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- May 8, 2004
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Okay Guys. Practice ownership is tough. But the hardest part is getting off the ground. Starting with how to buy a practice or startup a practice.
I will code some sort of website in the future describing how I did a startup and the things I believe are important that they don't teach you in school. First and foremost is location. You gotta find a good place and get a good lease from the landlord. This is tough itself. Once you find the place then there is like a network of contacts you need to do a buildup. And basically your the guy linking all those contacts together because your the one taking the money from the bank and distributing to each of the guys you hired to build the place. I'll have pics showing this whole thing. Like my loan agreement with the bank, all my contracts with my vendors, including my lease. The contacts are:
This thread is about the role contracts play in dental practice transitions. You need to understand what goes into these contracts as I am learning about them myself. I find that there's not much out there to educate us. And all we have are lawyers and vultures who want to charge you thousands to use basically a generic template they made to broker a deal which if you know the seller really well, you don't need them. They just make way to much money playing the "middleman". And if there's one thing the internet hates: Its middlemen who make a living off access to proprietary information.
So I went on dentaltown.com and asked if anybody had sample contracts I could see to learn about what constitutes a dental practice aquisition contract in case I want to buy a practice down the line. A leasing consultant flat out told me I'd be foolish if I did anything else but hire a dental practice sales lawyer. Another old dentist tells me he paid alot of money for his contract and finds it sleazy that I'm asking him to share.
So what do I do? I go on the 2011 TechCrunch Hackathon winner http://www.docracy.com
And I looked up samples of "Asset Purchase Agreement". I took that contract and modified it for Dental Practice Aquisitions. Here it is:
https://www.docracy.com/0x1ha52vbch/dental-practice-purchase-agreement
This is absolutely free. Open-Source. Like the Github for Legal Contracts. Read it to understand what goes into these contracts. Then share to whoever might need one.
I will code some sort of website in the future describing how I did a startup and the things I believe are important that they don't teach you in school. First and foremost is location. You gotta find a good place and get a good lease from the landlord. This is tough itself. Once you find the place then there is like a network of contacts you need to do a buildup. And basically your the guy linking all those contacts together because your the one taking the money from the bank and distributing to each of the guys you hired to build the place. I'll have pics showing this whole thing. Like my loan agreement with the bank, all my contracts with my vendors, including my lease. The contacts are:
- The bank to finance the whole thing
- A contractor to build out the place ie pumbling, cabinets, walls, etc. He has to go to the city to also get the permits.
- A dental equipment guy to supply you with chair, compressor, vacuum, xray machine, handpieces, etc..
- A digital guy to setup all the tv, computers, and practice management software.
This thread is about the role contracts play in dental practice transitions. You need to understand what goes into these contracts as I am learning about them myself. I find that there's not much out there to educate us. And all we have are lawyers and vultures who want to charge you thousands to use basically a generic template they made to broker a deal which if you know the seller really well, you don't need them. They just make way to much money playing the "middleman". And if there's one thing the internet hates: Its middlemen who make a living off access to proprietary information.
So I went on dentaltown.com and asked if anybody had sample contracts I could see to learn about what constitutes a dental practice aquisition contract in case I want to buy a practice down the line. A leasing consultant flat out told me I'd be foolish if I did anything else but hire a dental practice sales lawyer. Another old dentist tells me he paid alot of money for his contract and finds it sleazy that I'm asking him to share.
So what do I do? I go on the 2011 TechCrunch Hackathon winner http://www.docracy.com
And I looked up samples of "Asset Purchase Agreement". I took that contract and modified it for Dental Practice Aquisitions. Here it is:
https://www.docracy.com/0x1ha52vbch/dental-practice-purchase-agreement
This is absolutely free. Open-Source. Like the Github for Legal Contracts. Read it to understand what goes into these contracts. Then share to whoever might need one.