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Dental Tribune United Kingdom Edition | 1+2/2016 12 TRENDS&APPLICATIONS By Amanda Maskery,UK Buying your first dental practice is a major milestone in your career and yourlife.Butwhileitbringsopportu- nities, becoming the owner of your ownbusinessalsobringschallenges for which you must ensure you are prepared. It is enormously impor- tant that you be aware of what you are taking on before you decide to become a principal and entrepre- neur,and it is essential you seek ad- vice if in any doubt. From the moment you begin to consider taking on your own prac- tice, you need to be considering your position. Can you secure suf- ficient funding to purchase your ownpractice?Bewareofthepitfalls ofa“cheap”practice.Thoroughdue diligence is crucial and your lender will require assurance of this. Exiting your current practice also needs careful consideration; can you commit to handing in your notice before you exchange contracts? This may affect the timescale of the transaction if not planned properly. There is also the issue of the outgoing principal and whether to retain his or her services. Fraught negotiation of the purchase agree- ment, and the requisite associate agreement, might colour the rela- tionship when running the prac- tice post-completion. Youmustalsobeaufaitwithyour regulatory requirements and will need to make an early application to the Care Quality Commission to become a registered provider. This will require an up-to-date check with the Disclosure and Barring Service, which may take several months. Through proper planning, se- curing a well-negotiated purchase agreement and carrying out thor- ough due diligence, you should be in a position to immediately begin working and be able to start seeing and treating patients as soon as possible. However, post-completion, once you take ownership of your prac- tice, the considerations are on- going. Much more of your time will be taken up with administration, whichissomethingthatisoftenun- derestimated. If you have targets, be they units of dental activity or purely financial, you must ensure you are continuing to maintain the level and quality of treatment. There are also the risks and re- quirements of being a business owner.Arepoliciesofinsuranceup to date? Are you aware of the key commercialcontractsatyourprac- tice and their terms? Do you know your duties to your employees and associates and their entitlements under their contracts of employ- ment? Furthermore, if you are a sole trader, you will have personal liability for business debts to your creditors. Financial planning is also crucially important, on both a business and personal level. Regulation is another area of re- sponsibility, and you must ensure youcanmaintainyourpracticeand treatment to the requisite regula- torystandard.Youmusthaveasetof policiesinplaceshouldthelocalarea team or Care Quality Commission come calling. What may seem like a minefield of considerations and obligations need not be if you enter into your journeytoprincipalwithyoureyes open,fullyawareofwhatistocome. Should you ever be in doubt about any aspect, it is essential you seek specialist advice. Becoming a principal, now what? Amanda Maskery is one of the UK’s leading dental lawyers. She is Chair of the Asso- ciation of Special- ist Providers to Dentists (ASPD) in theUKandaPart- ner at Sintons law firminNewcastle.Amandacanbecontacted atamanda.maskery@sintons.co.uk. PRACTICE + SCIENCE + LEARNING THE «WHY» AND THE «HOW» IN REGENERATIVE THERAPY Language English Clinical Forum 1 with simultaneous translation into French, German, Italian and Russian Venue Grimaldi Forum, Monaco Organisation Osteology Foundation Landenbergstrasse 35 6002 Lucerne | Switzerland phone +41 41 368 44 44 info'osteology.org INTERNATIONAL SYMPOSIUM OSTEOLOGY MONACO 21 – 23 APRIL 2016 WWW.OSTEOLOGY-MONACO.ORG Speakers / Moderators Antoun Hadi I Araújo Maurício I Aroca Sofia I Becker Jürgen I Benic Goran I Beschnidt Marcus S. I Bonnet Franck I Bornstein Michael I Bosshardt Dieter I Buser Daniel I Cairo Francesco I Carvalho da Silva Robert I Chappuis Vivianne I Chen Stephen I Chiapasco Matteo I Cortellini Pierpaolo I Cosyn Jan I Dagnelid Marcus I Dahlin Christer I De Sanctis Massimo I Derks Jan I Fickl Stefan I Fontana Filippo I Giannobile William V. I Giesenhagen Bernhard I Gruber Reinhard I Grunder Ueli I Haas Robert I Hämmerle Christoph I Happe Arndt I Hermann Frederic I Holst Stefan I Jepsen Karin I Jung Ronald E. I Kasaj Adrian Kielhorn Jan I Kim David I Koo Ki-Tae I Lang Niklaus P. I Malet Jacques I McClain Pamela K. Merli Mauro I Neukam Friedrich W. I Nevins Marc I Nevins Myron I Nisand David Rebele Stephan I Renouard Franck I Rocchietta Isabella I Roccuzzo Mario I Rothamel Daniel I Russe Philippe I Salvi Giovanni I Sanz Mariano I Scheyer Todd I Schlee Markus Schlegel Karl Andreas I Schmelzeisen Rainer I Schwarz Frank I Sculean Anton I Simion Massimo I Thoma Daniel I Urban Istvan I Van de Velde Tommie I Wagner Wilfried I Weyer Nils I Wise Roger I Zabalegui Ion I Zucchelli Giovanni I Zuhr Otto Scientific Chairmen Friedrich W. Neukam, Germany Myron Nevins, USA Register online at www.osteology-monaco.org AD DTUK0116_12_Maskery 25.02.16 15:05 Seite 1 phone +41413684444 DTUK0116_12_Maskery 25.02.1615:05 Seite 1