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• 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.