Dental Practice Sales
The sale and transfer of any business should be a hassle-free process. If you are planning to sell or purchase a dental practice, you need a trusted attorney who is experienced in the field. Protecting yourself, your business, and your investment becomes the responsibility of the law firm you choose.
7600 Jericho Tpke. Ste 308
Woodbury, N.Y. 11797
Phone: (516) 932-1800
53 Hill Street
Southampton, N.Y. 11968
Phone: (631) 283-6766
Dental Practice Sales
At the Law Office of Alan C. Stein, P.C., attorneys are ready to help you with a range of services:
- Asset purchase agreements
- Independent contractor and employment agreements (review and negotiation)
- Leasing and Acquisition of Real Estate
- Incorporation of dentist entities
- Drafting and reviewing of sale and lease documentation
- Structuring of the practice’s interactions
- Anything related to acquisition, development and financing
- Forming of LLCs and partnerships
- Negotiation of joint venture and sale agreements
When deciding on taking the next step with your business, do not do this alone. You want to make sure that you have the best experience and have your best interests taken into consideration. At the Law Office of Alan C. Stein, P.C., dental practice law, including purchases, sales, and leasing has been practiced since 1997.
The goal of the Law Office of Alan C. Stein is to serve dentists at every step of their professional careers, whether starting a new practice, buying an existing practice, negotiating a commercial lease, buying and/or developing a professional building, taking on a partner or associate, or dealing with an employment dispute. While we take great joy in the milestones of our clients’ successes, we always stand ready to provide counsel in times of difficulty and uncertainty. In addition to dental practice matters, we represent dentists regarding a broad array of personal legal issues, including divorce/family law, estate planning and asset protection.
- Representation of buyers and sellers of dental practices
- Organization of legal entities
- Assistance with practice start-ups
- Review and negotiation of commercial leases
- Real estate transactions – Leasing the Business Space or Purchasing the building
- Preparation and review of partnership agreements
- Wills, trusts, estate planning and asset protection
- Employment matters
- Partnership agreements / disputes
Dental Practice Acquisitions
Dental practices are complex transactions that intersect multiple areas of law. Selling or buying a dental is not as straight forward as many think (including attorneys). These transitions often feature aspects not found in the sale of businesses in other industries. Surrounding yourself with the right mix of knowledge and experience can be critical for a successful practice transition.
Dental Practice Purchase Agreement
The Dental Practice (or Asset) Purchase Agreement is the guidebook to how a dental practice changes from one dentist’s hands to another. Every aspect of the transition must be addressed thoroughly and clearly. A well-drafted dental practice purchase agreement should foresee all issues that may arise and plainly outline how to resolve those issues.
It should be noted that not all purchase agreements are equal. Agreement authors often borrow purchase agreements or provisions from other fields of law. While these purchase agreements are a good starting point, they are usually ill-fitted to address the unique considerations of a dental practice acquisition.
Selling a Dental Practice
Selling a dental practice is often the the culmination of years of preparation and is typically the climax of most dentists’ career. Identifying the right selling vehicle is critical to an efficient dental practice sale.
Selling a practice carries significant tax, legal, and lifestyle implications. Most dentists are guided by the careful hands of experienced accountants, consultants, and attorneys. This helps to ensure that the practice transitions smoothly into the hands of a thoughtful and skilled purchaser, where legal liabilities are minimized and tax treatment is appropriate.
Hurdles in Purchasing a Dental Practice
- Many obstacles threaten to derail a potential acquisition. Similarly, there are also issues that frequently go unnoticed that could perhaps derail the transition. To avoid such issues, some questions to consider are:
- How is the practice being formulated, and is it based on sound economic assumptions?
- What liabilities or potential future work is apparent on patient charts?
- Does the computer system accurately reflect what is being represented by seller’s broker?
- Does the broker have a conflict of interest?
- How will the employees of the practice be acquired?
- What kind of redo work will you be responsible for?
- When is the underlying lease coming due?
- Is there a latent harassment, malpratice, or board claim you are buying unaware?
These are only a fraction of the questions that need to be asked by various team members when purchasing a dental practice. Unfortunately, some dentists do not take advantage of a qualified legal team when purchasing a practice in order to keep their acquisition costs low. While this may save them money in the short term, such decisions can actually jeopardize the assets being purchased, driving costs up in the long run.
Buying or Renting the Real Estate for the Dental Practice
Whether you seek to lease/rent the office or to purchase/sell the real estate, the Law Office of Alan C. Stein PC can assist you and represent your interests zealously.
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