When it comes to practice buy-ins, it’s important to have the right legal counsel on your side. From the perspective of both a buyer and a seller, there are many legal considerations to think about before you commit to a buy-in. Joe Hess Law can make sure you’re protected from litigation regarding the practice you’re buying into.
What Is a Buy-In?
Buy-ins allow you to purchase an interest in a medical practice, but they also require you to take on the liabilities that come with that practice.
Because of this, you need to make sure that the proper protections are in place in order to guard your assets. You’ll also need to consider the fact that a buy-in requires a consistent influx of patients in order to ensure a reliable flow of income over time. This will allow you to pay back any loans you may have taken out in a timely manner.
Buyers aren’t the only ones who would benefit from consulting a corporate healthcare attorney. There are also legal implications if you’re the seller. One of the major issues that sellers run into is the fact that the buyer’s lender will sometimes require a lien on the practice’s assets.
While your practice may have previously been unencumbered, there will now be a lien against it, which can have repercussions for you in the future. If the buyer defaults on the loan, the bank may try to foreclose on your practice’s assets. Joe Hess Law Firm can make sure you and your practice are protected from the buyer’s financial missteps.
If you’re considering a practice buy-in, Attorney Joe Hess can help. He’ll guide you through the process and make sure the proper procedures are followed to ensure the best possible outcome for buyer and seller alike.