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• Execute a Confidentiality Agreement.
• Make an Offer to Seller (as soon as possible) and provide Good Faith Deposit
• Select CPA to help you with due diligence and tax allocation
• Select Practice Evaluator to help with chart audit (if necessary)
• Apply for a bank loan – get applications, determine working capital requirements
• Apply for Life/Disability Insurance for bank loan, obtain malpractice.
• Select a Dental Specific Attorney to help with contract
• Set up purchase entity (i.e., Corporation, Partnership, etc.) if necessary
• Lease – Assignment or new lease in Buyer’s name (Note: Unless otherwise negotiated, any security deposit on record will be returned to Seller.)
• Equipment Leases – If assuming, call lease companies for assumption documents
• Review all Sales Contract documents
• Select Payroll Service and Banking relationships
• Review Accounts Receivables, if being purchased
• Letter of Transfer (introduction to patients) to be sent out after closing.
• Seller’s letter to his patients, with Buyer’s approval
• Buyer’s patient list (if applicable)
• Review appointment book to see if there needs to be changes in scheduling
• Obtain Federal and State I.D. numbers (usually applied for by your CPA)
• Nitrous registration and lease or rental (if applicable)
• Applications, licenses, permits if necessary: Set up meeting with employees, as necessary
• Local Dental Society Application
• Narcotics License
• State DS Application
• X-ray registration
• Fee Schedule
• City Business License
• Employee benefits (what kind and how much?)
• Enroll with dental insurance carriers
• Select Business systems – Account Receivables / Account Payable
• Select dental lab
• Order stationary, business cards, prescription pads, announcements, etc.
• Notify the State Board, after closing.