MediEstates - ASK ANNE: How do I know my broker is working hard to sell my practice?
ASK ANNE: How do I know my broker is working hard to sell my practice?

Ask Anne: “How do I know my broker is working hard to sell my practice?”

If you have ever sold a property, you will be familiar with the feeling of limbo that sets in once the initial flurry of activity is over. You’ve made the decision to sell, you’ve had the valuations, selected the agent, agreed the valuation, signed terms, had the photos done, and it’s now ‘out there’…

But what happens next? How do you know that your agent is pulling out all the stops to achieve maximum reach and attract suitable buyers?

That feeling of stagnation can be even more intense when it comes to selling your business. In this case, this practice has been your livelihood for many years, in which the interests of your loyal staff and patients are heavily invested. When you put it like that, it’s clear that choosing the right broker is crucial to the satisfactory sale of your practice and you need to be sure that the broker you commission is working their hardest for you.

Throughout my many years working in this market, I have come to understand the many different types of marketing that a broker needs to use in order to meet client expectations. MediEstates use a variety of tools and resources to actively market our practices to potential buyers, including e-shots for current & new practices, emails to all ‘matched’ buyers whose provided specification matches the practice details, full brochure with financial, property & staffing information collated and mailed to buyers expressing interest and listings on both the MediEstates & BDJ Marketplace website, to name just a few!

The promise of this marketing activity is a big pull for sellers who want to be assured of a sale conducted in a timely manner. However, this is just the tip of the iceberg and I also advocate a personal approach to support the physical collateral which has been created.

To ensure no stone is left unturned and the sale is pushed through, vendors should use a broker who will meticulously trawl through their database of actively-seeking purchasers to find their perfect match. In our case, once we have identified good leads, we use a personal introduction to make calls or send emails and texts to these potential buyers in order to bring the practice to their attention and actively encourage visits and offers.

Amongst all this activity it’s important that every piece of activity is logged so that sellers can request evidence of the work being done. In our case we call this a Marketing Activity report, which includes numbers of calls made, brochures issued, practice views on

the website, number of viewings arranged and carried out, and offers made. Access to this report means that our sellers can see in granular detail the work we are doing on their behalf, which is so important for them and us.

Most brokers work to a standard turnaround time from a practice going on the market to sale agreed, and MediEstates has a proven record of keeping this timescale as short as possible. The only way to achieve this is by carrying out daily targeted marketing and sales activity on clients’ behalf until the deal is closed. By executing a clear marketing strategy for each practice which can be evidenced in detail, not only helps to sell the practice more quickly but also reassures the vendor that the broker is doing all they can to sell the practice and meet client expectations.
Posted by: Anne Barker on

General Buyer Terms 

This agreement is in relation to MediEstates Limited whose registered office is at 1st Floor, Pacific House, Stanier Way, Wyvern Business Park, Derby, DE21 6BF acting for and on behalf of our clients ("the Vendors"); and yourself (Buyer's Name) in relation for an introduction to a prospective sale of a business as a going concern. By registering through this agreement I agree to all terms set out below:

  1. Definitions
    In this Agreement the following terms and phrases shall have the following meaning unless the context otherwise requires:

    Dental Practice business providing dental care. This business is under the MediEstates Ltd sale terms.
    Confidential Information
    Means the actual Vendors identity and all confidential information in respect of the Business, including, but not limited to, any ideas, business methods, prices, accounts, finance, marketing, research, development, manpower plans, processes, market opportunities, intentions, design rights, product information, customer lists or details, employees’ details, trade secrets, computer systems and software, and other matters connected with the products or services manufactured, marketed, provided or obtained by the Vendor, and information concerning the Vendor’s relationships with actual or potential clients or customers and the needs and requirements of such clients’ or customers’ operations.
  2. Obligation of Confidentiality
    The Prospective Purchaser agrees to treat as confidential, information supplied by or on behalf of the Vendor in connection with the sale of the Business.
  3. Exclusions
    The obligation of confidentiality set out in clause 2 does not apply to:
    1. any information received from a third party who was legally free at the time of disclosure to disclose it;
    2. any information which was already lawfully in the Prospective Purchaser’s possession prior to receiving it from MediEstates Ltd on behalf of the Vendor; and
    3. any information which is in its entirety already in the public domain.
  4. Duties of Prospective Purchaser
    1. The Prospective Purchaser shall take such a reasonable security measures to protect the Confidential Information and trade secrets.
    2. The Prospective Purchaser shall not, without the prior written consent of the Vendor, permit any of the Confidential Information:
      1. to be disclosed, other than in confidence to its legal or professional advisors;
      2. to be copied or reproduced;
      3. to be commercially exploited in any way;
      4. to be used for any purpose other than in connection with the prospective purchase of the Business;
      5. MediEstates is registered under the Data Protection Act 2018. Upon Signing this agreement you agree to follow the legal obligations of this act to protect the details of the information supplied to you, with it no to be passed outside of the control of you the prospective purchaser.
    3. The Prospective Purchaser agrees to keep a record of Confidential Information received.
    4. The Prospective Purchaser will return to MediEstates or the Vendor all documents containing Confidential Information and all copies of those documents on demand at any time which are in its possession or under its control, and for this purpose the term “documents” includes computer discs and all other materials capable of storing data and information. The Prospective Purchaser agrees that such documents remain the property of the MediEstates on behalf of the Vendor.
    5. The Prospective Purchaser must not jeopardise or re-direct the sale under any circumstances.
    6. The Prospective Purchaser must not contact the Local Area Team or CCG regarding any practice sale, by any means of media unless written permission is granted from the Vendor.
    7. To carry out own due diligence on practice purchases and accepts that any information MediEstates has supplied is information provided by the vendor and is not responsible for its accuracy or completeness.
  5. This Agreement
    The existence of this Agreement and its terms are confidential and neither MediEstates nor the Purchaser may disclose anything about this Agreement or its subject matter or implementation to any person other than in confidence to their legal or professional advisers.
  6. Duties of Prospective Purchaser
    When buying Dental practices, finance is normally needed. Our organisation operated over more than one of the MediHoldings brand, by completing this from you agree that the information can be shared to our other organisations to avoid the need to register independently and provide the best possible service.

    MediEstates will refer you to the specialist dental lending team and MediFinancial who will contact the necessary banks, whom have preferential healthcare lending rates in some cases, to ascertain which funding is available to you.
    By signing this agreement you do not have to use any of the banks MediFinancial contact, it is just another service which we provide.
  7. Deposit for Dental Practice
    If you are interested in putting forward a formal offer in for a practice, once the offer is accepted there will be a deposit required to secure the practice sale which is dependant of the practice size. This deposit is held in a client account and will be returned to the buyer on completion of the practice sale. You the buyer, will be required to sign a deposit schedule which will cover the buyer and the seller in the event that the practice sale does not proceed.
  8. Changes to this Agreement
    Any changes made to this agreement must be authorised and signed by one of MediEstates Ltd Directors.
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