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A B C D E F G H I J K L M N O P R S T V W Y

Buying a Dental Practice Checklist

Buying a Dental Practice Checklist
Tuesday 28th November 2017

If you are considering buying a dental practice, but don’t know where to start, the below checklist might help:

  1. Register as an interested buyer with dental brokers. There are many specialist dental brokers in the UK. If you are unsure of the brokers operating in your area, our dental team can point you in the right direction.
     
  2. Educate yourself. The process of buying a dental practice can seem complicated and overwhelming. There are free guides available on the Brabners website and, in most instances, we will be happy to answer your initial questions without charge.
     
  3. Get your team in place. Specialist dental accountants and lawyers can be invaluable in guiding you along the process. Buying a dental practice is likely to be one of the most expensive acquisitions in your life: getting someone who knows the quirks of the sector to help you makes sense.
     
  4. Secure your finance. Knowing that a bank will back your acquisition will ensure that, when you make an offer on a practice, your bid stands out from a crowd. It will also speed up the process once you find the practice of your dreams.
     
  5. Understand what you are looking for. Weigh up what you are looking for in a practice, write it down. Are you looking for an NHS practice or private? Does location trump profitability? Do you want a practice that runs itself or do you intend to be hands on in developing the business?
     
  6. On finding a practice you are interested in, do your homework. A dental lawyer can help you to ask the right questions. A dental accountant can help you to understand the accounts.
     
  7. Set a target date. Once you have found the practice you wish to buy, finalising the purchase needs to be your priority. It is unfortunate that many dental acquisitions are often unnecessarily protracted. Setting a realistic target date (following discussions with your professional advisors) is likely to focus the minds of everyone involved.

The dental team at Brabners can talk you through the process, ensuring that the dream of buying your own practice doesn’t turn into a nightmare.

To download our free dental practice acquisition guide CLICK HERE.


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