Retiring Dentist - Blog

Another year, another lockdown…

It’s fair to say we thought this part of our lives might be over by now.

I’m sure we’re all sighing in disbelief at the new variant and the call to action to stop its transference.

But maybe this will be third time lucky…

It doesn’t have to be third time lucky when trying to exit the industry though.

You can keep all your hard-earned cash and fulfil your dreams… it’s easier than you know.

Download our eBook Nine Key Steps to Stop Unwittingly Losing Cash During Negotiations on the Sale of your Dental Surgery.

You’ll keep all your hard-earned cash and have a successful transition. Which I’m sure you’ll agree is the best of both worlds!

If you have been thinking about exiting the industry recently, don’t waste anymore time, we might not have much left…

Best wishes,

Kimberley Hagues

PS Want to know what the underrated tool to understanding the other party is, click here. 

PPS Want to know what the market is doing right now? Click here, our expert consultants are here to update you with all the information you seek!

Don’t wait around for good things to happen…

You might be waiting forever in the current climate…

With coronavirus taking hold for a long year, climate change continuing to be a hovering grey cloud, and Brexit refusing to leave, it seems positivity is nowhere to be found.

However, you can create your own good news…

Let us help.

The process of selling your dental practice can be tricky, but our eBook The 9 Key Steps to Stop Unwittingly Losing Cash During Negotiations on the Sale of your Dentistry Practice, makes it a piece of cake.

Download it now, and learn everything you’ll need for exiting the industry.

You could wait (potentially forever), for the world to become right again…

Or…. You could take care of your world and start the process of a lifetime.

I know what I would do…

Best wishes,

Kimberley Hagues 

PS If you want to understand the difference between perspective and cognitive intelligence, click here.  

PPS  Want to know what the market is doing right now? Click here, our expert consultants are here to update you with all the information you seek!

Covid-19 Changing Your Game? 

Are you an Dental practice owner who, before the Pandemic, wanted to start the process of Retiring and selling your Dental practice? 

Maybe you were planning to cut back on your schedule and wanted assistance to ensure that your clients would be looked after whilst taking away a premium cash sum for all your hard work over the years...

Well, just because Covid-19 adjusted the rules, doesn't mean that your game plan has to change. 

The object of the game is to....

Make sure your patients continue to be taken care of...

Walk off into the sunset with that lump sum in your pocket...

Basically.....Live your best life! 

With all the news about Covid, it would be easy to completely forget the fundamental basics that will steer you in the right direction to pick the right acquirer for your Dental practice. 

And don't forget that acquirers are only looking for the best Dental practices for sale...

Which is why our eBook - which includes the eight key metrics which determine the value of your practice - and the essential tips for making your Dental practice attractive so you can secure a premium offer, is worth it's weight in gold right now! 

Give just 10 minutes of your time now to sit and read The 7 Steps to Selling Your Dental Practice here...

And learn how you can turn the object of the game into a reality. 

Best wishes, 

Kimberley Hagues

PS. There are only 97 copies of this eBook available, click here to get your copy!

PS. Any questions you have on the eBook just give one of our experts a call here.

Getting The Right Price For Your Dental Practice? 

If you want to sell your Dental practice...

It is always great to hear about how someone else has done it right... Right? 

Click the link below to watch the video with Dental practice sellers we have helped.

Listen to how we have helped them achieve a premium price for their Dental practice...

Watch our video

And if you are an Dental practice owner who is looking for the right people to push you forward to achieving your premium price, then reply to this email with the word 'Premium'. 

I have the exact thing that you need! 

Best wishes, 

Kimberley Hagues

PS. Click here to watch our video.

Important CQC Considerations when Acquiring a Dental Practice

Before you get to deep into your Dental practice acquisition, it is crucial that you make your application to the CQC before the process gets well underway…

It became a legal requirement in 2011 for all Dental practitioners to register with the CQC (The Care Quality Commission) 

And it is a criminal offence to own a practice without being registered with them! 

The process for making an application can be extremely complex and an application can end up being rejected over the most trivial piece of outstanding information.

This can be extremely frustrating to you the Dental practice acquirer so it is vital to try and get it right the first time. 

