Here, Henry and Jane McFarlane detail the sale of their Burnham-on-Crouch practice…
Which consultant in Dental Elite did you work with?
“We worked with Leah Turner.”
Was she in regular contact?
“Absolutely, we couldn’t fault her. The other thing that really helped was her positive attitude, which is exactly what we needed in such a stressful situation.”
How did your completion price compare to your valuation?
“Thanks to a bidding war during the open bidding process, the price we got for the practice was above and beyond both Dental Elite’s valuation and our expectations – we couldn’t be happier.”
What was the most challenging part of your sale?
“For us, it was the CQC application process that proved to be the most challenging. Everything about it was irksome, and because it was such a convoluted process we ended up having to resubmit our paperwork, which in turn caused unnecessary delays to the sale. Even Leah’s magic couldn’t prevent the hurdles we met during our application.”
What advice would you give to future sellers?
“To anyone looking to sell a practice, I would always advise that they liaise with the buyer’s party about due diligence processes, especially in regard to DBS checks. That is because there are a number of DBS checks, and it is critical the correct one is applied for through the correct channels. The same rule applies to all other documentation and information required for due diligence. If you want a prompt and timely sale, make sure that both yourself and the buyer have all the necessary paperwork in place needed to complete the process.”
How did you find the due diligence process?
“Having gone to one of Dental Elite’s lectures before the sale, I knew what documents were needed to complete due diligence. As such, we made sure that 95 per cent of the paperwork was ready before the practice even went on the market. I would strongly advise others to do the same. There is so much to do, I would say just get it done beforehand while you can. Not doing so could cause severe delays, not to mention a lot of unnecessary stress.”
How did you find the agent buffer between the buyer’s solicitors, the rest of the buyer’s party and your own legal representatives?
“All in all, the service was exemplary – everything was communicated well and there were no misunderstandings whatsoever.”
Why did you choose Dental Elite over others?
“The first time we met Dental Elite was at one of their lectures, which they presented alongside several independent speakers who felt Dental Elite were the market leaders in the field at present. Hearing such positive comments from unbiased professionals was a real selling point for us. Now that the transaction is complete I can safely say that we have no regrets and we are absolutely delighted that we chose to go with Dental Elite.”