Following a recent surge in activity, we have a word of caution to practitioners thinking of selling their practice privately.
“It’s so much more than just finding a buyer”, says Lis Hughes, Managing Director. “Firstly, you need to ensure the buyer is credible; you will need to vet them before disclosing any personal information. You also need to get an independent assessment of the value of your property, as markets change. Recently, for example, rural locations have increased in value, no doubt linked to the changing working patterns of the population, as the effectiveness of home working has become evident to both individuals and employers”.
Of course, once you’ve found a credible buyer, who is willing to pay the market rate (or at least a price acceptable to you) you then need to control, manage and be responsible for the process, including the conveyancing. Most practitioners are currently pretty stretched, managing their business not least with the imposition of new protocols. Trying to fit in the additional demands of selling your practice on top of your day job would be challenging to say the least. Engaging an external party will mean that you can carry on doing what you do best, whilst others employ their expertise to expedite what can be a long, arduous process.
“Having sold thousands of practices, we pre-empt the pitfalls and know how to move the sale on” comments Lis. “It’s not like selling a house, and I would urge any practitioner to think very carefully before going solo on such an important project. It isn’t advisable to ‘learn on the job’ when your business is at stake. Most dentists only sell their practice once; it makes sense to leave it to those experienced in the process”.
For any further advice about selling your practice call 0330 088 1156.