Dr Nishant Anand recently sold his dental practice with the support of Dental Elite. He shares his experience and offers some advice for other clinicians thinking of selling their business.
Why did you choose Dental Elite over others?
I had a couple of agents view the practice but I was most comfortable and happy with Leah Turner from Dental Elite. I felt as though Dental Elite would be best placed to market my practice and Leah reassured me. I also had confidence that Leah and her team would find suitable buyers, which they did.
Which consultant in Dental Elite did you work with? Were they in regular contact?
Sue Humphrey was my consultant – she was always in regular contact and very supportive when guiding me through the sale. It was nice to know that she was only a phone call away and she would always try and drive the sale, corresponding with all parties involved to resolve any issues and speed up the transaction. Sue and Leah are both fantastic and both guided the sale forward!
How did you find the agent buffer between solicitors, buyer and seller?
Sue had a great relationship with all the solicitors, the buyer and myself, so she would liaise when need be with everyone to help overcome any delays.
How was the CQC changeover process?
Bailey Rowles from Dental Elite was fantastic with the whole CQC process. It was stress-free as she monitored progression and provided regular updates. Bailey was also very quick and we completed the CQC application with ease. We are currently doing the post-completion part of the CQC process.
On reflection, what was the most challenging time in your sale?
The most challenging time was near the end of the sale process. It was difficult to agree and finalise all documents. There were some delays following due diligence requests from the buyer’s bank and solicitors, but we still completed this sale process within 6-7 months, which is great.
What advice would you give to future sellers?
I would advise all future sellers to start early. It is a long and stressful process from the first day the agent views the practice to completion. It takes time to provide all the due diligence, so it’s important to ensure that the relevant documents are up-to date and available – starting this well in advance will be hugely beneficial. Also, it is important to work with buyers who you feel will most suit the practice and who you could work with during the sale process. The buyers I had were fantastic throughout and we built a great working relationship, which made the process so much easier and quicker.