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No matter what field of medicine you work, the majority of offices and practices need some sort of lab work done for patients.  Many places have on-site medical and dental labs while other practices send their lab work out to specific medical and dental labs.  Prior to buying a medical or dental lab it is important to consider the legal aspects of the transition.  There are many different considerations to keep in mind for buying a medical lab or dental lab.

Location of the Facility
Check the location of the facility when you find a medical lab for sale or a dental lab for sale.  Healthcare providers want to be able to send lab work out that can be returned in a timely manner.  If the medical lab for sale is located a long distance from the hospitals and other medical facilities a great deal of time is spent for transportation of lab samples to the facility.  This is precious time that could be used for obtaining lab results that doctors and patients are waiting for.  It is important that the medical lab for sale or a dental lab for sale is located near major medical facilities to decrease the transportation time and increase the speed of getting lab results to physicians.

Obtaining a Lease
Many people do not think about the lease options when they buy a dental lab or buy a medical lab.  Investors naturally assume that they will be able to assume the seller’s current lease or sublet the physical facility where the medical lab for sale is located.  Typically, commercial leases are not transferred from the seller to the buyer.  When you buy a dental lab or medical lab it will be important to talk to the landlord of the commercial property to set up a new lease for you when the buy the business.

Understanding the Purchase
Consult with a legal advisor when you buy a dental lab or a medical lab.  You will be surprised at how many investors do not fully comprehend what exactly it is that they have purchased.  You need to specifically list the physical items that you will take ownership of after the sale is complete.  Additionally, you will need to review the financial paperwork for outstanding debts, equipment rental or leases, tax responsibilities and other financial issues.  What financial responsibilities will you be assuming when the purchase of the dental or medical lab is complete?  Which equipment will the seller pay off and close out prior to the sale of the lab?  These are details that need to be negotiated and clearly defined in the business purchase agreement when you buy the medical or dental lab.

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