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I was struggling a bit with the stress of it all when COVID-19 first hit, working with people who were stressed; I took a lot of that on board, and it was all beginning to get to me after 35 years... By the time I got to my last day in the practice, I was pretty sure that I wanted to finish up and I was happy to get to the end of it. The first day when I woke up and didn’t have to go to the office or look at the appointment book, it was like waking up to a perpetual weekend!

With pandemic restrictions easing, many businesses are starting to see their staff coming back into the office and our cities are starting to show clear signs of revival and recovery.

"A lot of my friends were selling at the time, some because of bad health - I thought it would be good to do some serious exploring of the rest of the world while I still have my health. I thought about how long I had worked and how long I had left to enjoy my life."

It is quite common for practice owners to be fearful of how the staff will react if they learn that their practice is for sale. 

Over the years, Practice Sale Search has noticed a distinct difference in the levels of interest that buyers have in different socio-economic areas.

"No matter how much you plan and think through the outcome of decisions, there is always the chance of the unexpected coming along and changing everything – and you have to be adaptable to the change if this occurs."

Last year, we had a practice for sale in a good suburban area of Brisbane. The principal dentist/vendor was in his mid-60s and had been practicing in the same spot for 30 years. The practice’s aesthetic was very functional but needed some reinvestment (both inside and out – let’s say $50k); it was in a great position on a busy street, surrounded by busy retail businesses. The principal was willing to contractually commit to working part time post sale and had a solid history of producing approx. $750k p.a., working 4 days per week (no extended hours), offering limited clinical choices with average fee levels, no website and $0 spent on advertising.

A practice or real estate sale is usually a high-stakes transaction involving hundreds of thousands, or millions, of dollars changing hands. Quite often, the buyer and seller will base the price paid for a practice on an appraisal or valuation that has been done by an accountant.

"The business of dentistry has proven to be extremely resilient in the face of maximum uncertainty, a place the public sees as worthy of their discretionary money. For that reason, practitioners are recognising that a dental clinic is a fantastic business to own."

It was great to be interviewed by Dental Head Start about how to find and succeed in your first practice. We spoke about the common pitfalls that buyers and new owners can find themselves in and how to avoid them.