Here, Michael Hesketh details the recent sale of his Exeter practice, which he co-owned with his wife Lara.
Which consultant in Dental Elite did you work with?
“Our representative was Leah Turner, who I am happy to say was sensible, honest and very confident – she was definitely our ally throughout the process.”
How did you find the bidding process?
“In the end, there were two corporates involved in the bidding process, which was handled very skilfully by Leah. Our eventual buyer, Bupa Dental UK, was equally as professional, putting their official offer in writing. Given the stories that you hear about how some corporates behave, the way that they handled the transaction was refreshing to say the least.”
How did your completion price compare to your original valuation?
“The main goal for us was to get the money up front and be able to walk away at the end of it, not to get tied into a contract for three to five years afterwards like most principals do. Thanks to Dental Elite that’s exactly what we achieved. I am now a full time student studying for my master’s degree in business administration; I don’t intend to work for two years and Lara and I have plans to travel the world with our two children for eight months.
“Interestingly, the agency we approached initially told us we wouldn’t achieve our walk away deal, yet with Dental Elite, our valuation was exactly what we hoped for and the sale price exceeded the asking price.”
What made you choose the offer you accepted?
“Ultimately it was a combination of price and professionalism – we were very impressed with the Bupa Dental UK representative.”
What advice would you give to future sellers?
“I would always advise setting aside a bit of time to implement an exit strategy, as not doing so will limit your profitability and your sale price. Moreover, you’ve got to think about potential buyers and what they will want from your business.”
Would you recommend Dental Elite?
“Absolutely, and if we ever needed this service again, we would definitely use Dental Elite.”