Buying or selling a practice? Get ready to take your next steps

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Posted by: Dental Design 11th April 2022

Phil Kolodynski

To be a successful dental practice principal requires many different skills. These include the clinical ability to deliver patient care, as well as the confidence to manage a team and get involved with all other aspects of the business – from marketing to finances.

Many would agree that the role has changed somewhat in recent years, with an increasing focus on areas like preventive dentistry and mental wellbeing of staff leading to new ways of working. For some individuals, this is the perfect backdrop to their own development and growth, creating exciting opportunities to buy their own practices in the near future. For others, the building challenges of practice ownership is encouraging them to move away from the business side and focus solely on the clinical dentistry once again.

Whether you’re interested in buying or selling a dental practice, it is essential that you know your options and what each one could mean for you. Understanding the current dental landscape is therefore crucial to make the right decision for you, but this can be a job in itself.

Hoping to bring valuable market insights and clarity to individuals assessing their options, Phil Kolodynski – Associate Director of Dental Elite – and Anil Sokhi –Finance Broker for DE Finance – will be speaking in the Practice Management & Services Theatre at the British Dental Conference and Dentistry Show (BDCDS) 2022.

Anil Sokhi

About his session on “10 things to know before selling your dental practice”, Phil comments:

“Sellers only get to sell the practice once and the dental market changes every three months or so. This means it’s vital to ensure you know the current market and key points before selling in order to make the most of the opportunities available to you.

“To help professionals in this area, we use our market knowledge garnered from selling typically over 140 practices a year to advise dentists on the sale of their businesses. Following my session, I hope delegates will take away new knowledge in how practices are valued and how certain costs impact the business value. They should also gain a good understanding of the current market.”

Adding why he feels BDCDS is a beneficial event for professionals to attend, Phil says:

“A lot of delegates in the past have used our talk to implement changes within their practice to ultimately increase its value. We offer free valuations, so some vendors choose to have a valuation soon after the event and then again in a year or two years’ time to see the impact the changes we suggest have made.”

For anyone thinking about buying a practice, Anil will be offering useful advice on how to make this process as smooth as possible in his session, “10 things you can’t not know when buying a dental practice”. He says:

“The increased demand for dental practices since Covid means that the buyers’ market is more competitive than ever. It’s important to get your ducks in a row and get ahead of the competition when looking to buy.

“I will be sharing our experience in funding acquisitions and exploring current market knowledge to advise dentists on the purchase of their new business. Delegates will find out more about the buying process and the present-day lending appetite, whilst also better understanding how a specialist finance broker can bring value to the transaction.

“I hope professionals find the talk useful to help them establish the right direction for their next steps. By requesting a call with DE Finance after the event, dentists can also work with us to establish a budget and take a strategic approach to securing their practice.”

Want to know more? Don’t miss Phil and Anil in the Practice Management & Services Theatre at BDCDS this May! Register for free online today.

The British Dental Conference and Dentistry Show 2022 will be held on Friday 13^th and Saturday 14^th May, NEC Birmingham, co-located with DTS.

REGISTER FOR FREE TODAY