Top tips when thinking about buying a Dental practice
1. Choose the location carefully because where the practice is situated is a key factor. Research the competition.
2. Choose the type or practice carefully. NHS only? Private only? Mixed?
3. Do a budget assessment; you should evaluate the costs of running the practice against the expected income.
4. Consider whether the practice is Principal or Associate led.
5. Negotiate the price with the seller to avoid future disputes.
6. Ensure that the practice is registered with CQC and is NHS compliant (if appropriate).
7. If the premises are subject to a lease, make sure that there is at least 10 years remaining, if not more. The banks will not lend on short-term leases.
8. Have a marketing plan in place for future development of the practice. The bank may ask to see a business plan when considering your application for finance.
9. It is beneficial to have a specialist dental accountant and IFA in addition to a solicitor who understands the profession.
10. Finally, you should think about making or updating your will. Buying a practice is a big financial commitment and you need provision in place were anything to happen to you.
–Jonathan Jacobs, Corporate Healthcare Partner