Practice Sales & Acquisitions
Q: How long does it take to sell a practice?
A: Typically 6 to 12 months from initial valuation to closing. (Industries & markets vary dramatically)
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Q: How long does it take to purchase a practice?
A: It may take 3 to 6 months to find the right practice and finalize the deal. (Industries & markets vary dramatically)
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Q: Why should I sell my practice through a broker?
A: A broker offers the following benefits:
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Expertise: We have specialized knowledge of medical and dental practice transactions.
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Confidentiality: We ensure your practice is marketed discreetly.
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Network: We connect you with qualified buyers.
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Negotiation: We help you get the best deal for your practice.
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​Q: Do I need a lawyer to sell or buy a practice?
A: While it’s not required, having a lawyer is highly recommended. A legal expert can help you navigate the complexities of healthcare regulations, contracts, and tax issues to ensure a smooth and legally sound transaction.
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Q: How can I get started with the sale or purchase process?
A: To get started, simply contact us for a free consultation. We’ll walk you through the process and discuss your goals, whether you’re looking to sell or buy a practice.​​​
​Commercial Real Estate
Q: How long does it take to sell a commercial building?
A: The time to sell a commercial building varies based on factors such as location, market conditions, and the complexity of the property. On average, the process can take anywhere from 3 to 12 months. This includes marketing, negotiations, due diligence, and closing. (Industries & markets vary dramatically)
Q: Are there tax implications when selling a commercial building?
A: Yes, there may be tax implications when selling a commercial property. These can include:
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Capital Gains Tax: Depending on the sale price and your ownership period, you may be subject to capital gains tax.
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Depreciation Recapture: If you’ve claimed depreciation on the property, you may need to pay tax on any depreciation recaptured upon sale. It’s essential to consult with a tax professional to understand the full tax implications of your sale.
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Q: Can I sell a commercial property that is currently leased to tenants?
A: Yes, you can sell a commercial property that is leased to tenants. However, there are a few considerations that you should speak with a professional about.
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Q: Do I need a lawyer to sell my commercial property?
A: While not mandatory, it’s highly recommended to have a lawyer involved in the sale of a commercial building. A commercial real estate lawyer can:
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Draft and review contracts.
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Help with negotiation terms.
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Ensure compliance with local zoning and regulatory requirements.
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Oversee the closing process to ensure all legal paperwork is properly completed.​
​Contracts & Review
Q: What is contract drafting?
A: Contract drafting is the process of creating a legal agreement between two or more parties that outlines the rights, duties, and obligations of each party involved. The goal is to ensure that the terms are clear, enforceable, and legally sound. We draft contracts tailored to your specific needs, whether it's for business partnerships, employment, services, or other arrangements.
Q: Why is contract drafting important?
A: Properly drafted contracts help prevent misunderstandings and legal disputes. They clearly outline the terms of an agreement, define the responsibilities of each party, and set the framework for resolving any issues that may arise. A well-drafted contract can also protect your interests by ensuring that the terms are enforceable in a court of law.
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Q: What types of contracts can you draft?
A: We offer contract drafting services for a wide range of agreements, including but not limited to:
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Business Contracts: Partnership agreements, joint ventures, non-disclosure agreements (NDAs), and licensing agreements.
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Employment Contracts: Employee agreements, independent contractor agreements, non-compete clauses, and confidentiality agreements.
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Sales & Service Contracts: Product sales agreements, service contracts, and client agreements.
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Real Estate Contracts: Lease agreements, purchase agreements, and property management contracts.
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Commercial Agreements: Supply contracts, distribution agreements, and terms of service.
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Q: What is contract review?
A: Contract review involves examining an existing contract to ensure that its terms are fair, legal, and in line with your interests. During the review process, we assess whether any clauses are unclear, unenforceable, or could lead to future disputes. We also check for any potential risks or obligations that might be unfavorable to you.
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Q: Why do I need a contract review service?
A: A contract review is crucial before signing any agreement to ensure that you fully understand the terms and are aware of your rights and obligations. Whether you’re entering into a business deal, an employment contract, or a real estate agreement, a thorough review helps:
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Prevent hidden risks or unfavorable clauses.
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Protect your legal interests.
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Ensure compliance with relevant laws.
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Confirm that the terms are clear and mutually agreed upon.
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Q: Can you help me negotiate contract terms?
