BUYING A HEALTH CARE PRACTICE

Purchasing a medical practice, and in some cases the property it sits upon, is a significant business and investment decision. There is a lot to consider, from the purchase through to how you’re going to run it on day one. Seeking out industry specialists who have the experience to support you is a great first step towards success.

At MediRealty, we have been helping Australian healthcare professionals purchase, set-up and maintain practices. This experience means we know what you should be thinking about when it comes to your practice purchase.

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The transition processes

There are many things that need to be negotiated in a purchase and the transition. Drafting an agreement is a complex matter and often initiated by the seller’s solicitor. Some things that may need to be considered in your contract of sale should include a non-compete or restraint of trade clause. These are designed to ensure the purchaser gets the benefit of the goodwill they’ve paid for. For example, you don’t want the seller to go and open a new practice down the road the week after the sale!

Buyers often forget about the variety of grants available to practices in Australia. There are a lot of grant opportunities for general practices and the dental industry. Speak to a MediRealty specialist to find out more about the available opportunities.