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What to expect during the Handover Period when you’re selling

Posted by practicesales on August 9, 2016
| 0

Congratulations you’ve settled on your healthcare clinic! Whether you are a vendor or the purchaser you may not be sure of what to expect during a handover period or how to handle it.

The actual terms of the handover period should be included in the contract of sale and below is a list of items the vendor and purchaser should consider and agree upon:

  • Expected time vendor is expected to stay on in the practice for a smooth transition.
  • Hours that the vendor is expected to work.
  • Pay, how much are you willing to pay the vendor to stay on. Usually 45% of the patient fees is suffice and agreeable to both parties.
  • Expectation that the practice will maintain its volume of consultations.

During the actual handover period the purchaser will expect the following:

  • The vendor to introduce the new owner to staff and make them feel comfortable about having a new employer. They should also supply all employee contact details, salary/contracts information.
  • The vendor to introduce the new owner to all existing patients that come in during the handover period.
  • The vendor to introduce the new owner to all suppliers
  • The vendor should provide training in practice management software if it is not familiar with new owner
  • The vendor should go through and notify utility suppliers, such as telephone company, gas, electricity, post office etc if appropriate. It’s a good idea to make a list of all suppliers and their direct contact details. If there are online accounts, the vendor should supply log-in details and passwords.
  • The vendor should provide passwords to software, alarm codes and key cards and locks etc to new owner along with instructions on how to change codes etc.. Provide new owner with software CD’s and when software was purchased/downloaded with licence numbers.

The more information the vendor provides during the handover period the less likely they will need to be contacted in the future, and you should be happy that you’ve given the new owner as best opportunity as possible to continue your legacy in the practice.

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