Seller’s Checklist
Dental Practice Sales & Transitions
- Review all Sales Contract documents
- Remove any items not included in sale and replace, if necessary
- Contact attorney to prepare Purchase and Sale Agreement
- Contact accountant to request a proposed allocation of the purchase price to include in the first draft of the Purchase and Sale Agreement
- Check regulatory compliance status OSHA/ HIPAA form
- Letter of transfer (introduction to patients) with Buyer’s approval
- Seller’s attorney review lease for recapture clause and other negative clauses in lease prior to contacting landlord
- Contact Lessor regarding lease-assignment or new lease in Buyer’s name
- Set up meeting between employees and Buyer
- Employee Issues
- Prepare statement of benefits due employees
- Avoid giving raises; allow Buyer to give raises
- Wind up retirement plan contributions (if applicable) to allow Buyer to come in with a clean slate
- Pay employees for any unused vacation/ sick leave
- Determine how Accounts Receivable will be collected
- Pay off any credit balances to patients
- Transfer any contracts relating to the practice to Buyer
- Transfer Seller’s unemployment rate to Buyer if beneficial to Buyer (see CPA) if, after closing date, Seller will not be paying payroll taxes in the Maryland
- Notify suppliers of transfer
- Transfer utilities into Buyer’s name
- Transfer telephone listing (including any Yellow Page ad) to Buyer’s name, website?
- Contact Dental Insurance Plans to transfer practice
- Insurance – Obtain a copy of certificate of insurance for malpractice or tail policy, if applicable
- Cancel any insurance that will not be needed after the sale
- Notify State Board
- Bill of Sale, State Recordation, etc…
If you have any questions please feel free to contact us at 410.321.7707 x1205.