Planning ahead for an eventual sale is crucial to ensure that you maximise its value and therefore achieve the highest price for your practice when you’re ready to move on. There are several things to consider; perhaps you want to look at retaining your property and are looking to create a lease. If you're a private dentist, there are matters such as tie-in and deferment to be considered. You'll also need to think about the lease terms, rent and potential investment.
There is a growing list of buyers looking for all types of dental practices throughout the UK, and demand is outstripping supply in many regions. On average, Christie & Co gets 10 qualified viewers for every practice marketed and in the last year, we sold or valued in excess of £200m worth of practices. There’s a lot going on in the market.
When it comes to choosing an agent or adviser, what should you consider? A good agent will keep both the buyer and seller regularly informed and listen to all requirements, and they should be on hand for advice at all times with information on the marketplace. Arranging viewings out of working hours is of course important to many practice owners, so their ability and willingness to be flexible is paramount.
Knowledge of your local area and experience in selling other practices nearby is also extremely important so you can be sure that the value the agent gives your practice is based on real evidence. This will also mean that they know the buyers who are interested in acquiring practices in your area so they can make introductions swiftly. A good agent should also vet all potential applicants to ensure the availability of funds and that both parties know the other’s situation and requirements.
It is never going to be easy selling a practice that you have spent all of your working life building up. In addition to the emotional factors there are the legal, financial, regulatory and many other issues that have to be taken into account before matters are complete.
As a RICS regulated firm (the only one active in the practice sales market), we understand the importance of professionalism and adhering to industry standards. So if you’d like to talk about your options or want to understand the current market, get in touch for free and confidential advice.