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MediEstates - Success stories with MediEstates
Success stories with MediEstates

Success stories with MediEstates

 

LEARN ABOUT OUR SERVICE FROM THE PEOPLE WHO USE OUR SERVICE

 

We spent some time with Melanie Gray, dentist and former owner of Grays Dental Practice, to find out about her experiences with MediEstates, why she decided to sell and what it was like selling to Scotland’s largest dental group, Clyde Munro Dental Group, during lockdown.

 

How did you come to sell the practice and how did MediEstates help?

 

“We had a family-run practice for over 30 years so when my Dad and I discussed selling, it was a really big deal for us”

 

We had a family-run practice for over 30 years so when my Dad and I discussed selling, it was a really big deal for us. We found out about MediEstates from a letter we received around the time we were having our discussions. Our first contact was Peter [Peter Cummings, Practice Valuation Manager]. He was really good. There was no pushiness; it was just a case of meeting for a chat and taking things from there. He came round to my parents’ house near to the practice because we wanted to keep things between us at first, so it was great that he could do that. He talked us through the process of getting a valuation, how it goes through the valuing panel and what happens from there.

 

“We had our valuation figure within a week but there was no pressure to sign up with them or to sell immediately”

 

When we decided we wanted to know what the practice was worth and how to move forward, Peter was really patient and helpful, particularly when it came to gathering the paperwork we needed. He took it all to the panel and things moved really quickly. We had our valuation figure within a week but there was no pressure to sign up with MediEstates or to sell immediately. We really appreciated that because it was such an important decision. In the end we took about three months to decide that selling was right for us.

 

Tell us about your experiences with the MediEstates team?

 

“I had a huge number of viewings, probably around 20 to 25 in the space of a month”

 

Peter put me through to Shannon [Shannon Loonam, Senior Transition Specialist] who was great at setting up practice visits in the evenings and weekends. She also told me about the people coming to see the practice. I was really quite nervous before the first showing, but Shannon reassured me that the viewers were lovely and not intimidating at all, and she was right. I think she knew I was anxious and decided to ease me into the whole process! She must have done a lot of work behind the scenes because I had a huge number of viewings, probably around 20 to 25 in the space of a month. Shannon would always contact me after viewings to chat about how it went. She would also pass on any feedback from the potential buyer, which was really helpful. When I decided to go with Clyde Munro, I didn’t know a huge amount about bigger dental groups. Again, Shannon was reassuring and told us how MediEstates had worked with them before and had positive feedback from other clients.

 

How was your experience of selling to a bigger dental group?

 

I found it to be a positive experience and the people working for Clyde Munro made the whole process easier. Above all I felt more secure throughout the sale, especially at the height of the pandemic when everything felt so uncertain. After completion I knew I wanted to stay on, so we didn’t really discuss my walking away from the business immediately. Dad and I still work at the practice.

 

Did you come across any challenges during the process?

 

“Shannon kept in touch and reassured me when I was concerned”

 

The biggest challenge was trying to complete the sale during the first lockdown. We were supposed to complete in February but of course the pandemic hit and there was a delay. COVID in practice was stressful enough, never mind the added stress of wondering if the sale would go through! However, as lockdown eased we moved towards completion and by October everything was resolved. Shannon kept in touch and reassured me when I was concerned. She was great with us from start to finish and I was really pleased with how it all went.

 

Did you find there was a service from MediEstates that you valued above any other during the selling process?

 

“I was made to feel like a person throughout the process, rather than just part of a business transaction”

 

I valued everything but I probably valued Shannon’s input the most. Even post-completion she kept in touch and sent me some lovely flowers and chocolates, which I felt was a really nice touch. I was made to feel like a person throughout the process, rather than just part of a business transaction. It was great for me because I appreciate that connection with people and it made a huge difference to how I felt about selling my practice.

 

What made you decide to sell your practice?

 

“I wanted to focus on being a dentist rather than having to focus on running a business”

 

I find it very difficult to switch off. My mind is always active. As a practice owner, you never really have that opportunity to relax and leave your work behind at the end of the day. I felt it wasn’t worth all the anxiety and extra stress, and I wanted to enjoy more time with my family without feeling exhausted. When you’re at Uni, you don’t learn how to run a business or how to manage a team of employees. I have a great team, but every team has its challenges and after 10 years I felt like I wasn’t enjoying it enough. I wanted to focus on being a dentist rather than having to focus on running a business.

 

And finally … would you recommend MediEstates to other potential vendors?

 

“We were happy with MediEstates’ service right from the start”

 

Yes absolutely, I had a really good experience with them. We had received multiple ‘cold’ letters from other brokers, but once we got the ball rolling with Peter, we weren’t interested in shopping around. We were happy with MediEstates’ service right from the start. So, I would definitely recommend MediEstates to people who are potentially selling.

 

If you are interested in finding out more, please contact the MediEstates team on 01332 321692, info@mediestates.co.uk or visit www.mediestates.co.uk

 

Posted by: Melanie Gray 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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