William P. Prescott, Esq., E.M.B.A.

Dental Law • Mergers & Acquisitions • Professional Practices & Health Care • Business Organizations & Tax • Business & Family Succession Planning • Employee Benefits & ERISA

Mr. Prescott is a member of the Business Organizations & Tax Department and serves on the Firm’s Board of Directors and Executive Committee. Mr. Prescott represents and consults dentists, dental specialists, and their practices in the areas of developing business and tax structures for co ownership, associate buy ins, owner buy outs, compensation planning, practice sales and acquisitions, valuations, group and solo group practice arrangements, dispute resolution, fringe and employee benefits, and business and tax planning. Mr. Prescott is the author of Joining And Leaving The Dental Practice, First Edition 2008, Second Edition 2011; Business, Legal, And Tax Planning for the Dental Practice, First Edition 1994, Second Edition 2001, PennWell Corporation, Third Edition self-published, scheduled for 2012. Mr. Prescott is also the author of other articles and publications on dental practice transitions, business and tax planning.

Prior to practicing law, Mr. Prescott worked in the dental equipment and supply industry, primarily with Saslow and Meer Dental Companies, for 16-1/2 years as a territory representative, equipment specialist and General Manager of Saslow Dental Company — Northern Ohio.

Bar Admissions:
1989 State of Ohio

Education:
1972 Cleveland State University (B.B.A .in Marketing)
1984 Baldwin-Wallace College (Executive M.B.A. in Systems Management)
1988 Cleveland-Marshall College of Law (J.D.)

Professional & Civic Affiliations:
The Practical Tax Lawyer (Editorial Board)
Small Business Council of America (Director, Officer)
Cleveland Metropolitan Bar Association
Ohio State Bar Association
American Bar Association, Section of Taxation, Closely Held Business Committee (Chair, 2007-2009 Term, Vice-Chair, Professional Practices, 2009-2011, 2011-2013 Terms)

Author – Books:
Joining and Leaving the Dental Practice. 2008, and Second Edition, to be completed in early 2012.

Business, Legal, and Tax Planning for the Dental Practice. First Edition, 1994, Second Edition, 2001, and Third Edition, self published to be completed in late 2013.
The Practice Acquisition Handbook. Randall K. Berning and Affiliates, 1997.
The Limited Liability Company and Other Entities for Dentistry. Randall K. Berning and Affiliates, 1996.

Author – Articles:
“The Effects of Heath Care Reform.”  Dental Economics (October 2011).
“Worker Classification Issues in Professional Practices.”  The Practical Tax Lawyer (Summer 2010).
“Business, Legal, and Tax Planning for the Dental Practice.”  Supplement published quarterly  (2008).
“Ready…Set…Retire!” Dental Economics (2001).
“Lease and Real Estate Matters.” The Greater Cleveland Dental Society (1998).
“Who’s the boss?” Dental Economics (1998).
“Buyers Must Be Wary of the Practice of Real Estate.” Veterinary Business (1998).
“Determining Practice Value.” Strategies For Success (1997).
“Selling Your Practice To or Accepting Employment with a Dental Management Company.” (1997).
“The Basics of Hiring and Firing.” CDA Journal (1996).

Biographical Information and Curriculum
William Prescott Biographical Information
William Prescott Curriculum

Upcoming Seminars
Joining & Leaving the Dental Practice by William P. Prescott, M.B.A., J.D.

Seminar Material
The ABCs and XYZs For The Dentist by William P. Prescott, E.M.B.A., J.D.

 

---

 

Joining And Leaving The Dental Practice

Title Page Table of Contents Chapter 1 (Steps To Retirement—10 Point Plan) Chapter 2 (Assessing Succession Options) Chapter 3 (Assessing Practice Entry Options) Chapter 4 (The Importance of the Practice Valuation) Chapter 5 (Calculating Practice Value in a Real Strange Market) Chapter 6 (Negotiating the Win-Win Sale & Acquisition)

Chapter 7 (Acquiring Your Practice – The Importance Of Purchaser Due Diligence) Chapter 8 (Selling To Our Working For A Dental Service) Chapter 9 (Hiring And Becoming The Associate) Chapter 10 (Using Restrictive Covenants For The Associate And Departing Owner) Chapter 11 (Planning Associate Buy-Ins & Owner Buy-Outs) Chapter 12 (Why Solo Group Arrangements Make Sense)

 

Program Material for “Joining And Leaving The Dental Practice” (posted 6/3/2010)

 

