After a few years as an associate, many dentists feel ready to acquire a practice of their own, either by purchasing a practice outright, establishing a squat practice, or buying into the practice where they are working, as a partner or as an expense sharing partner.
Each year we help many associates take the first steps towards being a principal, and we hold our clients’ hands through the whole process.
The help that we give includes:-
- Advising associates about the best places to look for practices on the market
- Evaluating practices and providing straightforward and timely advice about the value of any practice that an associate might be looking at
- Reviewing target practice accounts and advising on matters that require further investigation or explanation
- Providing a full written valuation if necessary
- Introducing clients to solicitors who experienced in dealing with the purchase of dental practices
- Introducing clients to banks who have specialist health care managers who understand the dental market and who can provide loans for practice purchases
- Advising on how to negotiate the best price for a practice
- Dealing with the negotiations for the purchase of a practice if necessary
- Advising on the retention or the redundancy of existing practice staff
- Advising about payroll arrangements
- Advising about bookkeeping systems to be used once the practice has been purchased
- Advising about tax planning to ensure that the deal is done in the most tax efficient way
