Five Things to Consider When Selling a Dental Practice in Florida
According to data provided by the American Dental Association (ADA), there are approximately 200,000 dentists currently working in the United States — many of whom own their own medical practice. Buying or selling a dental practice is a complicated business transaction.
If you are a dentist in Florida and you are preparing to sell your practice, there are a number of different unique issues that must be addressed. Here, our West Palm Beach physician practice management and litigation attorneys highlight five key things that must be considered when you are selling a dental practice in Florida.
- What is the Fair Market Value the Business?
First and foremost, it is imperative that you know the fair market value of your dental practice. It is not easy to value any business — though, valuing a medical practice can be especially challenging. Make sure you know what your company is truly worth before you sit down for intensive negotiations.
- How Should You Structure of the Sale Agreement?
There are a number of different ways to structure the sale of a dental practice. When selling your practice, you should always be represented by an experienced South Florida business law attorney. Your lawyer will ensure that the sale agreement is well-structured and that it effectively protects your rights and interests.
- Are You Prepared to Deal With Clients During the Transition?
The clients (customers) of a dental practice are not like the customers of most other Florida businesses. People develop a trusted relationship with their dentist. When the practice is sold, they may become wary. It is crucial that you take proper measures to ensure that clients are carefully handled during the transition.
- Are there Any Employment Law Issues?
If you own and operate a dental practice in Florida, you likely have several employees on your staff. All matters related to employment law should be addressed. The good news is that employees can help you make the entire sale and transition easier. In many cases, dental clients have developed a good relationship with staff members.
- Will There Be a Non-Compete Clause?
Finally, you should consider whether or not the sale agreement will contain a non-compete clause or any other type of restrictive covenant. As a general rule, most medical practice sale agreements contain some form of a non-compete clause. To be legally enforceable in Florida, these clauses must be carefully drafted. Make sure that your non-compete is well-structured and that including one is actually in your professional interests.
Get Help From Our West Palm Beach, FL Business Lawyers Today
At Pike & Lustig, LLP, our Florida commercial law attorneys have the skills and experience needed to handle the full range of physician practice management issues, including the buying and selling a dental practice. To learn more about what we can do for you, please contact us today for a confidential initial consultation. We have law offices in West Palm Beach, Wellington and Miami and we represent medical practitioners throughout Southeast Florida.