After expanding steadily over the course of 20+ years, Jonny Swift, principal of Crescent Lodge Dental Practice (CLDP) in South London, started to think about selling up. He approached Dental Elite for a valuation and to see whether this would be a good time to take those next steps. Here he shares his experience:
“Our practice had been expanding steadily over the last 20 years, and then doubled in size post COVID lockdown. We wanted to see our patients who hadn’t had access during this time, and there was enormous demand from new patients who couldn’t see their own usual dentists.
“Running such a large practice – which had reached 8 surgeries – was starting to take its toll. I wanted to be able to manage our great team well, provide a large patient base with easy access to a high standard of care, and maintain a high level of CQC compliance. My energy levels and enthusiasm were waning.
“A close friend recommended that I approach Dental Elite, after they had sold their practice with the team’s help. When asked why they sold so early in their career, they replied ‘it was too good an offer to pass’.
“So, I contacted Dental Elite, and Phil Kolodynski [Director of Practice Sales] was very efficient in asking for some stats and arranging a practice visit at a time that suited me. He gathered more information so that he could provide a valuation range, which was surprisingly attractive at almost double what I had thought it would be worth.
“After discussing the options with my partner, we decided to go ahead with the sale. Dental Elite put a presentation together and already had a list of buyer clients in mind. Within a couple of weeks, we had four viewings, followed by three offers – one of which we accepted.
“This was all a new experience to me as I had bought the practice from my previous boss. The Dental Elite team talked me through the whole process so I knew what to expect, which was helpful.
“The initial heads of terms were agreed and we commenced gathering a lot of information for the due diligence process. I can safely say that this was much more involved and time-consuming than I had expected. It all needed to be done discreetly in order to avoid publicising the sale and maintain stability of the business. However, Phil from Dental Elite helped out an awful lot, answering questions when we were unsure of anything – we had the same great experience with our lawyer.
“There were a few stages of negotiation along the way – which is not unusual – one of which was a much lower offer compared to their initial figure. They had reviewed the documentation and calculated a different valuation to the asking price. However, Phil and Luke Moore [Co-founder of Dental Elite] engaged with them directly to successfully negotiate the figure almost back to the original valuation. There were also conversations about the tie-in period expected by the buyer, which was a little frustrating as the details weren’t stated from the beginning. However, this too was agreed and the sale went through successfully.
“Dental Elite provided a lot of support throughout the entire process, and after completion. This helped to ensure that I received the full payment. Now that I am feeling less stressed, I am also able to continue ensuring a smooth transition for my team.
“I would definitely recommend Dental Elite to others. If you’re considering selling, get a valuation with them – it may make your mind up for you about whether to proceed! Be prepared for a few months of hard work and a couple of ups and downs, but you can be confident in a satisfying conclusion.”
The sale of Jonny’s practice completed in just six months, showing that with expert support and advice, along with good preparation, the process can be made as painless as possible. The team at Dental Elite has more than a decade of experience in the buying and selling of dental businesses to help every principal to a successful sale. To find out how Dental Elite can assist with your business decisions, contact them today.
For more information contact
the Dental Elite team on 01788 545900
https://dentalelite.co.uk/
