Are you thinking about selling your dental practice? If so, you're not alone. Many dentists and practice owners reach a point in their careers when they decide to move on to new opportunities or retire, and selling their dental practice becomes a crucial step.
We won’t lie to you - selling can be a complex and potentially overwhelming process, but with our guidance, it can also be equally rewarding and profitable. In this blog, we will explore the crucial aspects of selling your dental practice and how our expert corporate law team at Buxton Coates can play a vital role in helping everything run smoothly.
Deciding to sell your dental practice
The decision to sell your dental practice is not to be taken lightly. It can be exciting and daunting, as it marks a significant change in your professional life, which will inevitably impact your personal life too.
There’s no one reason why dentists choose to sell their practices. Some may want to retire and enjoy their well-earned rest, while others may seek new challenges or opportunities in a different location
Whatever your motivation, it's essential to understand your goals and objectives when selling your dental practice. Do you want to maximise your profit, ensure the continuity of patient care, or maintain your practice legacy? Once you've defined your objectives, you can start planning the sales process.
Preparing to sell your practice
Before you successfully sell your dental practice, you prepare it for sale. This process involves several critical steps:
Start by evaluating your practice's financial health. A prospective buyer will want to see accurate financial records, so you should have your books in order. You may want to consider hiring an accountant to help with this process.
Determine the value of your dental practice. A professional valuation will incorporate factors like your patient base, equipment, location, and profitability. This valuation will serve as the
basis for your asking price.
Conduct a thorough legal review of your practice - reviewing contracts, leases, employment agreements, and other legal documents that may affect the sale. This process is where the corporate law team at Buxton Coates come into play.
How our corporate law team can help
The corporate law team at Buxton Coates Solicitors are experts in the sale of dental practices - we deal with a significant number of dentists and practice owners who are selling their practices and take pride in making that process as smooth and painless as possible. Here’s how we can help:
Reviewing legal documents
We will meticulously review all legal documents associated with your dental practice, including lease agreements, vendor contracts, employee agreements, and any outstanding liabilities. Through this process, we will ensure that all legal obligations are met and that there are no hidden issues that could hinder the sale.
Support with negotiations
Negotiating the terms of the sale can be complex and emotionally charged, but it’s important to remain calm and rational. Corporate lawyers can act as neutral intermediaries, helping you navigate the negotiations with potential buyers. They can ensure that your interests are protected and that the final agreement aligns with your goals.
The tax implications of selling your dental practice can be significant. Our corporate lawyers can work with accountants to help you structure the sale in a way that minimises tax liabilities, potentially saving you a substantial amount of money in the long run.
If you want to ensure the smooth transition of patient care to the new owner, corporate lawyers can help draft transition agreements. These agreements can specify the terms of patient transfer and ensure that your patients continue to receive quality care.
Buxton Coates Solicitors will assist you in conducting due diligence on potential buyers. This involves verifying the financial capabilities of the buyer and ensuring that they are a suitable fit for your practice. It's essential to choose a buyer who aligns with your values and goals.
Why is timing so important?
Timing is crucial when selling your dental practice - by choosing to sell at the right moment, you can maximise your profit. Our corporate lawyers can help you create an optimised timeline for the sale, ensuring you have ample time to prepare and that the process goes smoothly.
Book a call with the corporate team at Buxton Coates Solicitors
Selling your dental practice is a significant life event, and it's essential to approach it with careful planning and the right team of professionals by your side. Lawyers play a vital role in ensuring the legal aspects of the sale are handled expertly, allowing you to focus on your goals and objectives.
You can rest assured you’re in safe hands when selling your practice with Buxton Coates. Our Corporate Team is headed up by our Managing Director, Thomas Coates, who specialises in the sales, acquisition and restructuring of businesses, commercial advice, and drafting commercial agreements. Thomas is an expert in healthcare businesses, specifically in the dental industry.
Our Practice Sales Team works alongside commercial property legal and employment law specialists to ensure that you have access to all the necessary legal advice.
So, if you're asking yourself, "How can I sell my dental practice?", remember that our corporate law team can be your trusted partners throughout the process. With our expertise, you can navigate the complexities of the sale, protect your interests, and ultimately achieve a successful transition to the next phase of your career.
Get in touch with us to book a call and discuss the specifics of your practice sale with our skilled team.