next?”
What is a practice merger? A practice merger is a transaction where one doctor sells his/her practice to another established doctor in the same area and merge the practices together in one office.
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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