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MediEstates - How to Maximise the Value of Your Dental Practice Before You Sell
How to Maximise the Value of Your Dental Practice Before You Sell

How to Maximise the Value of Your Dental Practice Before You Sell - Our 4 Top Tips

 

Whether you are soon to retire, considering a career change or are still happily treating patients with no imminent plans to sell up soon - at some point, you will want to sell your dental practice, and when that day comes, no doubt you will want to do everything you can to achieve the best possible selling price.

 

By giving some thought to how you can increase the value of your dental practice now, you can ensure that when the time comes to sell, you will be in a position to achieve a great return on your investment.

 

So how do you increase the value of your dental practice? And how do you meet those all-important dental practice goals?

 

There are several ways to achieve this - here are our top tips highlighting the four key areas you can start working on right away for the very best results:


1. Invest in upgrading your equipment

 

Keeping your equipment up-to-date is important both for patient care and staff morale. It also shows potential buyers that you are keeping up with the latest technology and trends. Dental practices with state-of-the-art equipment are always more attractive to buyers, as it gives them peace of mind knowing there is no immediate need for further investment. With dental technology continuing to evolve, by investing in new equipment you are future-proofing your practice and making it more valuable.

 

2. Expand your offering

 

Another way to increase the value of your dental practice is to expand your range of treatments. By offering new treatment types in-house through upskilling your existing clinical team or using visiting specialists, you can increase revenue opportunities from your current patient base. You will also be able to attract new patients, which can help to grow your practice income even further. If there’s space for physical expansion too, adding another surgery can be a great way to add value to your practice and may even attract a larger pool of buyers when the time comes to sell.

 

3. Implement new software and technology

 

Dental practices should constantly be looking for new ways to improve efficiency and patient care. By staying up-to-date with the latest software and technology, you’ll be able to ensure the most efficient and streamlined processes for your patients - improving patient satisfaction and increasing practice growth.

 

4. Have a service team on hand

 

The best dental practices are becoming more and more customer-centric. A good customer service team will make patients feel cared for, listened to and appreciated - all of which are essential to creating a good customer experience - encouraging patients to stay with your practice and recommend it to others. This can be the difference between a practice that just gets by and one that’s thriving, and it’s one of the most important investments you can make.

 

Final Thoughts

 

Each of these tips will contribute to a better patient experience, helping you to retain patients as well as grow your practice through referrals. By making some simple changes and improvements in these strategic areas, you can make a big difference to the value of your dental practice - ensuring that when the time comes to sell, you will be in a great position to achieve the best possible price.

 

If you’re thinking of selling your dental practice and would like more advice on how to maximise its value, our team of experts can help. Why not get in touch today to find out more? We’d be happy to explore your options with you.

 

Posted by: Sue Vickers 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:

    Business
    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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