How to Sell Your Dental Practice?
Because of the dental industry’s strict regulatory frameworks, selling a dental practice in the current climate can be extremely challenging. Not only do you need to consider concluding treatments with returning patients and maintaining staff morale, but essentials such as the transferral of contracts for NHS practices and re-registering the practice with the Care Quality Commission (CQC).
Dental Elite has more than a decade of experience in the buying and selling of dental practices and is known for the timely delivery of effective completions. Our clients choose us because of our efficiency, industry knowledge and commitment to getting the job done right, whether we’re helping those planning to sell or guiding a fresh face through the beginnings of dental practice ownership.
When you register with us, you’ll be looked after by a team of handpicked dental practice specialists with a proven track record of sales success. These experts have been around for so long that they know just how to respond to the complexities that may arise during a practice sale and have the foresight to get you prepared for what your potential buyers need to see. Whether that includes building regulations certifications, financial statements or X-ray test certificates, you can guarantee that with Dental Elite you’ll be ready to sell your dental practice to the highest bidder no questions asked.
Getting the Best Deal when Selling your Dental Practice
If you’re looking to sell your dental practice, there are various different agreements you can enter into with the buyer. The structure of the deal created can actually be more important than the purchase price itself. To help you achieve the best outcome, your personal consultant will work with you and your solicitor to guide the sale and ensure that all aspects of the marketing and transaction run smoothly.
Remember – you have a higher chance of getting the right price for your dental practice if you can demonstrate its value in terms of existing patients, client retention, state-of-the-art treatments, booking technology and a thriving online presence. In many cases, all of the above will make your dental practice sale much easier, as an organised, well-maintained and proactive business will always be much more attractive to a potential buyer.
Marketing your Practice to the Right People
At the point you decide to go to market, your consultant will agree on a prospectus with you and help you organise the paperwork required. The most important aspects of selling a practice are ensuring the right buyers are aware of the sale and making sure that plans are in place to make your location as appealing as possible.
At Dental Elite, we have over 5,500 buyers currently registered on our database, all of whom are actively looking for practices all over the country. We determine an active buyer as anyone who has opened an email in the last 12 weeks and at the moment, that figure equates to over 3,800 buyers. It goes without saying that well-established practices and those with good local reputations are high on the list of those interested in buying a dental practice, so before you go to market, we will make sure that your business is ready to go.
The Process of Selling a Dental Practice
Of course, finding a buyer isn’t where a good agent stops. We estimate that 70% of our service is actually provided once a buyer has been found when completing the due diligence. From negotiating the commercial minutiae, chasing all the stakeholders and de-registering you from the CQC to registering your buyer with the CQC and ensuring they are prepared for their interview, we’ll be there every step of the way. Furthermore, we’ll ensure your buyer is doing everything they should be doing with their bank and we’ll help you populate your Due Diligence Questionnaire and Inventory, protecting you from unwarranted price re-negotiation further down the line.
We Can Help Sell Your Dental Practice
With decades of experience as leading dental practice brokers, we pride ourselves on finding our clients an arrangement tailored to their goals. Whether you decide to sell outright and then retire from the profession, wish to remain working in the business, or sell to a dental corporate body, we can help you with your exit strategy. Speak to one of our dental practice consultants about your individual requirements on 01788 545 900 or book a free appraisal today.
The Elite Difference
- Ranked as #1 on Google Organic Search for Buyers and Practices For Sale
- Intuitive in-house CRM system to maximise buyer engagement and maintain up to date buyer profiles.
- Multiple communication platforms integrated to maximise buyer engagement, such as Whatsapp launches.
- Detailed Heads of Terms / Deposit Document, significantly reducing deal abortive rate.
- Inclusive Due Diligence Collation Service provided by an external party if required.
- Dedicated CQC Transaction Co-Ordinator who processes your applications.
- Transparent Fee Structure; maintaining full impartiality across all buyers.
- Over £160,000,000 in collective value of practices sold in the last financial year.
“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.”
Philip and Carol Baron
What do valuations include?
A cost base analysis, how do you compare to other similar dental practices we’ve valued?
The Profitability & Occupancy Rate of your Hygiene Chair
Exit Planning and an Indication of Likely Post-Sale Commitments
A line-by-line breakdown of how your practice has been calculated
Frequently Asked Questions
If you’re looking to sell your practice then the process of selling will vary from practice to practice. Once you have an agreed market value there are several routes to market to maximise interest and target buyers that are looking for a specific type of practice. It goes without saying that confidentiality is at the heart of the whole process and we have systems in place to mitigate any concerns.
Once an offer has been accepted, there are various agreements you can enter into with the buyer. The structure of the deal can actually be more important than the ultimate purchase price. The sales process can be lengthy and there are commercial discussions, which require knowledge and understanding to ensure the correct terms are agreed upon.
In summary, in order to sell your dental practice you’ll need a valuation health check and an expert valuation of your property, to market your practice, come to an agreement with the buyer and finally complete all the documentation and registrations in a timely manner. At Dental Elite, our highly experienced brokers can help you through the entire process.
Simply get in touch today to discuss your circumstances and arrange a free valuation.
Working with advisors, agents, solicitors and accountants experienced in the dental industry is the best way of achieving a faster sale. However, dental transactions typically involve a number of third parties – e.g. the CQC, your Landlord and the NHS – all of whom could impede the pace of your transaction. A dedicated team is often required to manage this process, which is why we have a dedicated CQC and Sales Progression team to keep things on track.
At Dental Elite, we have over 5,500 buyers registered on our database and rising, all of whom are searching for practices all over the country. This means that we can reach as many potential buyers as possible and find the right one for you. We use an intuitive CRM system that helps maximise buyer engagement through various media channels, including email, SMS and, most importantly, WhatsApp. Buyers also have the option to update their profile directly through our CRM so we know who’s looking and who isn’t.
An Experienced Team
We have been established for over a decade and most of our team have been working in the sector since before the inception of the 2006 NHS contract, which means that we can boast more than a century of experience across the dental sector. Our directors are recognised as being part of the first agents to openly talk about EBITDA being a more valid basis for dental practice valuation and the professionalisation of the agents.
Of course, as the market moves all the time, it’s important to keep tabs on current trends and conditions. At present, we broker well over 100 of the estimated 470 annual dental practice transfers, which puts us as one of the top two busiest agents in the country, so we certainly know a thing or two about completing dental practice sales.
A Personal Consultant for Every Stage of your Practice Sale
There is nothing worse than getting passed from one person to another when all you want is the answer to a simple question. This is why when you choose Dental Elite, you will have a main point of contact all the way through the process who bears ultimate responsibility for your sale. Your consultant will not only conduct the initial meeting with you, but they’ll also complete your dental practice valuation, write your valuation report and prepare you for market. They will also oversee your entire sales process, covering everything from viewings to agreeing on the Heads of Terms.
All the while, our consultants are supported by our office-based Sales Progression and Business Support teams, so although you may speak to different people with different expertise throughout the process, only one person is responsible. This means they are fully accountable for your practice sale both to you and to the business’ directors. This is the only way we can offer every practice a bespoke service, as the consultant has to understand the practice to prepare the valuation, ready it for market, and ultimately, sell it.