59: Practice Sales: The Role of the Attorney

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 CoveredThe documents a dental attorney addresses in a given practice saleWhy it’s crucial to have a dental attorney review your LOIWhat provisions in an LOI are binding (and which ones are non-binding)How a good LOI includes timelines for due diligenceMatt’s approach when a buyer has little money in the bank but needs an LOI reviewThe purpose of the asset sale agreement and how attorneys negotiate itWhy it’s beneficial to use a dental specific attorney vs. a general business attorneyHow a good dental attorney moves the deal forward when the other side won’t budge on a particular termThe attorney’s role in reviewing a lease and negotiating with the landlordWhen to ask for a lease extension when the buyer takes overHow the process differs when a seller is at the end of their lease or owns the real estateWhen you need a workback agreement or seller financing noteConnect with Matt OdgersOdgers Law GroupEmail [email protected] with Wes ReadPractice OrbitEmail [email protected] CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources What You Need to Know About Submitting an LOI on DPS EP003Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004The Role of Escrow in a Dental Practice Sale on DPS EP010Episode Promo Videos Video Promo 1Video Promo 2