The American Dental Association (ADA) now offers two resources designed to assist dental professionals with some of the toughest transitions of their careers: practice valuation and associateships.
In the publication titled, The ADA Practical Guide to Valuing a Practice: A Manual for Dentists, buyers and sellers get a balanced view of practice valuation in this revised version. Refuting many common valuation myths, this book raises awareness of possible legal and tax issues that may arise during the process of buying and selling a practice. The book also provides guidance on selling or buying an entire practice, or a portion of a practice, as well as planning a future buy-in or buy-out.
Key features of the publication include definitions of important terms, how to select a person to perform the valuation, how to choose the best valuation method, and examples of sales documents and contract provisions.
Similarly, The ADA Practical Guide to Associateships: Success Strategies for Dentist-owners and Prospective Associates provides dental professionals with information to help build a successful partnership. Strategies are offered for tackling both logistical issues, such as the type of associate arrangement, compensation, contract terms, and buy-ins, as well as intangible issues, including interpersonal considerations and compatibility, developing a practice philosophy, and conducting a goals assessment.
The publication also provides readers with sample contract provisions, advice for determining compatibility and developing a bond of trust, options for financial arrangements, and tips on how to prepare for the process.
For more information, visit adacatalog.org.
