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Veterinary practices are complex transactions that intersect many areas of law. At the same time, these transitions are unique because they involve features that are not found in other industries. To make this transaction seamless, you will need an expert attorney that knows the ins and outs of practice transitions.
McGregor & Oblad PLLC starts with a comprehensive veterinary practice purchase agreement suitable to the needs of all parties. We then shape it to the unique needs for your veterinary practice acquisition.
Buying an Veterinary Practice
Purchasing a veterinary practice requires a high attention to detail, especially when you are buying a practice for the first time, which is likely the case. Having a team of expert advisors is a great advantage to make the practice transaction as smooth as possible.
Selling a Veterinary Practice
Selling a practice carries significant tax, legal, and lifestyle implications. You want to minimize your legal liabilities and taxes. To make the selling of a practice as seamless as possible, a veterinarian needs to be surrounded by experienced consultants, accountants and attorneys.
Hurdles in Purchasing a Veterinary Practice
A potential veterinary acquisition has many hoops to jump through before finalizing the purchase. Many of these issues are subtle and go unnoticed, threatening to disrupt the transition. The following are some questions to consider to avoid such issues:
- How is the practice price being formulated, and is it based on sound economic assumptions?
- What liabilities or potential future work is apparent on patient charts?
- Does the computer system accurately reflect what is being represented by the seller's broker?
- Does the broker have a conflict of interest?
- How will the employees of the practice be acquired?
- What kind of redo work will you be responsible for?
- When is the underlying lease coming due?
- Is there a latent harassment, malpractice, or board claim you are buying unaware?
These are only some of the questions that the purchase agreement will need to answer. To make sure all bases are covered, the buyer must hire a team of legal representatives to verify the solidity of the agreement. This investment will save you money in the long-term, and all of your assets will be protected.
With a team of expert veterinary lawyers, acquiring a practice can be a smooth process. We know the ins and outs of veterinary law, and we understand our clients. This allows us to approach this particular area with confidence and effectiveness.