When the financial stakes of the decision are higher, it’s natural to want to research a bit more comprehensively, seek the best advice and to get counsel from the best sources. Sometimes the volumes and content of advice online can seem overwhelming, and at times, contradictory.
For many, the purchase of a dental practice may be a once-in-a-career event, and almost certainly their biggest career financial decision. To help would-be buyers, Frank Taylor & Associates runs a masterclass to help explain and outline the key steps in the buying process, combining lessons learnt, anecdotes and ‘dos and don’ts’ gained from years of experience over thousands of transactions. The course separates fact from fiction and provides the reassurance of a single source of well-qualified advice, and provides an opportunity to network and knowledge share with other delegates.
Amongst the topics covered are the practicalities of the transaction itself, understanding your budget, sourcing independent financial advice, ensuring you can get the best deal and how to obtain an Affordability Assessment Certificate, which essentially confirms you as a serious buyer to any potential seller.
There’s also a session on the location of the practice, how to decide where to buy and ensure it works for you. Considerations such as the daily commute, accessibility and whether there are peak times of the day or year when the practice or the surrounding area are particularly busy should be reviewed.
Experts will also discuss the importance of choosing a practice that suits your own clinical skillset and aspirations, for example, NHS or private or a practice with an orthodontic, cosmetic or paediatric bias.
You’ll also learn what to look for when undertaking a viewing and how to compare practices against your own preferences and selection criteria. In addition, there’ll be time devoted to explaining the steps in the process and some very useful tips that will ensure you, as the buyer, can maintain momentum in the process, be on top of the admin required with solicitors, lenders and CQC representatives, for example and therefore give yourself the best chance to successfully conclude the transaction.
Feedback from this year’s events was positive, with delegates praising the “engaging and informative” content and enjoying the detail regarding numbers and finances. The next masterclass will be held on 22nd March 2025. Secure your place now – it’s never too soon to start preparing.
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