Here, a principal from Horton Dental Practice in Surrey details his recent sale through Dental Elite and his unique approach to the bidding process…
Which consultant in Dental Elite did you work with?
“Leah Turner was my main point of contact throughout the process.”
Could you explain your approach to the viewing and bidding processes?
“On my suggestion, the viewings were arranged every half hour two Saturdays in a row – I saw 16 prospective buyers in total. Of the eight that made offers, I whittled it down to the four that I liked best and invited them to attend a short interview with both myself and the practice staff. Through this alternative approach, I was able to select a suitable buyer that I felt had a similar vision for the practice – at the end of the day it wasn’t just about the money, I had to be sure the buyer had the right ethos and aims for the business. For that reason, bids from corporates as well as small groups were unsuccessful.
“Involving the staff was important to me as well. Having been in a situation myself in the past where we were kept in the dark about the practice being sold, I wanted to make sure that I was upfront with the team, not just to maintain staff morale, but to ensure a smoother transition.”
How did your completion price compare to the your original valuation?
“Before putting my practice on the market I had two valuations from two separate companies. At the time I felt Dental Elite’s estimation, which was significantly higher than the other was more accurate, and sure enough the completion price was more or less what Dental Elite had valued the practice at.”
Have you stayed on in the practice?
“The other reason why I approached the viewing and bidding processes a bit differently, was that I wanted to stay on in the practice part-time in a mentoring position. By interviewing the four candidates and informing them of my intentions to stay on in the practice as a principal/mentor, I have been able to secure a contract for the next five years when the plan is to retire. The new owner is happy with this set up too, particularly as he splits his time between two practices. I am also able to help the patient base and staff transition into the new ownership, as well as offer a sense of continuation and familiarity, which could prove to be essential to the success of the business and happiness of the clients in the coming months.”
Why did you choose Dental Elite over others?
“Having received several mailshots from Dental Elite I was aware of its services, but it wasn’t until some months later that I decided to contact the team for a valuation. Although there was no previous loyalty, I was very happy with the valuation and I would recommend to other vendors.”