Buying a dental practice is a large step up and forward in many dentist’s careers. After many years of working ‘in house,’ purchasing and working from your own practice is an unrivalled experience for dentists and is as exciting as it is nerve-wracking. Whether a first-time practice purchaser or a seasoned investor, there will be the need to seek the advice, guidance and professional help of a team of experienced professionals in this highly specialised financial area.
There are many challenges and considerations that will need to be made and fundamentally, before you can get down to the running and growing of a dental practice, financing its purchase will be the first port of call.
Our team at Mediclub Financial Services have combined experience of more than 45 years in securing dental professionals the finance they need to acquire dental practices. With finance offerings for buying dental practices less widely available than ever before, it has never been more important to make sure that the right financial broker and provider is used
We work with financial experts and an extensive network of lenders who specialise in this very specific area and are therefore ideally placed to ensure you receive the finance that suits you and your needs best.
Get in touch with our specialist practice finance team to find out more about how we can help you buy a dental practice, hassle-free.
Call Us – 01689 607007
Email Us – firstname.lastname@example.org
As with any other business and property purchase, there is a structured and sometimes complicated process that is followed when it comes to purchasing a dental practice. Depending on whether you are selling another practice first (which will help with the finding) or if you are a first-time buyer of a dental practice, the process will require varying degrees of expertise.
Our experts and the experienced team at Chantler Kent Investments have the industry knowledge and the expertise to guide you through the process and ensure it all goes ahead stress-free and in a timely fashion. It is important however that any party purchasing a dental practice plans not just for the repayments of the finance they are seeking to fund the purchase, but also the specialised financial advice that will inevitably be required.
Working with Chantler Kent, we provide a fee-based advisory service to ensure you receive the best financial advice at the lowest costs.
The first part of the purchasing process is the due diligence that will be required for the sale of any existing practice (if you are selling a practice prior to the new purchase. The party purchasing the existent practice to be sold will ask many questions and the process is extensive. However, it is important to manage this part of the process efficiently with a solicitor to proceed to the purchase phase itself.
The enquiries as part of this due diligence process will fall into two categories; property enquiries and business enquiries. The property enquiries will cover all the legal aspects of dealing with a commercial property, specifically a dental practice and the business enquiries will cover the business and day to day running involved with your current practice.
Once it gets to the purchasing phase, the due diligence test is a thoroughly important and informative aspect of the process for the buyer. It is the buyers chance to find out as much as possible about the practice they are negotiating the purchase. This is often performed by nominated, specialised dental solicitors who will take care of the process for you. We work with a network of experienced solicitors and we ensure you receive the best expertise for your practice purchase.
The seller will also have to provide their last three-years’ financial accounts to the buyer. It is crucial that you have the right team beside you to scrutinise the finances accordingly.
As a buyer, you will also be provided with an inventory and it is important that this document is scrutinised and assessed properly to ensure you are purchasing exactly what is agreed and nothing is overlooked or not included as it should be.
Unlike other businesses and places of business, purchasing a dental practice comes with a huge amount of work before it can be up and running again as normal. There are many aspects, particularly when it comes to moving and relocating your practice that are fundamental to its success.
This includes practical as well as technical considerations. For example, you will need to get set up once again with the specialised computer systems, hardware and software that are all art and parcel of any successful practice.
You will need to ensure that the transfer and movement of patient records is done so in a timely, confidential and secure way; be they electronic or hard copies and you will need to arrange for the moving of potentially large amounts of items and tools in storage that are needed in the new practice. Mediclub Financial Services work with Chantler Kent Investments, who are well-established in providing bespoke and specialised financial advice for dentists and medical professionals.
Amongst the plethora of challenges faced by new and seasoned purchasers alike is cash flow. For those that have the money easily available and accessible, the process of buying a dental practice is a lot straightforward. Whilst there will be the legal and some practical aspects to be conscious of, if the money is available to the buyer, the process is a lot faster.
However, most dental professionals either do not have the money available to immediately make the purchase, or will have the funds tied up in their business and current practice(s). therefore, as part of the process of buying a practice, the financial advisor and broker will need to see detailed business plans, specific to a dental practice and its running and success.
Contact our team today to find out how we can ensure you secure the ideal finance package for the purchase of a dental practice.
Call Us – 01689 607007
Email Us – email@example.com
Whether you are a first-time buyer or own an existing practice to be sold prior to the purchase, our team and our extensive network of advisors and lenders will help you every step of the way.