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.