When the Seller has independent counsel representing him/her and that attorney will draft the transition documents, the Buyer will need an independent advisor as well. When representing the Buyer’s interest alone, we will arrnage for an attorney to handle all aspects of the negotiations with the Seller’s attorneys. We will educate the Buyer with regard to the options available and the consequences of those options with respect to the overall transition. We will consult with the practice accountant and attorney to make sure the plan meets their requirements as well.
Our consulting fees for Buyer Representation services will be billed at the rate of $320 per hour with maximum billable limits per transition, broken down into three (3) categories. These maximum limits exist to protect the Buyer from excessive consulting fees resulting from a particularly difficult negotiation process. When a maximum limit has been reached, the attorney will continue to review the documents and advise the Buyer and we will continue to provide consultation; however, we will not continue to bill for that specific service.
Note: Since Buyers are typically still in school when the transition negotiations begin, our consulting fees for Buyer Representation only become due once the Buyer has graduated and begun working as an orthodontist. Single Representation fees are not billed on a contingency basis and are due whether or not the Buyer actually purchases the practice. Payments may be made over a few months if necessary. So the Buyer is aware of his/her current balance, we will email monthly invoices detailing the work billed to date.
The maximum consulting fees for Buyer Representation are as follows:
|Practice Appraisal / Financial Document Review||$2,000 (maximum)|
|Review of All Employment Agreement(s) *||$1,500 (maximum)|
|Review of the Purchase & Sale Documents / Deal Structure||$8,000 (maximum)|
|Total Cost||$11,500 (maximum)|