Considering selling your practice?
When you’re ready to sell your practice, LaMaster Law can negotiate the terms and prepare the legal documents to ensure a prompt and smooth sale.
Selling a practice is often the culmination of years of preparation and anticipation, and is typically the pinnacle of most careers. Selling a practice carries significant tax, legal, and lifestyle implications. Surrounding yourself with the right mix of knowledge and experience can be the critical difference in a successful practice transition. This helps to ensure that legal liabilities are minimized and that the practice smoothly transitions into the hands of a thoughtful and skilled purchaser.
LaMaster Law has experience working with dentists and veterinarians that are selling and transitioning their practice. We know the best ways to mitigate against the numerous pitfalls and headaches that can be awaiting you as a seller. We give you experienced assistance to make selling your practice a smooth and rewarding experience.
What we Offer
- Negotiating sale terms. We can help you negotiate the basic sale terms, including:
- The selling price;
- If the buyer will need to obtain “seller financing” we will negotiate the “earn out” for you;
- In situations where you are going to stay on part-time, we’ll negotiate the terms of the work agreement;
- Purchase of Accounts Receivables;
- Letter of intent. The letter of intent expresses your intention to sell the practice and the buyer’s intention to buy. It is usually non-binding except for requiring the buyer to conduct a “due diligence” investigation within a given period of time, and generally requires the seller not to take other offers during that time. LaMaster Law can prepare your customized letter of intent for your practice.
- Confidentiality Agreement. When a buyer become interested in the purchase of your practice they will want to perform a due diligence review. That review often consists of an examination of your patient and business records. We will provide you with a Confidentiality Agreement to protect you and your 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 agreement. This agreement prohibits you, the seller, from competing with the practice within a defined geographic area for a period of time, and from using any patient lists or other trade secrets of the practice to solicit clients from your former practice.
- Closing documents. LaMaster Law can prepare all closing documents, and can conduct the closing for you.
- Industry Connections: Assembling a team of trusted professionals is an integral part of selling a practice. We will help identify and work with your team to ensure your success. From accountants, practice consultants, suppliers, and brokers, we can get you in contact 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 “Selling Your Practice: Legally Speaking.” Our team educates on the legal considerations that should be taken into consideration when selling your practice. Learn more about our seminars.
The Benefits of Working with LaMaster Law
- Experience: LaMaster Law has hands on experience selling practices of all sizes and upon varying sales terms. We focus on practice transitions in your industry, which makes your selling 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 selling your practice is centered on protecting you now, and in the future.
- Save Money: We save you money by providing 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 buyer.
We work with dental professionals and veterinarians who are selling their 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 selling your practice. Our goal is to make the process as smooth and rewarding as possible. Contact us today!