William P. Prescott

Oct 13, 2024 | dentaleconomics.com | William P. Prescott

331040456 © Bo Feng | Dreamstime.comPracticeHiring an associate with a future sale in mindA future sale is a good alternative to a short-term partnership where the practice owner does not plan to work more than seven years. Learn why a letter of intent is crucial. Dentists who are planning to retire in seven years or less often think that hiring an associate to admit them as a partner later is a good idea. It might not be.

Jun 12, 2024 | dentaleconomics.com | William P. Prescott

To protect the value of the patient and referral source base of any dental practice, noncompete provisions have long been used as a method to ensure that the parties to an employment agreement, associate buy-in, or partnership live up to their promises not to compete. However, the Federal Trade Commission (FTC) issued the final rule on April 23, 2024 (final rule) that effectively prohibits the use of almost all noncompete provisions.

Mar 13, 2024 | dentaleconomics.com | William P. Prescott |Kevin Cumbus |Roger P. Levin |John A. Wilde

Parties involvedThe parties to the practice sale and purchaseThe parties to the sale and purchase transaction need to be identified. The seller's practice entity, the selling dentist, the purchasing dentist's practice entity, and the purchasing dentist should be identified in the letter of intent. If the purchasing dentist's practice entity is not formed as of the date of the letter of intent, "entity to be formed" language should be included in the provision.

Jan 30, 2024 | dentaleconomics.com | Pamela Maragliano-Muniz |David Rice |William P. Prescott |Kevin Cumbus

Your employee drinks too much at a work function and gets in a car accident. There is a CE course your RDH wants to take out of state and you agree to pay for the travel but there is a mishap during the flight. What are you liable for? How can you protect yourself? As dentists, we try to do the right things by our employees. We try to weave fun and rewards into the often stressful workday. But at what point will we be punished for our good deeds?

Aug 1, 2023 | dentaleconomics.com | Pamela Maragliano-Muniz |David Rice |William P. Prescott

Dental practice owners rely on the advice of accountants and financial planners to make sure the business side of their practice is in order. But what happens when these trusted advisors give conflicting advice? Better yet, why is this often the case, and how should dentists proceed? Subscribe to Dentistry Unmasked on your favorite podcast platform for future episodes. Trent Watrous, CPA, CVA, CFE, CEPA is one of the leaders of Aprio’s national Dental practice.