There is definitely a fine balance to knowing when the right time to start your application and the CQC aim to have applications completed within 10-12 weeks (from start to finish)...

You will be asked for an ‘effective date’, which is basically the completion date of your acquisition so it is important that careful consideration be given to a number of factors before considering whether an application should be submitted yet. 

Leaving it too late, leads to the assessor not processing the application in time for the desired completion date. 

Leaving it too early, an application can be rejected by an assessor if it is submitted outside of the maximum 12 week timescale. 

And applications submitted with the earliest possible date in mind – within the 10-12 week timescale – are often rejected by the CQC because completion goes beyond that date which leads to extension requests. 

It is important to understand, that CQC cannot keep applications open indefinitely and whilst they appreciate delays occurring, it is within their discretion if applications are kept open. 

If they do grant an extension, the maximum will be a number of weeks only! 

For an NHS practice the registration of the partnership should happen on the same day the buyer is added as a provider to the GDS contract…

And the changes should happen simultaneously with it being noted that NHS England usually agree to any variations at the start of the month as opposed to mid-month. 

This factor may not necessarily apply to private practices however, the timescales imposed by CQC definitely do! 

It is important for the acquirer to also consider if notice to cease any existing associate agreements should be served and how long that notice period is. 

Because a buyer with a 3 month notice period may wish to have a period of 3 months between exchange and completion. 

This should definitely be taken into account when making an application!

Before even submitting an application it is wise to consider whether the business and property elements are progressing as planned. 

If not, hold off on submitting before these are dealt with! 

Scaling up profitably through Dental practice acquisition will only work if you are comfortably prepared for the process ahead…

So if you want more information on considerations to think about during your CQC application or finding out who the CQC are, then Retiring Dentist can help you navigate those without you losing your footing.

Best wishes, 

Kimberley Hagues

PS. If you want to grow your practice and maximise your profits, then follow the steps outlined here! 

Funding Your Dental Practice Acquisition

So in last week’s blog, we talked about the important of carrying out due diligence before you commit to buying any dental practise for sale.

But we skipped a head a little.

Of course, you have already decided that this is the right path for you to go down so now is the time to start considering looking at the different financing options. 

Because as you and I both know, nothing in this life comes for free and like anything else…

Finance for your venture must of course, be approved beforehand. 

It is so important that you allocate enough time so it completes properly. Some banks can be quite pedantic when it comes to conducting their own checks and valuations. 

These checks can end up delaying the process for quite some time!  

Be sure to secure this funding early on and provide the bank with as much information as they require. 

Be organised and prompt answering their requests for information.

It is helpful to also keep in mind that the solicitors involved with the transaction may need confirmation from the bank that the mortgage advance will be available when requested, before allowing you to become legally committed to the purchase.

So what will the banks be looking for? 

When you look for a bank loan to fund your Dental practice purchase, it is of course imperative that the terms of the agreement are suitable for you, the borrower. 

But then again, it is equally important to understand what banks expect from you, the applicant. If you don’t get this, then the likelihood of you getting accepted for one becomes far smaller! 

They will want to see information on: 

Asset, liabilities, personal income and expenditure. (They will want this information going back three years or more depending on how picky they want to be). 

Earning history as an associate dentist (including information on hours worked). 

Background information on your personal finances, including credit scores. 

Whether you are a homeowner. 

You should be aware that there may well be other hoops you need to jump through before becoming successful at securing your finance. 

And don’t rule out the possibility that you will be asked to stump up your own capital for the venture.  

God it sounds awfully expensive and terribly intrusive doesn’t it! 

But if you have a sound business plan in place it doesn’t have to be as overwhelming as it sounds. 

Banks may take EBITDA (Earnings before Interest, Tax, Depreciation and Authorisation), into account. This means that the forecast from your business plan may be used to secure a greater level of funding. 

At the end of the day, owning your own Dental practice is incredible but no one said this process was going to be easy.

Follow the steps listed here to prepare yourself for the journey ahead by gaining a deeper understanding of what to expect during the process. 

Only then will you have the best shot at securing the best funding!

Best wishes, 

Kimberley Hagues

PS. The formula for EBITDA may seem daunting at first, with a professional hand it doesn’t have to be. Click here and we can talk you through it. 

