Page 20 - NC Triangle Vol 6 No 4
P. 20

DOMINIC
TOTMAN
Business Law for Dentists
WRITTEN BY BOB FRIEDMAN
Last year, when Cary dentist Dr. Dana McCall, want- ed to add a North Raleigh o ce to his practice, he tapped Raleigh business attorney Dominic Totman to help negotiate and facilitate the purchase of an existing practice. “I have developed a niche practice
working with dentists, so I had the industry experience to navigate the intricacies of Dr. McCall’s transaction,” said Totman.
DENTAL LAW ATTORNEY
“My dental law practice developed organically, growing and developing through strong reviews and referrals from clients and other professionals into a focused practice area,” said Totman. His dental law practice centers on helping dentists with all their business law needs, including entity formations, commercial real estate, management company structures, practice sales, contracts, succession planning and more.
“In many ways, I serve as a dental practice’s outside, in- house counsel, taking a proactive approach, working with the dentist and his or her other professional advisors to plan for current and future legal needs,” explained Totman. He helps dentists with the unique business challenges of the  eld under the framework of healthcare rules and regula- tions. “From HIPAA compliance to tech and cybersecurity, to the proper handling of patient credits and work-in-prog- ress, dentistry’s particularities require a dental-experienced approach to legal services,” said Totman.
Totman earned his undergraduate degree from NC State and his Juris Doctor from Campbell Law School. A er law school, Totman worked as an associate attorney with a Triangle  rm developing his skills as a business lawyer. He launched his own state-wide business law practice as Tot- man Law at the end of 2016.
BUYING AND SELLING A PRACTICE
Totman’s  rst introduction to a dentist is frequently when he assists with the purchase or sale of a practice. In Dr. McCall’s deal, in addition to the basic business terms of the purchase, Totman negotiated dental-tailored terms
like the selling dentist’s transition assistance terms, non- compete and non-solicit terms and how to handle accounts receivable and goodwill.
“Goodwill is typically the most valued asset of a dental practice.  at includes their reputation in the industry, the relationship with their patients, and the ability to retain and get new patients. When they are buying a practice, sure, they are buying equipment,  les, and accounts receivable, but they are really buying the goodwill,” said Totman.
“When a dentist buys a practice, they want that good- will to be properly transferred, and the seller staying on for some period is crucial to that end.  e speci cs vary on a deal-by-deal basis.  e selling doctor might be there for a month, a year or longer, or simply on an as-needed basis for introductions, greeting patients and smoothing the transi- tion,” said Totman.
He negotiates transition assistance terms to help protect the goodwill. “We also work out a non-competition agree-
ATTORNEY AT LAW MAGAZINE · NORTH CAROLINA TRIANGLE. 6 NO. 4 20
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