Right time, right place, right buyer
The decision to sell a dental practice can be a difficult one. There are many different factors at play that can have an influence on the individuals and the business(es) involved. Even if you feel like you’re not quite ready to take the leap, it’s still important – and often highly beneficial – to be aware of all your options. This will help you prepare yourself, your team and your practice for what might happen in the future, whether that’s in 3 months or 3 years.
This was the situation that Dr John McGregor found himself in when tentatively approaching the sale of four dental practices he owned with his business partner in Glasgow. He comments:
“Initially, I was not completely sold on the idea of selling my practices, but my business partner thought we should test the water and see what possible outcomes there could be for the business.
“While still sceptical we had a meeting with Ted Johnston from Dental Elite and he explained the possible deals available at the time, which I thought would be unachievable as they really seemed too high. He reassured me that the figures were current and could at quite possibly be higher. He was actually right.
“Ted then arranged for several prospective buyers to come and view the businesses and what really impressed me was that Ted was always there – quite often at unsociable hours. He made sure the viewings were very discrete and he had a good rapport with the buyers and sellers too. This rapport made things a lot easier and just helped to smooth the negotiations.
“His advice and knowledge throughout the process really was excellent. He kept us well updated on when we were to receive an offer and what the situation was with the buyers. He got us the best deal.”
Despite his initial reservations about selling, Dr McGregor has been delighted with the end result achieved. He has been able to minimise his daily pressures and get back to doing what he loves – which is one of the main reasons that many principals look to sell in today’s world. He adds:
“Since the purchase of our practices, I feel now a weight has been lifted from my shoulders. I will carry on working as a dentist in my practice providing the treatment I like, but now there are no worries about the future.
“We really did get an excellent deal in the end with all the outcomes that we were looking for. I can thoroughly recommend contacting Ted and Dental Elite if you are considering selling your practice, but I would also recommend contacting him if you are not.”
If you have thought about selling your dental practice(s) but you’re not sure if it’s the right solution for you, there’s no harm in seeking advice or exploring your options. You may decide to come back to it in few more years, or you might just find the right time, right place and right buyer for you.