59: Practice Sales: The Role of the Attorney
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Show Notes
Every dental practice sale involves several legal documents. And that’s why an attorney is a crucial part of the transition team for both buyers and sellers.
But what, exactly, does a dental attorney do in the practice sale process? What should you look for in an attorney to help you buy or sell a dental practice?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers is back with host Wes Read to discuss the role an attorney plays in the dental practice transition.
Matt and Wes walk us through the legal documents required in every practice sale as well as the deal-specific ancillary documents you might need.
Wes asks why it’s crucial to have a dental attorney review your LOI, and Matt explains what an asset sale agreement does and how it’s negotiated.
Listen in for insight on the attorney’s role in negotiating either the lease or real estate purchase agreement and learn why it’s beneficial to use a dental specific attorney for your practice transition!
Topics Covered
The documents a dental attorney addresses in a given practice sale
Why it’s crucial to have a dental attorney review your LOI
What provisions in an LOI are binding (and which ones are non-binding)
How a good LOI includes timelines for due diligence
Matt’s approach when a buyer has little money in the bank but needs an LOI review
The purpose of the asset sale agreement and how attorneys negotiate it
Why it’s beneficial to use a dental specific attorney vs. a general business attorney
How a good dental attorney moves the deal forward when the other side won’t budge on a particular term
The attorney’s role in reviewing a lease and negotiating with the landlord
When to ask for a lease extension when the buyer takes over
How the process differs when a seller is at the end of their lease or owns the real estate
When you need a workback agreement or seller financing note
Connect with Matt Odgers
Email ma**@***********it.com
Connect with Wes Read
Email we*@***********it.com
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
The Role of Escrow in a Dental Practice Sale on DPS EP010
Episode Promo Videos
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