Buying a dental practice is a significant investment and a complex process that requires careful planning and consideration of various legal and financial aspects. As an Ontario business lawyer, we understand that acquiring a dental practice involves many legal considerations, including the following:
- Conducting Due Diligence Before buying a dental practice, it is essential to conduct thorough due diligence. Due diligence helps you identify any risks and liabilities associated with the dental practice you intend to buy. An Ontario business lawyer can help you with due diligence by reviewing the seller’s financial statements, tax returns, lease agreements, employment contracts, patient records, and other relevant documents.
- Structuring the Deal Once you complete due diligence, you need to determine the most suitable structure for the deal. Typically, buying a dental practice involves buying the practice’s assets or shares. An asset purchase involves acquiring specific assets and liabilities of the practice, while a share purchase involves acquiring all the shares of the practice. Each structure has its benefits and drawbacks, and an Ontario business lawyer can help you choose the most appropriate one for your situation.
- Negotiating the Purchase Agreement The purchase agreement is a legal document that outlines the terms and conditions of the dental practice sale. It should cover critical aspects such as the purchase price, payment terms, closing date, representations and warranties, indemnification provisions, and any conditions precedent to closing. An Ontario business lawyer can help you negotiate and draft a purchase agreement that protects your interests and meets your needs.
- Obtaining Regulatory Approvals Buying a dental practice in Ontario requires compliance with various regulatory requirements. You may need to obtain regulatory approvals from the Royal College of Dental Surgeons of Ontario (RCDSO) and other relevant bodies. An Ontario business lawyer can help you navigate these regulatory requirements and obtain the necessary approvals.
- Protecting Patient Confidentiality Dental practices have access to confidential patient information that is protected by privacy laws. When buying a dental practice, it is crucial to ensure that you comply with privacy laws and protect patient confidentiality. An Ontario business lawyer can advise you on the legal requirements for protecting patient information and help you develop appropriate policies and procedures.
- Addressing Employment Issues When buying a dental practice, you may need to address various employment issues, including employee contracts, benefits, and termination provisions. An Ontario business lawyer can help you review and negotiate employment contracts and develop a plan to address any employment-related issues that may arise.
In conclusion, buying a dental practice involves various legal considerations that require the expertise of an Ontario business lawyer. At Falcon Law PC, we have the knowledge and experience necessary to help you navigate the legal aspects of buying a dental practice. Contact us at 1-877-892-7778 or info@falconlawyers.ca to schedule a consultation with one of our experienced Ontario business lawyers.
