Selling a Dental Practice
Our specialist dental lawyers have compiled a quick checklist of important stages you will need to consider when looking to sell your dental practice.
- Gather Key Documents: Before selling a dental practice it is important to organise your documents so that they are to hand when requested by the Buyer. Such documents may include but are not limited to your NHS Contract, details of any Private Capitation Scheme, Practice Accounts, Associate/Employee Contracts, Practice Policies, Commercial Contracts and Property Information.
- Disclose Everything: Put yourself in the Buyer’s position. What would you want to know about your practice before you brought it? The more information you are able to disclose to your solicitor, the less chance of a claim at some point in the future. Consider whether there are any faults with equipment, whether the practice has any current litigation proceedings, have there been any disputes with employees, are the practice accounts up to date?
- Regulatory Obligations: It would be wise for you to consider your regulatory obligations. Will you need an Enhanced Disclosure check? Have you considered your CQC applications? The CQC application process can take at least 10 weeks to process and it is, therefore, important for you to consider your regulatory registration at the very start of the transaction so that it does not delay completion.
- Heads of Terms: Discuss and agree the key terms of the sale with the Buyer. This will ultimately form the basis of the Sale and Purchase Agreement and will also help you to ascertain how serious the potential Buyer is. This may also provide a good opportunity to discuss whether you will be staying on in the practice as an associate, for example.
- Get Specialist Legal Support: It is advisable to instruct a solicitor who understands the business you are in. Wouldn’t it be so much easier if your solicitor understood what a GDS Contract was? What a UDA is? When a s.292 Notice is required?
If you are thinking about selling your dental practice, please contact our team of specialist dental solicitors on 01283 526200.