Expanding current dental practices is not the only way of scaling a dental business. I have worked with many clients who found that the best option for them was to buy further dental practices. The one thing I will say is that this can be a complex process and it’s one which it’s not always easy to get right. No-one wants to put an already successful business at risk, so considering mergers and acquisitions carefully is important.
Have the right team in place
No matter how long a dental professional has been in business, they are not best placed to make the most well-informed choices when it comes to legal and financial implications. It’s important to put a professional team in place, before entering into a deal to buy further practices and merge them with the current one.
The team should include dental solicitors and dental accountants who can make sure that the deal is a solid one, that all relevant information is disclosed and that contracts include all agreed aspects of the deal.
Work that needs to be done for a successful acquisition or merger
There are several tasks that should always be completed, if an acquisition or merger is to be completed successfully and a dental practice business is to continue to thrive.
- A plan should be created that helps with the purchase of further surgeries and deals with the structure of the business after the acquisition.
- An analysis should be completed, of the services currently being carried out at the surgery that is to be acquired. Is it a good fit in the current plan for the business?
- A detailed review of the proposition should be drawn up, so that any potential issues can be identified.
- An implementation plan should be drawn up, so that any acquisition or merger can happen without any significant negative impact on the business as a whole.
Over the years, I have seen the value of this work first hand, working with clients to ensure that scaling their business is the positive experience that it should be.
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