Why Dentists BUY With Us
Dentists use us (DMC LLP) to BUY a practice for 10 reasons, which we have summarized below. If you’d like to talk with us and get an idea of the process and costs of having us represent you in BUYING a practice, then you can contact myself (Michael Carabash), my law partner (David Mayzel) or Ljubica Durlovska.
1. This is All We Do
We are a team of three (3) dental lawyers who help dentists buy dental practices. Every day, every week, every year. This is all we do. And helping dentists buy a dental practice involves doing a lot of little things right, such as preparing and finalizing Letters of Intent, negotiating the Agreement of Purchase and Sale and closing the transaction, dealing with staff and associates, dealing with leases, incorporating, and everything in between (e.g. dealing with accountants, bankers, landlords, etc.). We can advise you on your options when faced with a tough choice, the benefits and disadvantages, and how to minimize your risk.
We coined the term “Dental Lawyer” and we are the biggest firm in Canada that focuses EXCLUSIVELY on helping dentists with their legal and business needs. You can ask us questions about the dental industry, what is standard in these types of transactions, and what we’ve seen on other deals we’ve done (and we’ve done lots of other deals!). We understand the nuances of dental law (e.g. getting x-ray floor plans and HARP reports, the need to audit the number of active patients in a practice, incorporating properly and getting a C of A from the RCDSO). We each have a Certificate in Dental Practice Management from U of T / Transitions. We wrote the 200+ page eBook entitled “Ontario Dental Law” and we continually update it. We were recently featured in the National Post for our niche law practice, which you can read by clicking here.
2. You Have Cost Certainty
If you engage DMC LLP to represent you in the purchase of a dental practice, we will typically give you an upfront quote for our legal services (excluding HST and disbursements). Our quote actually depends on the elements of your deal. Straightforward asset deals that don’t involve corporations, leases or staff are the least expensive; complicated share deals with amalgamations, staff issues, and lease negotiations are the most expensive. If you’d like to know how much your deal will cost, contact us for a quote. FYI, you don’t have to worry about watching the clock when you engage DMC LLP. You can talk to us whenever you want. In person, by e-mail, or over the phone. We love talking to our clients. And we don’t charge for these things. Why do we do this (whereas most lawyers will simply charge you $500 / hour)? Because we want you to feel comfortable, have a good experience, and not fret about watching a clock. Also, typically, if you’re financing through a bank, our legal fees will be covered in your loan. So we will return any retainer you provide to us on shortly after your deal closes (we’ll get paid by the bank).
3. Your Privacy is Respected
You may not want anyone to know that you’re buying a practice. That’s where solicitor-client privilege comes into play: we respect your privacy and keep your information strictly confidential. We take the same approach with prospective sellers. That why, as a potential buyer, you need to provide us with your information for verification, and submit a confidentiality agreement, before we will disclose the name and address of a seller or an appraisal. Our website is safe and secure and we take your privacy very seriously.
4. You Gain Access to Sellers
When you engage DMC LLP to represent you, we can ask around to find out which dentists might be selling. We can list their practice on www.DentalPlace.ca and if you’re registered with us and your account has been verified and activated, then you’ll be one of the first to know who is selling. We do a lot of marketing to find out who is selling, such as having a large online presence through www.DentistLawyers.ca (which receives thousands of unique monthly visitors), through our weekly eBlast (which goes out to hundreds of dentists and dental professionals), being at trade shows, and writing for dental trade publications.
5. Your Rights Are Protected
We negotiate hard to make sure that your rights are protected and your interests are promoted. We want you to have a great experience buying a dental practice with us. We stake our reputation on your experience. That’s why we work hard to get you the best deal possible. That means minimizing your risks leading up to and after your deal closes. Are you going to be engaging the vendor afterwards as an associate? We’ll make sure that you’re happy with the terms of your associateship. Do you want to avoid being personally on the lease? We’ll try our best to make sure that happens (hopefully immediately). We are not just “paper pushers”. We don’t just want to get the deal done for the sake of getting it done. We want you to get the best deal possible. And if that means taking a bit longer to help you buy your practice, then so be it. We truly care about you. If you have any doubts, just read some of our client’s testimonials here.
