Whether you are thinking of buying and/or selling a practice in the near future, within, say, two to five years, or as part of a longer-term strategic objective, when the time arises, one certainty is that you will need the services of a solicitor to assist in the transaction. The sale or purchase will likely be one of the biggest financial decisions you make in your career, so it’s natural that you need expert professional support throughout.
Oliver Acton of Frank Taylor & Associates discusses what to consider when appointing a solicitor. “The initial temptation may be to appoint a solicitor you have worked with before, perhaps for conveyancing on your private property, or someone who has supported you in a family or employment matter. However, there are nuances in the sale or purchase of a dental practice that require a specialist in that area. Just like most professions, including dentistry, there are specialists in certain areas, and the legal profession is no different.”
“In many ways, the solicitor will be part of your team during the transaction”, continues Oliver, “and the criteria you use when making hiring decisions for staff will be very similar to the thought process you will go through when appointing your solicitor.”
“Firstly, experience…does your solicitor have a track record of working with successful transactions and getting them over the line?” asks Oliver. “There are a number of ways in which a solicitor can facilitate the transaction, for example, in ensuring all documentation is up to date and easily accessible and exchanged in line with the timescales required. Your solicitor can also help protect you with guarantees and warranties to prevent you from getting any unwelcome surprise during or after the sale.”
“Secondly, attitude”, continues Oliver, “you’ll always want someone with a ‘can-do’ mindset. Transactions can be lengthy processes, so you need to maintain focus on the long-term goal of completing the transaction, but having the diligence and resilience to overcome any hurdles along the way. There may well be points that need to be discussed and resolved during the deal, and it’s important that your solicitor keeps the big picture in mind and understands which ones may be deal-breakers and which are ones where more leeway can be allowed.”
“Lastly, value”, counsels Oliver. “It goes without saying that you don’t want to overpay, but equally, if you don’t recognise the value of a solicitor’s specialist experience and approach, taking a cheaper option may turn out to be a false economy. We have seen deals collapse over seemingly small things, and then the client is back at square one and left with a sizeable legal bill. It’s really about finding the middle ground of experience and price,” Oliver concludes, “the fear of the unknown in an apparent legal minefield can seem daunting, but I want to reassure you this does not need to be the case. A good specialist lawyer guiding you through the process will be a real asset, and I can assure you that they do exist!”
For more help on identifying the right professional support in your transaction, contact us on 0330 088 1156.
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