Click here to load reader

C120 entering practice, your choices do it right, once

  • View
    394

  • Download
    2

Embed Size (px)

DESCRIPTION

 

Text of C120 entering practice, your choices do it right, once

  • 1. C120 ENTERING PRACTICE, YOUR CHOICES DO IT RIGHT, ONCE WILLIAM PRESCOTT, MBA, JD THURSDAY, FEBRUARY 21DISCLAIMER: This work, audio recordings and the accompanying handout, are the intellectual property of the clinician, and permission hasbeen granted to the Chicago Dental Society, its members, successors and assigns, for the unrestricted, absolute, perpetual, worldwide rightto distribute solely as an educational material at the scientific program being presented at the 2011 Midwinter Meeting. Permission has beengranted for this work to be shared for non-commercial education purposes only. No other use, including reproduction, retransmission in anyform or by any means or editing of the information may be made without the written permission of the author. The Chicago Dental Societydoes not assume any responsibility or liability for the content, accuracy, or compliance with applicable laws, and the Chicago Dental Societyshall not be sued for any claim involving the distribution of this work.
  • 2. Chicago Dental Society MWM & REGIONAL MEETING COURSE EVALUATIONSpeaker: Date:Subject: Number of attendees:PLEASE RATE YOUR SPEAKER AS TO: Excellent Good Fair Poor N/A Subject selected................................. 4 3 2 1 0 Timeliness of subject ......................... 4 3 2 1 0 Comprehensiveness........................... 4 3 2 1 0 Meeting your expectations ................ 4 3 2 1 0 Content level...................................... 4 3 2 1 0 Delivery .............................................. 4 3 2 1 0 Voice quality....................................... 4 3 2 1 0 Holding your interest ......................... 4 3 2 1 0 Appropriate audiovisuals ................... 4 3 2 1 0 Effective audiovisuals ........................ 4 3 2 1 0 Overall evaluation of speaker ............ 4 3 2 1 0 Overall evaluation of program........... 4 3 2 1 0Should this speaker be invited for future meetings? Yes q No qWhat topics of interest would you like to see covered in the future?Comments (use reverse if you need additional space):Name (requested but not requiredplease print):RETURN EVALUATION CARD TO: DO NOT FOLD CARD. FOR CDS PERMANENT FILES.Chicago Dental SocietyAloysius F. Kleszynski, DDS401 N. Michigan Ave., Suite 200, Chicago, IL 60611-5585
  • 3. William P. Prescott, E.M.B.A., J.D. Wickens, Herzer, Panza, Cook & Batista Co. 35765 Chester Road Avon, OH 44011-1262 Direct Dial 440/695-8067 Fax 440/695-8098 Cell 440/320-8984 Email: [email protected] Website: www.PrescottDentalLaw.com 2012 William P. Prescott, E.M.BA., J.D. and Wickens, Herzer, Panza, Cook & Batista Co.BOT-00054.1301771214.doc
  • 4. THIS PROGRAM IS NOT INTENDED TO PROVIDE SPECIFIC LEGAL OR ACCOUNTING ADVICE This Program is not intended to provide the participant with specific legal oraccounting advice. For solutions to legal and accounting questions, consult yourattorney and/or certified public accountant. 2012 William P. Prescott, E.M.BA., J.D. and Wickens, Herzer, Panza, Cook & Batista Co.BOT-00054.1301771214.doc
  • 5. The sequence and Figure numbers for this program correspond to JoiningAnd Leaving The Dental Practice, Second Edition and Business, Legal And TaxPlanning For the Dental Practice, Third Edition. 2012 William P. Prescott, E.M.BA., J.D. and Wickens, Herzer, Panza, Cook & Batista Co.BOT-00054.1301771214.doc
  • 6. TABLE OF CONTENTS PageI. Practice Entry Choices. ....................................................................................................1 Figure 3-1 Entry Considerations ............................................................................1II. Advisory Team and Evaluating Opportunities...................................................................1III. Valuations in a Complete or Fractional Sale Verification Analysis................................1IV. Associate Employment.....................................................................................................2 Figure 9-1 Associate Compensation.......................................................................2 Figure 9-2 Effect of Dental Laboratory Costs On Associate Compensation............2 Figure 9-3 Bonus(es).............................................................................................2 Figure 9-4 Proposal for Employment and Future Ownership ..................................2 Figure 9-6 Associate Interview Questions..............................................................2 Figure 9-7 Job Application Release Provision ........................................................2 Figure 9-8 Confidentiality Letter............................................................................2 Figure 9-9 Associate Employment Agreement .......................................................2 Figure 9-10 Worker Classification Chart................................................................2V. Acquire a Practice............................................................................................................3 Figure 7-1 Due Diligence Checklist .......................................................................3VI. Become Associate With Later Sale of Practice. ................................................................3VII. Co-Ownership..................................................................................................................4VIII. Solo Group Arrangements. ..............................................................................................5IX. Finding and Retaining Quality Employees.........................................................................5X. Establish A Practice. ........................................................................................................5 Figure 20-1 Considerations for Establishing the Practice Facility............................6 Figure 20-8 Coordination of Efforts for Establishing the Practice Facility ..............6 Figure 20-9 Establishing the Dental Practice..........................................................6 Figure 20-10 Cost Example ...................................................................................6 Figure 20-11 Revenue Projection...........................................................................6 Figure 20-12 First Year Budget .............................................................................6XI. Technology Versus Cost. .................................................................................................6 Example 1 Technology Versus Cost ......................................................................6XII. Forming Your Practice and Real Estate Entities Which Ones and Why?.......................6XIII. Summary and Thoughts. ..................................................................................................7 2012 William P. Prescott, E.M.BA., J.D. and Wickens, Herzer, Panza, Cook & Batista Co.BOT-00054.1301771214.doc
  • 7. I. Practice Entry Choices. A. Associates Employment. 1. Private. 2. Corporate. B. Acquire a Practice. C. Become Associate With Later Purchase of Practice. D. Co-Ownership. E. Solo Group Arrangement. F. Establish a Practice. Attachment: Figure 3-1 Entry ConsiderationsII. Advisory Team and Evaluating Opportunities. A. Assemble Early. B. Understand How all Advisors are Paid. C. Consider Signing Bonus for Co-Ownership. D. Locating Opportunities How