Dental Practice Purchase Agreement: Key Terms to Review
The purchase agreement is where the details of a dental practice sale get locked in, and it's worth getting right. A typical agreement covers the purchase price and payment terms, what's included in the sale (equipment, patient records, goodwill, and real estate if applicable), non-compete and non-solicitation terms for the seller, and any transition or consulting period.
1. Review Important Contract Terms
Other terms worth paying close attention to include:
Representations and warranties about the practice's condition and financials
How patient records will transfer in compliance with applicable privacy laws
Employee retention or termination terms
What happens if financing falls through
2. Work With an Experienced Attorney
Because these agreements involve healthcare-specific considerations like patient record transfer and, in some cases, compliance with state dental board requirements, we strongly recommend working with an attorney experienced in dental or healthcare practice transactions to review or draft your contract.
3. Get Guidance on Available Resources
We do not provide legal advice, but we're happy to point you toward resources if you're not sure where to start.