Selling a Medical Practice
Usually the sellers of medical practices, contact a broker/agent first to receive some general information, to receive an informal appraisal, or to learn about the broker’s services and fees. First and foremost, I highly recommend that you first find, choose, and at the very least consult with a medical attorney that is experienced in these types of transactions before you take any steps or contact anyone else for selling your practice.
Without belaboring the issue, as your attorney, I will not earn a commission based on the purchase price and can offer you independent advice without any conflicts of interest. Attorneys are highly regulated by their State Bar and there are many safeguards in place to make sure that attorneys act in the best of interest of their clients, a safeguard that does not exist for many other professionals involved in your transaction. The added benefit of retaining an experienced medical attorney is that they can also review and represent you regarding the contract that the broker or agent is most likely require you to sign before they spend any effort in selling your practice; these listing contracts are designed to benefit and protect the brokers in their dealings with you and one of the benefits of retaining me as your attorney before contacting a broker is that I can help you negotiate the contract between you and the broker before you bind yourself to a contract that will put you at their mercy.
In another article (https://www.dentalmedicalattorney.com/faqs/choosing-the-right-attorney-for-your-medical-or-medical-practice/) I mention the importance of choosing an attorney that is experienced in contracts and transactions for selling and buying medical practices. These transactions pose challenges that require an attorney that is well versed in healthcare and business laws as well as being a skilled negotiator. Selling your medical practice has unique aspects that are different than selling general businesses that average business transactional lawyers may not encounter or even consider in their deals. An experienced medical practice attorney could make the difference not only in protecting your rights and interests but also in your bottom-line, whether directly in negotiating the purchase price or in tax benefits which could be in tens of thousands of dollars.
Feel free to contact me if you are interested in consultation or are seeking legal representation for selling your medical practice.
Shane Kamkari, Esq.