Knowledge is power!
It’s always lovely to hear positive feedback about the service we deliver and the feedback from our first ‘Blueprint for Success’ masterclass was no different.
Held at the end of September, our one-day masterclass aimed specifically at those wanting to inform their journey into dentistry whether as a new dentist, associate or looking to move into ownership was a great success! Comments from some of the delegates who joined us on the day included….
“Excellent speakers, very informative. A must for all dental professionals.”
“Great venue and topics – fantastic talks.”
“Topics were informative and engaging, especially for someone who is starting their journey in the dental field.”
“Great day, good content, inspirational and wise talks.”
Other feedback was asking for an additional kind of learning experience so for 2024 we are offering two different opportunities to ensure dental professionals at the start of their business journey have access to the right knowledge and information, and most importantly, get it right from the very start covering the important key points of business such as how to establish the building blocks of a successful practice, the importance of leadership vs management, the 10,000-hour rule, the concept of emotional intelligence and how to use it to their advantage, and financial intelligence so they can effectively plan for their future. All pre-requisites to a successful & fulfilling dental career whatever path is chosen, these are life skills.
So, if you’re looking to build a thriving and fulfilling career in dentistry, want to better manage your finances, learn how to lead a team, and create the environment to do the dentistry you want, you can join us in a one-day masterclass in February, or enrol on our eight week online learning course.
Practice - Staffordshire
Practice location: This practice is located in a busy market town with excellent road and rail access. The area is a mix of commercial and residential and the practice sees excellent footfall as it is situated within a busy high street.
Practice type: This is a five surgery, fully associate led mixed practice and is being sold to release the owner from the burden of practice ownership. It is being sold as a leasehold with a new 15-year lease in place.
Practice financials: The gross fee income from management information for the past 12 months is in the region of £825,000 per annum and the NHS-GDS contract has a UDA rate of just over £26.00 per UDA. The income is 70% NHS and 30% private and has been generated by two full-time and four part-time associates. The team are supported by a full-time practice manager, a part-time treatment co-ordinator, three part-time receptionists and two full-time and five part-time nurses.
Price achieved: A price of £995,000 was achieved which was in line with the asking price.
Agent's comments: Despite a relatively low UDA rate the practice proved popular, and with a solid team of associates all of whom have been working at the practice for many years the fear of fulfilling the NHS contract was less than in other transactions. The incoming principal has no desire to undertake NHS work and plans to focus on developing the private element of the practice as the recently appointed treatment coordinator has highlighted many opportunities that had previously been missed.
Number of people looking in the area: 743
Practice - Yorkshire
Practice location: This practice is in a desirable and bustling small town in an affluent part of Yorkshire. The town is well supported by transport and road links and is a known tourist attraction. The practice is located in the centre of the town and is shop fronted and this space is used to advertise a number of the treatments available.
Practice type: This is a very well established two surgery, fully private practice which is being sold to facilitate the retirement of the current principal. The practice has been established over 30 years and is being sold as freehold.
Practice financials: The gross fee income from management information for the past 12 months is in the region of £400,000 per annum. The gross has been generated by the principal working 5 days a week. The principal has been supported by a part-time receptionist and three part-time nurses.
Price achieved: A price of £850,000 was achieved which included the freehold.
Agent's comments: This practice runs like clockwork. The principal knows his audience well and has consistently achieved a high level of profitability and is now ready to breathe out and enjoy retirement. Whilst this is a two-surgery practice, only one surgery has been fully utilised and the new owners, a husband and wife team with both dentistry and hygienist skills, can see how the second surgery can be fully utilised within the first year.
Number of people looking in the area: 867
Practice - Lancashire
Practice location: The practice occupies a semi-detached property in a prominent position on a residential road in a busy town with excellent road and rail links.
Practice type: This is an associate run, four surgery practice mainly NHS and has been sold to enable the owner to focus on other business interests outside of dentistry. It is being sold as leasehold with 12 remaining on a 15 year lease.
Practice financials: The gross fee income is in the region of £780,000 and 85% of the turnover is a NHS-GDS contract with just under £28 per UDA. This was generated by one full-time and three part-time associates and one part-time therapist. The team is supported by a full-time practice manager, two full-time receptionists and seven full and part time nurses.
Price achieved: A price of £1,015,000 which was in line with the asking price.
Agent's comments: The intention is for the new principal to work full time in the practice and this immediately increases the profitability. His main aim is to develop the private element of the practice and to introduce some specialist services. His last practice ran a very lively social media campaign and having witnessed the results is keen to duplicate this in the new practice.
Number of people looking in the area: 780
Practice - West Midlands
Practice location: This practice is based in the heart of a busy market town with excellent visibility as it is shop fronted and having been established for over 50 years is very well known.
Practice type: This is a two surgery, mainly NHS practice being sold as freehold. It is being sold to facilitate the retirement of the current principal.
Practice financials: The gross fee income from management information for the past 12 months is in the region of £200,000 of which 98% is generated from a NHS-GDS contract (with a UDA rate of just over £32.00 per UDA). The income has been generated by the principal working one day a week and an associate working three days a week. The team are supported by a full-time receptionist and one full-time nurse.
Price achieved: A price of £550,000 was achieved (which included a freehold value of £275,000) and was in excess of the asking price.
Agent's comments: This practice has been running at a very low level for the past five years since an associate left and was never replaced. The outgoing principal now recognises maybe he should have sold his practice at that point as the turnover has significantly decreased since then which has had a major impact on the goodwill value. The new principal sees this as a business opportunity to develop the private element and the existing associate is happy to stay on and fulfil the NHS contract leaving the new principal able to focus on private work.
Number of people looking in the area: 982