Preparing for buying a practice

How to prepare

 

How to assess your chosen practice

 

Purchasing the practice at an incredible price does not necessarily mean you’ve set yourself up for success. Getting great value for money, with valuable opportunities at an acceptable price sets you up to meet your long-term aim, and your vision of success.

 

In order to analyse the value of the practice and the opportunity it could present you, ensure you request all the information required to build a picture of the practice. A checklist for a buyer and what to expect in terms of information on the practice can be found here.  

 

Once you’ve received all the information, your team of specialists will support you in assessing the practice. Your dental accountant will be able to point out any areas of concern in the accounts. Your solicitor and broker will be able to analyse the price, to check if it is within the current market range.

 


Due diligence


Due diligence is an area of the sale that we recommend you focus on. Carrying out thorough due diligence will help to highlight any potential areas of concern at an early stage, and will support a smooth transfer of the practice later. Once the full clinical due diligence has been carried out, consider including protections in the sale agreement.

 

View our webinar here from Catherine Rutland, Clinical Director at Denplan. Providing guidance and expert advice on what to consider for due dilligence you will also be able to access to resources and further information.

 


What to prepare?

 

Once you’re happy with the practice and have had your offer accepted, you’ll be in a position to prepare some essential items that you’ll need in place for sale completion.

 


Regulators: CQC


Providing primary dental care services in England without registration to the CQC is an offence.  The registration itself can take a considerable amount of time so it’s very important to get started as soon as you can, ideally allowing at least 12 weeks prior to sale completion. 

 

To support you with your registration we have information from Dr Catherine Rutland, Clinical Director in this webinar and if you’re a member, there is further detailed support on your Dashboard.

 

Taking on a Denplan patient list

 

If you have a Denplan patient list in your new practice, the patients will need to be transferred to you once the sale completes. We’ll support you through the whole transfer, keeping your plans confidential unless you specifically request us to share information.  We work with you to give patients the required one months written notice, customizing a letter to suit you and the vendor and sending it free of charge on your behalf

 

The quicker we can get started on the transfer, the smoother the transition will be. 

 

To start, just fill in the Buying a Denplan list form and email it to  [email protected] or call us on 0800 169 7660 if you’d like to discuss your circumstances. If you’re not yet a member, also complete and email the membership form and we’ll get everything set up for you.