Dr James Whitehead reflects on the process of selling his practice with Dental Elite.
Dr James Whitehead qualified in London in 1989 at Guy’s Hospital, and remained there as a house dental surgeon in the maxillofacial surgery department for a short time before practicing in Uckfield as an associate for four years.
He joined the dental team at Elm House Dental Practice, based in West Sussex, buying it from the previous principal in 1999, together with his wife. After many years, both Dr Whitehead’s partner and a well-established associate left the practice. “That, and turning 60 this year, made me think about selling, but it wasn’t a fire sale,” he says. “I dipped my toe in the market for three or four years before making a decision. I wanted to make sure it was going to work for me.”
Being happy with his work and the practice, he was in no hurry to leave. “About eighteen months ago I had a valuation, and the price was right. The opportunity fit with the first stage of my retirement plan, so I was ready to set it all in motion.”
Finding the right buyer
“Initially I had hoped to sell the practice to my new associate. I really didn’t want to leave anyone in the lurch, as selling can spell real trouble for associates. I didn’t want to do that to anyone, but he wasn’t keen on buying at the time.”
“To get the kind of deal that worked, I assumed I’d end up having to sell to a corporate,” says Dr Whitehead, but Dental Elite steered him in the right direction for a deal that worked in terms of pricing, but also for him and the team. “I was concerned at first that I wouldn’t get the price that I was hoping for, but thankfully that all went well. Luckily the couple who bought the practice also wanted to keep both me and my associate on. I was really happy to stay.” says Dr Whitehead. “I’ve been here for 25 years now, and I’ve agreed to stay on for at least three more years. After the three years are up, I just have to give six-month’s notice if I want to leave. I might well carry on longer – it all feels really good at the moment. I really like my job!”
Behind-the-scenes negotiations
“I went with HCR Law, a firm of solicitors recommended by Dental Elite, and they were absolutely fantastic,” says Dr Whitehead. “I actually liked them so much my family and I have taken them on to help with the sale of our house!”
“Unfortunately, the buyer’s solicitors were slow to issue the request for due diligence, which could have presented huge problems. The process is already time-consuming,” says Dr Whitehead. “There are quite a lot of detailed questions, and filling out all the paperwork alongside a busy practice was quite gruelling at times. Thankfully, Dental Elite were there to help keep everything moving, and they smoothed it all out for me. It was tough, but there were no negative consequences in the end, apart from an unavoidable delay to the completion date.”
Dr Whitehead was particularly grateful to Dental Elite for their assistance with changing the NHS contract. He had anticipated that this process might be a difficult one, until Dental Elite simply presented him with a document to sign, having sorted it all out behind the scenes. “That was it! It all happened so smoothly I hadn’t even realised it was happening. It was completely painless”, he says.
Highly recommended
Dr Whitehead got talking to Phil Kolodynski, Director of Practice Sales Dental Elite Team, at an event. “I first came across Dental Elite by accident. I think it was a chance encounter at a post-graduate meeting. I was really impressed, and we stayed in contact.
“Phil listened really well, and offered me instantly useful advice on the kinds of clients that might suit my practice. He’s the one that came through with the valuation that gave me the confidence to go ahead and press the button to get the sale going.”
“I can’t recommend them highly enough! In fact, I’ve already recommended them to a friend, who is just getting ready to sell their practice and is using them right now. That’s in the pipeline now and it all looks promising.”
For more information on Dental Elite visit www.dentalelite.co.uk, email info@dentalelite.co.uk or call 01788 545 900
