Purchasing a dental practice
Have you been working as an associate for a while and want to take that next step towards fulfilling your dream of owning your own dental practice?
Or do you want to relocate your existing practice?
Strictly Confidental have many years of experience in this field and we have a sterling reputation for providing advice and information for successfully purchasing new premises for a practice.
Give us your wish-list of what you are looking for: location, size, etc. You can leave the rest to us.
Some things we like our clients to think about are:
- what post codes do you want to consider?
- is ground access important or not?
- parking availability – is this a necessity?
- are you looking to own or lease?
- NHS or private?
We do all the groundwork to let you get on with your day-to-day work while we source the relevant information for your new venture.
Strictly Confidental will go through every detail with you and offer advice when purchasing a practice:
- find a good commercial lawyer
- lodge note of interest
- contact your financial institution
- requirements for lending
- current property survey report
- equipment valuation
- goodwill valuation
- three years accounts of proposed acquisition
- personal banking details
My friend and now business partner Paul both had the dream of owning our own dental practice together, but as it’s generally a once a lifetime purchase we knew nothing about the daunting process of purchasing a dental practice and felt we needed guiding through this very complex process. A fellow colleague passed us Strictly Confidental’s details and after meeting the team, we quickly realised that they are experts in the field with the experience to match.
Their skills lie in not only knowing what is up for sale but also what is coming onto the market, and it takes someone to keep her ear-to-the-ground on your behalf, so that you get the best practice suited for you in the right area. They have built up an experienced team of professionals to help smooth the process of buying or selling, with various banks, solicitors, accountants, printing/design and tradesmen. They know who is best-suited to help in any given situation. Their background is in representing dental supply companies, which means that over their careers they have visited more practices than I've given MOD fillings.
This experience is invaluable in helping the new practice owner decide what level of internal decoration or re-branding is needed, first impressions are of a practice and what type of patient you can expect to attract. Strictly Confidental’s expertise and experience is very reassuring to have on your side when there are any aspects of negotiating to be done. And let’s face it; with every deal there are certain important and sensitive aspects to discuss. Strictly Confidental met us regularly before any such meetings took place to prep us and hold our hands throughout the entire process.
Whether you're buying or selling, there is nobody who knows the dental market better than Strictly Confidental does. At the end of the process we not only have the practice we dreamed of, we’ve also gained a good friend and mentor in Trisha.
Paul McAllister and Gareth McMorrow BDS Lansdowne Dental Care, Glasgow