Colorado Buy/Sell Agreement Attorneys
It took you a long time to get to point where you own part or all of your practice. You’ve partnered with another great healthcare professional to create a shared business of which you are both proud. The last thing you are thinking about is a buy/sell agreement for your practice.
Life happens, though, and you and your partner(s) might find yourself in one of the following situations:
- You wish to add another professional to your practice as a part owner.
- One of you goes through a divorce.
- One of you decides to leave the practice or retire.
- One of you has to file for bankruptcy.
- One of you becomes seriously ill or passes away.
These are all scenarios that all too often get pushed aside in the excitement of opening and building a practice. No one wants to think about ‘the other end’ as a new business is launched, but it is a reality for which you as an owner must plan. As much as you are a healthcare professional, you are now also a business owner.
A Healthcare Practice is also a Business
The business side of healthcare was likely not discussed much in all your years in undergraduate, medical/dental school, or residency training. If you want to have your own practice, that’s you often do not have a lot of information and knowledge to start from. Knowing and understanding the legal and business aspects of your practice can be just as important as understanding the clinical side of your practice.
Legal help for healthcare professionals is vital to the success and protection of all parties involved in a practice. Having an exit strategy and ownership succession plan for healthcare professionals helps avoid litigation and headaches in the future.
Ideally, before you open the door of your practice, or buy into a practice, you should have a written and signed buy-sell agreement with the other owners. This agreement reduces the emotional impact of having to determine what happens if things change, tragedy strikes or when someone has reason to move on, because it’s all been previously agreed upon, both formally and legally.
Work With A Healthcare Practice Lawyer
Working with a lawyer whose focus is the healthcare industry is important as they best understand the nuances of your business/practice. A qualified healthcare practice attorney will draft an agreement that is reasonable, fair to everyone and clearly identifies the situations where a buy-sell agreement will be necessary.
In addition to illness, death, or divorce, a buy-sell agreement can help you to identify how the business will be run or handled in unforeseen circumstances.
Rocky Mountain Healthcare Law are the Colorado healthcare attorneys qualified to assist you in protecting your interests in your business/practice. Working with clients in Denver, Boulder, throughout the front range and all of Colorado, their familiarity with Colorado and Federal laws and regulation affecting healthcare practices and professionals, as well as asset protection, they can help protect you, your partner, your family, and your patients with a properly drafted buy-sell agreement, saving you time and money by forestalling or avoiding legal action and court disputes.
Nearly three out of four entrepreneurial business owners lack documented succession plans. Don’t be one of the three. With planning and guidance from a qualified healthcare practice attorney, you can confidently focus on providing quality healthcare to your patients knowing a plan is in place if a disruption occurs.