When selling a dental practice goes right
Featured Products Promotional FeaturesPosted by: Dental Design 19th September 2021
Dr George Savva recently completed the sale of his dental practice to Colosseum Dental UK. He shares his experience of the process and offers some advice for others approaching a similar project…
We had been toying with idea of selling the practice while planning our exit strategy as we approached retirement. We had been in contact with a practice sales consultant (Lillyhead) for about a year and had started to collect the data we would need. Though the pandemic postponed our initial plans to go to market, we decided to test the market as the world rebounded and were delighted with the results.
We were pleased to receive interest from several parties, including one potential buyer who we previously had experience with. We were also introduced to Colosseum Dental UK at this stage, who impressed us immediately.
What ultimately swung the decision for us was the speed at which they worked – their efficiency in what can be a complex process absolutely sold me. The deal was done in just 8-9 weeks. Despite COVID, the M&A team made every effort to come out and meet us, see the practice and progress with our negotiations. We got the impression that they really wanted the business. We worked through the various processes quickly, but never in our wildest dreams did we think it would all complete so efficiently – nor did we expect to receive the asking price in COVID times! We brought in the lawyers (who we also couldn’t fault) in January 2021 and had completed by the end of February. The CQC and NHS contract changeovers were relatively quick and uneventful, which was a far cry from my past experiences of selling a practice and a very pleasant surprise.
We expected the sale process to be the most stressful experience of our lives, but it was actually relatively straightforward. Of course, there was a lot to do and it took over our lives for several weeks, with due diligence in the evenings after working in practice all day. However, we had the end in sight and we knew that Colosseum Dental were doing what they could to work with us not against us. We could both see the bigger picture and were always willing to find mutually beneficial solutions. Colosseum Dental also offered very fair and reasonable post-sale terms, which was another factor that differentiated them from others. Plus, it helped a lot that we got on so well with the Colosseum Dental team – any bumps in the road got sorted quickly.
Now post-sale, I’m really enjoying it. I’m still passionate about dentistry and I’m able to focus on my patients, without the constant business worries at the back of my mind every evening or weekend. I happily agreed to remain in the practice for the next three years and I’m looking forward to it.
The integration process has been mostly positive as well. I think the speed of the sale impacted this process, with much less time than anticipated to get through everything, but Colosseum Dental remained very professional. They were always willing to listen if things were moving too fast or if the team had any questions or concerns. They sought feedback and were willing to work with us. I have also been impressed by the amount of investment put into the practice in terms of the building, equipment and staff training. It offers total peace of mind that we’re leaving our team and patients in good hands for the future.
For anyone approaching a sale in current conditions, I would advise having all the due diligence ready before going to market. It’s also really important to keep sight of the bigger picture, rather than focusing on the tiny details during negotiations. The buyer will be critical to your decisions as well, especially if you plan to remain in the business post-sale – finding a business or individual you work with well will make all the difference to your experience after the transaction. Discussing potential changes following the change of ownership that might impact staff or patients should also be discussed in depth to ensure there are fewer surprises.
Now at the end of the process, I know I made the right decision for me. It’s a pleasure to be able to focus on patients again and I’ve been confident with everything Colosseum Dental has done so far. They have even been kind enough to very generously sponsor my participation in a marathon walk for Macmillan Cancer Support this summer, showing that they really do practise what they preach. I would sell to them again with no hesitation.
For more details, or to start the conversation, you can contact Simon directly on 07921 876836 or at simon.taylor@colosseumdental.co.uk. He will also be at the London Dentistry Show on Friday 17th September if you’d like to meet up, just let him know!
