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Seek Quality, Not Price. It Lasts Longer.

Posted on March 22, 2016 in Articles & Frank Taylor & Associates

quality over priceMost things, be it a service or a product, come in a variety of ranges, prices and choices.

There are many low-cost furniture stores where you can buy a coffee table for less than £20, equally it isn’t difficult to find beautiful pieces that are upwards of £7,000. Price should be a reflection of quality.

When you choose to buy an item or service towards the bottom end of the range there will be an impact on quality. This will be a conscious decision, or should be, as the range of options available should have been considered.

Very often we find ourselves assuming that services are fairly priced without undertaking further research. I know several people who have engaged online firms to deal with their ESTA visa application, which is required to enter the USA, for a fee of up to £120 when all they actually do is complete the government form freely available online.

At the other end of the spectrum there are thousands of people who every day enter free prizes draws and in the process give away a whole range of valuable personal information to be sold on for marketing purposes.

The phrase – buyer beware, applies always. Whether you are choosing a new clinical waste supplier or an agent to sell your dental practice.

You can find a variety of agents that will sell your dental practice for free, but what is the true cost of this? An agent that sells your business for free may not go to the open market and only approach a few select buyers. This might be sold on the basis that it preserves confidentiality, is quicker, the buyers are pre-qualified – however, it will also result in you not achieving the best price. The best price is achieved on the open market and this model has proven to be the most effective path for thousands of successful dental practice sales. The most dramatic result of a practice that went to the open market that previously was being sold to a select group was £450,000 more.

Selling for free is a misnomer. The fee is paid by the buyer – so the amount paid to the agent could (in fact should) have been added to the offer for your practice. I accept you would then be liable for the agent’s fee but you are not financially worse off (and depending on what the agent was charging the buyer which can be up to 4% better off) the critical difference is that the agent is now solely acting for you. Where an agent takes the fee from the buyer there is a conflict of interest – plain and simple. If a buyer is paying an agent £20,000, as a seller, you will want to consider how forceful they will be in negotiating the very best terms possible for you when the buyer is writing them a cheque. Common practice suggests the person who pays the bill gets the service.

The quality of the service you receive is directly linked to the price you pay. The money you will ultimately receive will also last longer too!

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