HS Financial Services - Dental experts take the stress out of buying a practice
Dental experts take the stress out of buying a practice

Dental experts take the stress out of buying a practice

I made the decision to buy Oakwood Dental Practice when I saw it advertised on Mediestates’ website at the beginning of 2017. I registered my details and arranged to visit the practice. As soon as I saw it, I knew it was the right one.
I made my offer via Mediestates, which was accepted by the vendor. I also decided to enlist Medifinancial’s help with obtaining finance. Once some research had been done on my behalf, I was given a range of options and I decided to go with a bank that was offering a competitive deal.
I instructed a firm of solicitors that I had used before and the purchase process was in full swing. Or so I thought…

Timing it right

I think I was unlucky in the timing of my practice purchase, and this is something I would warn any potential purchaser to think about. My solicitors were a large firm and I chose them because they had a lot of dental conveyancing experience and because they had helped me successfully in the past.
However, my instruction to them was made in March, which is one of their busiest periods when they are pushing through NHS practice sales before the 1 April contract renewal date. My case was put at the bottom of the priority list and so progress was slow.
Towards the end of the process, I also fell foul of the August holidays, especially in terms of getting access to my mortgage funding. My bank did later apologise for the delay and extra expense they had caused by leaving my case with a junior member of staff who lacked training and the authority to sign anything off.

Surrounding yourself with experts in dental

Unfortunately, the bank I’d chosen did not have much experience of financing dental practice purchases, so their lack of knowledge, and the disappearance of the senior person on my case at the crucial moment, resulted in an extremely stressful delay, for which I felt responsible – as it was my bank holding up the entire process.
During this time I don’t know what I would have done without Kimberley at Medifinancial, who went above and beyond the call of duty in pushing things through for me.
She was relentless in her pursuit of all parties, including my solicitors and the bank, with daily phone calls and emails to keep the pressure up.
Hannah, my contact at Mediestates, constantly mediated between me and the vendor, keeping all the balls in the air. She made sure that I was on track with all the paperwork and requirements that I needed to fulfil as the buyer and insisted I apply for my DBS check straight away, helping me negotiate the CQC application process, which was very valuable for me.
She was so organised and efficient. In fact, dealing with the CQC, which is often the most stressful part of a practice purchase, was the easiest!
With the experience she and Mediestates have in this area, she was able to warn me of all the pitfalls and steer me through the whole process.
Once my solicitors were able to give me their attention, they performed their part well. Again, their experience in the dental sector meant they knew all the right questions to ask, advised me on the paperwork I needed to provide, and secured a good deal for me.

My advice to others?

Looking back, I’m so pleased I took the plunge as I love owning my own practice. My advice for anyone thinking about buying a practice is to be prepared.
It can be stressful and is also a time-consuming process and something that you will be trying to complete around your current day job.
Try to be as prepared as possible not only for all the hoops you’ll need to jump through, but also for the sudden demand from all your patients to see you before you leave your current practice! That was something I wasn’t ready for.
My advice is go for it! But make sure you surround yourself with professionals who are experienced in the dental sector – and that includes the bank you choose. Their knowledge will give you real confidence through the process.
And finally, if there is some flexibility in timings, try to avoid completing your purchase in August!
Posted by: Grethe Louw (testimonial) on

General Buyer Terms

This agreement is in relation to MediEstates Limited whose registered office is at 1st Floor, Pacific House, Stanier Way, Wyvern Business Park, Derby, DE21 6BF acting for and on behalf of our clients ("the Vendors"); and yourself (Buyer's Name) in relation for an introduction to a prospective sale of a business as a going concern. By registering through this agreement I agree to all terms set out below:

  1. Definitions
    In this Agreement the following terms and phrases shall have the following meaning unless the context otherwise requires:

    Dental Practice business providing dental care. This business is under the MediEstates Ltd sale terms.
    Confidential Information
    Means the actual Vendors identity and all confidential information in respect of the Business, including, but not limited to, any ideas, business methods, prices, accounts, finance, marketing, research, development, manpower plans, processes, market opportunities, intentions, design rights, product information, customer lists or details, employees’ details, trade secrets, computer systems and software, and other matters connected with the products or services manufactured, marketed, provided or obtained by the Vendor, and information concerning the Vendor’s relationships with actual or potential clients or customers and the needs and requirements of such clients’ or customers’ operations.
  2. Obligation of Confidentiality
    The Prospective Purchaser agrees to treat as confidential, information supplied by or on behalf of the Vendor in connection with the sale of the Business.
  3. Exclusions
    The obligation of confidentiality set out in clause 2 does not apply to:
    1. any information received from a third party who was legally free at the time of disclosure to disclose it;
    2. any information which was already lawfully in the Prospective Purchaser’s possession prior to receiving it from MediEstates Ltd on behalf of the Vendor; and
    3. any information which is in its entirety already in the public domain.
  4. Duties of Prospective Purchaser
    1. The Prospective Purchaser shall take such a reasonable security measures to protect the Confidential Information and trade secrets.
    2. The Prospective Purchaser shall not, without the prior written consent of the Vendor, permit any of the Confidential Information:
      1. to be disclosed, other than in confidence to its legal or professional advisors;
      2. to be copied or reproduced;
      3. to be commercially exploited in any way;
      4. to be used for any purpose other than in connection with the prospective purchase of the Business;
      5. MediEstates is registered under the Data Protection Act 2018. Upon Signing this agreement you agree to follow the legal obligations of this act to protect the details of the information supplied to you, with it no to be passed outside of the control of you the prospective purchaser.
    3. The Prospective Purchaser agrees to keep a record of Confidential Information received.
    4. The Prospective Purchaser will return to MediEstates or the Vendor all documents containing Confidential Information and all copies of those documents on demand at any time which are in its possession or under its control, and for this purpose the term “documents” includes computer discs and all other materials capable of storing data and information. The Prospective Purchaser agrees that such documents remain the property of the MediEstates on behalf of the Vendor.
    5. The Prospective Purchaser must not jeopardise or re-direct the sale under any circumstances.
    6. The Prospective Purchaser must not contact the Local Area Team or CCG regarding any practice sale, by any means of media unless written permission is granted from the Vendor.
    7. To carry out own due diligence on practice purchases and accepts that any information MediEstates has supplied is information provided by the vendor and is not responsible for its accuracy or completeness.
  5. This Agreement
    The existence of this Agreement and its terms are confidential and neither MediEstates nor the Purchaser may disclose anything about this Agreement or its subject matter or implementation to any person other than in confidence to their legal or professional advisers.
  6. Duties of Prospective Purchaser
    When buying Dental practices, finance is normally needed. Our organisation operated over more than one of the MediHoldings brand, by completing this from you agree that the information can be shared to our other organisations to avoid the need to register independently and provide the best possible service.

    MediEstates will refer you to the specialist dental lending team and MediFinancial who will contact the necessary banks, whom have preferential healthcare lending rates in some cases, to ascertain which funding is available to you.
    By signing this agreement you do not have to use any of the banks MediFinancial contact, it is just another service which we provide.
  7. Deposit for Dental Practice
    If you are interested in putting forward a formal offer in for a practice, once the offer is accepted there will be a deposit required to secure the practice sale which is dependant of the practice size. This deposit is held in a client account and will be returned to the buyer on completion of the practice sale. You the buyer, will be required to sign a deposit schedule which will cover the buyer and the seller in the event that the practice sale does not proceed.
  8. Changes to this Agreement
    Any changes made to this agreement must be authorised and signed by one of MediEstates Ltd Directors.
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