Why are Non-Dentists Buying Dental Practices?
Who will be the Buyer?
The ownership of Dental Practices by non-dentists is growing. The implementation of deregulating the Australian dental system has opened the door for non-dentists to buy their own practice. A number of practices are now owned by Corporates or Individuals who are not dentists but have worked in the industry in some capacity such as practice managers, hygienists and dental assistants.
There is a discernible shift from the traditional dentist ownership to nondentist ownership in practices across Australia and there are a few reasons why this trend continues to grow and is a popular business model.
Most dental practice owners want to focus on what they do best which is providing the best dentistry to their patients. It can be overwhelming to run a Dental Practice and learn the business of Dentistry. There have been many changes in the dental industry in such areas as employment law, work health and safety issues and dental regulations and it can be hard to keep up and continue to run a successful practice while maintaining a level of service your patients.
It can become exhausting trying to be both, which is why we are seeing more non-dentist owners.
There are significant profits to be made in Dentistry, but to achieve these profits you need to have great clinical skills and also excellent business management skills. This is a business model that liberates dentists from the day-to-day running of the practice so they can concentrate on developing exceptional clinical skills and meanwhile, the non-dentist owner has the time to create a customer-centric practice while ensuring all aspects of the business from marketing, social media presence, staff relations or accounts are all working seamlessly.
Who will be the Buyer? They might be working in the Dental practice. It could be the perfect opportunity for the associate Dentist, the Practice Manager or the Hygienist.
Surrounding yourself with a team of professionals who understand the complexities of a dental Sale will help you explore all options whether you are buying or selling.
How to Sell Your Dental Practice?
If you’re looking to sell your dental practice, there are various different agreements you can enter into with the buyer. The structure of the deal created can actually be more important than the ultimate purchase price.
1. Valuation
The selling process will usually start off with a valuation of your business to determine the true operating performance and profitability of your practice.
2. Marketing
The most important aspect of selling a practice is ensuring the right buyers are aware of the sale and we have over 5,500 buyers currently registered on our database, looking for businesses all over the country. We determine an active buyer as anyone who has opened an email in the last 12 weeks and at the moment, that figure equates to over 3,800 buyers.
3. Sale Process
Of course, just finding a buyer isn’t where a good Broker stops. We estimate that 70% of our service is actually provided once a buyer has been found when completing the due diligence. From negotiating the commercial terms, chasing all the stakeholders, we’ll be there every step of the way.
Take The First Step to Sell Your Dental Practice '
We pride ourselves on finding our clients an arrangement tailored to their goals. Whether you decide to sell outright and then retire from the profession, wish to remain working in the business, or sell to a dental corporate body or non-Dentist , we can help you with your exit strategy.
Being Informed is critical and speaking with the right people is paramount!
If you are looking at buying or selling a Dental Practice please contact Lara Cassidy at ABS Business Sales.
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