If
you’ve found the practice of your dreams, then now’s the time to put in an
offer. You may find that as there is
high demand for dental practices at the moment others will have also put in
offers for the same practice. So, if
this situation arises, you will be invited to place a ‘sealed bid’. This is
your best and final offer and is considered to be the fairest and most ethical
way to achieve the best price for a practice. Our belief is that this approach
is far better than an auction, where each buyer is told the highest bid through
to the deadline as this often leads to offers being made from the heart (rather
than the head) and at some point through the purchase process the buyer then
looks to re-negotiate after they realise that they may have overpaid!
During
the sealed bid process you will be invited to make your ‘best and final offer’ so
it’s crucial that you consider this carefully as this will be your last chance
to secure the practice. Sadly, we have
lost count how many times potential buyers have said things like:
·
‘If I’d have known another £3,000 would have secured it, I would have
paid it.’
·
‘I could have paid a bit more.’
·
‘I should have paid an extra £8,000 as this was the practice of my
dreams.’
The
list is endless, but in all these cases the prospective buyer put in what they
thought was their best offer, but not a winning offer.
There
is of course a fine balance between paying just enough and missing out – no one
wants to pay more than they need to. However, if you have found the practice of
your dreams and it requires you to put in a winning offer to secure it then
this needs to be done BEFORE the final deadline for offers. After that it will
be too late as the practice will be sold to someone else.
Many
buyers who have been bold and made winning offers take the view that the
additional amount paid factored in over the period they will own the practice
is certainly a price worth paying.
There
is no right or wrong approach; it’s about what is right for you. However, next
time you are in a position where you have the potential to secure the practice
of your dreams make sure you do three things.
1.
Stop
2.
Take a breath
3.
Ask yourself – is this the special practice that warrants a winning
offer?
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