California Dental Law Attorney
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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 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 experienced dental attorney with a clear understanding of the legal requirements of dental transactions.
California’s Attorney for Dentists
How can a Dental Attorney Help Your Dental Practice
California Dental Law Services
While general business attorneys can help with conventional business needs, they often overlook details that relate to dental practice transitions.
When you work with an experienced dental attorney at Odgers Law Group, you will get someone who is 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 dental attorney Matthew Odgers for support in every legal aspect of running their practices.
As a dental law firm, we can help you with:
CALIFORNIA DENTAL 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 an experienced dental attorney from 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 attorney 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 California have positioned us as one of Californias top Dental Law Firms.
As a California Dental Law Firm, 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 your dental attorney will understand the essence of your operation and have the answers that meet your specific needs.
Why Hiring a Dental Attorney from Odgers Law Group Dental Law Firm is the Right Decision 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 work with a dental lawyer who will keep your dental practice 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
Dental Attorney F.A.Q.'s
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 circumstances, 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 on these four issues from the start, there is a much better chance that the transaction will come to fruition.
We always recommend that you have an experienced dental attorney review or draft your letter of intent before signing.
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.
If you are interested in buying or selling a dental practice, feel free to reach out to us at Odgers Law Group for a free consultation to speak with a Dental Attorney who serves all of California.
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 (including your dental lawyer).
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 Seller’s wishes.
Dental Transactions are not something to be feared.
Purchasing or Selling a dental practice can be one of the most important events in a dentist’s 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.
When you work with an experienced California dental law firm, you will be guided through each step of the process and be able to make informed, wise, decisions.
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