Andy Acton and Chris Strevens discuss the potential complications when selling your dental practice to a friend.
If you’ve made up your mind to sell your practice, congratulations. It’s a big decision and one we’re sure you didn’t take lightly!
There’s a lot involved in a practice sale. The initial valuation and finding a buyer might seem like the lion’s share of the work. But the entire process can take far longer with more complications than anticipated.
Organising viewings, negotiations, preparing documentation, dealing with offers and, of course, not forgetting the legal technicalities.
It is all incredibly time-consuming and frustrating. But, unfortunately, a necessary evil. And therefore not things you should attempt to deal with yourself if you don’t have sufficient time to give it your full attention.
You will need to ensure your buyer is credible and vet them before disclosing any personal information.
You’ll also need to restrict what information you provide until you establish serious interest. You don’t want to give everything away to your competitors!
Dental practice sale valuations
It’s vital you also get an independent valuation of your practice before accepting any offer, as markets change.
Recently, for example, rural locations have increased in value. No doubt linked to the changing working patterns of the population. As the effectiveness of home working has become evident to both individuals and employers.
And remember, once you’ve found a credible buyer, who is willing to pay the market rate (or at least a price acceptable to you) you then need to control, manage and be responsible for the process, including the conveyancing.
Most practitioners are currently pretty stretched. Managing their practice not least with the imposition of new protocols.
Trying to fit in the additional demands of selling the practice on top of the day job is challenging to say the least.
Engaging an external party will mean that you can carry on doing what you do best. And the support of a good sales agent will really pay off.
Selling a dental practice is not like selling a house. It isn’t advisable to ‘learn on the job’, particularly when your business is at stake.
If you’d value the support of an experienced sales agent, then the team at Frank Taylor & Associates would be delighted to assist. Get in touch on 0330 088 1156.