Buying a dental practice is a big deal. It is perhaps going to be one of the biggest and most complex purchases you will ever end up making. In the final stages leading up to closing day, there is going to be a lot to do and you may feel a wave of relief when closing day finally arrives. Enjoy that sense of relief, but don’t let it get you complacent. There is still a ton that needs to get done. While you don’t necessarily have to tackle this entire to-do list on closing day, you should take care of some basics as soon as possible.
What to Do After You Buy a Dental Practice
While every practice is going to have a slightly different closing day and post-closing day to-do list, let’s take a look at some standard tasks that most, if not all dental practices are going to have to take care of after the purchasing transaction has closed. For instance, transferring of service accounts from the dental practice seller’s name to your name or the name of your dental practice. What service accounts may this involve?
- Internet service
- Phone service
- Security system
- Service contracts
Service contracts may include everything from landscape services to janitorial services. These are things that will likely be simple to transfer into your name or that of your business, but it still needs to be done.
Speaking of transferring things from the seller’s name to yours, there are a number of other things that will need ownership updates. Intangible assets and accounts, for instance, will need ownership updates. List your virtual accounts and those that you are taking over from the dental practice’s previous owner. Make sure that you are consistently listed as the owner of the practice. Updating ownership may need to happen for things like website hosting and Google My Business. It may also need to include practice email, among other things. This is a big step in taking ownership of your practice and will be part of the foundation to building your online presence and establishing goodwill with your current and future patients.
Just like when you move into a new home, you will want to consider who may have access to your practice’s property. Changing the locks on the practice is usually a good idea. You never know who the former owner may have given keys to and you will want to be sure you know who has access to the practice. The best way to do this is to get new locks. Of course, some lease agreements may not allow for this and different buildings may have different key access protocol. Be sure to check your lease agreement before you change any locks.
You will also want to be sure your practice management software is all set up and under your full ownership with new passwords and more. This software is often an integral part of streamlining a practice’s billing and more. If you are taking over practice management software from the seller, it is likely that you will need to restart it so that billing and practice tracking is running through you and not the previous owner.
Dental Law Attorneys
The run-up to closing day on your dental practice purchase can be hectic and come with what may seem like a never-ending to-do list. Don’t let those post-closing to-do list items fall by the wayside. The team at Mahan Dental Law is here to help set your practice up for success. Contact us today.
