If you’ve got an NHS contract, have you protected it?
The best way of protecting your NHS contract is to consider a ‘Nominal Partnership’ arrangement with another individual (dentist). This means that if something were to happen to you, you would not lose your contract and you are effectively safeguarding your estate/family if your business were to be sold further down the line.
If your contract is not protected, there is a possibility that your contract will be ‘lost’ by your estate and the value that you could have been relying on to support your family in the future also being lost.
Death and mental incapacity can be ruinous for a business and its employees, let alone the family members and others expecting to inherit. We have seen several cases where a practice has lost the NHS contract upon death of the principal and the Local Area Team have put the contract out to tender leaving the beneficiaries unable to realise its goodwill value.
If you’ve got any questions or concerns about how best to do this, we can introduce you to a panel of lawyers who specialise in dentistry and will be able to help and advise you.
Ask a member of our team for more information today – 0330 088 1156.