The biggest interest in buying a practice has come from associates, not principals, it has been revealed.
During the ‘lockdown’ period, the dental practice sales market decelerated as the UK’s economic future was thrown into question.
However, over the last few months there has been an encouraging surge in activity, according to Frank Taylor and Associates (FTA).
It believes that having more time to think and evaluate will lead to some principals wanting to take stock of their business. But they say the biggest surge in interest came not from principals, but from associates registering to buy a practice.
Control of own destiny
‘The main reason for this increase in activity is the lack of control many associates are feeling about their careers. Particularly in private practices,’ says Lis Hughes from FTA.
‘This was illustrated really by two factors. Firstly, the lack of government support for anyone earning over £50k per annum. Secondly, that when practices returned to work, many associates saw their pay rates, and therefore annual income, reduced.
‘The obvious way for them to address this, and take control of their own destiny, would be to own a practice.’
Adapt and change
But the company found that not only are potential buyers increasing, but the geographical spread of practices for sale is changing.
Unsurprisingly the popular areas remain. Equally, practices are now being sold in areas where historically there has been less interest. This may be down to the change in working patterns in response to the pandemic. As more people work from home, rural settings are becoming more appealing.
As a result, FTA believes this spike in demand indicates dentistry will adapt and change to the new environment.
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