INTRODUCTION
PRACTICE AREA: Health Care, Corporate & Business Transactions
Mr. Prescott is a member of the Health Care practice group and Corporate and Business Transactions Department. He served for many years on the Firm's Board of Directors.
Mr. Prescott represents dentists, dental specialists, and other professionals in the areas of partnerships, practice sales and acquisitions, practice valuations, group practice and solo group arrangements. As of the date of this publication, Mr. Prescott is the author of eight books and over 100 articles on the law and dentistry. For Mr. Prescott's most recent book, Joining and Leaving the Dental Practice, 4th Edition, published 2021, through the American Dental Association, see https://www.ada.org/resources/careers/joining-and-leaving-the-dental-practice.
Throughout his career as a lawyer, Mr. Prescott has spoken at over 340 programs throughout the country at dental associations, dental societies, dental schools and residencies, study clubs and CPA organizations. Mr. Prescott is a Past-Chair and continues to serve as Vice-Chair, Professional Practices, American Bar Association, Section of Taxation, and is a frequent speaker at its Meetings.
Prior to joining the Firm in 1989, Mr. Prescott worked in the dental equipment and supply industry for 16-1/2 years as a territory representative, equipment specialist and General Manager, Saslow Dental Company — Northern Ohio. Mr. Prescott has proudly served dentists for more than 50 years.
Martindale-Hubbell has awarded Mr. Prescott an AV rating for preeminent legal ability and having the highest ethical standards. Mr. Prescott has also been elected as a Fellow, American College of Tax Counsel.
Contact:
p: 440.695.8067
f: 440.695.8098
WPrescott@WickensLaw.com
LEARN MORE ABOUT BILL
What's the biggest challenge in your job?
My biggest professional challenge is working on a fulltime basis and fulfilling my commitment as a lifelong student to continually better understand the complex and everchanging tax laws that affect the clients I represent.
Why do/should people want to and choose to work with you?
I hope clients choose to engage my services because they recognize I believe that quality work, completion on a timely basis and within budget and integrity are essential. In addition, I have accumulated substantial expertise in what I do.
What is your passion? What are you passionate about? What makes you tick?
My primary passion is to live a healthy, happy and long life with Mary Lou, my wife of 43 years. After that, my passion is my work with dentists and dental specialists, writing about my work and lecturing to dental associations, societies, study clubs and schools. Finally, to continue to work at my pace, I find it necessary to stay in shape, mostly through running.
What one quote resonates with you, either personally or professionally (or both)?
"Never Quit" were the words of advice given by Dorothy Fuldheim, a well-known former Cleveland newswoman, during her presentation at my Baldwin Wallace graduation. Dorothy Fuldheim explained that she grew up as a Jewish child hiding from the Nazis in Poland during World War II and recalled that her uncle told her to never quit to protect her from being discovered and imprisoned or worse.
Tell me something unique about yourself.
I firmly believe that if you can dream it, you can do it! I am unique because I am actually living my dream.
What's in your wallet/purse right this very minute? What do you never leave home without?
The $20.00 bill that my wife always wants me to have stashed in my wallet for emergencies and my driver's license.
1988 - Cleveland-Marshall College of Law (J.D.)
1984 - Baldwin Wallace University (Executive M.B.A., Systems Management)
1972 - Cleveland State University (B.B.A., Marketing)
State of Ohio
American Bar Association, Section of Taxation, Closely Held Businesses Committee (Chair, 2007-2009 Term; Vice-Chair, Professional Practices, 2009-Present)
Editorial Board – The Practical Tax Lawyer, American Law Institute (2007-2022)
Small Business Council of America (Director, -Present)
Cleveland Metropolitan Bar Association
Ohio State Bar Association
Martindale-Hubbell AV rating
Joining and Leaving the Dental Practice, Fourth Edition.
(American Dental Association members can download the eBook for free at https://www.ada.org/resources/careers/joining-and-leaving-the-dental-practice.)
Course Descriptions, Curriculums, PowerPoints and Materials
“Exit Strategies – The Rat Race Is Over And The Rats Didn’t Win!”
“Co-Ownership – Getting In, Staying In and Getting Out: The Good, The Bad and The Tax!”
“Entering Practice – Make The First Choice The Right Choice!”
“Practice Operations & Personal Planning”
Author – Articles:
- "Hiring an associate with a future sale in mind", Dental Economics, October 2024.
- "If associate noncompete provisions remain enforceable", Dental Economics, July-August 2024.
- "Important developments for noncompete agreements", Dental Economics, June 2024.
