Active duty doctor needs some advice. Found a practice to purchase. Seller wants to close in July. Can’t take possession until October. Selling doctor wants to hold retirement party to introduce me to patients in August or September. Has anyone else closed on a practice and taken possession a few months later? If so, did you have any problems?
Playing devils advocate, what if the seller backs out and breaches? What’s their “penalty”?
I hope it’s a stiff amount of money and the seller also has to deposit it into escrow as well and the buyer gets it if the seller backs out.
I know it’s a delicate situation, I’d be leaning towards owning it in July. Why can’t the seller be treated as an associate for 3 months like any other deal where the seller hangs around? The “risks” associated with having the seller remain and work it during a 3 month time frame isn’t any different that having an associate for 3 months, is it?