What do valuers mean when they say they provide a local service, or claim Dental local knowledge? Do they mean the live in your area, used to live in your area, have friends or family who live in your area or have sold a dental practice in your area? And what is an area? Your village, town, county or even country?
But more importantly, if you are considering selling your dental practice what are the benefits of this dental local knowledge for you?
I think it is a myth to think that if a valuer says they are somehow local that they get some deep insight into what the value of your dental practice is or that they somehow have a bunch of ‘local’ buyers on speed dial who are going to step in and make you an offer you can’t refuse.
After all, why would you limit yourself to buyers in the local dental market? Buyers and their families are often prepared to travel to secure the dental practice of their dreams.
What I would suggest is more important is that the dental practice valuer takes the time to understand your business and uses the tools which are available to them to value and subsequently negotiate the sale of your dental practice.
The principal considerations when valuing a dental practice are:
- Location of your dental practice.
- Clinical Composition
- Business Performance
- Potential Business Performance
- Valuation trends across the entire market.
- Our own in-house sales data gathered from all areas of the country.
- Other data points from professional bodies.
- Discussions with Associated professionals.
The key requirements of any go to market strategy for a dental practice are:
- Access to all dental practice buyers across the UK
- No barriers to buyer registration (with us there no fees or subscriptions).
- Sophisticated on line marketing capability
- The ability to negotiate on behalf of vendors
- Working hard on behalf of our vendors.
Being your neighbour does not really feature on the list.
If you would like to discuss buying or selling a dental practice please Contact Us.