Bentson Clark & Copple has recently worked with several practice owners and deceased owner’s estates who have required the immediate sale of an orthodontic practice due to an unplanned event in the owner’s life. We have primarily dealt with death and disability situations, but other reasons for an immediate sale may include burnout, family circumstances, marital discord, and loss of licensure. If an eminent sale of the practice is ever required, how do you best protect the value of this most prized asset?
These particular practice situations have led us into giving a lot of thought to how we can help all orthodontists protect their practices. We decided to strongly focus the 3rd quarter issue of the Bentson Clark reSource to protecting one’s orthodontic practice in the event of an unplanned departure (and ways to protect it in other situations). Here’s a brief overview of a few articles that are featured in the latest quarterly issue:
Is It Protected?
By: Chris Bentson
A practice coverage agreement is designed to anticipate and deal with the challenges that a doctor’s death or disability can bring, providing a step-by-step approach for maintaining and successfully transitioning the practice to another orthodontist as quickly, efficiently and profitably as possible. A coverage group can help ensure the smooth and most profitable transition of an orthodontic practice under any circumstances.
Locum Tenens: A Valuable Practice Management Tool for You and Your Practice
By: Forest Irons, D.D.S.
An interim professional service or locum tenens can become part of a well-managed orthodontic practice. The concept has a long, successful history in the health care industry, and today orthodontists are using the concept to enhance their practice and provide security for their most valuable financial asset.
Planning for One of the Two Certainties
By: Daniel Sroka
It is often said that there are two certainties in life: death and taxes. For the family and business partners of a deceased orthodontist, the personal loss, difficult enough, is unnecessarily aggravated by the lack of a previously agreed to and well-documented succession plan for the practice. The grieving period is by far the worst time to create from scratch, while under time pressure, a feasible succession plan for the practice; so do it now, while there is time.