What do you want from your practice sales broker? Expertise and professionalism? Sure, but how about securing 60% more than the original valuation?
Keen to forgo the responsibility and stress that comes with running a busy dental surgery, Dr Pujan Soni is indebted to the negotiation and professional skills of Dental Elite. In particular, he is full of praise for its director of practice sales, Phil Kolodynski, who facilitated the sale of his East Sussex practice.
Pujan qualified with a BDS from University of Wales College of Medicine in 2004. He has a keen interest in restorative dentistry, focusing on smile makeovers, and crown and bridgework. He is the principal of Eastbourne Gentle Dental, which he set up in 2018. So, why did he sell?
“I really felt the need to de-stress,” he says. “And while not the principal driver, money was also a factor.”
In the initial stages of selling his practice to a major corporate, Pujan was leading and structuring the deal himself. However, progress stalled a month before completion because staff costs had increased significantly and the corporate wanted to renegotiate. This was the point Pujan sought the assurance of a professional broker to represent him and to ensure he got the best deal possible.
Fortunately, Pujan came across an advertisement for Dental Elite. “That advert really stood out,” he recalls. “It highlighted its involvement in a renegotiation that achieved £2m more than the original asking price!”
And while he did speak to several other brokers, his conversation with Phil won the day. “After speaking with Phil, there was only one clear winner. He was so professional, knew his numbers and had dealt with similar sales situations like mine before. He filled me with confidence,” says Pujan. “Phil had the invaluable experience, contacts and professionalism needed for a smooth process.”
He cannot speak too highly of Phil. “It was an amazing experience,” he says. “Phil was always at the end of the phone, day or night, weekend or even on holiday! He always had time for me and was so professional. To anyone reading this, don’t even think about going anywhere else, go to Phil at Dental Elite!”
So, how did the deal pan out? “Phil immediately understood my requirements which was to achieve as high an amount possible of the initial consideration and to be able to conclude the deal as quickly as possible,” Pujan explains. “The deferred amount, tie-in period, percentage split etc. did come into it but that was all secondary.”
Pujan believes that Phil having a clear remit was part of the reason for the successful outcome. He instructed Phil to look at the figures and report back on the practice’s market value and ultimately renegotiate with the corporate.
Completing last November, Phil and Dental Elite secured a total price of 160% the original offer! “I was very happy with the deal he achieved. If you’re thinking of selling, don’t think twice – use Phil Kolodynski at Dental Elite!” beams Pujan.
The team at Dental Elite has more than a decade of experience in the buying and selling of dental businesses. To find out how Dental Elite can assist with your business decisions, contact them today.
For more information contact
the Dental Elite team on 01788 545900