The Practice Purchased Podcast
s3e3 - How Much Your Lawyer Will Cost (and Why!)

s3e3 - How Much Your Lawyer Will Cost (and Why!)

April 27, 2021

How much is it going to cost you to hire a lawyer to help you buy a dental practice? ashley Garbe Smith with AGSDentalLaw.com and I will give you the EXACT numbers to expect right at the top of the show and walk you through some of the variables that can change that number. 

There’s more to it than just sticker price, though. Should you choose a flat-fee or hourly attorney? What if you’re working on a deal, and things fall apart - do you still have to pay? 

And perhaps the most important question of all: what exactly do you need to know so you don’t get totally screwed on your final bill from your attorney? We’ll talk you through it all here.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e4 - The 3 Things Your Lawyer Does In a Dental Transition

s3e4 - The 3 Things Your Lawyer Does In a Dental Transition

April 27, 2021

Ever wonder what the attorney is actually going to do for you when you buy a practice? It’s important to know who is doing what, and perhaps more importantly what you shouldn’t expect from your attorney during your deal.

ashley Garbe Smith with AGSDentalLaw.com and I introduce the 3 things you can expect your attorney to do on your deal. But more importantly, we address the concept of DUAL REPRESENTATION in dental transitions and why you’ll never see lawyers act in this capacity. (Seriously...such a no-no). 

Ashley gives us some really good nuggets of wisdom with regards to confidentiality, a lawyer’s fiduciary responsibilities, and how to make sure that your interests are being aggressively protected.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e5 - The Entity Selection - What to Watch For

s3e5 - The Entity Selection - What to Watch For

April 27, 2021

Do you ever hear other dentists talking about s-corps and LLCs and wonder what that all means. This is the episode that explains what all that means and why selecting the right business entity is important. 

ashley Garbe Smith with AGSDentalLaw.com and I introduce the most common business entity types for dental practices and who should probably select which. We’ll cover the pros and cons of each type and why your attorney or accountant might recommend one or the other, and what your selection is going to mean for you later on in your ownership career. 

Ashley gives some great heads up to those living in certain states, too (looking at you New York and California) and which states have the most options.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e6 - The Asset Purchase Agreement

s3e6 - The Asset Purchase Agreement

April 27, 2021

The asset purchase agreement is the big daddy of the legal documents that will help the business become yours. This document is frequently 50, 60...even 100+ pages long and has all kinds of legal language in it. What’s important and what does it all mean?

Ashley Garbe Smith with AGSDentalLaw.com and I talk through the document as a whole and lay out a road map to understand the basics. We’ll cover what absolutely MUST be in the document and why. We cover where you want to pay special attention as the buyer and where the seller is going to focus more.  

In this episode we’ll provide you the basic toolkit necessary to ask the right questions and work with your dental attorney to have the best, most protective document possible for your dental transition.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e7 - The Lease or Buying the Building

s3e7 - The Lease or Buying the Building

April 27, 2021

When you buy a dental practice you buy not only the business but access to the physical space to practice in - and that means either a lease or a purchase of the building. The building is the most permanent, large expense of your business - you can’t afford to get this wrong.

Ashley Garbe Smith with AGSDentalLaw.com and I talk through the most important things to know in both situations - buying the building or leasing the space from a landlord. We’ll include the most common areas buyers forget about and how to avoid costly mistakes. And we’ll teach you where best to negotiate.

After listening to this episode you’ll know who is going to help you with the building, why and what to make sure they don’t miss - whether you’re renting or buying the building.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e8 - Negotiation Tips From a Lawyer When Buying Your Practice

s3e8 - Negotiation Tips From a Lawyer When Buying Your Practice

April 27, 2021

Would you like some tips on negotiating your best deal from a dental attorney who does nothing but negotiate dental practice deals all day? 

In this episode Ashley Garbe Smith with AGSDentalLaw.com and I talk through the most important negotiation strategies every buyer needs to know to be successful buying their dental practice. And, we’ll cover the most common mistakes that tend to blow up the deal and kill goodwill between buyers and sellers.  

If you want to be sure to limit the risk of patient attrition, staff turnover and lawsuits in your dental practice purchase, you’ll want to listen carefully to this episode.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e9 - Frequent Deal Pitfalls to Avoid

s3e9 - Frequent Deal Pitfalls to Avoid

April 27, 2021

After personally seeing hundreds and hundreds of dental practices change hands, some common situations occur you’ll want to know about and avoid in your practice purchase. 

Ashley Garbe Smith with AGSDentalLaw.com and I talk through the most common pitfalls that both buyers and sellers fall into throughout deals like yours. From issues with the LOI, to not hiring a lawyer (or hiring the wrong one!) to issues with egos, and dozens of other potential problems - our hope is that an informed buyer like you can see the potential issues coming long before they’re a problem, and know what to do.

In this episode we’ll present not just the common pitfalls, but how best to avoid them.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s3e10 - Other Legal Stuff You’ll Need a Lawyer For In Your Career

s3e10 - Other Legal Stuff You’ll Need a Lawyer For In Your Career

April 27, 2021

Hiring a dental attorney to help with your transition is one of the smartest decisions you’ll make buying a dental practice. But what about AFTER the deal is done? What else will you need an attorney to do in your career?

Ashley Garbe Smith with AGSDentalLaw.com and I talk through the most common scenarios that will come up in your life and career as a dental practice owner where you’ll need an attorney. We’ll cover three questions for each scenario along the way: 1) do I really need an attorney here? 2) Does the attorney need to be dental-specific? 3) Should it be the same attorney that helped with my practice purchase?

Ashley gives us the roadmap to understand how best to think about the legal needs you’ll have after you’re a busy, successful business owner.

If you’d like to connect with Ashley and ask her a specific question, you can email her directly at ashley@agslawfirm.com.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

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