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32 PRACTICE MANAGEMENT Dental Tribune Middle East & Africa Edition | 5/2017 Taking on work in progress in practice transaction By Amanda Maskery, UK When purchasing a practice, among the many factors clinicians need to consider is the situation regard- ing work in progress (WIP), an area that can be particularly complex in finalising the details of the transac- tion. Ongoing work that has not yet been completed, though it will have been at least partly paid for, could well take up a significant proportion of one’s capacity in the early stages of ownership, so it is vital to know exactly what one is taking on. Fur- thermore, from the outset, buyers will need to be clear about the level of WIP against any payments already received, as well as the payments outstanding. From the seller’s point of view, it is therefore important that an up-to- date list of WIP be kept in the run- up to completion. The situation is easier regarding WIP if the seller is remaining with the practice, but if exiting completely, then careful de- termination of exactly what is to be inherited needs to be made at the earliest point. It also needs to be set out in the sale agreement the terms on which the buyer can claim fees for the work. Some WIP will have been partly paid for by the time the transaction is completed, but there must be a con- sideration of how that will be struc- tured. For example, if 75 per cent of the fees for the WIP have been paid by the patient, but only 50 per cent of the work carried out by seller, it must be determined whether the buyer will keep the 25 per cent bal- ance or whether this will remain with the seller at completion. In many situations, the buyer will be able to claim a proportion of money in respect of the percentage of work he or she will be carrying out to com- plete the treatment. However, in other circumstances, a decision may be made not to pursue this. It could be deemed that cases paid up at the outset or partly paid and those paid at the end of treatment will balance out at completion, rather than car- rying out complex calculations on each piece of WIP. WIP can indeed be a complex area, so it is important that all parties in- volved in the trans action sit down and work through an up-to-date list of WIP shortly before completion and work out exactly what is hap- pening with each piece of unfinished work. A carefully drafted sale agree- ment is extremely important in this scenario, and consulting specialist dental advisers is strongly recom- mended. Both the seller and buyer need clar- ity on how WIP will be transferred and who will retain what percentage of fees. Establishing this will enable a smooth transaction to the benefit of the business and patients alike. Amanda Maskery Amanda is one of the UK’s leading dental lawyers. She is Chair of the Association of Specialist Providers to Dentists (ASPD) in the UK and a Partner at Sintons law firm in New castle. Amanda can be contacted at amanda.maskery@sintons.co.uk. Prof. Paul Tipton is the faculty lead of three Diploma programmes in Dubai, UAE namely Restorative & Aesthetic Dentistry, Clinical Endodontics and Clinical Implantology. For more information, visit www.cappmea.com Professor Paul Tipton named within ‘The Dentistry Top 50’ for 2017 By Tipton Training The founder of Tipton Training, Pro- fessor Paul Tipton, has been named at #12 in ‘The Dentistry Top 50’ for 2017 – only two places behind British Prime Minister Theresa May. It’s the ninth time the prosthodon- tics expert has been featured in the annual list from Dentistry.co.uk, which ranks UK dental professionals in order of influence. “I’m thrilled to again be named in The Dentistry Top 50 for 2017. To have an established presence in this list gives me great satisfaction – and it inspires to keep helping the next generation of dentists,” says Profes- sor Paul Tipton. As President of the British Academy of Restorative Dentistry, Professor Tipton now divides his time between operating private referral clinics in Manchester and London, along with teaching other dentists the skills and techniques needed for a successful career. He also has a training acad- emy in Dubai with another soon to follow in Singapore. With an international teaching ca- reer spanning over 25 years, his private dental training academy – Tipton Training – is now one of the top dental training institutions in the country, leading the way in pro- fessional dentistry training. To date over 3,000 delegates have attended Tipton Training courses to boost their skills, knowledge and income. As the author of over 100 scientific articles for the dental press, Profes- sor Paul Tipton is also one of the leading media commentators in UK dentistry.