Anyone who has gone through the process of choosing a location for a dental practice knows that commercial lease agreements contain potential pitfalls for the unwary. One especially dangerous provision is known as a "relocation clause" (sometimes called a "substitution clause"). In this blog post, we discuss what relocation clauses are, how they may affect your dental practice, and ways your attorney may negotiate them to minimize your exposure.Read More
Purchasing a dental practice is one of the most exciting career milestones a dentist will ever achieve. However, failure to proceed with caution can produce devastating financial consequences and hinder your ability to attain your career goals. Before buying a dental practice, you should ensure that the practice is compatible with your philosophy and long-term professional vision. Additionally, if you have never purchased a business, you should consider seeking the guidance of an experienced dental attorney who can help you make sure that the practice is in good legal and financial standing. Below are the top six questions you should ask yourself before purchasing a dental practice.Read More
Dentists across many ages and different types of practices are looking for ways to cut back on costs--and sharing dental space is an excellent way to accomplish those goals. There are several key reasons why dentists choose to enter shared space agreements, including reducing overhead, trying to maximize the use of their facility, or minimizing risks as they open their first practice. If you're considering a shared dental space arrangement, it's important to be sure that you understand the details of shared dental space agreements.Read More
What does a non-competition agreement mean?
There are usually three scenarios when non-competition agreements or as some refer to as, restrictive covenants come into play.
Buying a dental practice doesn't happen in one smooth, easy step. In fact, throughout every step of this process, you need a team of advisors that will help track your needs and ensure that you are making wise financial and legal decisions to protect yourself as you purchase your practice and learn more about what it has to offer.
Before you purchase a dental practice, you need to:Read More
When you are looking to buy or sell a dental practice, there are a number of steps you must take in order to be successful. If you are a dentist who is looking to sell, you might want to know what the market is like and what your practice is worth. Alternatively, if you are looking to purchase a dental practice, you might want to evaluate the value of that practice yourself, instead of solely relying on the assertions of the seller. Regardless of which party you are, you will need to be fully armed with the knowledge and understanding of how the evaluation process works. Failure to be informed could lead to a bad deal, sure to be accompanied by buyer’s or seller’s remorse.Read More
Big transitions can be a huge step for your practice and at some point, you will need to notify your team and patients you're buying a dental practice, selling a dental practice, or putting together a purchase agreement. Make sure that you share the right information with the important people within your practice. These strategies will allow you to communicate more effectively with your patients and your team.
Opening your dental practice is a big step--but before you can open your doors, you have to give your practice a name! Your name can be a key factor in bringing in the right types of patients, ensuring a steady stream of business, and helping to build confidence in your new practice. You should also be careful to understand the legal ramifications of choosing a name for your dental startup or renaming a practice purchased from another dentist. Follow these key guidelines to choose a name for your new practice that will allow you to experience a number of key benefits without getting bogged down by legal troubles.Read More
Let’s assume you have found a commercial space to open your new dental practice. You, as a tenant, may be able to have your landlord pay you for the costs to improve your space in the ways that are needed to operate a successful practice. Whether you are a tenant who is seeking to upgrade existing space, or a new tenant who has not yet built out new space, it might be in your best interest to negotiate on a tenant improvement allowance for your commercial lease.Read More
Early in the process of purchasing a dental practice, before you formally purchase the practice, you'll start with a letter of intent. Your letter of intent is the first piece of legal paperwork in the practice-buying process, as it details your interest in buying the practice and sets out some of the basic business/economic terms. As you create this important document, make sure that you take it seriously! The terms in your letter of intent can help shape your purchase agreement and other important aspects of your purchase.Read More