Photo by Kelly Sikkema on Unsplash
It can feel like a stressful process to change your business name, much like it can feel overwhelming to change your last name. What steps do you need to take? What order should you take them? What are you forgetting? Since I’ve experienced both a business name change and last name change, I wanted to share some steps to make the business name change that much easier for everyone else to navigate as private practice therapists and small business owners.
Step 1: File a request to change your business name with the IRS. You will get an updated EIN letter reflecting the same EIN and new business name, which will be used to submit changes to other organizations electronically.
Step 2: Change your business name with your business filing in your state. Here in Colorado, it’s the Secretary of State where you can login and request an update, found in the same portal as your annual business filing requests.
Step 3: Complete forms and/or notify insurance panels of the name change. This could take weeks to months to update, which if they are writing you checks, could become a problem if not tackled just so. Don’t forget to update your CAQH profile at the same time since insurances will cross check that!
Step 4: Update your EHR to reflect the name change in your consent forms, your disclosure, your scheduling tool, and your practice information. Notify your clients of the name change in writing so they don’t get confused.
Step 5: Update your bank information to reflect the new business name. Oftentimes this requires an in-person meeting with a banker at your bank to provide the documentation required to make the change. When you schedule your appointment, confirm what you need to bring to make the meeting as efficient and painless as possible.
Step 6: Notify your professionals of the name change, including your biller (if you have one), your accountant, your financial advisor, your tax person, your practice lawyer etc. Notify your malpractice insurance so they can re-issue your insurance for the updated practice name.
Step 7: Update your marketing materials. This includes:
-Your website
-Your logo
-Your social media accounts
-Your Facebook business page
Now you are ready to announce the change to your community! Even though there is excitement in the change, it can also feel daunting, especially knowing that not all of these steps will go smoothly. Give yourself some grace and a significant runway to implement all the changes before announcing it officially. It can feel like a long process to get everyone up to speed on the new name, however once it’s done, the excitement of pivoting will return, allowing you to look forward to the next meaningful chapter in your business!