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Dental Associateships to Buy-Inby David Cohen, Esq.
Dental associateships present benefits to both the associate and the owner. Of course, the owner of the practice can benefit from having the production of a dental associate to increase revenues and decrease work load on the practice owner. In addition, the owner can potentially groom the associate for a subsequent buy-in. On the other hand, the associate can gain the necessary experience to help him/her establish knowledge in the field and eventually become an owner at that practice or another. Since many new dentists do not have the resources (time, money, experience, goodwill) needed to establish their own practice, they can first work as an associate to gather these resources that can help them establish their own practice later on. Many dentists look for quality associateships that can lead to ownership interest purchase down the road.
What Exactly is Dental Associateship?
Dental associateship is a working relationship between a dentist/owner of a practice and a dentist (often younger) who does not have ownership of the said practice and will work as an employee or independent contractor for the dentist/owner of a practice.
Hiring an Associate Requires Due Diligence
Many dentists make the mistake of hiring an associate without proper due diligence. There are several issues that dentists have to consider when hiring an associate, especially when the plan is for such associate to eventually buy into the practice and become an owner...
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