Not quite ready to sell your practice?

Christie & Co's Joel Mannix covers what you can do to prepare today

01 July, 2024 / professional-focus
Joel Mannix / Christie & Co

Looking inside a freshly renovated dental surgery, with a beautiful feature window.

Whether you plan to sell your dental practice within the next year or the next five years, it is essential to start preparing early. By doing so, you can optimise your sale and maximise your practice’s potential when the time comes.

If you are contemplating your exit strategy, here are some things you can consider ahead of time:

If you plan to sell imminently, spending money on small tweaks and furnishings won’t necessarily translate into value. Many buyers will want to put their own mark on the decor and furnishings when they take over, so this may be a wasted expense.

Keep a close eye on costs – are you getting the best prices suppliers can offer? Have a clear plan to show how you are tackling any rising costs such as heating, lighting and wage costs.

Ensure you have a team of trusted advisers in place – dentistry is a niche sector and navigating the aspects of a dental practice transaction can be complex and, at times, frustrating. Seek advice from industry experts, such as specialist dental accountants, solicitors and brokers.

Finally, and most importantly, keep your accounts and management information up-to-date. This will help to assess the business’s current trading performance rather than the previous year’s levels.

Remember, selling a business is a significant decision, so seeking professional advice and understanding the market dynamics are crucial for achieving a successful sale.