Dental Practice Brokerage Team
Before you think about selling your dental practice, there are a host of essential points to be considered. Getting the best professional advice at the outset can go a long way to ensuring that you make the right decisions for you, your practice, your employees and your patients.
The experienced and dedicated solicitors at Goodman Grant are on hand to provide support and guidance throughout this process. We have been advising dental professionals for over 30 years. While other firms offer legal services for dentists, our lawyers specialise exclusively in this area. As a result, we are fully aware of the unique requirements that dental professionals must take into consideration when looking to sell their practice.
Preparing to sell a dental practice
The first stage in selling a dental practice involves preparing information that can be provided to prospective buyers so that they can carry out their required due diligence. This should include details about how your practice operates as well as information about your premises. Having these documents ready and available when you first put your practice on the market can help avoid unnecessary delays and ensure that your transaction proceeds as quickly as possible. Some of the information that should be provided includes:
- Building regulations and certificates
- Energy performance certificates
- Asbestos audits
- Rateable value documentation
- Financial statements
- Staff expenses
- Tax records
- Contracts for employees and associates
- X-ray test certificates
- Lease information
It is advisable that your lease should have at least ten years remaining on it to allow buyers to attain finance. If this isn't the case, you may need to arrange for a lease extension to be in place before you sell your practice.
The selling process
You will need to arrange for your practice to be appraised and valued by a specialist valuer. With many years of experience in this area, our solicitors can advise on the appointment of a suitable and qualified valuer to ensure this work is carried out accurately.
Once your practice has been placed on the market, you can expect to receive due diligence enquiries from prospective purchasers. Our lawyers can deal with these questions on your behalf, responding quickly to any questions posed by the buyer's representatives.
When a suitable offer is received and accepted by you, we oversee the drafting of a sale and purchase agreement while also handling matters relating to transition. This will include ensuring that NHS contracts are transferred and that CQC registration information is passed on to the buyer's solicitor. Once these matters are resolved the sale can be completed.
Contact our Dental Practice Brokerage Team
The advice that we offer is clear, concise and free of legal jargon. When you instruct one of our solicitors you will be guaranteed regular updates as matters progress and our directors are available to discuss your transaction in detail should you wish. Our friendly team are available to answer any questions you may have quickly to help your transaction progress as smoothly as possible.