Dental Practice Valuations
If you are looking to buy or sell a dental practice, it is vitally important that a thorough and accurate valuation be carried out as part of the transaction. Having a valuation in place from an accredited expert will give you clarity and certainty, giving you a reliable benchmark that allows you to plan your next steps.
The legal experts at Goodman Grant are on hand to help you through this process. With over 30 years of experience advising dental professionals, we have established strong professional relationships with a range of reliable independent valuers across the UK. We aim to help you complete your transaction as simply and straightforwardly as possible. Throughout every stage, our friendly and approachable solicitors will provide you with updates and will be available to answer any questions you may have.
How will my dental practice be valued?
With every dental practice being unique, valuers will be required to look at many different aspects of your business to determine its market value.
An obvious place to start is by carrying out a comprehensive financial review. This will often involve going through financial and management accounts that date back several years to provide a detailed analysis of the financial position of your practice. Valuers will compile an inventory of all equipment, fixtures and fittings that will accompany the business when it is sold and will carry out a practice visit as part of this and to gather other relevant information.
As the current owner, you will be required to provide information about your practice and how it is run. As well as providing information on how your practice currently operates, this can be used to establish whether there is potential for it to grow and to develop it further. Once these steps have been completed, the information will be compiled in a valuation report which provides a specific market for your practice.
How can I increase the value of my practice before putting it on the market?
Taking steps to boost the value of your practice before selling can, obviously, raise the asking price, but can also go some way to attracting more interest from potential purchasers. Some steps will require a financial outlay on the part of the seller, but others can be carried out fairly cheaply and simply.
Having an active and well-maintained website that allows patients to update their records and book appointments demonstrates a good level of patient care and retention, as does having a presence on social media sites such as Twitter, Facebook and LinkedIn. A welcoming and freshly decorated reception and waiting area and contemporary examination rooms will also be attractive to buyers. Having business and marketing plans in place to attract new patients and re-engage dormant patients can also add value for prospective buyers who would be looking to grow the practice if they chose to commit to the purchase.
Contact our Dental Practice Brokerage Team
With offices in Liverpool, Leeds and London , we act on behalf of clients across the country providing exceptional and specialised legal advice for dental professionals. We will work to ensure that your valuation is carried out in a detailed and comprehensive manner so that you can continue to focus on running your practice.