Abstract
The article emphasizes the importance of estate and succession planning for dental practice owners, drawing from the author's personal experience following the death of their father, a business owner. Key considerations include whether to sell or close the practice, appointing a person to manage operations after the owner's death, and maintaining the value of the practice during the transition. The article also addresses legal issues such as probate, ensuring patient care continuity, and providing a "Survivor's Survival Kit" with instructions for heirs and staff. Proper planning can reduce the burden on surviving family members and protect the practice's value.
Recommended Citation
Schumann II, Ted MBA, MSF, CFP, AIF
(2024)
"A Survivor's Survival Kit: How to be best prepared for the unexpected death of a practice owner,"
The Journal of the Michigan Dental Association: Vol. 106:
No.
10, Article 3.
Available at:
https://commons.ada.org/journalmichigandentalassociation/vol106/iss10/3
Included in
Business Law, Public Responsibility, and Ethics Commons, Entrepreneurial and Small Business Operations Commons, Health Law and Policy Commons, Leadership Commons
Submit Article
