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.
There's an old maxim, "There are two ways to get rich in this world, either be born rich or marry rich". If you are rich you don't need to read this article, but if you count yourself among the less fortunate millions (not dollars but people), then this article is for you.
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