A: Absolutely! We can assist with contract negotiation by advising you on favorable terms, suggesting modifications, and ensuring that the final agreement aligns with your best interests. Our goal is to help you negotiate terms that protect your rights and achieve your business objectives.​
​​Business Sales & Acquisitions
Q: How long does it take to sell a business?
A: The timeline to sell a business varies but generally takes 6 to 12 months. The process includes preparing the business for sale, finding qualified buyers, negotiating terms, completing due diligence, and finalizing the sale. Some businesses may sell faster, while others may take longer depending on the complexity and market conditions.
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Q: What are the tax implications when selling a business?
A: When selling a business, there may be various tax implications:
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Capital Gains Tax: You may be subject to capital gains tax on the profits from the sale, depending on the structure of the sale and how long you’ve owned the business.
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Depreciation Recapture: If your business owns depreciable assets, you may need to pay tax on the depreciation recaptured upon sale. We recommend consulting a tax professional to understand the full tax impact of your sale.
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Q: Can I sell a business with outstanding debts?
A: Yes, you can sell a business with outstanding debts, but the buyer may factor this into the purchase price or require the debts to be paid off before the sale is completed. The terms of handling debt will be negotiated during the sale process. In some cases, the buyer may agree to assume responsibility for certain liabilities as part of the deal.
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Q: How can I get started with buying or selling a business?
A: To get started, simply contact us for a free consultation. We’ll help guide you through the process, whether you're looking to sell your business or acquire one. Our experts will provide personalized advice and ensure that the transaction meets your goals.​​
​​Corporation & LLC Formation
Q: Why should I form a Corporation or LLC?
A: Forming a Corporation or LLC provides several benefits, including:
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Limited Liability Protection: Both Corporations and LLCs offer personal liability protection for their owners, meaning personal assets are generally protected from business debts and lawsuits.
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Tax Benefits: LLCs and Corporations can offer tax advantages, depending on how the business is structured and taxed.
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Credibility: Forming a formal business entity enhances the credibility of your business with customers, vendors, and investors.
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Ownership Flexibility: Both structures provide flexibility in terms of ownership and management.
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Q: Can I change my business structure later (from LLC to Corporation, or vice versa)?
A: Yes, it’s possible to change your business structure later, but the process may require:
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Converting the Entity: Many states allow for a direct conversion from an LLC to a Corporation or from a Corporation to an LLC.
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Reorganizing the Business: If direct conversion isn’t allowed, you may need to dissolve your current entity and create a new one. Changing your structure can have legal and tax implications, so it’s essential to consult with a professional before making the switch.
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Q: Can I form a Corporation or LLC on my own?
A: Yes, you can form a Corporation or LLC by filing the necessary documents with your state’s Secretary of State. However, many business owners choose to use an attorney or a professional service to ensure all the required steps are followed properly. A professional can also provide guidance on the best structure for your business, ensure compliance, and help avoid common mistakes.
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Q: How long does it take to form a Corporation or LLC?
A: The timeline varies by state, but typically it takes anywhere from 3 to 10 business days to process your formation documents. Expedited filing options may be available for faster processing. The total time may also depend on how quickly you gather the required information and documents.
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Q: Can I change my business name after forming a Corporation or LLC?
A: Yes, you can change your business name after formation. However, the process varies depending on your state.
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Q: How can I get started with forming a Corporation or LLC?
A: To get started, contact us for a consultation. We’ll guide you through the formation process, help you choose the right structure for your business, and ensure everything is done in compliance with state laws.​
​Business Succession
Q: When should I start planning my business succession?
A: Ideally, you should start planning for succession well in advance—ideally 3 to 5 years before any anticipated changes. This gives you time to develop a solid plan and groom successors.
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Q: Can my family members take over the business?
A: Yes, family succession is a common approach. However, it’s important to ensure that family members are properly trained and prepared to handle leadership roles. Our team can help structure a plan that prepares your family for the transition.
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Q: What happens if I don’t have a succession plan?
A: Without a succession plan, your business could face legal disputes, loss of value, and even closure if a leadership change occurs unexpectedly. Having a clear plan in place ensures the business continues without interruption.
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Q: Can a succession plan be revised if needed?
A: Yes, a business succession plan should be a living document that can be updated as your business evolves. We can help you adjust the plan as needed to reflect changes in ownership, leadership, or your personal situation.​