News
Selling your dental practice to {my}dentist
John Mason sold his dental practice in Formby to {my}dentist in 2014 and has continued to work at the practice ever since. His primary aims were to achieve greater financial freedom, and reduce risk and admin, while being able to focus on patient care and make sure his existing team would be well looked after under new ownership.
He met with various dental groups, but chose to sell to {my}dentist after its acquisitions team explained how they could meet all his personal and business objectives. Since the sale the practice has undergone significant investment and is now one of {my}dentist’s flagship Advanced Oral Health Centres.
John says: “My partners and I first began discussing a potential sale in 2012. With three partners of different ages we knew there would come a day when we would have to discuss buying each other out of the business as we retired. As well as that, we found ourselves becoming increasingly burdened by admin and concerned about changes to the NHS contract that we felt could affect the value of the business.
“None of us had any intention of leaving dentistry and we wanted to make sure we could remain at the practice to continue the patient relationships we had built over many years. We were initially cautious about selling to a corporate, but after approaching several we felt confident in {my}dentist’s acquisitions team straight away. They assured us that all staff would be retained on the same rate of pay and the team were engaging and honest throughout negotiations.
“The entire process was easier than I thought it might be and the support before, during and after the sale was impressive.
“The practice is actually the only one I have ever worked at, having begun my career there in 1986 and later buying it from the original owners. Releasing control of what had been our baby for 20 plus years was hard, but {my}dentist has made some significant improvements.
“With the latest investment, which includes an extension and transformation into an Advanced Oral Health Centre, we
now have access to some of the best technology and facilities.
“Personally, I have been able to transform my way of working radically. I now work three days seeing kids for NHS appointments and adults on a private plan or pay as you go basis. My working life is much easier and I have no plans to retire.
“Selling your practice is a big decision and something that you will only do once. My recommendation to anyone else is to spend time discussing it with your business partners and family and find a buyer that will help you meet your objectives.
“I highly recommend the {my}dentist team and have no regrets about selling our practice to the group.”
{my}dentist has a dedicated acquisitions team.
If you know anyone interested in the possibility of selling their practice:
Call us for a no-obligation conversation on:
01823 219 922
Further information about selling a dental practice can be found at: