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NOW PLAYING: Closing the Deal

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So, you have brought the seller and the buyer together, you have assisted in each stage of this transition process, but lets talk about the closing, what part do you play in that?

In the closing, which is the fun part because by then everything is done. We went through me with the first draft, the second draft, and usually the third draft of our buy-sell agreement is our final draft. The buyer knows what he is committed to, the seller knows what is in the agreement, and that I have over $100,000 in my buy-sell agreement and it is 26 pages that covers everything that a buyer and seller needs to know about, what warrantees the seller has. If the buyer has to do some redo’s on some dental work, who is responsible for that, who is responsible for some accounts receivable, some credits that maybe a patient might have, who is responsible for that. So, usually at the close, everyone knows that everything signed, understands it, and we complete the whole deal and then do the fun part, like I mentioned, I take the buyer and seller out to dinner and we take photos of the buyer and seller shaking hands and we each give the seller an 8 x 10 photo of that celebration so that he can put it on his wall and tell all of his friends who sold the practice and who bought the practice and it is very helpful for the buyer to have the seller in his reception room, or in his witness office or one of the operatories and it breaks the ice with the new patient, they say, “Oh! Gee, there is doctor so and so”, Dr. Smith or whoever is the seller and it helps the patient get a bridge and a bond with the new buyer.

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