Have all legal agreements reviewed by a knowledgeable attorney. Agree on who pays the costs of things such as broker fees, sales and transfer taxes.
Some transitional issues which should also be addressed in the agreements include: how will the seller's accounts receivable be handled, who will bill it and who will collect it; how will transitional vendor invoices will be handled; how will unpaid staff vacation time be handled; what is seller's financial responsibility for patient redo's and how will they be handled; what access will the selling doctor have to the office, how can he/she come into the office, how much time will he/she devote to patient transition; when will announcements be mailed, etc... These are just some of the transitional issues which will need to be considered and should be included in the final legal documents.
Beyond the agreements, you will want to be thinking ahead on things like becoming familiar with the patient management software you’ll be using. Choose the type of book keeping software you want to use and get it set up. Find a payroll service provider and come up with HR policies including internal controls and employee training (if those are not already in place with the practice you purchased). Get your banking arrangements established and all accounts set up as well as your online links established (including payroll.)
Get your vendor accounts established for your routine needs such as dental supplies, telephones and billing software contracts.
Once the settlement is completed and you are the owner, it is time to start thinking like an owner. You will need to market yourself and your new practice. Think about joining local clubs, referral groups and local societies. These all create positive buzz for your new practice. You may want to further evaluate your staff, the compensation they’ll receive and the timing of changes in your new dental practice. Are you going to raise patient fees? Make any necessary modifications to policies and procedures. Consider the physical appearance of the office - are there any changes you would like to make? Find business and personal insurance that fit your needs and your employees’ needs.
Get involved in the community - your personal image ultimately reflects the image of your practice. Continue studying business best practices and finally, plan for your successful future.
