This article is a continuation of the article titled “Transitioning ‘Tails’: A Veterinarian’s Journey” that was published in Issue Number 9 (2024) regarding a veterinarian’s exit strategy, and is the fifth and final in a continuing series that guide the reader through the sale process. This installment will briefly address the equity documents issued in connection by a consolidator or private equity (“PE”) backed buyer.…
This article is a continuation of the article titled Transitioning “Tails”: A Veterinarian’s Journey that was published in Issue Number 9, in 2024, regarding a veterinarian’s exit strategy. This is the fourth in a continuing series that guides the reader through the sale process. This installment focuses on the key agreements signed at closing—commonly referred to as “ancillary documents.” “Ancillary documents” are documents that relate…
This article is a continuation of the article titled Transitioning “Tails:” A Veterinarian’s Journey that was published in Issue Number 9, 2024, regarding a veterinarian’s exit strategy, and is the third in a continuing series that guide the reader through the sale process. This installment will briefly address the components of a purchase agreement. Regardless of who purchases your practice, a purchase agreement will always…
This article is a continuation of the article titled “Transitioning ‘Tails’: A Veterinarian’s Journey,” that was published in Issue Number 9, 2024, regarding a veterinarian’s exit strategy, and is the second in a continuing series that guides the reader through the sale process. This installment will briefly address the due diligence process. Whether you sell to a veterinary consolidator/private equity or an associate veterinarian, the…
What has been the most rewarding project or deal you’ve worked on in your career, and why? The most rewarding project I’ve worked on was a use variance for a nonprofit. They bought a home that they planned to rent to disabled individuals and their families. It was a former four-family home, which they assumed they could convert back to, as the four-family home was…
If you could change one thing about the CRE industry, what would it be and why? If I could change one thing about the CRE industry it would be eliminating the mortgage recording tax (MRT), which imposes a tax of 2.55% if you take out a mortgage or refinance a property, forcing buyers to pay two separate taxes to the state and the local jurisdiction.…
What has been the most rewarding project or deal you’ve worked on in your career, and why? With over three decades practicing tax assessment review law, I do not have just one rewarding case as I have saved taxpayers millions of dollars over the years. Every day I witness firsthand how assessments directly impact families and businesses, and I have the privilege of ensuring they…
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account for the property’s future development potential and the lasting impact the taking may have on its prospective use. A partial taking…
In New York, the doctrine of pure comparative negligence allows a party to recover damages even if they are partially or even mostly at fault. A plaintiff’s damages are reduced in proportion to their share of responsibility. This principle has important consequences when drafting indemnification clauses in construction contracts, where parties routinely seek to shift risk downstream. Owners typically attempt to transfer liability to general…
It is no secret that New York State, and Long Island in particular, has some of the highest property taxes in the country. As a result, the majority of property owners on Long Island challenge their real estate tax assessments annually. In most taxing jurisdictions on Long Island, the real estate tax assessment of a property cannot be changed for three years following a successful…