---

 

Business, Legal, And Tax Planning for the Dental Practice, Second Edition

Title Page Forward by Dr. James R. Pride Chapter Headings Chapter 1 – Steps to Retirement Chapter 2 – Assessing Succession Options Chapter 3 (Figure 1) – Representatins and Warranties Chapter 3 (Figure 2) – Letter of Intent Chapter 3 (Figure 3) – Practice Document Matrix Chapter 4 – Hiring & Becoming The Associate Chapter 5 – Using Restrictive Covenants Chapter 6 – Planning Associate Buy-Ins and Owner Buy-Outs Chapter 6 (Figure 1) – Buy-Sell Agreement Matrix Chapter 7 – Why Solo Group Practice Makes Sense Chapter 8 – Selling To or Working for a Dental Service Management Organization Chapter 9 – Understanding Practice Valuations Chapter 9 (Figure 1) – Purchase Matrix Chapter 9 (Figure 2) – Requesting Information For Valuation Purposes Chapter 10 – Calculating Practice Value In A Changing Market Chapter 10 (Figure 1) – Summation of Practice Assets Chapter 11 – Finding and Retaining Quality Employees Chapter 12 – Implementing And Updating Your Strategic Practice Plan Chapter 13 – Dispute Resolution – Finding Middle Ground Chapter 14 – Negotiating Your Facility Lease Chapter 15 – Owning, Acquiring and Selling Your Building Chapter 16 – Selecting Your Practice Entity Chapter 16 (Figure 1) – Articles of Incorporation

Chapter 16 (Figure 2) – Bylaws Chapter 16 (Figure 3) – Annual Shareholder Minutes Chapter 16 (Figure 4) – Annual Director Minutes Chapter 16 (Figure 5) – Year End Matter Information Sheet Chapter 17 – Managed Care Contracts Chapter 18 – Designing, Relocating or Establishing The Practice Facility Chapter 18 (Figure 1) – Considerations Chapter 18 (Figure 2) – Capital Outlay Chapter 19 – Assessing Your Practice Options Chapter 19 (Figure 1) – Practice Option Report Chapter 19 (Figure 2) – Practice Option Report Matrix Chapter 20 – Acquiring Your Practice Chapter 20 (Figure 1) – Due Diligence Checklist Chapter 21 – Implementing Effective Measurements And Controls Chapter 21 (Figure 1) – Categories To Monitor Chapter 21 (Figure 2) – Paying Relocation Costs Chapter 21 (Figure 3) – Practice Systems Chapter 22 – Designing The Right Retirement Plan Chapter 22 (Figure 1) – State-By-State Analysis of IRAs Chapter 22 (Figure 2) – Comparison of Tax-Qualified Plans Chapter 23 – Review of Fringe Benefits Chapter 23 (Figure 1) – Comparison of Tax-Qualified Fringe Benefits Chapter 23 (Figure 2) – Expense Reimbursement Policy Examples Chapter 24 – Protecting Your Assets Chapter 25 – Planning Your Estate Chapter 25 (Figure 1) – Information Sheet Chap-Summary

 

---

 

Quarterly Supplements to…

2011 Winter Quarterly Supplement 2011 Spring Quarterly Supplement	2011 Fall Quarterly Supplement 2011 Summer Quarterly Supplement
2010 Winter Quarterly Supplement 2010 Spring Quarterly Supplement	2010 Fall Quarterly Supplement 2010 Summer Quarterly Supplement
2009 Winter Quarterly Supplement 2009 Spring Quarterly Supplement	2009 Fall Quarterly Supplement 2009 Summer Quarterly Supplement
2008 Winter Quarterly Supplement 2008 Spring Quarterly Supplement	2008 Fall Quarterly Supplement 2008 Summer Quarterly Supplement
2007 Winter Quarterly Supplement	2007 Fall Quarterly Supplement
2007 Spring Quarterly Supplement	2007 Summer Quarterly Supplement
2006 Spring Quarterly Supplement	2006 Winter Quarterly Supplement
2005 Winter Quarterly Supplement	2005 Fall Quarterly Supplement
2005 Spring Quarterly Supplement	2005 Summer Quarterly Supplement
2004 Winter Quarterly Supplement	2004 Fall Quarterly Supplement
2004 Spring Quarterly Supplement	2004 Summer Quarterly Supplement
2003 Winter Quarterly Supplement	2003 Fall Quarterly Supplement
2003 Spring Quarterly Supplement	2003 Summer Quarterly Supplement