Changing of the guard

Associate Buys the Practice
Dr. Associate worked for Dr. Owner for more than 6 years. Dr. Owner was ready to finish up his cases, transition out, and retire from practice after more than 30 years. Dr. Associate and Dr. Owner decided that the best fit would be for Dr. Associate to buy out Dr. Owner. In this matter, Dr. Owner also owned the practice real estate, but was not ready to sell it. However, a lease was negotiated that granted Dr. Associate the right to buy the real estate at a later date and a fair rent in the interim.
Taking about 6 weeks from beginning to Closing, Dr. Associate and Dr. Owner agreed on a fair valuation, lease terms, and a period for Dr. Owner to finish up a set of cases he had been working on and for his wife (who was also employed as the office manager) and him to gradually transition out over 6 months. Dr. Associate has now become the new Dr. Owner, recognizing the challenges of owning one’s own business, and the practice and its team continue to bloom under his leadership.
- Business
- 2023
- Associate Dentist