What role does escrow play in a dental practice transition? How does it benefit buyers and sellers alike?
Should you use an escrow for your practice sale?
Matt Odgers is a Dental Attorney with Odgers Law Group and VP of Business Development and Legal Operations with Practice Orbit.
Matt has more than a decade of experience representing hundreds of dentists in the process of buying or selling a practice.
On this episode of the podcast, Matt joins host Wes Read to discuss the purpose of escrow in a private practice sale, beginning with the financial security it affords sellers.
Matt and Wes explain why buyers have a larger representation when an escrow is involved and how it significantly increases the probability of closing the deal.
Listen in to understand how an escrow agent helps move a dental practice transaction forward and learn when you can avoid using escrow vs. when it is necessary to protect you in a dental practice sale.
Topics Covered
What inspired Wes & Matt’s podcast series on dental practice transitions
How Practice Orbit simplifies the dental practice sale process
How using an escrow affords dental practice sellers financial security
Why the buyer has larger representation when an escrow is involved
Why Wes & Matt are advocates of earnest money in the escrow process
How escrow instructions should be built into the letter of intent
How an escrow significantly increases the probability of closing a deal
The escrow agent’s role in moving a dental practice transaction forward
How an escrow statement makes things easier from an accounting, tax and legal standpoint
When it makes sense to hold back a percentage of the purchase price in escrow (and release it to the seller after certain conditions are met)
When you might avoid using an escrow in a dental practice sale
Connect with Matt Odgers
Odgers Law Group
Email matt@practiceorbit.com
Connect with Wes Read
Practice Orbit
Email wes@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
What You Need to Know About Submitting an LOI on DPS EP003
Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004
Episode Promo Videos
Video Promo 1
Video Promo 2
