It is always advisable to have an attorney review the legal documents in a transition. It is important, however, that the attorney you hire is familiar with the dental practice buying process and has the time available to handle the paperwork on a timely basis. If the attorney does not have experience in handling dental practice sales, you will end up paying for the attorney’s education and slow the process down tremendously.
You wouldn’t let a podiatrist do a root canal, even though they are both doctors. In the same way, just because your best friend/cousin/uncle is an attorney does not mean that they are the right attorney for your transition. At IPS, we have a great list of trusted attorneys who specialize in the practice transition process. An experienced attorney can be of real assistance in making sure that all of the details are handled properly. Business brokers are not qualified to give legal advice.
However, keep in mind that many attorneys are not qualified to give business advice. Your attorney will be, and should be, looking after your interests; however, you need to remember that the seller’s interests must also be considered. If the attorney goes too far in trying to protect your interests, the seller’s attorney will instruct his or her client not to proceed. The transaction must be fair for all parties. The attorney works for you, and you must have a say in how everything is done.
You have to make the final decision; that “leap of faith” between looking and actually being in private practice for yourself is a decision that only you can make!