Buying and Selling Dental Practices
If you are planning on buying or selling a dental practice, you will need legal expertise to help guide you through the process. It is likely to be one of the biggest transactions you ever complete and it’s essential to make sure you consider every aspect.
Dental school will have prepared you for clinical treatment, not the intricacies involved in the acquisition of a practice. We can provide the expertise you need to make sure every element is fully included in the due diligence. This includes transfer of existing staffing and the terms of any NHS contracts currently in place.
For more information about our healthcare legal services please call us on +44 (0)20 3475 6751 or email firstname.lastname@example.org
What to consider when buying or selling a dental practice
If you are considering buying or selling your dental practice, expert legal advice is essential. We have many years of experience with dental practice sales and can assist you with all aspects including:
- Due diligence
- Property transfer
- Liability limitation
- Banking and finance
- Staff transfers
- CQC registration
- Transferring NHS contracts
The due diligence process involves fact-finding about the practice and all aspects that you as a potential buyer would want to know.
If you are purchasing a dental practice, the due diligence will involve research into the accounts of the practice, its staff, patients and assets. Once received the information will need to be carefully scrutinised for any gaps or discrepancies. It’s important to note that there is no obligation on the seller to provide any information which hasn’t been specifically requested. This is why it’s essential to make sure your requests are meticulous and any gaps quickly identified.
If you’re selling you’ll need to have information ready and available to be supplied on request. It can help to have them indexed into separate files to speed up the process.
Before due diligence is undertaken, it’s normal procedure to ask the buyer to sign a non-disclosure agreement to protect the confidential information being supplied.
Speed of sale
As a general rule, the acquisition or purchase of a dental practice is not a quick process. Even a very straightforward transaction involving a private practice with no NHS patients would typically take 3-4 months.
More complex sales involving NHS dental practices could take up to 12 months to complete. This is because there are certain regulatory requirements which must be fulfilled as part of the process, such as being registered with the Care Quality Commission before completion. This registration can take 12-16 weeks.
There are differences in the types of contract in dental practices which can influence the complexity of the agreement. GDS and PDS are two different types of NHS contracts which may be in place. A PDS agreement is for a fixed term and may therefore be more complicated to negotiate.
YOUR HEALTHCARE LEGAL TEAM
t: +44 020 3475 2729
m: +44 07377 190 406
t: +44 020 3475 2724
m: +44 07931 347 854
In the last few years alone we have assisted clients in buying and selling dental practices with aggregate value exceeding £70m.
We have completed £750m worth of pharmacy, dental, care home and nursery transactions.
WHY CARTER BOND
Unlike many law firms when we say partner or barrister led, we mean partner or barrister led. When clients work with us, they get constant access to the lead on their instruction. Yes, we have a team of solicitors and juniors for some of the groundwork and necessary research required by our clients, but this is when it makes financial sense to the client for us to do this. We provide constant contact at no extra cost as part of our service as most of our lawyers have their own business, so they know first-hand how important having a proactive, responsible and trusted partner on their side can be. And also how to work to a financial budget, and the way that legal decisions impact the wider organisation, which often requires balancing risks and competing interests.
Many ask us ‘what’s different about you?’ and we like to reply, ‘because we go the extra mile’. We see our work as building and maintaining good business relationships rather than just earning fees. How we do this is by keeping in constant contact with our clients and intermediaries. From pre to post instruction we ensure that our clients are informed of all legal issues that may impact their business and therefore lives. That is why we provide daily or weekly updates to ALL of our clients whether there is anything to tell them or not (we don’t charge for this we just see it as part of our service). We like our clients to rest peacefully knowing that when we are instructed, and we say ‘we will take it from here’ they know we mean it.
City quality, outer City fees
The world is changing, and many individuals are realising that lifestyle is as vital to them as is income. We are the lucky ones who can hand pick lawyers who can provide the best quality advice but at outer city costs. Our offices are in North West London which may not be the most salubrious in the market but at the same time this allows us to charge our clients for what they pay for, our advice NOT our office space.
ALL our lawyers have previously worked in large city-based law firms and continue to practise and offer the same high level service they provided to clients in the City but without the pressure and demands often dictated by City law firm. This allows us to be competitive on our fees without compromising our service.
All in all, our clients win, which is the way we like it.
Our knowledge and resources are yours
All our clients benefit from the same high level of care and attention whether the instruction is big or small. At the outset of each matter, we discuss the entire process with our clients, including the costs, potential outcomes and issues associated. This is to ensure clients are fully aware, knowledgeable and are in control always. Supporting and ensuring we provide the highest level of services, we offer our constant contact process with the partner or barrister leading your file, a document log in for matters which are for larger and more complicated instructions and on-going support post transaction should our clients require it. Our aim is not just to get the work done, but to make our clients’ lives easier as we do it, which is why we ensure that our clients have regular access to the resources they need from us.
“Efficient, proactive and professional!”
“From buying a chemist, selling a chemist, and buying properties, they have always given five star service.”
“Very diligent and responsive.”
“This is a firm that walks with you and holds your hand all through the process. Get an answer to any queries at anytime!”
“Their knowledge about the pharmacy market was profoundly demonstrated.”
“Incredibly well sourced.”
“Great work by Reena and her team to turn around a dental practice purchase in 7 days under challenging circumstances.”
“The team at Carter Bond operate ethically, efficiently and they work around the clock to make your goals, their goals.”
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