William P. Prescott, Esq., Executive M.B.A.

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

PDF: Biographical Information

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!”

• Course Description
• Curriculum
• Program PowerPoint
• Program Materials

“Co-Ownership – Getting In, Staying In and Getting Out: The Good, The Bad and The Tax!”

• Course Description
• Curriculum
• Program PowerPoint
• Program Materials

“Entering Practice – Make The First Choice The Right Choice!”

• Course Description
• Curriculum
• Program PowerPoint
• Program Materials

“Practice Operations & Personal Planning”

• Course Description
• Curriculum
• Program PowerPoint

Author – Articles:

• "Purchasing dental practice charts and records", Dental Economics, November 2024.
• "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