Dental practice acquisition, due diligence checklist

 Buying a dental practice is not an easy task. It can often be a long and complicated process which can leave you wondering why you ever thought it was a good idea in the first place. 

As an acquirer, there are many important steps you must take to ensure that the investment you are making is a viable one…

Both in the short term and the long term! 

This checklist consists of some of the most important factors you need to be aware of during your dental practice acquisition due diligence. 

As you may already be aware, due diligence is all about finding out as much information about your new practice as possible. 

It is probably one of the most vital steps to undertake because it will help you highlight any issues early on and give you time to decide how you want to proceed.

There are two types to carry out…

Dental due diligence and property due diligence. 

With the latter, it is your responsibility to ensure that you are buying a structural sound property so be prepared to hire surveyors and carry out searches. 

Make sure that there is no restrictive covenants attached to the property so you can ensure you are permitted to practice in the building. 

Restrictive covenants may very well be a factor, so extensive due diligence is required in this area to investigate any prohibitions that may be in force, before you carry full steam ahead with the acquisition. 

If you cannot release any restrictions or make variations then it would be wise to walk away from the acquisition because if you go ahead and then break the covenant, you will most likely be liable for an injunction or fine. 

If the property is not currently a dental practice then you may have to apply for planning permission to practice there.

And regardless of whether it is a current running dental practice or not, permissions are always a good thing to check.

As above, Dental specific due diligence is also necessary as this determines the state of the business you are acquiring.

This covers everything from: 

The practice’s goodwill…

The number of employees and associates that are on the payroll…

The equipment inventory…

And the maintenance certificates to ensure everything is in good working order.

Ultimately the carrying out of extensive due diligence will tell you whether or not the investment you are making is worthwhile and sustainable for the future. 

But how do you know that you have covered all the basis? 

If you want to scale up profitably through Dental practice acquisition you need some serious fire power…

And for a limited time only, I am sharing with you these select dental due diligence tips so you don’t end up with a leaky investment that is haemorrhaging your hard earned cash! 

I also strongly recommend following the steps here before you start with your Dental practice acquisition. 

Best wishes, 

Kimberley Hagues

PS. If like you, you have friends or colleagues who want to turn their Dental careers to pure gold and maximise their profits through acquisition, then feel free to share this post with them and get them to click here,  content available for a limited time only! 

Dentists: Are You Ready For A Bargain? 

During negotiations on the sale of your dental practice, it is likely that you and the acquirer are going to come into conflict at some point during the process.

Whether these conflicts come from differing priorities in regards to:

Payment structures

Handovers

Operations

You will ultimately be able to fix any arising issues just by recognising the two different routes of negotiation and communication.

Leading you to make the right choice and ultimately…

End up with a higher price for your practice!  

The two ways you can enter into negotiations are through:

Distributive bargaining.

Integrative bargaining.

Click here to download our eBook to read all about these two negotiation approaches.

Because not being able to recognise these approaches is the fundamental reason that you will end up signing away your Dental practice…

For less than a premium offer!

So if you definitely don’t want to sign away your life’s work for anything less than a premium offer, then here are 3 ways I can help:

Download our FREE guide to The 9 Key Steps so you can stop unwittingly losing cash during negotiations on the sale of your Dental practice by clicking here.

Speak to one of our highly trained consultants who can answer any questions you have and give you a full no obligation valuation of your Dental practice by clicking here.

Do you want access to the most elite acquirers on the market right now? Reply back to this email with the word ‘Access’, and I will be in touch.

Best wishes,

Kimberley Hagues

PS. Click here to download our underrated tool that is essential to understanding the acquirers positioning and how you can use it to your advantage!

Dentists: Is it Your First Time? 

Buying a dental practice is definitely a game changer in your career. You can earn more whilst being your own boss. 

But it comes with a lot of responsibilities too. 

Here are 4 fundamental things you need to think about before starting the acquisition process: 

Location. 

Do you want to stay close to where you are? Or is there potential to earn more away from your current area? 

It is important to think about what your key demographic will be and whether your prime location supports that! 

