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Advice for FM practice business purchase

Discussion in 'Family Medicine' started by glorybrian, Jun 19, 2008.

  1. glorybrian

    glorybrian New Member
    5+ Year Member

    Jan 9, 2006
    Likes Received:
    My wife will finish her residency next year June.

    She plans to buy an existing FM practice whose owner is retiring.
    She needs to sign contract in one week.

    In the contract, following items are called for transfer.
    1. Patient Files
    2. Office furniture
    3. Business name: Family care center (seems very general)

    Do I need to ask more such as following?
    1. computer
    2. any equipments (?)

    Since the owner got the practice free long time ago, asking price is not high ($50k).
    Although she doesn’t want to be picky, we wan to check make sure important things.

    The owner will show how to operate during 6 months (maximum) period after her residency.
    During this period, he will be compensated according o his service. If my wife gain enough experience, she can close deal earlier.

    Any suggestions or advice are welcome.
  2. Blue Dog

    Blue Dog Fides et ratio.
    Physician Gold Donor Verified Expert Verified Account 10+ Year Member

    Jan 21, 2006
    Likes Received:
    Attending Physician
    Get a lawyer. Seriously.

    There are too many potential pitfalls in this sort of transaction to even begin to cover in this medium. General advice here: http://www.physiciansnews.com/law/103bernick.html

    Anything you pay for professional advice and contract evaluation will be well worth it.
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