When dentists or medical professionals are considering embarking on the sale or purchase of a practice, there are several legal and regulatory hoops one must jump through. Additionally, all parties need to be given a standard set of robust contractual documents that both protect themselves and accurately detail the key terms of the transaction. Buyers are often keen to minimize any identified risks so they can protect the goodwill and profitability. On the other hand, sellers are often looking for a clean exit that offers limited exposure to ongoing liabilities.
It's vital that all parties negotiate an asset purchase agreement that's designed to both distribute risk fairly, as well as encapsulate the complex legal framework within which a dental practice is established. Our medical and dental attorneys can help you navigate these complexities, offering skilled expertise and the proper transfer of your practice's contracts, ensuring compliance within the requirements of necessary regulators.
While it's true that attorneys who practice general law can help with conventional business needs, they're not trained to understand the specific intricacies involved with the sales and purchases of dental and medical facilities that are in transition. When you work with an experienced dental or medical attorney at Dental & Medical Counsel, you'll enjoy the experience of someone who is thoroughly familiar with the entire industry and process from beginning to end, including how dental and medical practices operate and the key components of dental and medical transactions.
For years, dentists and healthcare practitioners have relied on Dental & Medical Counsel for support in every legal aspect of running their practices. We look forward to working with you and realizing your dream of opening your first practice or additional practices. The sky is the limit as a practice owner, as you are in charge of your own destiny and we can help you meet your goals.
Becoming a dental or medical entrepreneur can be complex yet rewarding. We understand the difficulties doctors face when opening their first practice or their second practice. Whether you decide to purchase an existing practice or start one from scratch, we are here to guide you every step of the way.
Both options have their advantages and disadvantages. For more on this, read our blog on Should You Buy an Existing Practice or Start One from Scratch?
On another note, if you are planning on selling your practice, planning well ahead will help you with the process. From practice valuations to negotiations, we can advise you from start to finish and help minimize risks as you start the next chapter of your life.
As dental and medical attorneys, we can help you with the following:
The most common way to become a medical or dental entrepreneur is to purchase a practice. With the right guidance and plan in motion, you can be well on your way to achieving financial independence. If you have already achieved this milestone and are ready to purchase another practice for your portfolio, we can assist you with your plans as well.
Before you start the process, you should consider a number of factors while also asking yourself some questions below:
Another great way to open a practice is to do a practice startup. This option can be complex but rewarding at the same time as it gives you the flexibility to build out your dream practice.
Before you start the process, you should consider a number of factors while also asking yourself some questions below:
Additional considerations to be aware of as you design and construct your practice includes:
Whether you are selling to a private practice or selling to a DSO or MSO, the process can be an exciting, yet stressful. It doesn’t have to be this way. We simplify practice sales by developing a thorough, well-drafted purchase agreement that focuses on issues that really matter and can impact you legally or financially. A purchase agreement should allow you to address potential issues no matter which side of the sale you are on, therefore protecting you in the case of future disputes. A purchase agreement lays out the terms of purchase, preventing problems before they occur.
Contact us today if you are ready to sell your practice.
Whether you plan on buying, building or selling your practice, learn more by contacting us today.
