It isn’t always easy when a buyer takes over your much-loved dental practice and the first few months of changes can be very difficult for everyone concerned. In my case, the sale of my practice took nearly two years to complete – so you need to be prepared for the unexpected along the way.
When I decided to sell my private practice, I was aware it was likely to be a long process, and I would need expert help to assess the practice in every detail to find the most appropriate buyer and push the sale through. Having already received outstanding service some years ago – when I had a free practice appraisal to set up a limited company and being highly recommended by my financial advisor as the best company to deal with private practice sales – I knew immediately where to turn.
Support from the outset
The Mediestates team – and, in particular, my point of contact Shannon Loonam – were very supportive from the start. Shannon was pivotal in reminding me to do everything necessary on my part to prepare for the sale, which was what I needed as I was completely new to the selling process.
With my practice being fully private for more than 30 years, and their expert knowledge of the market, they knew exactly the type of buyers who would be interested, especially within the corporate market, and introduced a number of prospective buyers to come and view.
Frustratingly, however, we had got a long way down the road with one potential corporate buyer when they pulled out at the last minute. I had been warned holdups like this were likely to happen, so I was prepared for a long wait. The one advantage of this situation was when the next interested buyer came along we had our due diligence already in place and the sale process could, hopefully, move along a bit more quickly.
The right buyer did come along and it seemed we were getting somewhere. However, their side of the due diligence process proved to be very demanding and, consequently, slowed the process down. It was at this point Mediestates and Shannon went above and beyond the call of duty to make sure everything went through as planned.
During this entire course of events, I soon discovered that navigating the CQC application process is a crucial part of a practice sale. It is detailed, complicated, time-consuming, and something both buyer and seller must get on top of from the start. There are a number of important stages to complete, CQC procedures to follow and any mistakes in the application process can delay the sale.
With this in mind, I would wholly recommend working with someone who, as a broker, can provide a complimentary CQC consultancy service. Mediestates experience in this area meant we were able to overcome an unexpected issue with my practice registration, something I was unlikely to have resolved easily on my own. Despite the delay this caused, Shannon was able to get us back on track and we finally reached a successful conclusion.
What the future holds
Despite the unexpected hold-ups and frustrations, it was worth it in the end and, thanks to Mediestates, the sale successfully went through last October. As part of a planned exit strategy I will continue to work in the practice for the next three years to maintain the goodwill value as patients become accustomed to a new principal taking over – with the option of staying on longer should I want to.
I also want to carry on working to ensure I leave behind a successful business for the benefit of my staff, whom I value very strongly, and keep the practice growing to ensure they have job security for the future.
With my practice being fully private for more than 30 years, and their expert knowledge of the market, they knew exactly the type of buyers who would be interested
I would highly recommend the services of Mediestates to anyone looking to buy or sell a practice, and I’d be happy to talk to any practice principal about my experiences with them. They guided me through the sometimes difficult and frustrating aspects of selling a practice, introduced me to interested buyers and, once the sale was agreed, got us successfully through the CQC process. With the company’s help I have an exit strategy in place and I’m looking forward to seeing the practice go from strength to strength.
Being a Henry Schein company, Mediestates are better placed than anyone to understand the unique challenges of the dental profession. They have access to so many potential buyers and sellers, and offer a professional, tailor-made service from the outset to completion. I wouldn’t consider anyone else.