BUYING A PRACTICE
Are you looking to purchase a dental practice? Except for buying your home, a dental practice is likely the largest and most complex purchase you will ever make, and we know from experience it requires doing a lot of little things right. You need the right team to help you navigate through the various phases of the transaction and ensure you are successful.
How we help
We know where to look and what is of value to a dentist and dental office when it comes to evaluating the practice’s production, associates, employees, lease terms, transition issues and other key considerations when purchasing.
We are committed to your goals and will negotiate hard to get you the best deal.
Why do I need a lawyer?
Purchasing a dental practice is a complex transaction. You need someone that understands the process, can guide you through it, and will ensure that your rights and interests are protected. It requires doing a lot of detailed things right, such as preparing and finalizing Letters of Intent, negotiating the Agreement of Purchase and Sale, undertaking due diligence, dealing with staff and associates, transferring your lease, incorporating a new DPC and closing the transaction, just to name a few. At DMC, our lawyers have been helping dentists buy and sell practices since 2010. We have seen all types of transaction challenges and successes which allows us to effectively advise you on your options when faced with a tough choice, help you weigh benefits and disadvantages, and show you how to minimize your risk. Further, we negotiate hard to make sure that your rights are protected and your interests are promoted throughout the process.
What is the process to purchase a practice?
The first step is a Letter of Intent, which is generally a non-binding document that outlines some of the main terms for the transaction. Once the Letter of Intent is accepted, the parties have their professional advisors (e.g. DMC as your lawyer) begin diligence on the dental practice while drafting, negotiating and finalizing the formal agreement of purchase and sale plus all the other transactional documents. At the same time, the purchaser may need to secure their loan financing, and the lawyers will be working on an assignment of the premises lease plus setting up or updating your dentistry professional corporation and any holding companies needed. Lastly, the transaction closes, final documents and funds change hands, and the on-site transition begins.
After the closing, there are typically several on-site steps that need to be taken to help “finalize” and “clean up” the transaction. These may involve dealing with employees, working with the vendor in a principal-associate capacity, and notifying necessary parties of the transition (e.g. RCDSO, Ministry of Health and Long-Term Care, etc.).
DMC can manage the entire sale process for you, from choosing the right practice to closing the deal. We know the process and the industry players. We have the background and the tools to help you get the best deal possible. With DMC on your team from the beginning, you are assured of having lawyers who are dental industry insiders committed to your goals and ensuring your rights are protected and interests are promoted at every stage.
What do our clients say?
“DMC LLP was introduced to me by RBC bank. I contacted David and started the process of buying my first dental practice. Every step on the way I received great sound legal advice and learned about the details of buying a dental practice. I was amazed that Michael, David and Ljubica worked every day with the same dedication, professionalism and passion.”Dr. V. S.
“In contemplation and navigation of a purchasing endeavor, David and Michael work as a supportive team to both help me realize my goal and stay true to myself in the process. Their collaborative efforts are refreshing with value added extras along the way.”Dr. C. Z.
“I would highly recommend Michael to my colleagues to assist them to buy a dental practice. He was encouraging when I needed it and helped me to be firm where I needed to be firm on.”Dr. M.T.
Subscribe to our newsletter
Stay up to date with what’s happening in your industry, and the latest news and opportunities here at DMC.