This is a critical part of buying a dental practice as it helps you figure out if all the info you’ve been given is actually accurate. We will even act as an intermediary between the banks, solicitor and accountants and also manage the CQC process for you to make sure that everything is in place for completion. However if you are buying a practice you should not wait until you have purchased to make contact. Do your own due diligence. The more profitable a dental practice is, the higher its value will be. You negotiate these terms, then sign the contract, which means the sale will go through at this price, provided everything else falls into place. Buying a Dental Practice with Samera. To get you started, here are top tips from Dental Elite on key areas, from building the right career history to securing the perfect practice. Ross Martin blogs: It has been estimated that it costs approximately £250k to set-up a 2-surgery squat practice … As such you should make sure that you have experience in what you are looking to purchase and that you can comfortably afford to buy it! Altogether, securing the right deal for you at the best rate possible is a selective process, so you need to make sure you are giving yourself the best opportunities. The sooner we become involved in the process of helping you to buy your Dental Practice the more likely it is that your purchase will be successful, so please contact us today. All you can do is stay positive and ensure you utilise the services of a solicitor who knows practice acquisitions like the back of their hand. Yes, nothing is stopping you from buying a practice that has an existing NHS contract. Buying or selling a dental practice will probably be one of the biggest financial transactions you will ever be involved in.. And whilst your years at Dental School will have trained you to provide an excellent clinical service for your patients, no one ever teaches you how to buy or sell a dental … If everything is primed and ready, then it’s much easier to move the process along. Stretching yourself to the top end of your financial capability could also jeopardise the success of finding funding. As there are a number of pitfalls that you can encounter during the transaction, it is absolutely essential that you surround yourself with professionals that have experience in doing recent transactions within the dental arena. Description of service/products – can you do this type of work? If there is a broker involved in selling the practice, they will have done the … Written Quotation will be provided on request. It’s rare for a sale to go through quicker than that, but there are instances where it takes longer. We offer accounting services for dentists and can help you with issues revolving around tax, funding your dental practice, and so on. So, we’ve compiled some of your main questions in this guide, and we’ll answer them for you now! When buying a practice there are many items that need careful and detailed consideration to ensure you have a smooth and successful purchase. 992 9872 42, Sell Your Dental Practice with Dental Elite. In some cases, the seller actually wants to continue working there as a dentist, they just don’t want to take on all the control and responsibility needed to run the practice. Medical Elite Recruitment and Practice Sales Ltd t/a Dental … As with any other property purchase, buying a dental practice … We receive numerous new instructions of practices coming to the … It prevents instances where an owner can give you false account figures or records, just to try and sell their practice for more money. Some of these are caused by the seller and tend to revolve around negotiations and due diligence. As well as this, you’ll assess the health of all the clinical equipment, cabinets, and anything else that might need to be upgraded or replaced. Registered Office: The Warehouse Anchor Quay Penryn Cornwall TR10 8GZ Registered in England & Wales No. Creating a sound business plan is an essential aspect of practice acquisitions, as it both gives the banks confidence that you have thought about the acquisition and gives you a guideline of where you want to go with the practice in the future. Business aims and objectives – do they fit your CV? The short answer is yes, you do. Looking to buy a dental practice? Buying a dental practice is significantly different from buying a home or another business. We’ve been married now for seven years and it’s taken this long to find something. Shop and Secure Insurance Policies. They need to know what goes on during the process, or else they can’t help you appropriately. If you’re thinking of setting up a new practice then, it can be done for as little as £55k. For a leasehold particular consideration should be made to the length of lease if that is the avenue you wish to take, as the banks will only lend to the length of the lease. Well, this will depend on the value of the dental practice, but it’s highly recommended you have at least a 10% deposit when you’re looking to buy. Buying a dental practice is a huge commitment, so if you are looking to become a principal, there are a few things you will need to consider. Step 4: Agreeing on the Heads of Terms – the Heads of Terms are essentially the terms of the sale. There’s no real point going any further back as it doesn’t make much of a difference in the way the business is run today. Buying a