Author Luke Moore is one of the Founders and Directors of Dental Elite and has overseen well in excess of 750 practice sales and valuations
‘Dutching’ is the term given to a betting technique, where you back multiple selections in order to make equal profit on one of your chosen selections, should they win. It’s about not placing all of your eggs in one basket, whether seeking a new job/filling a vacancy, or buying/selling a dental practice. Doing your research and seeking out various options grants you a wider scope to ensure you make the right choices for you.
Seeking a new job can be stressful ordeal – you may have a particular set of stipulations in mind for the role you want, but this can narrow your options. At the moment, the dental recruitment market looks fairly opportunistic for applicants, but dentistry is a constantly shifting field and so this may not always be the case. Keep your options open and don’t limit yourself. Apply for a range of roles and always keep things moving forward always have other options to fall back upon.
The same can be said for businesses seeking new candidates – make sure the role is advertised across various platforms. Take advantage of social media and/or your website to get the word there. The right dental recruiters will help you find the best candidates, such recruiters will have good visibility both online and throughout the industry, helping to match the right candidates with your practice.
Buying a dental practice is arguably one of the most exciting and taxing things you could do, perhaps coming close-second to buying your own home. Expert help is crucial to ensure the process goes smoothly. Finding a dental broker is a vital preliminary step – removing much of the stress from your shoulders and supporting you throughout the sale, which could very well take many months.
It’s important that your broker has a keen insight and plenty of experience within the dental sector, so, be sure to scour their reviews to determine others’ experiences with that company. Choosing the right support can really make all the difference.
When selling your dental practice, you want the best possible outcome for your business, in addition to one that will also suit your team, your patients and your future plans. There are many things at play that can make or break your sale, some of which are within your control, and others that are not. To maximise the potential of your sale, remain open-minded when accepting an offer and opt for quality expertise to support you throughout the process.
Don’t let your sale be talked down, and don’t accept the first offer you receive. The market has been challenging over the past few years, but it’s still competitive. By maximising your options, you’ll be able to secure the most ideal outcome for your sale.
At Dental Elite, we have years of experience working within the dental sector, providing recruitment, acquisition, financing and valuation services. Dr Michelle Bates, who enlisted Dental Elite to help her sell her dental practice, said: “I felt that it was time to sell. My experience working with Phil and Carl was very positive, they were both professional and knowledgeable. They gave me the ultimate confidence from the get-go. I certainly would recommend [Dental Elite’s] services to others – it wasn’t all plain sailing but they were brilliant at making sure that I was kept informed.”
See the original article here: Dental Industry Review