Clason Phillips recently sold his practice in Bargoed, South Wales through Dental Elite. Here, he details some of his experiences along the way.
Which consultant in Dental Elite did you work with?
“I worked with Katrina Graham.”
Was she in regular contact?
“Katrina was very accessible, easy to approach and kept me up to date each step of the way. As such, the process was much easier and a lot less stressful.”
How quickly did you accept an offer?
“Well, the first offer that I accepted unfortunately ended up falling through about six weeks into the process, but then another buyer who had shown interest in the beginning offered us the full asking price. So while I accepted the initial offer straightaway, it actually took nearly two months to obtain the offer that would go on to complete successfully.”
What was the most challenging part of your sale?
“Without question the most challenging part of the transaction was the due diligence. Since I bought the practice many years ago the process has become a lot more elaborate, so while it wasn’t particularly strenuous, it was very time consuming – it took almost two months of toing and froing before it was complete. I have to say, however, that my solicitors were very efficient; I couldn’t fault them.”
What advice would you give to future sellers?
“If I have any advice it would be to get on top of the due diligence as soon as possible. When I looked to put my practice on the market, Katrina gave me a list of documents that would be needed later on down the line, which I used to my advantage. If you have the same opportunity, make sure you take it – not doing so could cost you.”
How long did the whole process take?
“From the time the practice went on the market through to completion the process took approximately 10 months – had the first buyer not fallen through the transaction would have finalised much sooner. Apart from that obstacle, however, there were no other complications that resulted in unnecessary delays, so all in all I am happy with the outcome.”
How far in advance of marketing did you have a valuation?
“I had the practice valuated by Dental Elite several years ago to get an idea of how much it was worth, and again just before the practice went on sale.”
Why did you choose Dental Elite over others?
“Dental Elite’s valuation was above and beyond what other companies were offering, so I recruited them to represent me for the entire sale.”
Would your recommend Dental Elite?
“Absolutely – in fact, I already have!”