Selling a dental practice
Having built your practice from the ground-up, it’s about that time when you begin to think about retiring after a long and successful career. This may be even more appealing with all the talk of change in the air.
The default legal position when selling a dental practice is “sold as seen”. Whist this may sound like music to your ears, it has developed in to (understandably) buyers looking to illicit as much information as possible before they commit to purchasing the practice.
Having built your practice from the ground-up, you might be thinking about retiring after a long and successful career. This may have particular appeal with the relentless pace of change across the healthcare sector.
The default legal position when selling a dental practice is “sold as seen”. This means buyers will look to illicit as much information as possible before they commit to purchasing the practice
- Whilst we can’t take the entire burden of selling your dental practice off your hands (as nobody knows your practice as well as you do), we can share the burden. We will guide you every step of the way including: You will need to disclose information about your lease or ownership of your premises or any liabilities, assisting with due diligence in respect of the business and property. As stated above the legal default position when selling a dental practice is “sold as seen”, the buyer will therefore be looking to illicit as much information as possible about the business and the property. We will be there to assist and review your response;
- Preparing and negotiating an acquisition agreement. This is the contract which governs almost every aspect of the transaction and covers essential issues such as what is being transferred on completion of the transaction, how the liabilities of the practice are shared pre and post transfer and how pre-payments will be apportioned and complaints dealt with;
- Advising on matters relating to the transfer of the property. You will have a specialist property lawyer on your team working with the corporate lawyer to deal with every aspect of the transfer of the property, whether it be owned or leased;
- Advising on matters relating to the partnership route with NHS England and transfer of private capitation schemes; &
- Preparing and negotiating on associates agreement should you wish to continue work at the practice post completion.
As specialist dental solicitors we are aware and accustomed to dealing with the pitfalls of selling a dental practice. Some of the most common include:
- Transfer of the GDS and/or PDS contract from the seller to the buyer;
- CQC registration and de-registration process; &
- Keeping your financial and administrative obligations to a minimum post completion of the transaction.