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Selling ASC Interest - just sign it?

Provided by:  Jennifer Kirschenbaum, Esq.

April 3, 2018

 

Question:

Hi Jennifer, 

I own a small piece of an Amb Surg.  The group gave me a contract and the price looks right.  Can I just sign it?

Thanks, Dr. L 


Answer:

With any contract, the devil is in the details.  It is very likely the details of this contract may bind you to certain obligations or statements/reps/warranties that may impact you after you receive your money and no longer own the Amb Surg.  I recommend you have the document reviewed to ensure you are not actually accepting more responsibility or exposure post-closing than you have already as an owner during a set time frame.  Also, we want to make sure your payment is being released without any anticipated problems or additional fees being removed.  All of these "maybes" we have to protect from are real potential issues you could have with a proposed agreement from the Amb Surg's counsel.  Make sure to protect yourself on exit, regardless of whether you took the time to protect yourself on the way in.  Be sure to also have the Operating Agreement or Shareholder Agreement handy for review as well as the proposed purchase agreement - all are necessary for a proper assessment of your exit. 


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