Here are five questions to ask when being approached, according to Mike Carroll, the owner of dental practice transitions firm Carroll and Co.
1. For how long will I be contracted to work back? If I leave before the contracted period will there be a penalty?
2. How will my compensation be structured — a percentage of production/collections, profit share, or a combination?
3. Will any of the purchase price be held back to comply with post-sale employment requirements?
4. Am I willing to work as an employee? Can I step away from the mindset of an owner?
5. What is the philosophy of treatment of the corporate entity?
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