How to secure your dental practice sale in just 30 days
Frank Taylor and Associates explore the ways you can secure a dental practice sale in only 30 days, providing you have the right team in place.
It is possible. It is dependent on wizard planning and assembling a team that shares this desire and has the skills to make it happen. Without a co-ordinated team, with a shared vision to get the deal done, it just won’t happen.
Before you start the clock ticking you need to value your dental practice and understand what due diligence documentation you need. You can prepare this paperwork well in advance of starting the sale process.
Your valuation should come from an independent company that has up to date comparable data. Out of date comparables will render your valuation useless. It will also create questions and delays and reduce the chances of your dental practice sale going through quickly.
To sell your dental practice in 30 days will also require you to work with a motivated buyer who has their finance lined up and be a cash buyer. A sophisticated buyer will already have a relationship with a bank who is ready to back the deal. Whilst many purport to be cash buyers, in reality there are very few true cash buyers.
If it is a leasehold property you will need your landlord onside so they can reassign to the buyer smoothly. The landlord is your Achilles heel in expediting your dental practice sale. In many cases the landlord has little to gain from switching tenants and could drag their heels. You may need to incentivise the landlord to act quickly. If you own the freehold, you have control, so this is more straightforward.
You will also need solicitors acting on both sides of the transaction that share a ‘can do’ attitude and give your practice sale their complete attention. Experience working on dental practice sales is important. But the capacity and attitude to move quickly is just as important. Paperwork will need turning around the same day if you are to secure the sale of your dental practice in just 30 days.
Progressing your practice sale
It’s highly likely you’ll be with patients during the day. So you will also need a sales agent with a team dedicated to progressing your deal on a daily basis. A team able and willing to update you out of hours. This is not the valuer as seeing other clients will distract them. You need a team focused on your deal. The sales agent is your liaison between the buyer, both solicitors, bank or loan broker, and landlord. Unless everyone is moving together then the deal won’t happen.
With these elements in place, and not allowing any slippage to creep in, you can secure your dental practice sale in just 30 days.
For more information on progressing your practice sale, visit www.ft-associates.com.