"You need to understand what you're about to sign."
Connect With Our SponsorsGreyFinch -
https://greyfinch.com/jillallen/A-Dec -
https://www.a-dec.com/orthodonticsSmileSuite -
http://getsmilesuite.com/ Summary In this conversation, Rob Montgomery shares his extensive experience in legal work focused on the dental and orthodontic space. He emphasizes the importance of legal guidance for young dentists, particularly when navigating contracts, lease agreements, and partnerships. Rob discusses common pitfalls in lease agreements, the significance of understanding personal guarantees, and the challenges associated with associate agreements and partnerships. He also addresses the misconceptions surrounding DSOs and encourages young dentists to pursue ownership opportunities while being mindful of the legal implications of their decisions.
Connect With Our Guest Robert H. Montgomery, III, Esquire, P.C. -
https://www.yourdentallawyer.com Takeaways - Rob Montgomery has been practicing law for 30 years, focusing on the dental field.
- Young dentists must understand the importance of legal guidance when entering contracts.
- Lease agreements can be complex and often favor landlords, requiring careful review.
- Personal guarantees in leases can pose significant risks for practice owners.
- Associate agreements should clearly outline paths to partnership to avoid future disappointments.
- Partnerships and buy-ins are often the riskiest transactions in dental practices.
- Minority buy-ins in DSOs can lead to unfavorable conditions for dentists.
- Dentists should not feel pressured to work for DSOs; ownership opportunities still exist.
- Having a strong legal and financial team is crucial for success in dental practice ownership.
- Understanding the business side of dentistry is as important as clinical skills.
Chapters 00:00 Introduction and Background of Rob Montgomery
02:53 The Importance of Legal Guidance for Young Dentists
06:00 Understanding Lease Agreements and Common Pitfalls
09:11 Navigating Associate Agreements and Partnerships
11:58 The Risks of Practice Buy-Ins and Partnerships
24:04 Understanding DSO Partnerships and Their Implications
31:17 Navigating Associateship Agreements and Partnership Promises
38:40 Advice for Young Dentists in a DSO-Dominated Market
Episode Credits: Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero
Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice?
Reach out to me-
www.practiceresults.com.
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