- "Letter of intent provisions in a complete sale and purchase of a dental practice", Dental Economics, March 2024
- "Finding a specialty practice buyer, an associate's buy-out obligations, and buy-sell agreement stipulations", Prescott's Perspective on Transitions, Dental Economics, February 2024
- "Proper termination of an employee", Dental Economics, July 2023
- "Associates: Salary and productivity, partnerships, and retirement planning", Prescott's Perspective on Transitions, Dental Economics, June 2023
- "Co-ownership business and tax structures", Prescott's Perspective on Transitions, Dental Economics, May 2023
- "Alternatives to selling, which CPA to use, and which buyer to choose", Prescott's Perspective on Transitions, Dental Economics, March 2023
- "Update on Worker Classification for Professional Practices and Businesses", The Practical Lawyer, February 2023, Co-authored with Adam L. Abrahams, Esq. and William Hays Weissman, Esq.
- "Selling to a corporate buyer: Risks and benefits", Dental Economics, January 2023
- "Purchasing a minority interest in a corporate or large dentist-owned practice", Dental Economics, December 2022
- "Setting a buy-out price without appraisal; collections levels and hiring an associate", Dental Economics, November 2022
- "Avoiding disputes and dispute resolution in partnerships" (Part 2), Dental Economics, July 2022
- "Avoiding disputes and dispute resolution in partnerships" (Part 1), Dental Economics, June 2022
- "Representing the Professional Selling or Purchasing a Minority Interest in a Corporate Practice", The Practical Tax Lawyer, March 2022, Co-authored with Adam Abrahams, Esq. and Galina Petrova, Esq.
- "Appropriate associate compensation", Prescott's Perspective on Transitions, Dental Economics, March 2022
- "What "almost equal" equals; associate retreatment provisions", Prescott's Perspective on Transitions, Dental Economics, December 2021
- "Determining the purchase price of your practice; should you sell the building?", Prescott's Perspective on Transitions, Dental Economics, October 2021
- "New associate's potential ownership; building production as a part-time associate", Prescott's Perspective on Transitions, Dental Economics, August 2021
- "Transitions Roundtable", Dental Economics, August 2021, with Amy Morgan
- "Transitions Roundtable", Dental Economics, July 2021, with Thomas L. Snyder, DMD, MBA
- "Transitions Roundtable", Dental Economics, December 2020, with Allen M. Schiff, CPA, CFE
- "The pandemic's effect on selling or purchasing a dental practice" (Part 2), Dental Economics, December 2020
- "The pandemic's effect on selling or purchasing a dental practice" (Part 1), Dental Economics, November 2020
- "Practice values: Now what's it worth?" (Part 2), Dental Economics, October 2020
- "Practice values: Now what's it worth?" (Part 1), Dental Economics, September 2020
- "Employee vs. Independent Contractor: Establishing the Right Classification", Focus, Jan-Feb 2020, Co-Authored with David Thein, DDS, MSD, MBA
- "Transitions Roundtable", Dental Economics, February 2020, with Thomas L. Snyder, DMD, MBA
- "Successfully onboarding an associate", Dental Economics, January 2020
- "Partnerships: Do those seemingly unfair tax rules still apply?", Dental Economics, December 2019
- "Strategic planning: How does it apply to me?" (Part 3), Dental Economics, November 2019
- "Strategically managing risks" (Part 2), Dental Economics, October 2019
- "Strategically assessing practice exit and entry choices" (Part 1), Dental Economics, September 2019
- "Entity choice: Opportunities and traps" (Part 2), Dental Economics, August 2019
- "Entity choice: Opportunities and traps" (Part 1), Dental Economics, July 2019
- "Transitions Roundtable", Dental Economics, February 2019, with Allen Schiff, CFE, CPA.
