Considering buying a practice?
Buying a practice is a complex transaction that involves multiple areas of law. Practice transitions, while complex, do not have to be complicated. In fact, buying your new practice can be an exciting and rewarding experience for you. Surrounding yourself with the right team of professionals, including a dental business lawyer and accountant, can make the difference in a successful purchase and transition.
LaMaster Law has experience working with dentists and veterinarians, that are buying a practice and transitioning the seller away from the practice. We counsel our clients and help them navigate the process to mitigate numerous issues that can be awaiting a buyer. We give you the legal expertise to make your buying experience exciting and rewarding.
What We Offer
- Negotiating sale terms. We can help you negotiate basic sale terms (along with your accountant), including:
- Sale Price and allocation;
- Financing (Bank or Seller Financing);
- Whether the deal will be structured as a stock or membership sale, or an asset sale;
- If the seller is going to stay to work or consult, we’ll negotiate the terms of the work agreement;
- Purchase of Accounts Receivables; and,
- Restrictive Covenants.
- Letter of intent. Most sellers will only give the practice’s financial information to a buyer unless a letter of intent has been executed. LaMaster Law can prepare your customized letter of intent so you can start your investigation promptly.
- Buyer’s Due Diligence Investigation. The purpose of this investigation is for you to make sure the practice is in good financial condition, has good income potential, and has no unknown debts or legal liabilities. The due diligence period generally will include a CPA, a practice appraiser, and a dental business lawyer to analyze the practice.
- Purchase Agreement. The Purchase Agreement is the legally binding contract for how a practice changes hands from the seller to the buyer. Every aspect of the transition must be addressed thoroughly and clearly. A well-drafted agreement should contain all of the sales terms, along with “representations and warranties” and the duties and obligations of the parties for that specific transaction.
- Non-Compete and Non-Solicit Agreement. This agreement forbids the seller from competing with the practice anywhere within a defined geographic area, and from using any patient lists or other trade secrets of the practice to solicit patients from the practice.
- Transfer of intangible assets. We draft all the legal documents to bring about the complete transfer of the practice to you, including transfer/assignment of the lease, the business license, the vendor contracts and equipment maintenance contracts, and other intangible assets.
- Closing documents. LaMaster Law can prepare all closing documents, and conduct the closing for you.
- Employment Matters: Buying a new practice often requires hiring employees.
- Industry Connections: Assembling a team of trusted professionals is an integral part of starting a practice. We will help identify and work with your team to ensure your success. From accountants, practice consultants, suppliers, brokers, lenders, technology specialists, we can get you in contact with a great team.
- CE Approved Practice Buying Seminars: LaMaster Law provides CE approved seminars to dentists and veterinarians across the country on the topic of “Buying a Practice: Legally Speaking.” Our team educates on the legal considerations that you must be taken into consideration when buying a practice. Learn more about our seminars.
The Benefits of Working with LaMaster Law
- Experience: LaMaster Law has hands on experience counseling clients buying practices of all sizes and upon varying sales terms. We focus on practice transitions in your industry, which makes your buying experience enjoyable, rewarding, and successful.
- Educational: All of our clients experience a different type of legal experience. We educate and truly counsel you so that you are empowered to Master Your Future.
- Protections: Our legal advice when you’re buying a practice is centered on protecting you now, and in the future. We safeguard you and your practice from unscrupulous sellers and brokers.
- Save Money: We save you money by educating you on what to look for and what questions to ask the seller so that we can negotiate better sales terms. We also provide you upfront, flat-fee pricing so that you don’t get nickel and dimed by another attorney.
- Save Time and Frustration: Our experts will handle the entire negotiation process from start to finish, representing you in all dealings with the seller or broker.
We work with dental professionals and veterinarians buying a new practice. We will discuss the factors and the steps necessary to move your goals and dreams forward. There is not a more exciting time than now, when you’re buying your own practice. Our goal is to make the process as smooth and educational as possible. Contact us today!