We will always be friendly, courteous and approachable...
The four day wonder deal
Two members of NASDA’s Lawyers’ Group believe they may have reached completion on a dental practice sale in record time. Ray Goodman of Goodman Legal and John Grant of Cohen Cramer took just four days to agree the complex deal documentation, gain the support of the local Primary Care Trust and and get the signatures of the vendor and purchaser.
It wasn’t just the speed of the deal which was remarkable, according to those involved, it was also the efficiency with which any challenges and complexities were overcome. The first challenge was to renegotiate the price.
The next challenge was to ensure that the purchaser could retain the NHS contract. The nature of the contract had to be altered - from PDS to GDS - so the buyer could enter into partnership with the vendor and take over responsibility and ownership of the contract. Fortunately the PCT was persuaded to give its support.
But while there were some major hurdles, the two lawyers’ experience of working with each other on scores of previous deals worked in their favour. Said Ray Goodman, the Chairman of NASDA’s Lawyers Group: “We agreed terms on the Wednesday and completed the following Monday. In those four days, John and I were regularly on the phone negotiating the terms of the complex contract terms required to reflect the agreed deal and protect both parties. We have negotiated so many times in the past that we know what to expect from each other and when to compromise to get the best deal for our clients.”
John Grant commented: “To have two lawyers who are dentally aware and have a good relationship was vital. We were also fortunate that the PCT was on our side and there was no mortgage or bank loan which might have held things up. A four day deal is what can happen when there is a high level of co-operation and everyone is united in wanting to get things sorted. Unfortunately it’s still unusual.”
NASDA (the National Association of Specialist Dental Accountants) Lawyers’ Group consists of 13 solicitors in law firms with many years of experience and specialist knowledge of dental practice and partnership issues.
For more information, please call Caroline Holland on 020 8679 9595
| Recent Releases | Date |
|---|---|
| The entrepreneur's £1m CGT relief | 11-03-2009 |
| Retiring practice owners could be hit by rise in CGT | 25-12-2009 |
| A Year of Superannuation Turmoil | 02-03-2009 |
| Private Sector Commitment Overtakes NHS | 30-11-1999 |
| Modest earnings rise for ‘average’ dentist | 30-11-1999 |
| New allowance is good news | 30-11-1999 |
| HMRC Investigations | 30-11-1999 |
| Pre Budget Report | 30-11-1999 |
| The Season of Goodwill, Gifts and Parties | 30-11-1999 |
| Beware of tax traps on practice sales | 30-11-1999 |
| The Chancellor Bites Back | 30-11-1999 |
| NASDA Dental Practice Statistics 2008 | 30-11-1999 |