How to Transition Out of Your Family Dental Practice After a Divorce

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There are many things to think about during and after divorce under normal circumstances. For those who have family businesses with the spouse, they want to split up, there’s a lot more work involved. Read on to see what you can do to transition well out of your family dental practice after a divorce.

Take Your Time

While you may be eager for it all be over with, rushing through the whole process may leave you at a disadvantage. It’s important to spend time talking about the nitty-gritty of the law and your business with your soon-to-be-ex. If you’re not on amicable terms, you may need to do so in the presence of a mediator or a legal aide who will have your best interests at heart. Heed the advice of dental practice management consultants who agree that it’s important for “both buyers and sellers who are dentists looking to transition into or out of dental practices to come up with a plan.” They should do so with the help of a team of “experienced advisors” who include a “consultant, financier, attorney, appraiser, and a CPA who has experience handling dental practice transitions.”

Discuss Ownership

Discussing ownership of the practice after the separation is the next natural step to take. Since both of you have an interest in the practice, it’s important to find a solution that will yield the best results. If one of you has better skills and abilities for managing the practice, they may be the logical person to take control of the business. If this is not an option, you can come up with a way to split management between the two of you without treading on each other’s toes and worsening an already bad situation. If you cannot come to an agreement at all, this may lead to the dissolution of the company, something that neither of you may want. Rather than get to this point, try dialogue to find the best way forward.

Seek Legal Help

Legal help can help you overcome many obstacles, some of which you may not even have been aware existed. For this reason, it’s important to enlist the services of a legal aide who is knowledgeable in such cases as this. Since it’s not a unique situation, it will be possible to find a person with whom you can work to find a solution. If you know of other practices that may have undergone a similar situation to yours, reach out to them to seek assistance and get references from them if possible. The information that an expert will share with you will make it worth having them on board. Last year, 43% of small businesses applied for a loan, and this is a route you may need to pursue. This is, for instance, if your soon-to-be-ex is willing to sell you their share of the practice. Buying them out could afford you some valuable peace of mind and likely help ensure the longevity of the practice, and vice versa.

Find a Supporting Community

Finally, you’re far from being in a unique situation, as many marriages dissolve every other day. Find out the general terms for your state’s laws on divorce, and know things such as the fact that Colorado has a mandatory waiting period of 90 days for divorce. Information and help from people in similar situations can help make this time a bit less stressful for you. Don’t push away any well-meaning friends and family who are willing to offer you a shoulder to lean on at this difficult time.

This guide should help you get some ideas on how to transition out of your family dental practice after divorcing. You may have an easier time accepting the outcome if you have the help of people close to you, so seek them out and understand that things may get better over time even if they don’t go as you want them to right now.