Finding the right practice
Taking the huge step of looking to purchase a dental practice is daunting as it may well be the biggest investment you make, so it has to be the right investment. Finding a practice that suits you on every level will be key to your success, our blog finding the right practice may help to highlight the factors to consider.
- Business model
Investing time in creating a business plan that paints a picture of what you’d like to achieve in the long term, will help you to understand your requirements from the practice and what structure will support your aims.
To find out more about how to create a business plan, you can watch our short webinar to get you started.
Research the demographics of the area to understand your potential patients, understand the logistics of the location to check how accessible it is, investigate how sound the building is for your future plans and explore whether there will be a good pool of potential employees in the area.
If you’re interested in a profile report of the postcode area you’re looking to buy within, do get in touch in us on 0800 328 3223 to discuss further.
- Property & Planning
If you’re buying the freehold of the practice, consider the written valuation and whether you’d like to arrange your own valuation and as with any property, purchase a structural survey. For the leasehold, consider the terms of the lease, the length of time remaining on the lease, the obligations of it and whether the planning consent is in place for the use of the building.
Buying a practice is a team effort, you’ll be joining forces with a group of handpicked experts that are all working towards achieving a smooth sale.
Did you know becoming a member with us, gives you access to a range of additional advice, resources and expertise that will help support you as you go through the buying process and establish your future business plans. For a summary of the benefits membership – Click here
When buying a practice there are many items that need careful and detailed consideration to ensure you have a smooth and successful purchase. It is important you find a legal advisor who has dental market expertise so they understand the nuances of a dental practice, employee contracts, what warranties and covenants will be of use in the contract and any considerations for your regulatory body.
If you’re looking for a legal specialist, with dental experience, you can find a list of firms on the NASDAL directory here.
Engage with financial specialists to ensure you have an accurate valuation of the practice Goodwill and, if applicable, the property. They can also support you with the funding you require to purchase and work with you to keep you on track with your forecasted cash flow.
- Practice Agency
Practice agencies specialise in dental practice sales and valuations. They’ll support you in finding a practice that meets your requirements, maximising your resources.
There are several major dental practice brokerages in the UK, all of which can be found with a simple google search. Before choosing a broker to work for you, make sure you meet a few of them first to find the best fit for you. Ask for some testimonials of clients that you can talk to to understand what the process is like as well as the experience with the brokerage.