In California, dental practices are placed on the market when the existing owner is ready for an upgrade or retirement. The sales offer a new dental professional an opportunity to start their career or to branch off to a new location. A local broker guides buyers and sellers through the transactions and explains common terms associated with dental offices for sale in San Francisco Bay Area.
Equipment and Furnishings
All equipment and furnishings included in the sale are listed in the sales contract. The prospective buyer has the chance to walk through the practice and inspect these items thoroughly. They have the opportunity to test out equipment and ensure that it is in proper working order.
Clauses to Protect the Existing Staff
When a dental professional retires, clauses are included to retain their existing staff. The terms detail the current rate of pay for each worker and the terms of termination. The new buyer must agree to the terms if they want to buy the practice. The clauses are included when a dental professional has a dedicated staff and doesn’t want the workers to face unemployment.
Stipulations About the Patient Roster
A dental professional that provides the new owner with their patient roster must notify their patients of this change. The acquisition of the roster doesn’t guarantee that the patients will use the new owner’s services. However, it provides a list of all patients served by the existing dentist.
Addressing Contingencies Involved in the Sale
Common contingencies determine exact conditions related to the sale or purchase. For example, the buyer may need to sell their practice before purchasing a new one. The terms of the sales contract will state that the purchase of the practice is contingent on the sale of the other property. The terms mean that once the buyer’s property sells they will buy the new practice with the funds.
In California, dental practices offer a new opportunity for dental professionals. The transaction could place the dentist in a heavily populated area that offers a higher client base. It could also give them the chance to purchase a more aesthetically pleasing property. Dental professionals who want to buy dental offices for sale in San Francisco Bay Area contact Western Practice Sales.
