Recent research on the buying and selling of dental practices
Recent research on the buying and selling of dental practices provided reassurance for Frank Taylor & Associates (FTA).
The study, conducted independently by FMC, revealed that over 41% of dentists said they would use FTA to manage the process on their behalf. Unsurprisingly, 43% of respondents rated the most important aspect of a practice sale was to achieve the best price. The other key factor, invariably linked to attaining the desired price, was for the business to be sold on the open market. Some agents only release properties to a restricted number of buyers, who’ve paid to be on an ‘elite’ list. Lis Hughes, from FTA believes that, “It’s important to gauge national as well as local interest, that way you have access to more potential buyers”.
This research supports FTA’s own findings on a return to business post Covid, where a change in buying patterns has occurred. “Whilst popular locations remain just that, there has been a definite shift to more rural locations”, reports Lis. “Invariably Covid has precipitated a change in working patterns, with more individuals and companies realising that working from home can be equally effective, therefore more rural locations, which offer definite financial as well as lifestyle benefits, are becoming more appealing”.
What most buyers want is the reassurance of someone handling their sale who’s had years of experience doing so. FTA has been selling dental practices for over 30 years and has done well over 10,000 valuations in that time. Anthony Whittome, a client of FTA said, “FTA held my hand through the whole process, from my first initial phone call to the exchanging of contracts. Even during lockdown, they maintained contact, reassuring me through the whole process”.
Most dentists will only sell their practice once; it makes sense to leave it to those experienced in the process.
For any further help and advice on buying or selling a dental practice call 0330 088 1156.