Product Review
Selling your practice Dr Raj Kumar is the Principal Dentist at Forma, a private practice in London’s square mile. For 23 years he juggled the responsibility of running this practice as well as his original ‘baby’, a busy NHS practice in Birmingham. After much deliberation, and one too many trips up and down the M40, he decided to focus on his private work and in doing so, address his work-life balance. Here he explains the difficulties he had in selling his former practice and what he learnt along the way.
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How long did it take for you to sell the Birmingham practice? Five years in total, but that was largely due to the choices I originally made at the time. I opted for a local agent as I thought it better to have someone familiar with the area and local buyers. However, every year the local agent would get a buyer, take a deposit, and then not chase the buyer up and the initial enquiry would go cold and the sale would collapse. Frustratingly, I repeated this cycle for four years before trying a different tactic and getting in touch with a national agent, Frank Taylor & Associates (FTA).
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Did FTA bring a flood of new buyers?
Initially, I saw a lot of the same faces the local agents had introduced, however, because of their reach, they put me in contact with a London dentist, who not only turned out to be a serious buyer, but also came in with the best offer.
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What advice would you give to others wanting to sell their practice? Never give up and ensure your agent has the same ethos! The agent must keep communicating with the buyer and keep the pressure on them. You need someone who’s as keen to sell your practice as you are and is prepared to ‘go the extra mile’ to make sure it happens, and make the process as smooth as possible for both the buyer and the seller.
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Did you have any concerns with FTA?
My reason for not choosing them initially was that they were based miles away and wouldn’t have any good local knowledge. This was a big mistake! Their buyers’ pool was massive and I saw many more prospective purchasers through them. FTA were professional in the same way you’d expect a lawyer to be professional. I was very impressed. Sadly, agents don’t always have a great reputation. FTA’s service and expertise contradicted any negative stereotypes I had regarding agents.
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How do you feel now you’ve sold the NHS practice? I’d been commuting to London for over 20 years. Now I can focus solely on my private practice. It’s given me a new lease of life as I have much more time and have readdressed what’s important to me in life. I loved the Birmingham practice, however, after 27 years there, I needed a change and realised the hours I spent commuting each week was not a good use of my time. I’m so grateful to FTA for facilitating this change and would recommend anyone speak to them first. In the unlikely event that you’re not happy with them after 6-9 months, you could always then try a local agent. From my experience, you will not need to.
You need someone who’s as keen to sell your practice as you are and is prepared to ‘go the extra mile’ COMMENT
Established as the UK’s most successful independent valuer & sales agents for the dental market, Frank Taylor & Associates specialises in practice valuations, sales, purchases & business improvement services for dental professionals. The company has been involved in the sale and valuation of thousands of dental practices nationwide & fully understands the complexities of the dental sales market. From securing practice purchase finance, advice to meet CQC regulations, employment/HR legal services or financial planning advice, the Frank Taylor & Associates group does more than you think! For more information please visit www.ftassociates.com or call 0330 088 1156.
Dr Raj Kumar
is the Principal Dentist at Forma.
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Modern Dentist Magazine