Dental Practice Valuation & Selling Made Easy
Having just successfully sold their practice with Dental Elite, a Principal from Sussex recounts their experience of working with the dental practice valuation and finance experts.
I established my practice as a squat in 1989 and since then it’s grown organically into the small, mainly private, associate-led practice it is today. It was always my plan to sell when I reached 55, when it was in a healthy stage of growth. I had been previously advised that such a sale could take up to two years from the dental practice valuation, so now was the right time to start the process.
I decided to work with Dental Elite, the dental practice valuation experts because one of their representatives had helped me with a number of different practice development opportunities in previous years, so I was happy to work with them again.
I was very happy with the service they provided and I thought the dental practice valuation process went very well. In fact, I was pleasantly surprised at just how flexibly the figures could be analysed.
The biggest challenge for me throughout this process was the increase in administration pressure while I was compiling the necessary due diligence questionnaires. This was made trickier because I had to do so whilst making sure my staff were unaware that I was selling – I found it hard to keep this secret from my colleagues. It was also particularly difficult trying to maintain the impression that I was proactively managing the practice when the heads of terms had already been agreed and all subsequent business decisions were being referred to my buyer.
Ultimately, I overcame these challenges by being confident that I had made the decision to sell on my own terms with a strong dental practice valuation, with the chance to change plans or continue for a while if I so wished. It was also incredibly useful to be able to rely on my representative from Dental Elite, as she was one of only two people who knew what I was doing and was incredibly supportive throughout.
In fact, it was a real advantage to be able to work with the same person throughout the entire process – it really helped keep continuity and meant things never had to be repeated to new people.
I think, in hindsight, it would have been better had I been more definitive about the decision to sell the premises at the start of the process. However, with the little experience I had of commercial premises it is hard to imagine that I would have been able to make such an informed decision until I understood what was happening on the property market at the time.
This is where the advice from Dental Elite and their dental practice valuation team was most valuable. I would highly recommend them and I’ve been singing their praises to all of my colleagues!
The friendly team at Dental Elite are proud to be able to provide precise and pragmatic advice to dental professionals who are interested in dental practice valuation and selling their practice. By working closely with you throughout the entire process, they will always do their utmost to take the stress out of your sale.