N. Texas Dentistry Special Issue 2014 Inside the Exceptional Practice | Page 24

Partner with a
team of experts.

Don’t try to go it alone. If all this seems overwhelming, rest
assured that you do not have to invent the dental practice – it
has been done before. Assemble a team of professional advisors
like accountants, insurance agents, compliance specialists,
equipment vendors, lenders, investment experts, and legal advisors, and draw on their expertise.

Partner with an accountant who has experience in serving dental practices. They can make sure you are informed and up to
date on the best tax and accounting practices and wealth management, but can also help you examine your business goals and
bring proven business processes to your practice that will support those goals. In some cases, accountants may also provide
basic education on business principles like banking, debt service, and HR.

An experienced insurance agent who caters to the coverage
needs of dentists can help you put together a portfolio that
includes professional liability and disability, and meets your
specific needs. With proper guidance from an insurance expert,
you can maximize your insurance budget and take action to
minimize your risk.
A compliance expert can help ensure that your practice meets

the latest iteration of HIPAA requirements
and state board regulations, and are up-to-date on
all required documentation.

Develop a relationship with a legal expert who will be there to
offer input and advice when you lease or purchase equipment
or other property, or buy or sell a practice. Without exception,
all associateships and other business agreements must be
clearly defined in a written contract prepared under the guidance of an experienced attorney.

Sales and transitions have become infinitely more individualized over the years, and there are innumerable options now,
many of which barely resemble the traditional departure from
a practice. Some practitioners choose to sell but stay on and
continue to practice. Others sell a portion of the practice. Buyers
now commonly acquire multiple practices. Regardless of the
specific details, all parties involved typically benefit from the
close guidance of an experienced transition specialist.

Banking has also evolved to offer lending programs specially
designed for denti