EQ Accountants: ‘How we are supporting our clients, Morgan Paterson Group’
Buying their own dental practice is the ultimate career goal for many dental professionals, with some aspiring to run multiple practices. Whether it’s setting up squat practices, buying into an existing practice or acquiring practices outright, it’s important to have an accountant who can help to navigate the complexities and ensure you are making the right decision.
That was the case for our client, Dr Eilidh Morgan, who has worked with Louise Grant, Partner and Head of EQ Healthcare, since 2017. EQ provide annual compliance services, including year end accounts and personal tax returns as well as business support when needed.
As a part owner of a practice in Kingussie, Eilidh was supported by Louise and the EQ Dental team, Anna Coff and Samantha Turkington, and provided with options on a business restructure to allow for expansion and growth.
In early 2021, the team carried out the financial due diligence, including a business valuation, assessing the viability of the new structure and team, whilst dealing with property implications. Any accounting and tax issues were explained, together with the operational issues with such a transaction, and the deal was successfully concluded in September 2021.
By June 2022, a new business partner was introduced to the business – Dr Jane Patterson, who won Scottish Dental Awards Young Dentist of the Year in 2019. Not long after this, Eilidh and Jane had an exciting opportunity to purchase an independent practice in Alness. Both have a strong history within the Inverness area having worked in practice together during their earlier careers, and Eilidh has been on the board of directors of Highland Dental Plan since 2014.
The EQ Dental team were on hand to provide support on this entire business acquisition, including the accounting, tax and operational issues. Post completion issues were also considered, particularly practical issues, such as the fee earning arrangements between the practices and associate contracts. Working closely with the other dental advisors allowed our team to ensure the deal was concluded seamlessly, and we continue to provide ongoing support to both businesses and their wider teams.
Our Amber Accounting team also take care of their monthly payroll, bookkeeping, and control account reconciliations. This allows Eilidh and Jane to have up to date financial information, review their trading results, and make informed decisions for their businesses.
Louise said: “It is so important to constantly review these plans as they can change over time. And with the ever-changing tax system … and NHS pay structure we need to understand the implications these changes can have on these plans, and act accordingly.
“When Eilidh first mentioned her ambition to expand and grow her business, I was there to help her on the journey. It is incredible to think back to 2017 when the business employed four members of staff to now where the combined businesses boast a team of more than 25! Well done Team Morgan Patterson!”
Dr Morgan commented: “Louise, Anna and Samantha have been a constant source of support to Jane and I, allowing us to fulfil our dream of owning practices in the Inverness area. Having the right type of support with our finances means we can focus on our patients and provide the best service to the area. The team at EQ have been invaluable, we consider them a part of our team and appreciate all their support and guidance.”
For high quality professional care in a modern friendly practice, call Fyrish Dental (01349 882915) or Kingussie Dental (01540 661280) to arrange an appointment.
For more information on how we are supporting our clients, or how we can help you or your clients, please get in touch with your usual EQ contact or call one of our offices (Dundee – 01382 312100; Forfar – 01307 474274; Glenrothes – 01592 630055).
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