If life is a rollercoaster then you are about to ride through one of the most thrilling parts of your career - buying a dental practice. Whether you are hoping to buy your first practice or are keen to build a dental group empire, we can help you achieve your goals.
That is because we have supported many UK dentists start and expand their own dental practices and can now share our tips and tricks with you through the complex buying process. Ultimately, we want you to realise your professional dream of providing vital oral healthcare and cosmetic treatments to the public.
The duration of a buying process hinges on whether or not the buyer and seller can agree upon a price and contract terms. We can speed things along by avoiding any unnecessary delays under our watchful eye. We can guide you through the transaction to ensure it is legal and that your resources are secure. This include filing the correct forms to Care Quality Commission (Who Are The CQC) so that you can trade, helping you secure the best borrowing terms from banks to fund the deal, and introducing you to the right property lawyer who can ensure any lease for your new dental practice is correctly assigned to you.
Buying a dental practice can be complex with a lot of boring but crucial paperwork and negotiations. We can help you overcome the puzzling process by using our expertise to guide you through the sale and doing the legwork when needed. This starts by reminding you that you must get a valuation from an established provider to ensure that the purchase price for your chosen dental practice is accurate.
The valuation from the seller must always be independently assessed. This is where we can help by guiding you though the Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) process.
We can also help you prepare for the sale by supporting you through the due diligence process and taking a magnifying glass to everything from the accounting books to the exterior of the practice. We can also introduce you to a specialist dental lawyer who will know the right questions to ask so that you can assess the business and plan for its growth.
Your solicitor can also request the seller to guarantee that the supplied information is correct in order to protect against any loss caused by misrepresentation.
Unless you are planning on buying a dental practice upfront with cash, then chances are you will need to use a bank to raise the finance for the sale. Usually, a deposit of at least 10% is standard when buying a dental practice, and the remainder can be financed from a bank.
Securing the cash is important because if you place an offer for a practice and do not have the funds available then you risk being unable to buy your chosen practice whilst also losing credibility with a seller. We can help avoid any embarrassment and delays by helping you prepare for your loan application. This includes checking your earning history and financial track record. We can also assess your ability to repay the loan with a comfortable margin of error if interest rates rise. All this will make your interactions with the bank smoother and help secure your sale faster.
Simply call 01765 698699 to learn how we could help you.
