Selling your dental practice can be a complex but rewarding process. At Jacobs Legal, we understand the importance of clear guidance during this exciting transition.
Here’s a breakdown of the key steps involved:
- Finding the right Buyer/Seller:
This initial stage involves connecting with potential buyers (if you’re selling) or qualified sellers (if you’re buying). This could involve working with a dental broker or advertising the practice directly.
- Heads of Terms:
Once you’ve identified a suitable match, you’ll you may decide with the other side to outline the broad terms of the deal in a “Heads of Terms” document. Alternatively, the broker might prepare these for you. This covers key aspects like purchase price, timelines, any deposit that the broker may require and any contingencies.
- Due Diligence:
Here, the Buyer will delve deeper into the details of the business. Buyers will meticulously examine the practice’s financial records, contracts, and equipment to ensure they understand what they’re buying. Sellers should expect to provide all relevant documentation.
- Negotiating the Asset or Share Purchase Agreement:
This legal document outlines the specifics of the sale, covering everything from the purchase price and payment terms to warranties and post-sale restrictions. A lawyer is crucial in ensuring a fair and comprehensive agreement.
- Negotiating the Property Contract:
If the practice owns or leases the building it operates from, a separate property sales agreement or lease contract will be negotiated. This involves issues like title, warranties, and potential renovations.
- Transfer of Assets/Shares and Property:
Once all agreements are finalised, the ownership of the practice (assets or shares) and the property (if applicable) is officially transferred to the buyer.
- Completion of the Transaction:
This stage marks the formal closing of the sale. All monies are exchanged, legal documents are signed, and ownership is transferred.
- Registration:
Depending on the practice structure, there may be final registration requirements to ensure the ownership change is reflected in official records.
Jacobs Legal can guide you through every step of the dental practice sale process, protecting your interests and ensuring a smooth and successful transaction.
Contact us today on info@jacobs-legal.co.uk or 07776 132339 to schedule a consultation.