Provided by: Jennifer Kirschenbaum, Esq.
September 13, 2022
Question:
Hi Jennifer,
What should I discuss v you discuss with buyer in the sale of my practice?
Appreciate insight.
Thanks,
Dr. I
Answer:
Great question, and the answer may vary a bit on a case by case basis depending on size of the buyer/seller, whether a broker or banker is involved and circumstances of sale, but, generally, the “business points” are typically worked out between the parties and the “legal points” are typically worked out between the attorneys. “Business points” are generally the financial terms of the sale - how much and what stuff - purchase price and assets. The “Legal points” are generally the language around liabilities staying v transferring and the rest of the devilish details. There may be overlap or concept commingling throughout the process, but I would expect to see a general understanding of the “who’s”, “what’s”, and “how much” in our first discussion around the transaction. From there, we can work through positions and move into “deal mode”.
