Frank Taylor & Associates is dedicated to providing the right service for each individual practice and catering for that practice’s specific needs.
It’s well known that buying and/or selling a residential property is one of life’s more stressful experiences; a lengthy, complex process with seemingly endless hurdles, paperwork and possible pitfalls. What should be the joy of finally getting the keys to your new property is often replaced with a sigh and the mental note to self of ‘never again!’
Selling a dental practice has the potential to be even more fraught, with more requirements from both buyer and seller. Furthermore, selling your practice may be a once in a lifetime experience, it will likely have been carefully considered and so needless to say you want to get the best deal you can. This is where Frank Taylor & Associates (FTA) come in. With an impressive legacy of nearly 30 years of buying and selling practices, their experienced team can guide you through the process step by step. Uniquely in this sector, FTA won’t charge commission to the buyer, only the seller. This absence of any financial bias in the process ensures they can act without conflict and always with their client’s best interests at heart.
The process will likely begin with an initial valuation, and immediately FTA can add value. Unlike residential sales, when you can compare similar properties in the area relatively easily, an accurate valuation of your practice requires more inside knowledge of the process and experience of the market, all of which FTA have in abundance. You’ll also need to show the financial health of your practice. This information will be of great interest to the buyer, and most likely their lender. Again the voice of experience is crucial in helping you get the right balance on what information you disclose and to whom.
Too much and you are giving away information on your business to possible competitors, too little and you risk losing interest of potential buyers. Your time is precious, viewings are time consuming, you want to make sure it’s spent productively and not wasted; who better to help you establish who the genuine buyers might be than an organisation who has been successfully navigating the process for years?
Once you have one or more serious buyers, there’ll be the offer and due diligence to manage. The biggest offer might not necessarily be the best, for example the ease with which your buyer can get funding and likely time to completion may be more important factors in your sell decision. FTA will help you evaluate each offer free from the bias of having an interest on the buyer’s side. Once you’ve accepted an offer, the financial commitment is demonstrated in the form of a deposit.
Saving you time
Next up is the due diligence phase, and again the team will partner with you to gain documentation on the property, equipment, costs and other aspects of the practice’s day to day life. They’ll help you answer the questions clearly, comprehensively and accurately, their experience shows this approach saves time later. You’ll also need to get approval from the Care Quality Commission (CQC). Again, experience dealing with the CQC is vital, and up-to-date knowledge of the requirements can make the difference between smooth sale or a protracted, frustrating and ultimately fruitless exercise.
There’s clearly a lot to think about, and it can be daunting if you’ve not been through it before, that’s why the experience of the team at FTA can be a real asset to you as you sell your practice. They’ll partner with you every step of the way, explaining what’s happening, what you need to do and what happens next.
FTA have 30 years of experience in working in the dental sector. The team are dedicated to providing the right service for each individual practice and catering for that practice’s specific needs. They are able to offer experience and advice to help your practice choose the right buyer for your practice; your circumstances are unique and the team recognise this in their approach with you.
FTA offers a range of business services specifically tailored to and for dental professionals. You can also contact a member of the FTA team directly by calling 0330 088 1156 or visit their website at www.ft-associates.com.