Practice. Our panel of experts will take you through all the pros, … Please either call us now on … It’s not essential, so weigh up the pros and cons before deciding if you want your own dental practice or one with a partner. There are many variables to take into account, but most people will focus on EBITDA. Definitely! DE Finance can help recommend you as a purchaser by assessing any target practice that you want to bid on. As such it is a good time to invest in a practice (or a group of practices) or even to sell your own practice. Yes, it’s true. Company Reg No. To stay ahead of the game make sure you are up to date with dental practice acquisition processes – it could make all the difference to your outcome. Yes, and this will be part of the clinical due diligence tasks. Yet banks are not the only option for financing the purchase; there is an alternative way that can … This helps you understand when items were purchased by the practice, which ones were removed, and so on. This seminar is CPD accredited and suitable for all Associate Dentists or other dental professionals considering buying a practice. I’ve had my own business for 20 years now. Throughout the complex process, Mediclub will point you to … One is to borrow from a financial institution, and the other is equity funding, where an investor or consortium of investors … By assessing the accounts and looking at the income and other factors, we can see if the dental practice is on an upward trend – or if things are progressively declining. Ensure you have all your relevant certificates like your GDC registration. Whether you are in debt or you own a Ferrari and a flat in Mayfair, the banks will want to know about it. Not only have we been helping the UK’s dentists to buy, start and sell dental practices for nearly 20 years, we are dental practice … Step 5: Due Diligence – this is a job for your legal team as they assess critical areas of the dental practice to ensure that you’re getting exactly what you’re paying for and there are no hidden issues. When buying your first practice we suggest you find people with extensive experience in the dental industry, from solicitors to mortgage advisors and sales agents. Of course, one of your key concerns when buying a dental practice is ensuring you buy it for the right price. We have been … The UK dental market is buoyant, worth £7 billion and with underlying long-term growth driven by a number of factors. But before you can proceed to run and grow your practice, financing its purchase is the first port of call. Within it you should include: Take advice from dental professionals on the best acquisition structure for you. The landlord, selling dentist, and the lending institution may all … The bottom line is that you can’t go at it alone! If there are any errors or incomplete details the application will be rejected, so make sure you read the questions carefully and give yourself sufficient time to fill in the form (roughly about eight hours). Medical Elite Recruitment and Practice Sales Ltd t/a Dental Elite and DE Finance is authorised and regulated by the Financial Conduct Authority. We receive numerous new … Contact our Dental Practice Brokerage Solicitors From arranging valuations and preparing reports to drafting and reviewing contracts of sale, the service we provide is comprehensive. The idea to buy a practice rarely comes up, and they might not think about how to own a practice. Review the information given to you by the seller’s team with your dental specialist solicitor, and if there any issues, raise them sooner rather than later. “It just goes to show that if you put the work in and execute your exit plan carefully, you can achieve a lot more from your practice sale.”, “Having an agent as an intermediary between myself, my solicitor and the other party and to act on my behalf was very helpful, especially when it came to my solicitor who tried to add on additional charges”, “I wouldn’t hesitate to recommend Dental Elite to a friend or colleague.”, Dental Elite, Suite 4, Bloxam Court, Corporation Street, Rugby, Warwickshire CV21 2DU, Medical Elite Recruitment and Practice Sales Ltd t/a Dental Elite and DE Finance is authorised and regulated by the Financial Conduct Authority. When you own a dental practice, you need to be an expert clinician, expert patient manager, and expert business manager. Market and competitor information – are there any threats to your business? Buying your first dental practice Buying a dental practice can be complicated as there are a multitude of things you need to contemplate. DE Finance can help with this, from giving you advice on your career history right through to completion of the sale, saving you time and money along the way. Looking to buy a dental practice? Other than that, the key is to be patient; gathering documentation can take a long time, with delays often expected along the way. For other dentists, opening their own dental clinic is an exciting aspiration. Most purchasers will want … Don’t worry, your solicitor will help you with this! Equally DE Finance will help co-ordinate this information and handle any communication between parties to ensure that all documentation is completed and returned ready for completion. Step 3: Offer – if you’re satisfied with what you’ve seen, then you can negotiate an offer for the dental practice. 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