Very few of us would attempt to tackle a complex problem, in an area outside of our normal expertise; a successful solution at the first time of asking would be highly unlikely and therefore require a large degree of good fortune. Most of us would prefer not to leave things to chance, particularly if that complex problem was a key career, business and financial decision.
Selling a dental practice will be one of, if not the, biggest financial and professional transaction many dentists will undertake in their careers. It makes sense therefore to approach the process in partnership with a team of experts, whose business it is to get the best valuation and sale for your practice, and who have a proven track record of delivery and expertise.
Engaging the help of an expert will mean the prospective seller will be urged to show resilience and perseverance. The first offer may not be the best, and it’s important to get the best deal for you, which may not necessarily be the first one that’s offered. There may be hurdles to overcome, but with the support and guidance of an expert team like Frank Taylor & Associates (FTA), the process can be navigated smoothly and successfully.
Another key lesson for any seller is to ensure all their paperwork and documentation is up to date. The sale can be delayed whilst key documents are found and shared. Such administrative hold-ups are avoidable if everything is ready in advance.
Oliver Acton of FTA recalls the recent sale of a Cambridgeshire-based practice. “The practice was on the market in 2021 but with minimum progress, due to uncertainty at the time about interest rates, inflation, utility prices etc, the client decided to withdraw the practice from the market. We kept in touch and the practice was put back on the market towards the end of 2023. The sale was relaunched to the open market and within three weeks an offer had been accepted after a high level of interest. FTA were naturally delighted to partner with the seller throughout the process.”
“It’s a great example of the power of a couple of the tenets that we believe are important in any challenge, namely determination and teamwork. Working with the practice team, we were able to turn what had been a demoralising experience a couple of years ago into a successful and rewarding one for the seller second time round.”
For those considering the sale of their practice, this story serves as a great reason to start a conversation with the FTA team – get in touch on 0330 088 1156.
