Looking to buy a dental practice?
The process to buy a dental practice can be long and stressful, but with the right support to share any strain, it can be enjoyable and professionally satisfying too – that’s where a specialist dental accountant comes in.
While you’re still looking for the right practice, a specialist dental accountant will help you determine how much you can afford, by assessing your assets and lending potential. Have you shortlisted the right practices for you?
Before purchasing a new business, you will have many questions for the current owner(s). Why are they selling? Are there any NHS contracts to be dealt with? Are there any ongoing property or employee matters? And that’s just for starters.
A specialist dental accountant is utterly invaluable when buying a practice, so you can cover all financial bases thoroughly and comprehensively. We will ensure that you get the right answers to everything and anything that will impact on not just your initial purchase, but on the success of your new business long after exchange and completion.
When you think you’ve found the right one, when planning the purchase, Figurit will look into things like:
- Due diligence – is the practice sound with all risks uncovered, such as any UDA shortfalls?
- Price – are the owner(s) asking for a fair price in the current market?
- Future viability – is there potential to grow and adapt to changes in the profession?
- Funds – how do you plan to finance your purchase, and do you need help to present your case to your preferred lender?
- Designing a purchasing programme, if necessary. Will you pay the full price up front, or will it be deferred consideration, for example?
Once a price has been agreed, we will advise on:
- Business structure – should it be held as a sole trader, partnership or limited company?
- Tax – what are the tax implications of the purchase? How can the tax position be optimised, and how can any risks be mitigated?
We will also ensure that final accounts are agreed at the best date of completion, so you get every possible benefit from the timing of the sale.
And it doesn’t end there…
After contacts are signed and the keys handed over, that is just the beginning! Figurit will be with you all the way as you start your new adventure. With years of experience and excellent knowledge of both the dental market and the principles of accountancy, we will help you to succeed and thrive. We can offer sound, sensible advice on tax planning, as well as payroll, bookkeeping, forecasting and much more.
If you’re even considering buying a new practice, choose specialist dental accountants Figurit.
Call Figurit on 020 7376 9333.