Luke Moore explores the benefits of diversifying your financial opportunities.
‘Dutching’ is the term given to a betting technique, where you back multiple selections in order to make equal profit on one of your chosen selections, should they win. Generally, it’s worthwhile being open-minded to avoid placing all of your eggs in one basket, whether seeking a new job/filling a vacancy, or buying/selling a dental practice. It can be tempting to accept the first opportunity that comes along, but this could potentially usher with it some unexpected drawbacks later down the line. Doing your research and seeking out various options grants you a wider scope to ensure you make the right choices for you.
Recruitment
Seeking a new job can be a stressful ordeal – you may have a particular set of stipulations in mind for the role you want, but this can narrow your options. At the moment, the dental recruitment market looks fairly opportunistic for applicants, which at the moment enables individuals to cast their nets wide. Of course, dentistry is a constantly shifting field and so this may not always be the case. Regardless, keep your options open and don’t limit yourself, but apply for a range of roles and always keep things moving forward – if something falls through, then you have other options to fall back upon.
The same can be said for businesses seeking new candidates – make sure the role is advertised across various platforms. Take advantage of social media and/or your website to get the word out, too. The right dental recruiters will help you to find the most ideal candidates, which would have otherwise been fairly time-consuming for you. Leading dental recruiters will have good visibility both online and throughout the industry, helping to match the right candidates with your practice. So, if you need a new team member, consider a dental recruitment service.
Buying
Buying a dental practice is arguably one of the most exciting and taxing things you could do, perhaps coming close-second to buying your own home. There is a lot involved in the buying process, and so expert help is crucial to ensure the process goes ahead with minimal bumps along the way. Finding a dental broker is a vital preliminary step – you will be conversing with them throughout the duration of the sale, which could very well take many months. Feeling comfortable and in safe hands will aid in removing much of the stress from your shoulders.
When making your decision, it’s crucial that your broker has a keen insight and plenty of experience within the dental sector. While it’s important to check what each dental broker can offer you on their website, be sure to scour their reviews to determine others’ experiences with that company. Choosing the right support can really make all the difference.
Selling
When selling your dental practice, you want the best possible outcome for your business, in addition to one that will also suit your team, your patients and your future, too. There are many things at play that can make or break your sale, some that are within your control, and others that are not. However, there are things you can do to maximise the potential of your sale – these include simply remaining open-minded when it comes to choosing an offer. Much like when buying a practice, you should opt for quality expertise to support you throughout.
Don’t let your sale be talked down, and don’t accept the first offer you receive straight off the bat. The market has certainly experienced challenges over the past few years, but it’s still competitive. By maximising your options, you’ll be able to secure the most ideal outcome for your sale.
Don’t put all your eggs in one basket
All dental professionals will have been in a position where they’re searching for a new dental opportunity, and many dentists will end up buying and eventually selling a dental practice. The scope for change is immense within dentistry, which is why it’s prudent to always consider your options.
At Dental Elite, we have years’ worth of experience working within the dental sector, providing recruitment, acquisition, financing and valuation services. Dr Michelle Bates enlisted Dental Elite to help her sell her dental practice, commenting, “I felt that it was time to sell. My experience working with Phil and Carl was very positive, they were both professional and knowledgeable. They gave me the ultimate confidence from the get-go. I certainly would recommend [Dental Elite’s] services to others – it wasn’t all plain sailing, but they were brilliant at making sure that I was kept informed.”
Similar to the concept of ‘Dutching’, keeping your options wide gives you a higher chance of success. In the dental landscape, which is cyclical and is constantly moving and changing, considering multiple pathways helps you stay abreast of these changes and always make the best decision for your individual situation.
For more information visit www.dentalelite.co.uk, email info@dentalelite.co.uk or call 01788 545 900