In most areas of life if we are faced with a decision in an area for which we aren’t an expert, we will seek professional advice, whether that is repairs to the car or the home or an appointment with the doctor. Put simply, we want to minimise the risk of making a potentially costly bad decision or misdiagnosis; it’s exactly the same reason patients come to see a dentist after all – their professional opinion and judgement is highly respected. It’s surprising therefore that fewer people don’t engage the services of an expert when it comes to making one of, if not the, biggest financial decision of their careers…the sale of their practice.
Manhar Segal recently sold his Millenium Dentistry practice, with the help of Frank Taylor & Associates throughout the process. Reflecting on the experience now, he is adamant that partnering with Frank Taylor was one of the best decisions he made, “Right from the very beginning with my initial contact with Andy Acton it was clear that the knowledge he possessed of the market was second to none. Overall, the service provided by FTA was simply par excellence”.
Andy has much knowledge to impart, having worked in the industry for nearly 25 years. One key component is the importance of marketing using an independent database. “It’s crucial, as it will ensure you get a fair appraisal of the value of your practice. The more data points you have, and by that I mean the bigger and more comprehensive the database of potential buyers, the more you can be certain you are getting the best and most realistic price for your practice” It’s a view backed up by Manhar, “we had tried other agents, and in fact had nearly sold at way below the price FTA helped us achieve, so we are delighted we got FTA involved when we did.”
“Another factor, perhaps less easy to quantify, was that we had built the practice up as a family run independent”, continues Manhar. “Not surprisingly perhaps, we felt a sale to a corporate wouldn’t have been to the liking of our patients, so we were keen to sell to another independent. That’s where the contacts and database of Andy and the team at Frank Taylor were so important. We would never have had access to that network, never have had that insight or knowledge, but to be able to call on it and have FTA help us every step of the way was invaluable. We really couldn’t have done it without them”.