• Credit application

• Authorization for release of credit

• Resumé

• Last two years of personal income tax returns

• Transition plan and expectations for the practice

• Personal financial statement on Cole Taylor Bank form

Seller

• Practice's tax returns for the last three years

• Most recent interim financial statement, i.e., most current month-end financials for the subject practice

• Practice questionnaire

• Detailed equipment list

• Accounts receivable aging

Closing Checklist:

Buyers and sellers will need to provide the following documentation no later than seven days prior to closing:

Buyer

• Copy of license to perform dentistry and prescribe medication

• Copy of malpractice insurance policy ($1 million/$3 million)

• Original life insurance policy equal to the amount of the loan

• All required corporate documents

• Name and phone number of property insurance agent

• Copy of office lease or land purchase agreement: In no event will the term of the acquisition financing exceed the term - plus extension allowances - of the office lease.

• Executed landlord's consent: page 1, page 2

• Copy of Purchase Contract - no documentation ordered until copy is received by the Bank

Seller

• Practice questionnaire

• All required corporate documents

• Certificate of Good Standing

• Incumbency Certificate

• Corporate Resolution to Sell

To learn how ColeTaylor’s professional practice expertise can make the critical difference in the growth and prosperity of your practice, please contact us by calling 312-442-5130. Or Contact a banker now for more information.

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