Q&A with Steve Milnes

Was Katrina in regular contact?

“Katrina was very good at staying in contact and keeping me up to date with what was going on, which is crucial during the sale of a practice.”

How did you find the bidding process?
“All in all, the bidding process was relatively easy on my part thanks to Dental Elite. The difficult part was afterwards when deciding whether to accept the offer. I think the open bidding process worked well for me and I am confident that I achieved a better price than I would have done through closed bidding.”

How did your completion price compare to the original valuation?
“After competitive bidding, the completion price was slightly above the estimated valuation, so I was very pleased with the outcome.”

How quickly did you accept an offer?
“Naturally, once the best and final bid had been made I went away and thought it through, so it wasn’t until the next day that I officially accepted.”

On reflection, what was the most challenging time in your sale?
“For me, the most challenging and stressful aspect of the sale was the due diligence process, purely because of the amount of information requested and the amount of time it took to get a response from the buyer’s solicitors.”

What advice would you give to future sellers?
“Due to the work that goes into selling a practice, my advice would be to market your practice effectively and take the appropriate steps to achieve the best possible price.”

Why did you choose Dental Elite over others?
“Ultimately, Dental Elite’s valuation was higher than others and the commission charges were extremely competitive – combined, I thought that Dental Elite could get me the best result possible. It also has a good position in the market place and has a strong presence with clients wishing to buy practices.”

How far in advance of marketing did you have a valuation?
“I didn’t have a valuation until six weeks before it went on the market.”

How was the CQC changeover process?
“The process was very straightforward as CQC were only involved in appointing a new manager. The fact that the practice is a limited company made all the difference.”

When did you tell your staff?
“Essentially, staff found out during the viewings, but I formally told them when I accepted the offer. Thus, they knew eight months before the completion date.”

For more information contact Dental Elite.

Visit dentalelite.co.uk, email info@dentalelite.co.uk or call 01788 545 900