February 6, 2020
3 Reasons to Sign an NDA during the Dental Practice Transition Process
There are lots of reasons to keep confidential during the dental practice transition process, but why go so far as to sign a nondisclosure agreement (NDA)? Everything from your professional relationships to the bottom line and even your competition all warrant legal documentation. Here are some common FAQs when it comes to the process.
Why would I sign an NDA when I only want to know the address/street/neighborhood?
Signing an NDA to get basic information is more for the protection of the selling doctor rather than the buyer. For the seller’s protection, a dental practice broker can’t disclose location information since it would then be too easy to identify which practice is on the market. Attrition of patients and even staff is put at risk if word gets out the doctor is leaving.
If I have certain information, I would know if it is something I would be interested in.
It’s no secret that time is money, which is why using electronic signatures, such as DocuSign, makes the process easier and faster for all parties involved. To keep all parties informed and confidential, signing an NDA electronically is the best way to get the information you need from a prospectus asap.
Why can’t I know the name of the buyers?
If you are currently an associate in a practice but in the market to purchase your own, leaked details can get back to your employer and result in the termination of your employment contract. For this reason, it’s natural that the buyer doesn’t want their employer to know they are looking.
Contact the experts at Professional Transition Strategies to walk you through the entire dental practice transition process, whether you are a buyer or seller.