praxisinc.com
The Step-by-Step Guide to Buying a Veterinary Practice
Draft Contract
• Sale of assets and description of
categories
• Purchase price and method of
payment
• Allocation of the purchase price for
tax purposes
• Title considerations
• Date of possession
• Cash and accounts receivable
• Prepaid fees, extended treatment and
work in progress
• Outstanding patient contracts, prepaid
fees, work in progress, etc
• Assumption of patient care by the
purchaser and patient refund
• Announcements of the transaction to
the public
• Taxes on the sale and transfer of
assets
• Prorated expenses including staff
employment considerations
• Restrictive covenant considerations
• Post-sale non-solicitation of patients
• Use of seller's name after the sale
• Patient records responsibilities
• Mutual Indemnification
• Lease and/or lease assignment
• Arbitration of disputes
• Personal guaranty
• Post-sale provider agreement
• Maintenance of the assets and
insurance
• The office lease
• Events of default
• Rights and remedies on default
• Right of first refusal in the event of a
sale by the purchaser
Praxis will provide all parties a non-adversarial, time tested, comprehensive,
agreement based on a win-win philosophy. We will, among many other
things, address in our contracts:
Produce a non-adversarial,
time tested, comprehensive,
customized agreement.
