Recent vendor Jeremy Preston details his recent sale and the challenges faced along the way.
Which consultant in Dental Elite did you work with?
“My representative was Sue Humphrey.”
Were they in regular contact?
“Sue was very easy to get hold of, and if I couldn’t reach her, she would always return my call or email promptly.”
How quickly did you accept an offer?
“Two offers were made simultaneously on the Practice that were practically the same so I took a couple of days to mull over my decision.”
What was the most challenging part of your sale?
“Certainly, the fact that I was at the point of exchange four times before the first purchaser aborted the sale was very challenging, but I have to say that the due diligence – at least the first time round – was most demanding. This was chiefly due to the vast quantity of documentation requested by the buyer’s legal team. The second time round was much easier as I had the majority of the paperwork prepared; it was just a matter of updating and submitting.”
What advice would you give to future sellers?
“In retrospect I could have saved a lot of time if I had made the necessary preparations in regard to due diligence at an earlier time, and as such I would advise any future vendor to get hold of the standard questions as soon as possible. Indeed, by planning your exit strategy in advance you take off some of the pressure and save time, which could be resourced back into running an efficient and profitable Practice.
“My other piece of advice would be to get a fixed quotation from a solicitor that covers everything at the beginning of the transaction, otherwise you run the risk of racking up enormous legal fees.”Why did you choose Dental Elite?
“Previously, I had marketed my Practice with another dental sales and acquisitions agency, but after an unsuccessful two and a half years I decided to try Dental Elite, who had been recommended to me by a colleague. Within two days I had interest from two potential buyers, both of who made subsequent offers.”
How far in advance of marketing did you have a valuation?
“The first valuation by another sales and acquisitions agency was two and a half years prior to contacting Dental Elite. Dental Elite then did their own valuation in line with current market trends.”
When did you tell your staff?
“Not until after exchange as advised by my legal team. ”