Seller Checklist

  1. Review all Sales Contract documents
  2. Remove any items not included in sale and replace, if necessary
  3. Contact attorney to prepare Purchase and Sale Agreement
  4. Contact accountant to request a proposed allocation of the purchase price to include in the first draft of the Purchase and Sale Agreement
  5. Check regulatory compliance status OSHA/ HIPAA form
  6. Letter of transfer (introduction to patients) with Buyer’s approval
  7. Seller’s attorney review lease for recapture clause and other negative clauses in lease prior to contacting landlord
  8. Contact Lessor regarding lease-assignment or new lease in Buyer’s name
  9. Set up meeting between employees and Buyer
  10. Employee Issues
    1. Prepare statement of benefits due employees
    2. Avoid giving raises; allow Buyer to give raises
    3. Wind up retirement plan contributions (if applicable) to allow Buyer to come in with a clean slate
    4. Pay employees for any unused vacation/ sick leave
  11. Determine how Accounts Receivable will be collected
  12. Pay off any credit balances to patients
  13. Transfer any contracts relating to the practice to Buyer
  14. 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
  15. Notify suppliers of transfer
  16. Transfer utilities into Buyer’s name
  17. Transfer telephone listing (including any Yellow Page ad) to Buyer’s name, website?
  18. Contact Dental Insurance Plans to transfer practice
  19. Insurance – Obtain a copy of certificate of insurance for malpractice or tail policy, if applicable
  20. Cancel any insurance that will not be needed after the sale
  21. Notify State Board
  22. Bill of Sale, State Recordation, etc…

If you have any questions please feel free to contact us at 410.321.7707.