All in the timing

Few dentists will buy or sell a practice more than once or twice throughout their lifetime. Inevitably, they often lack the experience and knowledge to smooth out possible pitfalls and potential difficulties attendant to the transfer of a business ownership.

Dentistry is a specialist occupation, with many UK practices' financial profiles further complicated by their association with the NHS, and so engaging specialist legal representation is important. At the same time, a basic understanding of the options and procedures ensures a more productive solicitor/client relationship and assists in the making of informed, prudent policy decisions where only the principal in the case can determine the final outcome.

From the seller's point of view, especially for those contemplating retirement, a successful transfer of ownership revolves around a timely, tidy completion and the realisation of the expected valuation. Practice buyers, however, perhaps particularly first time buyers, have more complex matters to consider in their pursuit of a suitable, career-building business opportunity.