The Importance of Planning
The team at Watson Brown encourages dentists to begin planning far in advance of any transition to build a foundation for the best possible outcome . Jeremy Brown notes , “ We encourage clients to start the planning process five years prior to selling . A pre-planning consultation allows us to align the timing of the sale and transition to our client ’ s specific goals .”
The first step is having your practice appraised . An in-depth analysis of your practice is key to determining whether you are well-positioned for a successful transition . Pre-transition planning can identify areas in the practice that need improvement and allow time to develop and implement strategies that will maximize the value prior to sale . You may be advised to attract new patients , adjust your fees , evaluate your office lease or real estate options , properly structure associate agreements , or evaluate staff salaries . Conducting an evaluation early will help you determine the most favorable timeline for the transition .
Watson Brown also helps clients with contingency planning for an unexpected death or disability . This preventative measure ensures that , in such an event , all facets of the sale of your practice will be handled expediently and efficiently to preserve the practice and maintain the practice value . This specific , step-by-step plan protects your family members from shouldering a difficult burden during a highly emotional time and ensures that such matters are being handled competently and according to your wishes .
Don ’ t Do This Alone
You do not have to – and should not – manage the complexities of navigating a practice transition alone . The single most important consideration you make may be to select a team of trusted advisers known for their integrity and proven track record . As you prepare for the once-in-a-lifetime event of transitioning your practice , keep in mind the importance of having an expert guide alongside you to greatly increase the likelihood of a success .
Founded by Dr . Terry Watson in 1992 , the firm has facilitated hundreds of transitions and has extensive experience with practice sales , startups , partnerships , associateships , dental practice appraisals , refinances , and debt consolidation .
In June 2005 , tax attorney and accountant Frank J . Brown , J . D ., LL . M . ( taxation ) teamed with Dr . Terry Watson to form Watson Brown . Their team provides an exceptional combination of accounting , marketing , legal , and tax expertise and is the only transition firm in the United States with both a tax attorney and dentist . The firm ’ s skillset is complemented by Dr . Terry Watson ’ s 23 years of success in private practice .
Jeremy Brown , J . D . joined the firm in 2008 . His experience with web-based technologies , banking , and marketing streamlined the firm ’ s data management capabilities and increased overall office productivity , resulting in fast , efficient dental practice transitions .
For more information , call Watson Brown at ( 469 ) 222-3200 or visit ADStexas . com .
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Terry Watson , DDS
Prior to founding Watson Brown & Associates , Inc . in 1992 , Dr . Watson practiced general dentistry in the Dallas area for over 23 years . Dr . Watson remains an active member of the American Dental Association , Texas Dental Association , and Dallas County Dental Society and has served on numerous boards including those of ADA Financial Services , TDA Board of Directors , and TDA Financial Services . He is a Past President of the Dallas County Dental Society . Dr . Watson and his wife Carolyn are members of Lovers Lane United Methodist Church . As a father he was involved with his sons in Indian Guides , Scouts , and Sports where he served as a Nation Chief , Cub Scout Pack Master and Coach . The Watsons enjoy getting away to their lake home and spending time in their boat . Dr . Watson is a respected father , husband , dentist , consultant and community leader who always makes time to serve and give to others .
Frank Brown , JD LLM
As the current owner of Watson Brown , Frank began his practice transition expertise in 1989 when he began providing Texas dentists and their families ’ professional guidance on selling or buying a dental office . Graduating with a Business degree from Arizona State University , Frank went on to earn his law degree from the University of Arkansas and his Master of Laws in taxation from Southern Methodist University School of Law . As a broker and tax attorney , Frank provides counsel to buyers and sellers before , during , and after their transitions while also drafting documents and valuing dental practices . Frank has worked extensively with local troops of the Boy Scouts of America in positions as Scoutmaster , Troop Committee Chairman and Fundraising Chairman for high adventure activities . Brown has taken scouts to Philmont Scout Ranch , is an Eagle Scout and has two sons who are Eagle Scouts .
Jeremy Brown , JD
As a broker and attorney , Jeremy takes a lead role in acquiring new practice listings , valuing dental and medical practices , drafting contracts , and ensuring that transactions close successfully . Jeremy earned his law degree from Texas A & M University and completed his undergraduate studies at Brigham Young University . In his personal life , Jeremy enjoys following college football , backpacking and outdoor adventures with his family . Jeremy is the proud father of six children and is an active member of his church . He is an Eagle Scout , former Scoutmaster , and enjoys mentoring youth .
Photos by Ray Bryant , Bryant Studios
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