Over the last year, we’ve been running quarterly events with practice owners, outlining how to maximise the value within a practice and achieve the best possible exit.
These events are proving popular, as we work with small and focused groups of owners to plan their way forward. Together with the expert advisers at Christie & Co, we walk through everything from the business model of dentistry to current valuations and tax strategy. Hosting the events has proved to be a great opportunity to encourage interesting conversations and important questions.
If you haven’t yet been able to attend, we’ll be taking our next advice session online. This webinar will be open to all and completely free, meaning you can join and benefit from the comfort of home.
What we’ll cover:
1. The business of dentistry
On the face of it, dentistry isn’t a complex business model. Setting aside the considerations of staff and overheads, as a service-based transaction, it’s straightforward: a clinician delivers a treatment, and the patient pays on their way out. However, many practices are only achieving an “average” performance – which can have a real impact on your final valuation.
To begin the session, we’ll talk about the business model of dentistry (put simply, how dentistry makes money), and why you need associates to generate the right average daily yield (ADY). We’ll show how you can better understand your practice’s performance by taking accounts data and representing it visually. In this way, you can far more easily see where your large expenses and pitfalls are.
2. The state of the market
The dental sector is still strong, with most transactions taking place between independents and small groups. For this reason, it could be a good time to sell. So, how do you go about it, and what help might you need along the way?
Christie & Co is the UK’s largest specialist firm dealing with the valuation and sale of dental practices. We choose to partner with them because of the total commitment they offer our clients. And because they’re RICS registered, unlike other brokers, they won’t take payment from a buyer; meaning they always act in the seller’s best interests.
The Christie & Co team will join us to provide a clear picture of the state of the dentistry market right now. They’ll cover typical practice valuations, with case study examples to consider.
3. Tax strategy
Did you realise that having the right tax structure in place at sale can save you tens – if not hundreds – of thousands of pounds? Taking control of your taxes is a hugely important part of taking control of your future.
For this reason, we’ll talk about the value of having a tax strategy in place, so that you can make informed decisions. This includes maintaining accurate, up-to-date financials (we strongly recommend using Xero) and working with your accountant to get the best out of this information. If you haven’t already incorporated, this is often a sensible first step to gaining full control.
Knowing exactly what you need to do, and getting it in place early, can help you to get the right outcome when you exit. The sooner you begin talking to us, the more improvements we’ll be able to make to your business.
If you’re keen to delve into these topics further, register now for our free webinar on Thursday 25th January 2024. Or, if you’d rather get started sooner, get in touch for a one-to-one chat about your options.
