You've decided that you want to purchase a dental practice in Quebec. This is a big decision, and one that comes with many important considerations, both legal in nature as well as tax related.
One of the first things you need to think about is what type of offer to make. Are you interested in purchasing the assets of the practice, or buying shares of the business? Each option has its own advantages and disadvantages, so it's important to weigh your options carefully before making a decision.
Another key consideration is what you want the seller's role to be after the sale is complete. Are you looking for them to stay on in a management or consulting capacity? Or do you want them to sign a non-compete clause and move on? There are pros and cons to both options, so again, it's important to think about what's best for your particular situation.
Finally, you need to think about the employees of the practice. What will their status be after the sale is complete? Will they all be retained, or will some of them be let go? This is an important consideration, as you will want to make sure that you are able to keep the practice running smoothly after the sale.
All of these considerations are important when drafting an offer to purchase a dental practice. By taking the time to think about them carefully, you can ensure that your offer is structured in a way that is advantageous for you and your business.
Any offer to purchase a dental practice should also include various representations and warranties from the seller in order to protect the buyer from any potential liabilities. For example, the seller should represent that there are no outstanding lawsuits or judgments against the practice, that all bills and taxes have been paid in full, and that there are no outstanding liens or encumbrances on the property. The seller should also warrant that all equipment is in good working condition and that all supplies are up to date. Including these provisions in an offer to purchase will help to ensure that the buyer is not taking on any unnecessary risks.
When you're ready to purchase a dental practice, the offer to purchase is the document that sets the tone for the rest of the transaction. This document should be reviewed and agreed upon by both parties before any other steps are taken. The final purchase agreement will actually reiterate many of the same terms and conditions agreed to in the offer to purchase. Therefore, it's essential that you're properly represented by a lawyer who fully understands the ramifications of purchasing a dental practice. With their help, you can make sure that your offer to purchase is fair and protects your interests.