Existing practice employees are sometimes part of the practice transaction while other times they are excluded. This will be specified in the legal transaction documents. In some cases, the buyer will need some but not all of the existing employees. “If you’re inheriting employees who’ve been with the practice for a long time, you may also be inheriting their employment obligations, which could be complicated and costly, especially for long-term employees. You’ll want to know when they started, their disciplinary record, and if they are going to be a productive part of the practice that you now own.” When inheriting employees, be sure to read existing contracts carefully. “If the practice has been around for a long time, chances are that the employment contracts that are in place are unenforceable. The transaction may be an opportunity for a refresh of these agreements,” says Koldorf. Provincial and territorial Ministry of Labour websites are great resources for dentists. “These will give you the ‘need-to-know’ information in accessible language,” she says. “And they often have helpful tools for HR tasks such as calculating how much vacation time an employee is entitled to.” She also recommends signing up for blogs or newsletters from local employment law firms to keep on top of changes to existing laws or new laws. Issues and People Amazingly Attractive! www.hiossen.ca | info@hiossen.ca Take your clinic to the next level wi h the award-winning, ergonomically designed K�TM Dental Chair. LEASETOOWNAVAILABLE FOR UP TO 24 MONTHS 0% INTEREST 1283-R2-01.pdf 1 3/3/23 8:35 AM
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