Episode 5: The Legal Side with Robert Fooks
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Robert Fooks, Partner at McLeod Law, on the legal side of starting and growing your dental practice.
In this episode Robert and Mohamed discuss:
- How is a lawyer involved in the process of setting up your dental clinic – Robert shares that a lawyer should act as more of an advisor who guides you through the process and works with the other people on your team. Not only do they help with the legal aspects of the transition, but they’re there to help you along in the process and answer questions when needed.
- How lawyers look at lease agreements – It makes sense that lawyers would be involved in a lease agreement negotiation, but what exactly do they do? Lawyers look at a number of things including the finer things in your lease, details like what you can and can’t do on the premises and the legality of the lease.
- How your lawyer and accountants work together – Ideally, your dentist and accountant work together. While the two professionals play different roles, their roles when it comes to providing you support as you start-up and grow your dental practice.
- The legal setup of your clinic – What legal set-up should you have for your dental clinic? Robert shares his thoughts on what you need to take into consideration when you decide how to do the legal set-up for your clinic.
- The risk of purchasing an already established dental practice – Robert shares some of the risks and involved with the purchase of a dental clinic when you purchase assets versus shares.
- Why you need to have employment contracts – You might be surprised to know that not having employment contracts with dental staff isn’t all that uncommon but it can be a real issue when it goes to buying or selling a dental practice. Robert shares some insights into why this problem exists and what you can do.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital accounting firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at Mohamed@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.