Carol Baron and husband Philip Baron recently sold their Accrington practice with the help of Dental Elite. Here, she shares their sale experience.
Which consultant in Dental Elite did you work with and were they in regular contact?
“Our representative was Katrina Pinchen, who proved to be invaluable to the process – especially in the initial stages of the sale. The help of a good agent should never be underestimated, and I am happy to say that every aspect of the transaction was taken care of.
How did you find the bidding process?
“Having an open bidding process worked very well for us, as it encouraged the interested corporates that were bidding against each other to up their game. It also meant that we were able to discuss some of our terms openly, which allowed us to select the corporate that best suited our personal needs. After around two weeks of toing and froing of offers and negotiations, which Katrina and Thomas Morley helped us to navigate successfully, we accepted an offer from one of the corporates that we are very pleased with.”
What was your biggest fear prior to marketing the practice?
“Having been through the early stages of the process three years ago when we were looking to sell but abandoned the sale due to personal reasons, we were mostly concerned about the amount of work that would be involved, especially with the due diligence. Luckily we were well prepared so it wasn’t as bad as it could have been, but it was still hard work.
“Katrina played a key role in this, taking care to give us the due diligence list early on so that we would be able to get a head start. By the time an offer had been made, all the required documentation had already been collected together, helping to save valuable time and prevent delays. If Katrina hadn’t have prepared us, the due diligence process would have been a nightmare.”
What was the most challenging part of the sale?
“Due diligence was still very challenging despite all of our preparations, just because of the sheer amount of work involved, but I would say that exchanging was equally as stressful.”
How did you find the CQC changeover?
“I’m almost surprised at how smoothly everything went with the CQC changeover; no problems whatsoever!”
How long did the sale take?
“From accepting the offer to completion the process only took four months.”
What advice would you give to future sellers?
“Firstly, I wouldn’t recommend selling without the help of a specialist agent, as the process is too intricate to navigate alone. Several years ago we were approached by a corporate directly about selling the practice, but their valuation price and offer was so low that it wasn’t worth it at all. With an agent at your side you’re much more likely to achieve a better deal. Other than that, plan your exit strategy well in advance; don’t leave it to the last minute.”
Why did you choose Dental Elite over other agencies?
“Well about six years ago when we first considered selling the practice Dental Elite’s Luke Moore carried out a valuation that we were very impressed with. Thus, when we were finally ready to go to market we got in touch in with the team, and it went from there. We would definitely recommend their services to other vendors.”