If you aim your service towards children and their families and your current area isn’t seeing growth in new families. Or you already have several practices who are already well established in the family community, the likelihood is you are going to struggle fitting in. 

Numbers. 

Understanding important aspects of the practice is key to a successful acquisition. Factors such as: 

Patient numbers and behaviours. 

The financial records and cash flow of the practice. 

Statistics of the business

Preferred payment methods. 

Understanding these (and other factors), will help you determine if the practice is a financially viable concern. Lack of research and understanding of what you should be looking for is a fatal error.

Downloading our eBook here will save you from committing the 5 Fatal Errors made when buying a dental practice. Errors such as…

Not asking the question of why the dentist is selling up or taking what they say at face value without doing your due diligence. 

They will all leave you stripped of your budget with a practice that will not earn you what you thought at the start of the process! 

Practice potential. 

Is there any potential for growth? 

Undertaking research to find out about your competition in the area and factor in your costs of reaching out to potential new patients. 

The practice attributes. 

Does all the equipment you need come with the practice? 

If so, is it up to date and in good working order? 

It is imperative that you do an equipment inventory. If you don’t you will end up acquiring a practice that isn’t fit for purpose and you will have to put your hand back in your pocket to make it so. 

So if you are new to acquiring – or you have acquired before – but need steering in the right direction for that premium acquisition then here are 3 ways I can help: 

Download our eBook on the 5 Fatal Errors when buying a dental practice. Access to this and your very own due diligence checklist will reap dividends when it comes to acquiring. It costs you nothing but 5 minutes of your time so go ahead and get your FREE copy by clicking here. 

Book in for a free no obligation telephone appointment with us! We can answer your questions on acquiring and give you an update on what the market is doing right now. Just click here. 

Want a head start on acquiring with access to premium Dental practice sellers in the country? Reply back to this email with the word ‘Guild’ and I will get straight back to you! 

Best wishes, 

Kimberley Hagues

PS. Download our eBook here to get the tools to make sure your acquisition doesn’t fail immediately after completion! 

Dentists: The Wrong Tactics Will Prove Costly! 

Here are 4 absolute key considerations that you should be thinking about when selling your dental practice: 

1. Start early. 

Selling a practice doesn’t happen overnight. It is a process that can take years so if you are looking at getting out in the next 12 months or so, you need to start the process now! 

2. Have realistic expectations of what you are worth. 

Throw away any inflated ideas of what you think you ‘know’ you are worth. There are so many factors to consider…

I will give you just one example, a dentist who is 55-65 and close to retiring will more than likely be servicing the same demographic of patients. Putting it bluntly, older patients are depreciating assets and that means there could be a sizeable gap between the paper worth of your practice and what a buyer is actually willing to pay for it. 

3. Keep your essential equipment and facilities up to date. 

An excellent way to maximise your value to have it so the new owner can step in without having to incur significant costs replacing equipment or updating the premises. 

If you don’t do this, you leave yourself open in sale negotiations for potential buyers to come in with low-ball offers on the claim that equipment and facilities are not up to date.

Don’t unwittingly lose cash ignoring points such as number 3 during negotiations with potential buyers. Download our eBook here to learn about 9 more key factors you must be aware of during negotiations to ensure that you don’t end up accepting less than a premium offer for your dental practice.  

4. A sale doesn’t necessarily mean it’s the end! 

Staying on after the sale has completed in a temporary part time role, ensures continuity for your patients and staff. 

If you plan to disappear straight afterwards so could they, which would immediately diminish your value and could prove costly for you! 

So if you are ready to start serious negotiations for the sale of your dental practice here are 3 ways I can help: 

Download our FREE guide to the 9 Keys Steps to Stop Losing Cash in Your Dental practice sale negotiations. This includes the five best proven tactics for success and you can read about them by clicking here. 

Speak to a member of our highly trained team who can give you a realistic valuation on your Dental practice by clicking here.

And if you want to be introduced to some of the top Dental practice acquirers in the country then reply to this email with the word ‘Guild’ and I will see if I can help! 

Best wishes, 

Kimberley Hagues

PS. It only takes 2 treacherous traps to destroy successful negotiations when selling your Dental practice. Find out what they are now by downloading our eBook here.