- "Worker Classification Best Practices and Remedies for Error: Options for Professional Practices", The Practical Tax Lawyer, Fall 2018, Co-authored with Betty J. Williams, Galina Petrova, and Robb A. Longman
- "Transitions Roundtable", Dental Economics, September 2018, with Brandon S. Collier, J.D., LL.M
- "Professional Practice Transitions, Section 197, And The Anti-Churning Rules", The Practical Tax Lawyer, Summer 2018, Co-authored with Mark P. Altieri, J.D., LL.M., CPA, PFS
- “Section 199A and entity selection”, Dental Economics, July 2018
- “Worker classification: A continuing problem”, Dental Economics, October 2017
- “Group practice: Sharing pay, control, and other stuff” (Part 3), Dental Economics, September 2017
- “Group practice: Getting in and getting out unscathed” (Part 2), Dental Economics, August 2017
- “Group practice: Look before you leap, especially into a nontraditional group” (Part 1), Dental Economics, July 2017
- “The dental associate contract” (Part 2), Dental Economics, June 2017
- “The dental associate contract” (Part 1), Dental Economics, May 2017
- “Personal Goodwill in Asset Sale of “C” Corporations”, The Practical Tax Lawyer, Spring 2017, Co-authored with Mark G. Sklarz, Jeffrey M. Dirmann, Evangeline V. Kliegman
- “Worker Classification Issues: Generally and in Professional Practices”, The Practical Tax Lawyer, Winter 2017, Co-authored with Mark P. Altieri, J.D., LL.M., CPA, PFS; Kelly A. VanDenHaute, J.D.; Russell I. Tietz, CPA
- “Compensation-based buy-ins to C corporations”, Dental Economics, December 2016
- “The current status of personal goodwill”, Dental Economics, October 2016
- “Professional Practice Transitions, Section 197, and the Anti-Churning Rules”, The Practical Tax Lawyer, Spring 2016, Co‑authored with Mark P. Altieri, J.D., LL.M., CPA, PFS
- “Your Map to Technology Purchases”, The New Dentist, Spring 2016
- “Change is Good – You Go First”, Dental Economics, January 2016
- “Letters of Intent”, Dental Economics, November 2015
- “Co-Ownership – What Works, What Doesn’t and Why!”, Dental Economics, April 2015
- “Succession Planning for Dental and Dental Specialty Practices”, The Practical Tax Lawyer, Spring 2015, Co‑authored with Mark P. Altieri, J.D., LL.M., CPA, PFS
- “Exit choices”, Dental Economics, January 2015
- “Change is good – you go first!”, ODA Today, Ohio Dental Association, February 2014
- “Exit Planning for Professionals”, Probate & Property, a Publication of the Real Property, Trust and Estate Law Section, American Bar Association, January-February 2014, Co-authored with Daniel H. McCarthy and Steven B. Gorin
- “Hiring and Retaining Quality Employees”, NYMO, American Association of Orthodontists, August 2013
- “Retirement Plan Option for Small Employers May Make 401(k) Plan Affordable”, Legal Basics for Small Business, Ohio State Bar Association, 2013
- “Payroll Taxable Wages Of An Owner And Employee Of An S-Corporation”, The Practical Tax Lawyer, Winter 2012, Co‑authored with Mark P. Altieri, J.D., LL.M., CPA, PFS and Kelly A. Means, J.D.
- “Taxing Decisions: More Current Developments In The Sale Of Personal Goodwill”, The Practical Tax Lawyer, Spring 2012, Co-authored with Paul D. Rang, D.M.D., J.D.
- “Co-ownership – It’s Taxing”, Contact, American Academy of Dental Group Practice, October-December 2012
- “Co-ownership In Dental Practices: It’s Taxing”, The Practical Lawyer, Summer 2012
- “Professional Practice Transitions, Section 197 and The Anti-Churning Rules”, The Practical Tax Lawyer, Winter 2011, Co-authored with Mark P. Altieri, J.D., LL.M., CPA, PFS and Phillip Thornton, Ph.D.
- “The Effects of Heath Care Reform”, Dental Economics, October 2011, Co-authored with Kelly A. Means, J.D.
- “Legislation Affecting Your Practice”, Dental Economics, September 2011
- “Professional Practice Transitions, Section 197 and The Anti-Churning Rules”, Direct Examination, July 25, 2011
- “Current Developments In The Sale Of Personal Goodwill”, The Practical Tax Lawyer, Spring 2011, Co-authored with Paul D. Rang, D.M.D., J.D.
- “Ohio Tax Risk”, Roe Reports, Spring 2011
- “Health Care Reform for Small Employers”, Direct Examination, March 2, 2011
- “Perils for practice transition: Double taxation of goodwill”, Dental Economics, November 2010, Co‑authored with Paul D. Rang, D.M.D., J.D.
- “Health Care Reform for Small Employers”, The Practical Tax Lawyer, Fall 2010, Co-authored with Kelly A. Means, J.D., Richard A. Naegele, M.A., J.D. and Mark P. Altieri, J.D., LL.M., CPA, PFS
- “A Taxing Decision”, ADS Insider, November 2010, Co-authored with Paul D. Rang, D.M.D., J.D.
- “A Taxing Decision”, ADS Florida Insider, November 2010, Co-authored with Paul D. Rang, D.M.D., J.D.
- “Co-Ownership: a taxing relationship”, Dental Economics, September 2010
- “Worker Classification Issues in Professional Practices”, The Practical Tax Lawyer, Summer 2010, Co‑authored with Mark P. Altieri, J.D., LL.M., CPA, PFS and Kelly A. Means, J.D.
- “Selling or Acquiring Your Practice – Do You Need a Letter of Intent?”, The Bulletin, The Greater Cleveland Dental Society, Fall 2009
- “Technology versus Cost”, Proofs, June 2009
- “Technology versus Cost”, Dental Economics, May 2009
- “Retirement Plan Option for Small Employers May Make 401(k) Plans Affordable”, Legal Basics for Small Business, Ohio State Bar Association, 2009, Co‑authored with Richard A. Naegele, M.A., J.D.
