Trust the evidence
If you are thinking of selling your dental practice, it is important to get an up-to-date valuation from an independent expert to determine its current market value before you progress a sale.
A good selling agent will guide you through every step of the process, including finding buyers who meet your specific expectations. Additionally, they will walk you through CQC and NHS considerations needed prior to a sale and lead you towards a specialist solicitor to ensure you are prepared as much as possible.
The dental industry is complicated and needs to be handled with care. No matter who you approach to value your practice, they must understand how the industry works, the different types of deal structures and contracts involved and how your type of practice (NHS, private or mixed) and location impact upon the achievable asking price. The way in which the practice is run clinically also plays a significant role in selecting the right buyer type.
Your dental specialised broker will have the evidence and data to benchmark your practice against other practices in the local area. This helps provide you with a clear picture of how you are performing, which will allow you to make improvements if needed.
Practice brokers are key in finding the right buyer for your practice. A reputable practice broker has worked with all types and size of practice across the country and have experience selling to both owner dentists and dental corporates. When choosing who to represent you as you sell your practice, be sure to ask your peers and review testimonials before signing anything.
Selling a dental practice is not as simple as selling a house. Rather, it requires a deep understanding of the ever-changing dental market and awareness of the different buyer types that are in a position to purchase your business. On the whole, advertising your practice via traditional methods is not as effective as working with a specialist agent who understands how your practice operates, your goals and motivations and the dental market in general.
If you’re a dentist looking to sell your practice now or in the future, get in touch today. We’ll talk through your options and help you understand how to maximise the value of your business, as well as help you understand the funding and legal process and explore the most suitable buyer types for your practice.