Buying and selling a dental practice
At Taylor Willcocks we have wide experience in the sale and purchase of dental practices. We are fully aware of the changes that have occurred within the NHS in recent years and the effects they have had on the dental profession. We understand how dental surgeons now run their practices and can ensure a smooth transition when a practice is bought or sold.
We are also able to advise on associates agreements and deeds of association.
Our experience has made us fully aware that the changes made within the NHS by the introduction of the Primary Care Trusts (PCTs) in 2002 have had, and will continue to have, a huge bearing on how practices will operate in the future. A new NHS contract, effective from April 2006, is the most revolutionary yet, controversially removing the traditional concept of patients’ lists. Instead it will be at the discretion of the individual PCTs to assign work in the form of UDAs to individual practitioners. This will have a major effect on practices primarily catering for NHS patients making the protection of private patients’ lists vital for all dental surgeons with private practices.
The need for written agreements
Buyers or sellers are advised to consult us at an early stage in negotiations before terms are finalised in a written agreement. Every sale is different, but a sale and purchase agreement is likely to incorporate the following;
- Details of the practice premises whether freehold or leasehold
- Apportionment of price between property, goodwill, equipment, fixtures fittings and stock
- A deposit payable on exchange of agreements
- Agreement by the seller to encourage patients to remain with the practice after sale
- A covenant by the seller not to set up in competition after completion
- Hand-over of patient records to the buyer on completion
- An undertaking by the buyer to complete treatment started by the seller
- Agreement to allow the seller to have access to patient records after completion
Service and speed
Our clients look to Taylor Willcocks to provide a first class service and our due diligence on both the sale and purchase of practices is detailed and thorough. However, our attention to detail does not mean drawn out negotiations. We can complete the sale and purchase as quickly as required. We are also familiar with all lenders in the sector and we can anticipate their requirements quickly and efficiently thus ensuring a smooth and speedy completion of any transaction.