Welcome to The Sellers Hub

We understand the decision to sell your practice can be several years in the making. We would recommend you start to plan up to 5 years before the time you’d like to sell. To help start your planning, we have created a selection of blogs, on-demand webinars and tools with top tips for you.

Your Business Development Consultant can also work closely with you to formulate your retirement plans and is experienced in helping you to maximise the value of your practice.  

If you would like more bespoke support available to our members, it’s easy to get in touch with us on 0800 169 7660. We can set up a meeting with your Business Development Consultant to help you through the sale.

Thinking about selling

First steps:

Maximising the value of your practice

When you’re thinking of selling your practice, you of course want to achieve the maximum value for all the hard work you’ve invested into it.  To check if you’ve maximised the goodwill value, you can ask three key questions:

 - Have you made the most of every income opportunity?

This can be as simple as making sure you’re fully utilising the space you’ve got in your building, optimising your diary or looking at your mix of treatments.

 - Is your business as cost effective as it could be?

Doing rough calculations on your treatment costs to ensure they’re all giving you a net profit is a good place to start. Check your payment plans and the fee category your patients are on to ensure it reflects the treatment they now need.

 - Is your practice a desirable purchase?

Take an objective look at the practice with fresh eyes, is the internal and external appearance desirable? Will purchasers have to spend money as soon as they complete? Review the patient journey using our template  as a guide to what you should look at when assessing your practice.

Identifying areas for change could really impact your bottom line which will help to get the best return on your investment. Read even more about possible changes in our blog.

Retirement planning

If you’re thinking about selling your practice it’s potentially in line with your thoughts of retirement. If so, our blog 'thinking about retiring from dentistry?' has ideas on what you need to consider in your plans, when they should start and who you should speak to for advice.  Julie Leddy, Business Development Consultant, also shares her observations on the common pitfalls in the lead up to retirement in her blog Intentions vs Reality.

If, as part of your retirement, you’re thinking of succession planning, a 50:50 equity partnership with Simplyhealth Dental Partnerships may be an option. If and when you wish to leave the partnership we take on responsibility for finding a suitable successor, you can be rest assured that the legacy and heritage of your practice will continue. The Simplyhealth Dental Partnerships booklet contains more information or visit our website to find out more about this.

Expert services

Selling 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.

 - Practice Agency

Practice agencies specialise in dental practice sales and valuations. They’ll support you in finding the right, engaged and viable buyers and will market your business so its value is demonstrated in the best way.

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 in order to understand what the process is like and what their experience with the broker was like.

- Legal

When selling a practice there are many items that need careful and detailed consideration to ensure you have a smooth and successful sale. 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.

 - Financial

Engage with financial specialists to ensure you have an accurate valuation of the practice Goodwill and, if applicable, the property. They will help you to prepare the finances that will need to be shared with the buyer, demonstrating the practice value. And can support you with your retirement planning including ensuring your retirement fund is healthy and how tax could affect it. You can find a list of NASDAL accountants here

Preparing to sell

How to prepare for the sale

How your buyer will assess the practice

In order to demonstrate the financial health of your practice, you will have to prepare and collate an array of information for your buyers so that they can build a picture of the practice and analyse the opportunity it could offer them.

By preparing the information ahead of time, you can create a Buyer pack that the purchaser can take away and review following their viewing. 

The buyer pack can include the following to support the basis for the practice valuation: 

  • Practice accounts and practice audits demonstrate the business profitability and financial basis for the hourly rate of income generated in practice 
  • Practice manuals showing that the business meets all relevant legislative and compliance standards. 
  • Staff files to support the value of current staff to the business 
  • Patient and local area information

A more detailed checklist of a sample buyer pack with an outline of the information to include can be found here

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.

Catherine Rutland, Head Dental Officer at Simplyhealth Professionals, gives her expert advice in what to consider in a due diligence webinar.  When watching the webinar you'll notice a resources section that contains further information and checklists to support you.

What to prepare?

Our action plan template outlines all the different areas to consider when preparing for the sale, you can use this template to outline your thoughts on the different sections and keep track of your progress leading up to the sale.

 -  Telling your practice team

You may want to keep your plans and intentions private and confidential until you are sure the sale will proceed. When discussing plans with us, we will always keep our discussions with you confidential unless you tell us otherwise.  We have experienced sales in the past where staff are not told of the sale until contracts have been exchanged, and others where the team have been involved in the early stages and become advocates of the practice to potential new buyers. You can find more information on the benefits and drawbacks of both approaches here 

Consider making a transition plan with the buyer to support the change in ownership and to reassure the practice team. Having the transition pre-planned will help you to think of all the different components and will ensure that the practice runs as normal from day one.

  - Transferring your Denplan patient list 

If you have a Denplan patient list in your practice, the patients will need to be transferred to the new owner once the sale completes. We'll support you through the whole transfer, keeping your plans private unless you specifically request that we share the information. We work with you to give patients the required one month's written notice and customise a letter to suit you and the buyer, which we sent free of charge on your behalf.

The earlier we can get started on the transfer, the smoother your transition will be.  To begin, just fill in the Selling a Denplan patient list form and email it to us at [email protected] or call us on 0800 169 7660 if you would like to discuss your circumstances.

The Sale

The final stages

Moving out

Once you’ve got an estimated sale completion date, you’ll be able to start thinking about the practicalities of handing over the practice ownership. 

 - Contracts

You’ll have to review all your existing contracts and agree on any necessary actions to release you from them. Take note of the notice periods and which terms and conditions apply to terminate the contract and, where applicable, which contracts are transferrable. 

For maintenance or inspection contracts paid in advance, check whether the pre-payments are going to be adjusted automatically due to the cancellation of the contract. Inform your solicitor of the type of contract, start and finish dates and payments made and they will apportion them on completion.

 - Utilities

Inform utility companies of the move and arrange when and how to make final payments. Put in writing that the utilities will be terminated on completion, with the proviso that you will contact them within one week of that date to confirm any changes or inform them of the new owner.

For more information, our Preparing to move out  guide contains some key aspects to prepare ahead of sale completion and the Inventory template is a useful format to list all inventory items.

Existing payment plans

Prior to sale completion, we’ll need all the details in place to ensure both your Denplan patient list and their income is transferred to the new owner. If you haven’t already, fill out the Selling a Denplan patient list form and email it to [email protected] or call us on 0800 169 7660 as far in advance of sale completion as possible.

Telling your patients

If you have a Denplan patient list, there is a contractual obligation for you to advise the patients of the change in ownership. Our dedicated Goodwill Transfer team can work with you on writing the letter. As long as it contains the necessary contract change wording, the rest of the message is up to you. It can be a personal message of goodbye, and an opportunity to introduce the new owner. Tips on what we’ve seen work well in the past have been summarised by our own copywriting team in a helpful guide.

The team will then send the letter on your behalf to your Denplan patient list free of charge. If you’d like to also send the same letter to all your non-Denplan patients in practice, do get in touch and we can discuss the mailing, call us on 0800 169 7660 or email [email protected]