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Not quite ready to sell your practice? Here’s what you can do to prepare today

In this blog post, Joel Mannix - Head of Dental, shares some tips on preparing for the sale of your dental practice.

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Whether you plan to sell your dental practice within the next year or the next five years, it is essential to start preparing early. By doing so, you can optimise your sale and maximise your practice’s potential when the time comes. 

If you are contemplating your exit strategy, here are some things you can consider ahead of time:  

  • If you plan to sell imminently, spending money on small tweaks and furnishings won’t necessarily translate into value. Many buyers will want to put their own mark on the decor/furnishings when they take over, so this may be a wasted expense 
  • Keep a close eye on costs – are you getting the best prices suppliers can offer? Have a clear plan to show how you are tackling any rising costs such as heating, lighting, and wage costs 
  • Ensure you have a team of trusted advisors in place – Dentistry is such a niche sector and navigating the aspects of a dental practice transaction can be complex and, at times, frustrating. Seek advice from industry experts such as specialist dental accounts, solicitors and brokers 
  • Finally, and most importantly, keep your accounts and management information as up-to-date as possible. This will help to assess the business’s current trading performance rather than the previous year’s levels 

Remember, selling a business is a significant decision, so seeking professional advice and understanding the market dynamics are crucial for achieving a successful sale. 

To find out more about your business’s potential, contact Joel Mannix: / 07764 241 691 

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