William P. Prescott



William P. Prescott
attorney, Corporate & Business Transactions, Healthcare

William P. Prescott, Esq.

INTRODUCTION

PRACTICE AREA: Health Care

Mr. Prescott is a member of the Health Care and Corporate & Business Transactions Departments and serves on the Firm’s Board of Directors. Mr. Prescott represents dentists and dental specialists in the areas of developing business and tax structures for co‑ownership, associate buy‑ins, owner buy‑outs, compensation planning, practice sales and acquisitions, valuations, group practice and solo group arrangements, dispute resolution, fringe and employee benefits, and business and tax planning. Mr. Prescott is the author of numerous books and articles on the law and dentistry.

Prior to practicing law with the same Firm for 29 years, Mr. Prescott worked in the dental equipment and supply industry, primarily with Saslow and Meer Dental Companies, for 16-1/2 years as a territory representative, equipment specialist and General Manager, Saslow Dental Company — Northern Ohio.

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 WILLIAM

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.
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.
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 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.
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.
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)
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-Present)
Small Business Council of America
Cleveland Metropolitan Bar Association
Ohio State Bar Association

State of Ohio

Martindale-Hubbell AV rating

Joining And Leaving the Dental Practice, Third Edition. 

(American Dental Association members will soon be able to download this book for free via the ADA website at ada.org/success.)

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:

Author – Books:

  • Joining And Leaving the Dental Practice
    • 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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