Dental and Medical Counsel Blog

Does Your Practice Provide Holiday Bonuses?

By Ali Oromchian Esq

It has been well-established that making your employees feel appreciated can go a long way towards maintaining their loyalty and even towards increasing productivity. This time of year, one of the most popular ways of doing just that is by awarding holiday bonuses. If you are choosing to award a bonus this year, you are not alone.

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Posted on 11/28/2018 at 10:30 AM

Selecting Your Advising Team When Buying a Dental Practice

By Ali Oromchian Esq

Buying a dental practice doesn't happen in one smooth, easy step. In fact, throughout every step of this process, you need a team of advisors that will help track your needs and ensure that you are making wise financial and legal decisions to protect yourself as you purchase your practice and learn more about what it has to offer.

Before you purchase a dental practice, you need to:

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Posted on 09/26/2018 at 10:36 AM

How To Value A Dental Practice

By Ali Oromchian Esq

When you are looking to buy or sell a dental practice, there are a number of steps you must take in order to be successful. If you are a dentist who is looking to sell, you might want to know what the market is like and what your practice is worth. Alternatively, if you are looking to purchase a dental practice, you might want to evaluate the value of that practice yourself, instead of solely relying on the assertions of the seller. Regardless of which party you are, you will need to be fully armed with the knowledge and understanding of how the evaluation process works. Failure to be informed could lead to a bad deal, sure to be accompanied by buyer’s or seller’s remorse.

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Posted on 09/12/2018 at 03:43 PM

The Basics of Shareholders and Shares For Your Dental Practice

By Ali Oromchian Esq

Shareholder agreements: what, exactly, are they? How will they help you form the backbone of your dental practice? If you're thinking about forming a partnership with another dentist, especially if you're thinking about forming a partnership with several dentists, it's important that you understand the distinction between shareholder agreements and partnership agreements--and how shareholder agreements can help improve the functionality of your practice. 

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Posted on 08/15/2018 at 08:09 AM

Understanding And Negotiating A Tenant Improvement Allowance

By Ali Oromchian Esq

Let’s assume you have found a commercial space to open your new dental practice. You, as a tenant, may be able to have your landlord pay you for the costs to improve your space in the ways that are needed to operate a successful practice. Whether you are a tenant who is seeking to upgrade existing space, or a new tenant who has not yet built out new space, it might be in your best interest to negotiate on a tenant improvement allowance for your commercial lease.

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Posted on 07/03/2018 at 08:10 AM

Key Things To Consider When Drafting A Letter Of Intent

By Ali Oromchian Esq

Early in the process of purchasing a dental practice, before you formally purchase the practice, you'll start with a letter of intent. Your letter of intent is the first piece of legal paperwork in the practice-buying process, as it details your interest in buying the practice and sets out some of the basic business/economic terms. As you create this important document, make sure that you take it seriously! The terms in your letter of intent can help shape your purchase agreement and other important aspects of your purchase. 

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Posted on 06/27/2018 at 09:53 AM

Understanding the Major Commercial Lease Types

By Ali Oromchian Esq

When negotiating leases for your dental practice, it is helpful to be familiar with the common types that are specific to commercial leases: gross or full-service leases, net leases, and modified gross leases.

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Posted on 06/20/2018 at 07:45 AM

How To Stay Compliant When Selling a Dental Practice

By Ali Oromchian Esq

Once you have decided that you would like to sell your dental practice, there are a number of steps that you can take which will aid you in the success and compliance of the sale. You will undoubtedly want to get the most “bang for your buck” with the least hassle. Further, you will likely want to make the transfer as seamless as possible. With the ability to properly prepare in advance, you can easily make a sale and transfer your practice and be confident in those actions.

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Posted on 06/06/2018 at 09:00 AM

6 Key Considerations For Dental Practice Expansion

By Ali Oromchian Esq

Expanding your dental practice may be the next logical step in your business plan. Perhaps you're struggling to schedule new patients or maybe you're hoping to bring in more associates or partners in order to share the burden of patient care along with increased profits. Before expanding your dental practice, however, make sure that you take the time to think through these key considerations. 

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Posted on 05/31/2018 at 01:24 PM

Obtaining Insurance for Your New Dental Practice: The Top Things to Consider

By Ali Oromchian Esq

There are a lot of steps that must be taken before you open your dental practice, but one of the most important items on the list is securing the insurance you need to operate. Before your practice is operational, you need to be sure you have several different types of insurance in place. These simple steps can protect you from costly liability suites, prevent you from losing your dental practice before it even has a chance to get off the ground, and even prevent you from losing your dental license. While insurance may seem like an expensive proposition, it's also an important part of keeping your practice operating smoothly. 

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Posted on 04/25/2018 at 12:14 PM

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