Regardless of your current age, most principal dentists have retirement plans that include selling their practice. Ideally when you are ready to proceed, you will want this transaction to be hassle-free and timely. Part of ensuring this outcome is understanding how to sell a practice, knowing when to put the wheels in motion and getting the right team around you to help you achieve this. It is all too easy for what should be a straightforward process to become fraught with delays, extra costs and administration. By getting the right support in place before you begin selling your practice, you can avoid any unnecessary complications.
Our Top Tips For Selling a Practice for Dentist Retirement
Use a dental lawyer
We see, all too often, dentists instructing a trusted family or personal solicitor to handle the sale of a practice in preparation for retirement. While you may have a history with this legal professional, you need a dental lawyer to ensure you have a hassle-free sale where all areas are properly covered. General solicitors will likely have little or no understanding or experience of dealing with the CQC, negotiating transfers of NHS Contracts or compiling the dental specific due diligence for your sale. By instructing a dento-legal specialist like Goodman Grant, we can guide you through all the aspects of the sale and successfully navigate any complications that may arise.
Tick all the Due Diligence boxes
When you instruct Goodman Grant to help you to plan for your retirement by selling your practice, we will provide you a detailed list of the due diligence documents you need to have in place. This comprehensive compilation will not only reduce the likelihood of unnecessary delays in the process, but can also help you to prepare your business. As well as advising on a sale, we can also provide trusted advice from our vast experience of helping dental professionals like you to prepare for retirement. There may be small changes you can make to your practice in preparation for sale that could significantly increase its value.
Transferring of NHS Contracts and CQC Registration
This is an area where we have seen many dentists working with non-dental specific solicitors come unstuck. The rules around transfers of NHS Contracts are complex and if you don’t get it right, it can cost you the goodwill of the contract in a sale. Knowing when and when not to inform the Local Area Team of your decision to sell the practice and understanding fully the nature of the NHS Contract you have is vital in ensuring a smooth sale. We are experienced in dealing with NHS Contracts and will help you negotiate your way through the paperwork to find the best way to proceed. We deal with the transfer of GDS/PDS contracts (NHS practices), and also the transfer of CQC registrations.
Property and Employment Contracts
When you are planning for retirement, it is important to know that everything is covered. As well as guiding you through the sale of your dental practice, we will also take care of property matters and employment contracts, CQC, the transfer of the NHS Contract and all other aspects of a practice sale. This is a niche area of law which is why we recommend a dental lawyer with experience of handling any legal enquiries or complexities.
Top Tips For Retirement Planning
In our experience, everyone’s case is unique when it comes to selling your practice when retiring. There are many types of questions that we come across, such as:
- When is the best time to sell my practice?
- Can I retire sooner rather than later?
- How can I boost the value of my practice now?
- What are other practices selling for this year?
- When is the right time to start planning for my retirement?
Register for our webinar on everything you need to know before selling your dental practice to get insider knowledge from the UK’s leading dental law firm.
* BONUS: Watch our webinar for the full duration to be eligible for a FREE Legal Assessment to receive bespoke legal advice PLUS a Practice Valuation
Listen to an expert
Ray Goodman, managing director of Goodman Grant, is often invited to speak at events and seminars exploring questions such as those above. As a specialist in handling the sale and purchase of dental practices and all other legal issues arising from the business of dentistry, Ray Goodman is ideally placed to advise dentists from his experience. He is a member and former chairman of the legal section of the National Association of Specialist Dental Accountants and Lawyers (NASDAL) and the Association of specialist Providers to Dentists (ASPD.) He is a regular speaker at the BDA on legal issues on the sale and purchase of dental practices and author of many published articles on legal aspects of the business of dentistry.
Your Invitation To ‘Preparing For Retirement’ Seminar
You can join Ray Goodman, managing director of Goodman Grant, at a seminar covering all of these and more issues. The Montgomery Charles Seminar on ‘Preparing for Retirement’ is an ideal opportunity for you to get your questions answered by a team of professionals, all at the top of their field.
The Seminar will run in Oxford on 11th October and in Northampton on 8th November. For more information, click here
Your Invitation to the BDA Preparing for Retirement Event in London and Chester
There is also the opportunity to join Ray Goodman at a British Dental Association Event exploring how dentists prepare for retirement. This will be held on the 17th November 2017 in London and the 16th March 2018 in Chester.
Far from just being an opportunity for those nearing retirement, this event will look at how you can maximise the final decade of working life, to ensure a stress-free retirement plan with the rewards you deserve.
Full details and booking can be found here