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Posted by: The Probe 5th April 2020
We all know that selling a dental practice is easier said than done. Many dentists will have experienced the stress of selling first-hand and will appreciate the importance of getting expert support. In fact, working with the right people can make a massive difference to the efficiency of the transaction, as Dr Sanjay Patel explains. Here he describes how he recently managed the sale of multiple dental practices.
What was your biggest fear prior to marketing the practice for sale? How did you prepare to overcome it?
I was originally looking to sell one of my three dental practices, but was concerned it may be tricky to do so due to the connections and coordinated management of them all. Luke Moore from Dental Elite confirmed this might be the case and that selling all three together might be a better option for me. I sent him the figures and he returned a valuation that certainly had me interested. We agreed that marketing would need to be targeted as potential buyers were likely to be groups. Luke gave me some options of how he thought it would work best and we went from there.
What made you choose the offer you accepted?
The buyer being a reputable dental group was one reason for my acceptance of the offer. I knew I would be working with them for the next 5 years so it was important that I chose a buyer who shared a similar ethos to myself. As I had hoped, they didn’t want to come in and change lots of things around the practice. In addition, while the initial offer matched the valuation figure, the practice continued to grow significantly and we were able to renegotiate a higher price when this growth was take into account later in the sale process.
How was the CQC changeover process?
Everything related to the CQC was very straight forward with the help of Dental Elite. My solicitors had a good rapport with the Dental Elite team and the buyers had a good team who understood the process, so this went very smoothly.
On reflection, what was the most challenging time in your sale?
The greatest challenge for us was presented by the landlord. We had to change the lease over and this proved quite difficult. It did create a small delay to proceedings but we still completed in 7-8 months.
What advice would you give to future sellers of multiple practices?
I think it’s important to find a good solicitor that is very involved in the sale and that can work well with the buyer’s solicitor. I would also advise having as much information ready and accessible as possible, so you can make it available to the buyer with ease. It’s essential to be organised for any dental practice sale, but even more so when you’re selling several at once. Staying in regular contact with the solicitors and the buyer will help too, and sometimes you have to not stress and just take it as it comes.
Why did you choose Dental Elite over others?
I bought all three of my practices with Dental Elite and so they were the logical team to go to when I wanted to sell.
Which consultant in Dental Elite did you work with? Were they in regular contact?
I worked with Luke Moore this time. He was always available to answer questions and he kept me up-to-date throughout the process. Once the sale had gone through, he even rang to provide reassurance and any last details I needed – it was a nice touch as we will likely stay in contact in case of any future endeavours.
Would you recommend Dental Elite?
Definitely – out of all the agents I would choose Dental Elite because their valuations are fair, they achieve the valuation they suggest and they sell good practices. I have also found that the support from the team is great because they have very good knowledge of the market and the processes involved. It’s not just about doing the sale for them, as they will help anywhere they can. For example, Dental Elite helped with recruitment when I was running the practice. They take care of whole journey from start to finish.
If you are looking to sell one or multiple dental practices, contact Dental Elite to find out what your options are. You can rest assured that you’ll receive honest advice and invaluable support.
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