Binding Agreements Involve Dental

For the eleventh year in a row, Pierce-Mandell, P.C. exhibited at the Yankee Dental Conference 2020 from January 30 to February 1, 2020, attended by dentists and their collaborators from New England and beyond, as well as other strategic and professional service partners in the Dental community. Bill Mandell, Hannah Schindler Spinelli, Sam Hoff and Ryelle Seymour, lawyers for Pierce- Mandell Dental Practice Group, presented at the legal conference an educational program covering topics such as firm sales, establishment and integration with DSOs, associated buy-ins, leases, employment and service agreements, and the application of competitors. It is essential for all stakeholders to obtain a competent and experienced advisor for peer hearings. To help with the sale or purchase of professional practices, including dental practices and medical practices, can William Mandell, Esq. bill@piercemandell.com or 617-720-2444. In the initial phase of defining essential concepts, it is very productive to work first on a simple first written description of the essential concepts. This type of document can be referred to as, among other things, a letter of offer, a letter of intent or a “MOU,” a memorandum of understanding or a “law” or a “sheet.” They are in fact all the same: a brief but complete written recitation of the essential terms of the transaction. It is very useful and desirable to have such a prior document. But it is essential that your advisors intervene at the beginning of preliminary negotiations, as these documents can be non-binding, binding or even both at the same time. It all depends on the language used in the document.

Such a critical part of the transaction should not be pursued and such a document should not be signed without prior legal and financial/fiscal verification. Buyers and sellers who wait until it is time to work on actual legal agreements to retain their advisors often discover that some important material concepts have not been dealt with effectively, with unfortunate consequences. Click here for more information about the 2018 Yankee Dental Congress. For more information about our dental services, please contact Pierce and Mandell, P.C. or email Bill Mandell in bill@piercemandell.com. Reciprocity – Agreement between two states, dentists authorized in one state to obtain a license in the other state, When buyers and sellers of dental, medical and other professional practices begin to think about sales of practices, associated buy-ins, mergers or other major acquisition events, the focus is on material conditions. What is the value of the practice? What is bought and sold and what is the purchase price? How is the agreement structured and what are the tax implications? Will there be greater conditions for financing, leases or building or property or purchase rights? What about service obligations and/or restrictive agreements after conclusion? While Massachusetts law (see Massachusetts General Laws Chapter 112, Sections 12X and 74D) has long provided that employed physicians and nurses could not be subject to termination competitions, Massachusetts law has never extended the same intrusiveness to non-competition conditions that appear in associated contracts for dentists.