September 14, 2020
4 Dental Practice Post-Closing Considerations
The seller-buyer relationship doesn’t end as soon as the paperwork for your dental practice is signed on the dotted line. In fact, for many dentists choosing to stay on to ease the transition for both patients and staff, this is when the real work comes into play. Here’s what you’ll need to consider post-closing to make sure the new dentist doesn’t miss a beat.
After the final transaction paperwork has been signed, you’ll need to finalize the settlement statement, notify insurance companies, complete W4 and I9 paperwork, and hire all employees back to the new corporation. Then, you’ll want to confirm a successful wire transfer and access line of credit or opposing capital.
Patient notification letters should only be sent out after the transition is complete. Consider hosting an open house or another event to introduce yourself to your patients and community. Invest in marketing your new website, materials and logo, which can all be unveiled at your meet-and-greet event. Along the same lines, you’ll want to reestablish relationships with suppliers and vendors, as well as set up times to meet specialists in the area.
The employee handbook should be reviewed and revised, as necessary, or a new handbook should be created and implemented. Similarly, the operating manual should be reviewed to ensure it addresses U.S. Occupational Safety and Health Administration (OSHA) requirements with employees properly trained on procedures.
The valuation process should have brought to light any construction or equipment needs on the immediate horizon. What’s more, take the time to meet with all members of the staff to hear any concerns about the actual transition or needs around the office or business.
Contact the experts at Professional Transition Strategies to ensure your dental practice transition goes smoothly before and after the hand-off occurs.