Healthcare M&A: Adishian Law Advises on Sale of South Bay Hearing

Healthcare Transaction Overview:  In another sale transaction involving a leading California healthcare provider, our firm served as exclusive sell-side legal counsel to the Owner of South Bay Hearing and Balance Center.  We also served as counsel to the Buyer at the request of, and with the written consent of, both the Buyer and Seller. 

Quotes from the Healthcare practice Seller and Buyer:

“I worked with Chris on some employment matters and lease negotiations prior to beginning the process to sell my company. He was always efficient, reliable and most of all, insightful. When it came time to sell my business I immediately turned to Chris for support and counsel. I appreciate Chris’ flexibility and honesty in representing the issues to us. Thank you, Chris, for all that you have done for us.”
— Former Owner & President, South Bay Hearing and Balance Center, Inc.

“Chris and his team modeled professionalism and expertise throughout the transaction.  Ours was a unique situation that Chris handled with the utmost proficiency and personal care.  As a result, all of us at South Bay Hearing are able to continue our legacy of providing the best hearing care available in Southern California to all of our many wonderful patients.  A big thank you to Chris and his team for their personalized approach that made this possible.” 
—  New Owner & CEO, South Bay Hearing and Balance Center, Inc.

Legacy.   With many sales of privately held businesses, “legacy” is often a leading consideration for the selling Owner.  This is especially true with healthcare practices. A business often represents the Seller’s professional life’s work.  Therefore, Sellers often want to sell to a Buyer who (a) shares their same values and (b) will continue to conduct the business to the same standards they have established.  In the public sphere it has been noted that many top performing privately held businesses feel comfortable selling to Berkshire Hathaway because they feel confident that the business will be well run long after the Seller has passed. 

A Record of Award-Winning Healthcare Delivery.   Below are just some of the awards earned by South Bay Hearing and Balance over the years:

  • Best Audiologists of the South Bay in the Daily Breeze Readers’ Poll from 2009 to 2018
  • Board Certified in Audiology by The American Board of Audiology
  • Best of the Beach 2022 by the Easy Reader News
  • Excellence in Audiology
  • Audigy Certified
  • Certified Member of the American Speech-Language-Hearing Association
  • Excellence in Business Award, Palos Verdes Chamber of Commerce 

Documents and Work: On behalf of our clients, our firm led the legal work on the transaction from post Letter of Intent (“LOI”)\Due Diligence through to Closing.  Our work included negotiating, overseeing, reviewing or drafting the following:

  • Deal Structure and Timeline
  • Stock Purchase Agreement
  • Promissory Notes
  • Security Agreements and UCC filings  
  • Corporate Resolutions
  • Stock Power and 
  • Other ancillary agreements

A Word About Clients.  We feel it is important to spotlight the vision and drive required to build an organization to the point where it is ready for exit.  Our clients do that.  South Bay’s founder and CEO had the vision, persistence and creative problem solving to build it into perhaps the largest audiology practice of its kind in Southern California.  That is a remarkable long-term effort.  Overnight success doesn’t happen overnight.  Without the client’s dream and a focus on patient care, there is no transaction to report. 

Choice of Legal Counsel Matters.  Every time a client has a choice to retain legal counsel for an M&A transaction it is often a competitive situation.  With reports showing that entrepreneurs have up to 95% of their net worth tied up in their business, it is easy to understand why these transactions have such importance.  When clients place their faith in us to assist them with accomplishing their major goals it means a lot to us.  We’re grateful for their trust and confidence, and for the privilege to contribute our skills to their success.   Read about our other healthcare transactions by clicking on the following links: Adishian Law Group Serves As Exclusive Sell-Side Counsel to Bay Area Pain Center in Sale to Prospira PainCare and Healthcare M&A: Adishian Law Advises IPM Medical Group in Sale to Private Equity Firm.

ABOUT SOUTH BAY HEARING AND BALANCE CENTER, INC.
At South Bay Hearing (SouthBayHearing.com and MissionAudiology.com) we promise to work closely with you to discover where you are having the most difficulty communicating.  Patients of South Bay Hearing enjoy our state-of-the-art treatment technology, extensive experience, and compassionate approach in providing state-of -the-art care.  Come experience South Bay Hearing and find out for yourself why we consistently receive 5-star reviews from our patients in and around the South Bay of Los Angeles. 

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