Whether you are a seasoned veterinarian considering retirement or you are looking to grow an established practice, such transitions require careful consideration. Either way, selling or buying a veterinary practice is an exciting yet challenging venture that requires the first-class legal representation only an experienced veterinary attorney can provide.
Mahan Law provides advice and guidance to veterinary clients on a local, regional, and national basis on all phases of practice transitions. We routinely represent sellers looking to bring on associate veterinarians or selling a practice entirely. Similarly, we work with startups seeking to gain entry to the veterinary space as well as established practices looking for growth opportunities.
Whichever end of the spectrum you are on, our experienced network of veterinary attorneys have the legal knowledge and business acumen to help you achieve your objectives. When you partner with us, we will always work to protect your interests and provide you with dependable, cost-effective services. We offer completely transparent flat-fee structures that enable you to see the value we can add to your veterinary practice.
Our legal team brings to bear extensive experience negotiating buy-sell transactions and helps veterinarians navigate the regulatory thicket associated with running a practice. Above all, we are committed to ensuring that practice transitions are handled with care and personal attention.
Transitions When Selling a Veterinary Practice
If you are considering selling your practice, you need Mahan Law by your side. Our experienced veterinary attorneys will negotiate the transaction terms and prepare the necessary legal documents, including:
- Letter of intent — This document conveys your intent to sell, and the buyer’s intent to acquire the practice. A Letter of intent is typically non-binding, however, the buyer may be permitted to conduct due diligence within a specified time period while the seller agrees not to take other offers during that time.
- Confidentiality agreement — Given that the buyer will perform a due diligence review of your practice (which involves examining your patient and business records), it is crucial to have a confidentiality agreement to protect you, your patients, and your practice.
- Purchase agreement — This is a legally binding contract establishing how the practice will transition from the seller to the buyer; every aspect must be addressed clearly and thoroughly. A well-conceived purchase agreement will contain the sales terms, representations and warranties, as well as duties and obligations of the parties.
- Non-compete agreement — This agreement is designed to protect the buyer by prohibiting you, as the seller, from competing with the practice within a defined geographic area for a set period of time. A non-compete also bars you from using patient lists or trade secrets to solicit former clients.
- Transfer of intangible assets — There are a number of legal documents necessary to effectuate the complete transfer of intangible assets, including the assignment of the lease, the business license, vendor contracts, equipment leases, and other intangible assets.
- Closing documents — Our veterinary attorneys routinely prepare all closing documents and represent clients at closing.
At Mahan Law, our objective is to ensure prompt and expedient sales of veterinary practices, while coaching our clients on the related tax, legal, and lifestyle implications. We provide a powerful combination of knowledge and experience that are essential for a successful practice transition.
Transitions When Buying a Veterinary Practice
Buying a veterinary practice can be an exciting and rewarding experience, provided that you have a dependable veterinary attorney in your corner. Working with the veterinary attorneys and valuation experts at Mahan Law will give you confidence knowing that your interests will be protected.
Our legal team can help you negotiate the basic sale terms (e.g. sales price, allocation, financing), determine the structure of the transaction (e.g. membership, stock or asset sale), clarify restrictive covenants, and ensure the transfer of account receivables and intangible assets (e.g. assignment of lease, business license, vendor contracts, equipment leases).
A critical component of buying a veterinary practice is conducting due diligence. Our attorneys have the skills and resources to assist with the due diligence process and will help you verify that the veterinary practice is in good financial condition, has strong income potential and has no unknown debts. We will also work to uncover any existing or potential legal liabilities.
Because buying a veterinary practice may require hiring key employees, we will also work closely with you to develop employment agreements, job descriptions, and an employee manual that clarifies the employer-employee relationship. Finally, our veterinary attorneys also prepare all the necessary closing documents and routinely conduct closings of veterinary practice acquisitions.
Contact Our Experienced Veterinary Attorneys
Practice transitions are complicated endeavors that encompass many aspects of law. The best way to ensure that a practice transition goes smoothly is to work with the experienced veterinary attorneys at Mahan Law. We routinely represent clients in practice sales and acquisitions and have a well-earned reputation for being dedicated advocates and honest brokers. In addition to helping our clients navigate practice transitions, we provide ongoing counsel on a wide range of matters such as:
- Practice valuations
- Regulatory compliance
- Legal and human resource consulting
- Real estate transactions (leasing, buying, construction)
- Civil litigation
- Administrative proceedings
When you become our client, you can trust us to provide you with the knowledge, skill, and personal attention you deserve. Whether you are starting a new veterinary practice or looking to a new future, we are well-prepared to help you navigate this transition. Please contact our office today to set up a consultation.
Mahan Law helps their clients with veterinary practice transitions throughout the United States including the states of Florida, Ohio, Kentucky, and Indiana.