What are Some Important Legal Steps in Buying a Dental Practice?

Buying a dental practice is a life-changing endeavor that can bring satisfying returns and improve the lives of the patients and employees of the practice. We believe that every individual looking to invest in a medical clinic deserves legal counsel to make the transition seamless and as low-stress as possible.

The following are some important steps when purchasing a dental practice:

• Planning for the acquisition – This includes making a plan and setting goals.
• Drafting a letter of intent – Your letter of intent states the proposed purchase of the dental practice, including price, closing date, and other essential details.
• Performing due diligence
• Making an offer
• Closing the sale
• Post-closing considerations – These details are often overlooked but include critical transition elements such as updating employee contracts, management agreements, associate agreements, and other business-related documents.

How Do I Write a Letter of Intent When Purchasing a Dental Practice?

Your letter of intent (LOI) is one of the most important steps in buying a dental clinic. Drafting this document requires a deep analysis of your financial situation and that of the practice you intend to purchase so you offer a reasonable price that will give you the return on investment you are seeking. You should also consider whether to include specialized equipment in the sale, how you plan to finance the purchase, and what timeline you expect to follow.

With all of these complicated decisions, you should not be going through this process alone. Reach out to our lawyers today for someone to stand by you and guide you through the complex procedure of buying a dental practice.

How Do I Know What Price to Pay for a Dental Business?

Many dentists and investors don’t know what numbers to use when calculating an offer for purchasing a dental practice. A great deal of research is needed to evaluate the business’s current revenue and then expand that data according to any renovation or changes you plan to make to the practice. An experienced lawyer, like those at our law firm, can help you decide on a reasonable offer price based on your financial needs and goals.

Can Our Medical Business Lawyers Help You?

Before making a momentous decision such as purchasing a dental practice, you should always speak with knowledgeable lawyers. Your lawyer can help in many ways, including evaluating your financial ability to purchase a practice, reviewing documents to ensure your letter of intent and purchase offers are legally sound and protect your best interests, and incorporating your current or future practice to give you the best protection and minimize your tax burden.

Our lawyers have vast experience helping dentists and doctors achieve their dreams by purchasing, expanding, and restructuring their medical businesses. We will help you move forward with confidence and stand by you through the complex process of buying a dental practice. Reach out to our talented legal team right away for a consultation to see how we can use our knowledge, dedication, and honesty to improve your business today. Call now at (438) 805-5515.