Here’s the Only Thing that You Need to Do for Dental Practice Transitions

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If you’re in the process of a dental practice transitions, you’re probably neck-deep in paperwork. You’re hoping for more hours in a day because it seems that 24 hours aren’t enough for all the things that you need to do. It doesn’t matter if you’re the buyer or the seller. It also doesn’t matter if you’re simply merging with another practice. Whatever the case may be, the transition can be a long and arduous process that will require a lot of man hours.

That won’t Guarantee Success

A lot of dentists and specialists have found out the hard way that spending countless of man hours on the transition process doesn’t guarantee a successful transition. A lot of these practices have racked up hundreds, maybe even thousands of dollars in expenses to no avail. They were hoping for a seamless transition and they ended up with the exact opposite. Expectations weren’t met. Deals weren’t completed. Tempers have flared. Working relationships have been made sour.

This is because there are a lot of things that need to be done and dentists are not the right specialists to do these things. They’re more on the legal and business side of things. Sure, a successful dentist can be considered a successful businessman, but transitioning a dental practice is a different side of business and there’s the legal side to it as well.

Things that Need to be Done

The things that need to be done depend on whether you’re the seller or the buyer. Here are just some of these things that should be on your to-do list:

•    Draft a letter of intent to sell/buy.

This is to formally let the other party know of your intention to buy or sell. This is very important to start the process. A verbal intent usually isn’t enough.

•    Draft the transaction documentation.

This documentation will have everything related to the transaction. It aims to protect both parties.

•    Review or negotiate items in the transaction documentation.

Let’s say that you’re the seller. Before you pass on the transaction documentation to the buyer, it’s a good idea to review the items in the documentation first. If you’re the buyer, you also have to review the items before agreeing to them.

Whether you’re the buyer or the seller, feel free to negotiate the terms if you feel that they could be better.

As you can see, there are several important things that a dentist wouldn’t know how to do in the process of dental practice transitions. You can easily be on the losing end of the stick if you’re not careful. Instead of doing these things, there’s only one thing that you need to do.

Hire a Law Firm for Assistance

Do the transition in an effective and efficient manner. By hiring a law firm that specializes in dental practice transitions, it will be streamlined. You’ll have the specialists take care of it for you.

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