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Home Q&A Forum Dental associate contract practice sale clauses?

Business

Dental Associate Contract

North Carolina

Asked on Jul 26, 2023

Dental associate contract practice sale clauses?

I am a dental associate looking to purchase a practice from a retiring dentist. I am in the process of reviewing the contract and have some questions about the sale clauses. I am concerned about the terms of the sale and would like to understand the implications of certain clauses in the contract.

1 Attorney answer

Answer

Business

North Carolina

Answered 324 days ago

Shelia H.

ContractsCounsel verified

Business Lawyer
Licensed in North Carolina
Free Consultation

Here are a couple of items you should pay close attention to: 1. Be clear about what you are purchasing. There should be an itemized list of personal business property. You will also want to make sure that you have included digital and intellectual property assets. For each item, you will want to make sure that there are no liens on the property and that no one else has any ownership interest in the property. 2. Be clear about any non-compete provisions that you need to have in the agreement. The last thing you want is for the seller to open a competing office or become an investor in a competing practice that's right across the street from you and have your anticipated clients move to the new practice. You need to pay particular attention to how this provision is crafted, given that there are major concerns about restrictions such as non-competes. Additionally, some states have already banned non-competes for employees who are doctors, and the Federal Trade Commission is expected to vote on new rules concerning non-competes in 2024. 3. Thoroughly research and analyze the profit and loss statements, taxes, and employment records. Make sure you understand the cash flow of the operation. It's best to consider having an accountant review all of these documents. These are just three things to think about when purchasing any business. There are many more. Hiring an experienced attorney is one of the best things that you can do to make sure that you are assessing the risks associated with the purchase.

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