Our program for dentists & dental specialists in transition
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Imagine the most important decisions in your career being guided by an experienced, well regarded, knowledgeable expert. Reality is here, you can stop imagining! Practice Transition / Succession Planning is designed to provide a process to develop associateships, partnership and practice sales smoothly and equitably. It makes the transitions a win-win for all parties. Randall K. Berning co-authored the ADA publications Associateships and Valuing A Practice. Those publications are now on their 5th revision and have withstood the test of time and countless doctors and their advisors review. You can be guided by the same judgment he provided in writing the publications and that has served hundreds of dentists in his consultations for more than 25 years. Practice Transition / Succession Planning uses a well developed protocol to achieve consensus between doctors and their advisors. Here's how it works: Following engagement of Berning & Affiliates, relevant information on the practice and both practitioners is secured. An appropriate questionnaire is sent to each party (different questionnaires if it is an associateship, partnership or practice sale over time). After we receive the completed questionnaires, each doctor is called to discuss key items. The Strategy Conference is a 4 - 7 hour agenda driven meeting with the doctors (amount of time depends on the complexity of the practice situation) during which the parties go through a step by step list of items to consider in structuring the transaction / succession. In a practice buy-in or buy-out a practice valuation is secured using the capitalized earning method and the practice accountant prepares a cash flow justification to help show that the purchase is capable of being made. In an associateship a compensation analysis is prepared. This work helps all parties anticipate what is often the most significant concern, how will the financial aspects be handled. After the Strategy Conference a draft set of terms is prepared that reflects the proposed relationship and highlights any open areas. It is sent to the doctors. If requested we will also prepare a timeline for the entire transaction showing all steps needed to be completed by advisors, help locate advisors for valuation, health care attorneys, accountants, financial planners, estate planners and virtually any other category of advisor to assist in the transition / succession planning.

A follow-up meeting on occasion is necessary, however generally a telephone conference allows all parties to discuss the proposed terms and as necessary evaluate and rework the terms to create a win-win relationship. Once the doctors agree to the terms, and the value and price are arrived, the next step is to engage legal counsel (if counsel is not already part of the process) to prepare a draft of pertinent documents. Financial Arrangements Each practice and transition is unique, which limits our ability to provide a "one size fits all" blanket fee. We welcome discussing your practice transition needs and developing a financial arrangements quote for you. Complimentary Areas We concentrate in the area of practice associateships, solo group, buy-in, buy-out and sale. As necessary we evaluate, oversee, negotiate and provide example documents for the following areas. For each area we would welcome discussing your needs and developing a financial arrangement. Representing one party, for example, a new practitioner seeking an associateship, partnership or purchase upon entering a practice relationship. Associateship agreements, both ICs and employee Solo group and time share arrangements Purchase and sale of an existing practice Options for buy-in and buy-out Partnership evaluation, creation and agreements Professional corporation and other forms of entity evaluation and creation Multi-discipline practices including compensation Plan for multi-location practices Evaluate managed care, IPO and PMC offers  The process of ensuring the futures of doctors and the underlying practice entails countless variations. This process is designed to help the parties express their unique structuring desires and achieve their career objectives in an organized highly efficient method. To schedule a consultation, click here or call us at 800-999-8121