The Practice Purchase Pack

The only product of its kind, the Practice Purchase Pack is a set of attorney-drafted model buy-sell agreements and ancillary documents designed for use by buyers and/or sellers of optometry practices when they are selling to or buying from another licensed optometrist. (The agreements are not intended or suitable for us in connection with Private Equity transactions.)

It is recommended that before a buyer and/or seller begin preparing one of these definitive agreements that they first work through a Letter of Intent (available at no charge from this link). That LOI will form the basis for completing the purchase agreement, even helping you determine which form of agreement should be used. 

These model documents, with minimal modification, are ready-to-use agreements which can guide buyers and sellers in their negotiations by identifying the terms to be discussed, and putting their agreement into a thorough and legally enforceable writing. Even where the parties choose to retain their own attorneys in connection with the transaction (which is always advised), by using these documents as a "draft" for their attorney, both buyers and sellers should be able to reduce their legal costs by thousands of dollars (it is almost always less expensive to review and modify an agreement than to draft one from scratch).

Purchase Agreements

At the heart of The Practice Purchase Pack are its four sample model Asset Purchase Agreements. Buyers and sellers will choose the form which most closely matches their situation based upon whether the buyer and/or seller is a corporation or an individual (sole proprietor).

• Corporate Seller selling to Corporate Buyer
• Corporate Seller selling to Individual Buyer
• Individual Seller selling to Corporate Buyer
• Individual Seller selling to Individual Buyer
• Model Stock Purchase Agreement (for selling Stock and not Assets)

Once the correct form of agreement is selected from the set of model agreements you'll see that the agreements provide for any combination of a cash, third party financed, or seller financed transaction, and for the Seller to stay on and work for the Buyer after the Closing. The parties need only delete those provisions which don't apply to their deal, and insert their numbers for the purchase price, down payment, etc. Enter in the names of the Seller and the Buyer, and a few additional details, and you'll have a thorough model purchase agreement ready to either use or take to your attorney and/or CPA for final review.

Ancillary Agreements

In addition to the set of model purchase agreements, the Practice Purchase Pack includes related and useful additional agreements typically needed in connection with the sale or purchase of a practice, especially for when the Seller is financing some or all the purchase. These include:

• Model Promissory Note
• Model Security Agreement (for a seller financed sale)
• Model Personal Guarantee (for a seller financed sale with a corporate buyer)
• Model Lease Assignment

In addition, for the benefit of the Buyer, a model employee agreement is provided to smooth the transition to being a practice owner/employer.

Cost, Use, and Ordering

The Practice Purchase Pack, however, makes these attorney-drafted forms available to you for only $795.00.* Legal fees for drafting these types of agreements will typically cost buyers and sellers in excess of $10,000, often more than $15,000! 

The Practice Purchase Pack includes all of the files discussed above, in Microsoft Word format, ready to be modified or used. With minimal modifications you will be able to use them "as is," or you can choose to use them in consultation with your attorney and/or accountant to substantially reduce the costs you'd typically be charged for these professional advisers to "reinvent the wheel."

* Note that there is a 3% credit card processing fee added to your total, shown by PayPal as a tax.