California Dental LAW
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We Help Dentists Start, Manage, and Exit their Dental Practices.
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Why Hire a California Dental Attorney?
When you chose to enter the field of dentistry, you probably thought your work would entail little more than correcting people’s dental issues.
You likely never considered that as your practice grew, you’d soon be dealing with leases, asset purchase agreements, partnerships, professional corporations, non-compete covenants and other such legal concerns.
Unfortunately, when it comes to building a thriving San Diego dental practice, excellent dentistry skills are only part of the equation.
To find success in your profession, you will also need to take steps to protect your practice of the proceeds from the practice you are transitioning out of. This will require the assistance of an dental attorney with a clear understanding of the legal requirements of dental transactions.
California’s Attorney for Dentists
How Odgers Law Group’s Dental Attorney’s Can Help
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While general business attorneys can help with conventional business needs, they often overlook details that relate to dental practice transitions. The experienced dental attorneys at Odgers Law Group have but one aim in mind: to assist dentists with advice from lawyers who are thoroughly familiar with the ins and outs of how a dental practice operates and the key parts of a dental transaction. For years, dentists have relied on Odgers Law for support in every legal aspect of running their practices. As a dental law practice, we can help you with:
cALIFORNIA DENTAL PRACTICE TRANSACTIONS DONE RIGHT
Since these and other such processes must strictly adhere to the letter of the law, they can easily overwhelm you. Fortunately, where the legalities of buying or selling a dental practice come into play, you can count on Odgers Law Group for a smooth transaction.
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The Importance of Hiring a California Dental Attorney
The vast majority of business lawyers know little to nothing about dental transactions. Despite serving a vital purpose in the world, they can easily overlook the details and industry standards that are instrumental when working through a successful dental transaction.
At Odgers Law Group, we understand the need of dental professionals to obtain their legal guidance from a knowledgeable Dental law practice with a deep understanding of the world of dentistry. Our years of working closely with a wide range of dental professionals, consultants and management companies in and around San Diego have positioned us well to assist you with the legal needs of buying and selling a dental practice.
At Odgers Law Group, we understand the complexities concerning your specific situation. Whether you specialize in general dentistry, orthodontia, endodontia, periodontia, pediatric dentistry, oral surgery or any of the other numerous and diverse dental specialties, you can be certain that at Odgers Law Group, you will find attorneys that understand the essence of your operation and have the answers that meet your specific needs.
Why Odgers Law Group Is the Dental Law Practice for You
As a practicing dental professional, you need to put your legal needs in the capable hands of a dental attorney with experience in helping dentists form, structure and run their practices. At Odgers Law Group, you’ll find the dental lawyers you need to keep your business in legal running order, freeing you to do what you want to do most: tend to the needs of your patients.
For Dental Students see : The Collaborative Dental Scholarship
Most frequent questions and answers
On average, selling a dental practice can happen in as little as a month, or as long as three years. Having a team of dental specific advisers in your corner will help the transaction be completed in the time frame established before the transaction begins. There are always unforeseen events that may occur to slow down the process, however working with your team will greatly reduce the likelihood that happening. Creating a timeline from the start will help you to close on time.
The selling dentist must determine the value of his practice before putting it on the market for sale. This can be done in a few different ways, from a verbal opinion of value to a full appraisal with a comprehensive report. While a verbal opinion may work in some circumstance, it is highly recommended to have a full appraisal by an appraiser experienced in dental transactions. Having a full appraisal will help answer many questions that the buyer and his/her lender will have while conducting due diligence. In addition, the bank will generally not lend over the appraised value of the practice.
The initial agreement usually happens when the Buyer submits a Letter of Intent.There are four majors issues that need to be agreed upon before starting down the path of finalizing the deal. These four points are 1) Purchase Price 2) Method of Payment 3) Closing Date and 4) Terms of Restrictive Covenant. While there is a lot more that needs to be negotiated later in the process, if the buyer and seller can agree of these four issues from the start, there is a much better chance that the transaction will come to fruition.
Some of the documents that are used in the transition of a dental practice are:
Confidentiality Agreement; Partnership Agreements, Professional Corporations, Letter of Intent; Purchase and Sale Agreement; Restrictive Covenant Agreement (aka the Non Compete); Lease Assignment; Bill of Sale; Closing Statements; Associate Agreement; Promissory Note; Security Agreement; and Transition Letter to Patients .
As you have seen above, when buying or selling a dental practice there are a lot of moving parts that require different degrees of specialized knowledge. It is imperative that you work with a team of dental advisers who openly communicate. This will ensure that you get the best results and that the transaction is completed in a timely manner.
There are many ways and places that a buyer and seller can be introduced. These include word of mouth in the dental community, through the use of a broker, through an independent listing, or through a service provider who works with dentists. It is a good idea for the buyer and the seller to talk a few times and meet in person before making an offer on a practice. It is not uncommon for the Seller to want to keep the knowledge of the sale of the practice from his employees until the closing date. With that said, if that is the case, the Seller should communicate that to the Buyer and the Buyer should respect the Sellers wishes.
Dental Transitions are not something to be feared.
Purchasing or Selling a dental practice can be one of the most important events in a dentists career. For those who are buying it will greatly impact their quality of life for the foreseeable future. For those who are selling it can help them get to a place of financial independence in retirement, or allow them to transition into a new practice or career.
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