We are constantly reviewing and updating ourselves with the most recent guidance from the Government and professional bodies. On what we can safely do and what we should not do. It is not always straight forward and of course you have to apply a good chunk of common sense in these things.
But we are now arranging ‘Socially Distanced Dental Practice Viewings’.
In person dental practice viewings was an early casualty of the lockdown. No surprise there. So today I wanted to share an update on how things have progressed since the start of lockdown.
As part of our commitment to the anticipated new ways of working, and as a standard service for those who want it. We are gearing up for our Dental Brokers to take walk through videos when we resume client meetings.
We understand that a key piece of progressing a deal is bringing the buyer and seller together. To see the ‘physical asset’ and the ‘intangible asset – goodwill’.
We have been successfully facilitating virtual viewings and meetings. Whilst these are useful in getting questions answered and affirming initial interest, the sale is probably the vendors biggest decision and the buyers biggest purchase. The physical face to face meeting(s) is the missing piece which enables the purchases to affirm their commitment with an offer.
To answer questions like
- What is the seller’s motivation to sell?
- Do I see myself working with the vendor?
- Can I see myself working at the dental practice?
- What scope is available and what investment is required?
- What is the culture of the practice?
- What is the clinical approach?
In line with the guidance around ‘Stay Alert’ and guidance to resume socially distanced property viewings. We are operating a tiered approach to arranging distanced dental practice viewings.
- Initial meetings between the vendor and purchase to be over video – to cover off any initial questions. Interested purchasers move to the next stage and avoiding unnecessary contact. These will be hosted by our Dental Broker who is working with that vendor.
- On site viewings to take place on a one to one basis.
- On the day of the meeting, the vendor and the purchaser will go ahead with the viewing if they verify they are fit, well, free of COVID-19 symptoms (confirmed or not) and not self – isolating.
- All parties involved are to wash their hands for 20 seconds / use hand sanitiser on entering and leaving. The vendor is advised to open windows for air circulation, maintain social distance of two meters, and follow any of the practice’s local precautions.
- The vendor to decontaminate /follow local procedures following the visit.
We will of course be constantly reviewing this but are pleased to be able to take small steps to help dentists plan for the future.
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Continue to review our ‘dental practices for sale’ listing as we can help vendors and purchasers engage with each other.
If you would like to discuss anything to do with buying, selling or financing a dental practice please Contact Us today.
Posted on 21st May 2020.