If you are a dentist buying a dental practice, it could be the biggest decision of your life as it sets up your professional and personal way of life for years to come.
If you are a dentists who is selling the practice that you have built for most of your life, you want to ensure that you are transferring your dental practice and are not handcuffed to it as you attempt to transition to the next portion of your life.
We are here to help!
Why have an attorney review your dental practice documents?
When addressing the sale of a dental practice. we normally use the example of leasing your house. You can go and get a pre-drafted lease from some place like a LegalZoom and a good percentage of the time that works if there are no issues with the tenant and everything goes smooth.
Timeline for a Dental Practice Sale.
While there is not a set timeline for a dental practice transition, there is typically an order and timing of steps to complete the sale of the dental practice. The parties should be aware of the timing and progress of the transaction and look to keep it on track.
Why is a Letter of Intent important?
Almost every dental practice transaction starts with a Letter of Intent (often referred to as a “LOI”). The Letter of Intent is a fairly straight forward that lays out the main terms of the purchase and sale of the dental practice.
The Moving Parts of your Dental Office Sale
There are many moving parts when a dental practice is changing hands. While there is no one size fits all template for a dental office sale, most will have many of the same items such as preforming due diligence and closing the sale.
Why seek legal advice?
When addressing the sale of a dental practice. we normally use the example of leasing your house. You can go and get a pre-drafted lease from some place like a LegalZoom and a good percentage of the time that works if there are no issues with the tenant and everything goes smooth. However, if you need to add specifics like pet restrictions, no smoking in the house, or if the tenant does something that you do not like, that standardized lease is probably not going to give you the ability to take actions you would like to correct the problem. The same would be true for a dental practice transaction. There are many moving parts and sometimes a seller can simply receive the money at closing, walk away and everything goes smoothly. Other times there are issues with the seller still working at the practice, addressing accounts receivable, items included in the sale and other terms that were not addressed in the standard draft of the sale documents. We also find out that if the buyer is using a lender, they may require a more detailed set of documents and need specific language and changes or adjustments.
No matter which scenario fits your needs during this transaction, we would be happy to help.