Buying a dental practice is a journey, and having a clear roadmap can make all the difference. Here’s a simple, step-by-step guide to the legal process, from the moment you decide to buy to the day you get the keys.
Step 1: Get Your Finances in Order
- Secure an agreement in principle from a specialist lender. This shows sellers you are a serious and viable buyer.
Step 2: Find the Right Practice & Agree the Heads of Terms
- Once you’ve found a practice, work with your solicitor to draft a formal offer and a Heads of Terms document. This non-binding document sets out the key points of the sale.
Step 3: The Due Diligence Period
- This is where your solicitor and accountant get to work. We will thoroughly investigate the practice’s financial, legal, and regulatory position to uncover any potential risks. We’ll ask the seller detailed questions about the practice’s history and operation.
Step 4: Draft the Share Purchase Agreement (SPA) or Asset Purchase Agreement (APA)
- The SPA or APA is the legally binding contract. We will draft and negotiate this document, ensuring that your interests are protected and that the seller provides key guarantees about the business.
Step 5: Completion
- On completion day, funds are transferred, contracts are signed, and legal ownership of the practice passes to you. Your solicitor will ensure all legal conditions are met, including the transfer of the NHS contract and CQC registration.
Step 6: Post-Completion
- There are still a few loose ends to tie up, such as notifying the CQC and GDC of the change of ownership. We’ll handle these for you, so you can focus on running your new business.
This is a simplified overview, but each step has its own complexities. Our team at Jacobs Legal is here to guide you through every stage, ensuring a seamless and stress-free purchase.