6. You Get Educated (to Make Informed Decisions)
We overload you with information about buying a dental practice. Who else will write a 200+ page eBook (which you can download for free here: www.DentistLawyers.ca), 400+ blog posts on our website (www.DentistLawyers.ca), articles in dental trade magazines (which you can read here), or do presentations for dentists, dental students, and other dental professionals (which you can watch here). In our eBook, we’ve written an entire chapter about buying your practice – including a number of steps you can and should be taking to make sure that everything is as it should be. We spend the time educating you because we care about you and want you to make a good decision. Our reputation depends on you having a great experience. And although we can explain the law and the risks involved in the issue that you face, you are the ultimate decision-maker (not us) and you need to be properly informed at all stages.
7. You Get a Team of Trusted Advisors
We are a team of 3 dental lawyers (and growing) who help dentists buy their practices. This is what we do. Each and every day, every week, every year. We know the players and the process. We’ve been doing it for years. And we believe that we’re good at what we do because we take pride in our work. We’re with you during this important part of your journey. And we don’t just come in at the end to push some paper and make your deal happen. We want to work with you from the beginning to ensure you get the best deal possible (your rights are protected and your interests are promoted). We were recently recognized by the National Post for being the only law firm to cater exclusively to dentists (click here to read the article). Importantly, one of the biggest benefits to engaging DMC LLP to buy your practice is that WE are the ones who can help solve your problems. Unfortunately, others who want to get involved in selling your practice are not lawyers and therefore cannot advise you or represent you on legal issues. They CANNOT incorporate your practice, advise you of the risks of accepting / rejecting an LOI, explain the ramifications of employee related liabilities, or deal with the landlord to remove detrimental clauses in the lease. Yup, that’s right: it all comes down to us lawyers. We’re the ones who work the deal from the start to the end and who CLOSE the deal for you. We deal with all third parties on your behalf to help ensure a smooth transition (to the extent it can be smooth).
8. Your Deal Moves Quickly (Because We Do)
We pride ourselves on getting back to our clients very quickly. To the extent that we’re not waiting on third parties (e.g. other lawyers, accountants, bankers, landlords, etc.), we want to get your deal moving as quickly as you do. Sometimes, dentists say that they want something taken care of yesterday. And the good news is that, because we’re three (3) lawyers on every file, we can work at break-neck speed. If one (1) lawyer is away / unavailable, at least one (1) other lawyer can step in and take over. We copy each other on all important client matters. If you go to this page, you can read what dentists have said about our responsiveness:
From dentist testimonial #21: “…They are fast and extremely efficient…”
From dentist testimonial #25: “…These guys work fast and they know their stuff…”
From dentist testimonial #29: “…They are also incredibly responsive to most any mode of communication and are able to accommodate tight deadlines. “
From dentist testimonial #33: “…He reported back to me while I was in Florida and Toronto at lightning speed (day or night and on weekends)…”
From dentist testimonial #34: “…As an aside, Michael was very quick in getting things done and readily available to discuss matters on evenings and weekends through emails and phone calls….”
From dentist testimonial #37: “…He answered my questions, phone calls and emails in more than a timely manner and it was comforting to know that he was available if I needed him….”
From dentist testimonial #38: “…Anyway, thank you again for working so hard (and on so many weekends, stat holidays, evenings, etc…)…”
9. We Connect You to the Right People
We can put you in touch with the dental bankers, dental accountants, equipment inspectors, dental supply companies, dental coaches and consultants, and dental insurance brokers for all of your needs. Just check out our list of professional advisors here. These individuals are focussed on serving dentists and they’ve been doing it for years. It’s always better to have reputable, knowledgeable, and experienced professionals on your side to help you save money, get peace of mind, and avoid future headaches.
10. You Have Fun
We work hard, but we also like to relax and have fun with our dentist clients too. Yes, before or after your deal is done, we will likely invite you to come and hang out with us socially. This year alone, for example, we have gone to the following places with our clients: Palm Springs (California), Turks & Caicos, the ODA’s Annual Spring Meeting and Winter Clinic, Kenora (Ontario), Jamaica, Bermuda, and we’ve got lots more fun things planned planned (e.g. 7 Day Caribbean Cruise next year with our clients, Disney Resort in Hawaii with our clients, Turks & Caicos with our clients, etc.). We’ve also established an outreach program in Jamaica in conjunction with a U.S. charitable organization and Sandals / Beaches resorts (which you can read up about here). We have also organized client appreciation events, like a dance party, a rooftop patio party, a porsche event, and an executive dinner at the Shangri-Law Hotel (Toronto) for entrepreneurial dentists.
You can read up about all of our past and future events here.