If you are considering acquiring a dental practice, keep in mind the following thoughts and suggestions as you proceed:
Drs. A and B had practiced together for over twenty years and were very good friends. They were equal owners of a successful, incorporated practice. They had a “simple” (ambiguous) contract drafted by an attorney about ten years ago in which each doctor had an option to buy the practice of the other should either of them die. Three years later, Dr. A suddenly died of a heart attack.
Doctors invariably want to sell their office building at the same time they sell their practice. This is the worst time to sell the building, however, and will usually result in tens of thousands of lost dollars for the seller. This is known as the “I just don’t want to be bothered with anything after the practice is sold” syndrome. It can have a devastating effect on the financial net worth of the retiring doctor at a very critical time in his or her life.
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