Eight steps to selling your dental practice
Are you looking to sell your dental practice? Rodericks gives you eight simple steps to follow before you do.
Whether you want to break free, stay on or wind down, deciding to sell your dental practice and ultimately change the work lifestyle you have become accustomed to can be a big step. Ensuring you are familiar with the journey you are about to embark on can prepare you mentally, but can also ensure the process is completed in an efficient manner to reduce possible stress and worry.
When you look to sell your practice, there are eight simple steps you should adhere to follow.
Step one: understanding your role
Ask yourself what you would like to achieve from selling your practice;
- Would it be financial freedom?
- To retire?
- To reduce your working hours?
- To return to being just clinical?
- To take up training or a higher clinical role?
Whatever it is that is driving you to sell, remember that buyers need to be aware of this from the offset.
Step two: get your paperwork ready
Once you have made the decision to sell, the last thing you want is for the process to be dragged out. Getting your practices paperwork up to date can help keep you one-step ahead and ensure there is nothing missing that could delay completion.
Step three: preparing your staff
Although at this stage you may not necessarily want to inform your staff that you plan to sell, you can ensure that the transition of the sale affects them as little as possible. You can do this by:
- Ensuring their contracts are up-to-date, signed and include all amendments that have been agreed
- Their immunisation, indemnity and GDC certificate are all up to date and valid
- They are up to date on their CPD training.
Step four: choose your lawyers
From the offset, you will want to seek legal advice on decisions and agreements the buyer will propose to you. Dental acquisitions are a niche market, and it is therefore vital you appoint a legal firm whose knowledge of the dental industry allows them to advise you accurately. Take your time, ask fellow colleagues of good recommendations and ensure that you pick a legal firm you are happy with.
Step five: be upfront and honest
Anything you fail to disclose during the DD process could affect the sale price agreed or could lead to a post completion legal case for misrepresentation or breach of warranty. To save any possible hassle, remain open and upfront throughout the sale.
Step six: manage your expectations
When a dental sale takes place, most will be looking for a quick and efficient transaction. Nevertheless being aware of possible delays from third parties can help reduce frustration and keep timescales realistic.
Step seven: prepare for CQC
If you are not a limited company, CQC will need to be informed of your practice sale and an application will need to be processed for the change of ownership. This application can take anywhere from eight-12 weeks to complete. If this is applicable to you, your lawyer will advise you on when it is best to begin this application.
Step eight: be property wise
Whether your practice is freehold or leasehold, there will be a series of property certificates that the buyer will want to see before the sale takes place. If your practice is leasehold, a copy of your lease will be required early on in the process, and therefore having this readily available will help manage timescales.
With all this in mind, if you are looking to sell, Rodericks Dental is one of the market’s leading groups with over 74 practices nationwide. Its experienced acquisitions team is here to guide you through the sale process, and its support structure created from highly experienced and professionally driven individuals will always put first the needs of your practice, your staff and your patients.
If you would like an informal chat to discuss your options, all enquiries are handled in the strictest of confidence. Please contact Rebecca Bird on 01604 602491 (option 5). Alternatively, visit our website at: www.sellyourdentalpractice.net.