Peter Churchill recently sold his practice in Chesham through Dental Elite. Here, Peter reflects on the experience.
Which consultant in Dental Elite did you work with?
“My consultant was Luke Moore, who was very professional and regularly in touch throughout the process. Being able to work with just one person from valuation through to completion was hugely beneficial.”
How did you find the bidding process?
“All in all it was good – it was very well organised, I had plenty of viewings and I managed to secure the ideal bid.”
How quickly did you accept the offer?
“It did require some thinking, so it took two weeks to accept the offer in the end.”
Have you stayed on in the practice?
“Yes – both the buyer and I agreed in the heads of terms that I would stay on in the practice. I still really enjoy practising as a dentist so I will continue to work part-time – I am contracted for two days a week – for the foreseeable future.”
What was the most challenging time of your sale?
“For me, the most difficult part of the sale was the final two weeks of the transaction as there were complications with the associate agreements. They didn’t turn up until 10 days before completion, which gave me limited time to complete them and little time for the buyer’s team to examine them. Consequently, the final stage of the transaction was very stressful.”
What advice would you give to future sellers?
“Having now gone through the process and come out the other side, my advice would be to get the associate agreements sorted out well in advance. Other than that, just be prepared; it’s not unusual for last minute issues to occur in a business transaction, you’ve just got to work closely with your solicitors to ensure the optimum outcome is achieved.”
How far in advance of marketing did you have a valuation?
“There wasn’t much time between the two. When I had the valuation I was happy with the estimate. I thought it was very realistic and I knew that it would fetch that price.”
How was the CQC changeover process?
“Luke handled that part of the transaction very well; I didn’t have to get involved at all, which was fantastic.”
When did you tell your staff?
“I chose to tell the staff at the start of the process, which in hindsight was a big mistake. They were all very anxious about the sale and the idea of change, so in retrospect I wish I had told them a bit later on. Saying that, they would have noticed all the visitors sooner or later.”