How to secure your dental practice sale in just 30 days!
It is possible. It will be 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 get your dental practice valued and understand what due diligence documentation is needed. This paperwork can be prepared well in advance of starting the sale process.
Your valuation should be 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 Out of date comparables will render your valuation useless.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 or 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 truly cash buyers.
If it is a leasehold property you will need your landlord onside so this can be re-assigned to the buyer smoothly. The landlord could be your Achilles heel in getting your dental practice sale expedited. 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 should be 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 to be turned around the same day if you are to secure the sale of your dental practice in just 30 days.
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, who are able and willing to update you out of hours. This is not the valuer as they will be distracted seeing other clients, you need a team who are focussed on your deal. The sales agent will be 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 advice please call us on 0330 088 1156.