Legal Question in Business Law in Georgia

I have a private practice for behavioral health and I want to sell it. I know what has to be done legally and ethically regarding transferring of patients, however, how do I transfer the business itself to the new owner? What type of contract do I need? How do I handle banking? Accounts receivable and payables? Contracts for services? My goal is to walk away from the sale clean with the only obligation is to stay on for a year for consultations.

Asked on 7/06/21, 1:46 pm

1 Answer from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

The answers for your questions are too complicated for an online Q&A forum, but most small acquisitions are done via an asset sale where the buyer purchases all or some of the assets they require but not the actual ownership interest in the seller. The details of what assets are to be purchased and what assets and liabilities are not would be set out in the Asset Purchase Agreement.

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Answered on 7/06/21, 1:55 pm

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