- “Business, Legal, And Tax Planning for the Dental Practice”, Quarterly Supplement published online at www.WickensLaw.com, 2008
- “Three Prong Approach”, ADS Florida Insider, October 2007
- “Who Are you?”, ADS Florida Insider, September 2007
- “Try To Take It Personally: Revising the Role of Goodwill in the Sale of a Professional Service Corporation”, The Practical Tax Lawyer, Vol.20, No.3, Spring 2006, Co-authored with Kamran Idrees, J.D., LL.M.
- “Entity Selection”, 2006
- “Retirement Plan Option for Small Employers May Make 401(k) Plans Affordable”, Legal Basics for Small Business, Ohio State Bar Association, 2004, Co‑authored with Richard A. Naegele, M.A., J.D.
- “Succession Planning for Group Practices”, Contact, Academy of Dental Group Practice, December 2002
- “Ready…Set…Retire!”, Dental Economics, PennWell Corporation, July 2001, Co‑authored with Dr. James R. Pride
- “Retirement Plan Option for Small Employers May Make 401(k) Plans Affordable”, Legal Basics for Small Business, Ohio State Bar Association, 2000, Co‑authored with Richard A. Naegele, M.A., J.D.
- “401(k) Plans”, The Bulletin, The Greater Cleveland Dental Society, Winter 1999
- Dental Business Monthly, Newsletter Publication, Co-founded with Dr. James R. Pride and Brian C. Hufford, CPA, CFP, January-December 1999, Monthly
- “Safe Harbor 401(k) Plans”, Briefs, Wickens, Herzer & Panza, July 1999, Co-authored with Richard A. Naegele, M.A., J.D.
- “The Right Stuff – How to Assess Whether a Practice is Right For You?”, Strategies for Success, The Matsco Companies, Summer 1999
- “Early Warning Signs When Signing Onto MSOs”, AGD Impact, July 1998
- “Selling Your Practice to or Accepting Employment with a Dental Service Management Company”, The Bulletin, The Greater Cleveland Dental Society, Vol.52, No.4, Summer 1998
- “Lease and Real Estate Matters”, The Bulletin, The Greater Cleveland Dental Society, 1998
- “Who’s the boss?”, Dental Economics, March 1998, Co-authored with Dr. James R. Pride
- “Buyers Must Be Wary of the Practice Real Estate”, Veterinary Business, Vol.1, No.2, Fall 1998
- “Lease and Real Estate Matters”, The Bulletin, The Greater Cleveland Dental Society, Vol.52, No.6, Fall 1998
- “Determining Practice Value”, Strategies For Success, The Matsco Companies, Vol.1, No. 1, Summer 1997
- “Practice Valuations”, The Bulletin, The Greater Cleveland Dental Society, Vol.51, No.4, Summer 1997
- “Retaining Employees”, The MasterMind Network, Newsletter, October 1997
- “Hiring and Firing”, The Bulletin, The Greater Cleveland Dental Society, Fall 1996
- “The Basics of Hiring and Firing”, Journal of the California Dental Association, July 1996
- “Travel and Entertainment Expenses: How Do They Affect Income”, Briefs, Wickens, Herzer & Panza, Contributing Author, June 1996
- “The Law and Managed Care Plans”, Journal of the California Dental Association, June 1995
- “Employment Practices, Hiring Considerations”, Pride News, Vol.8, No.1, Summer 1995
- “What Records Will You Need When It’s Tax Time Next Year”, Proofs, PennWell Publishing Co., March 1990
- “Lease vs. Purchase of Dental Equipment”, The Bulletin, The Greater Cleveland Dental Society, Winter 1990
- “Practice Options” (Part 3 of 3), Word of Mouth, Meer Dental, Vol.II, No.5, October 1990
- “Practice Options” (Part 2 of 3), Word of Mouth, Meer Dental, Vol.II, No.5, September 1990
- “Practice Options” (Part 1 of 3), Word of Mouth, Meer Dental, Vol.II, No.5, July 1990
- “Lease vs. Purchase of Dental Equipment”, Dental Economics, PennWell Corporation, Dick Hale Editor – Comments by Attorney Prescott, December 1989
Author – Books:
- Joining And Leaving the Dental Practice
- Fourth Edition, 2021
- Third Edition, 2018
- Second Edition, Berning & Affiliates, Inc., 2012
- First Edition, 2008
- Business, Legal, And Tax Planning for the Dental Practice
- Second Edition, PennWell Corporation, 2001
- First Edition, PennWell Corporation, 1994
- The Practice Acquisition Handbook, Berning & Affiliates, Inc., 1997
- The Limited Liability Company and Other Entities for Dentistry, Berning & Affiliates, Inc., 1996
Fellow, American College of Tax Counsel
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