Dental Matters DRIVING LIFELONG PROSPERITY
July 2021
LOOKING TO THE FUTURE AND GROWING YOUR BUSINESS With the summer months upon us, now may be the time that you stop and reflect on the past year, assess where you are today and look to the future.
We have lived through times that few could have foreseen, which has presented a myriad of challenges. Every dental practice, and indeed every practice owner, will have experienced different issues and approached these obstacles in a variety of ways. With the nation’s recovery roadmap in the final stages, many will be taking the time now to review their options and think of next steps, looking at ways of growing and strengthening their practice.
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Embarking on the acquisition trail could be another option to consider. Making a business acquisition may be a fast and effective way to grow your dental business. It can give you immediate cash flow, ready-made customers, assets, a brand name or reputation in the market and can minimise the risks and time associated with growing your practice organically. A successful acquisition may also enable you to: Enter a new market or geographical area
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Take a competitor out of the market
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Create a new branch
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Create a new source of referrals for specialist dental work
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Acquire technology/equipment
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Gain experienced staff
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Many acquisitions encounter problems because the management teams find it difficult to merge two practices with different systems and cultures. It is therefore important to think carefully about post-deal integration and formulate a plan.
However, careful preparation is required if an acquisition is to be successful and strategic growth is to be achieved. There are several steps to making a successful acquisition:
HOW CAN WE HELP YOU?
1. Plan your campaign
Whether you are looking to grow your existing practice, or wanting to acquire a new one, our innovative team of dental experts can support you with:
2. Create search criteria 3. Set a realistic price limit
Optimising/protecting profits and cash flow
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Benchmarking
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4. Find potential targets
Practice acquisition strategy, including performance/purchase price review, tax planning and deal structure advice
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5. Evaluate the target business 6. Negotiate
Working with your solicitor and finance provider to support you during transactions
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7. Carry out due diligence
If you would like further advice regarding the growth of your business, please get in touch with a member of the team below.
8. Complete the deal
MEET THE TEAM
JAMES MORTER Partner
NIGEL UTTING Director
GLENN COLLINGBOURNE Tax Director
james.morter@hazlewoods.co.uk
nigel.utting@hazlewoods.co.uk
glenn.collingbourne@hazlewoods.co.uk
CLAIRE LAW Associate Director
ELSIE MENELAOU VAVOULI Senior Manager
LEE BRINKWORTH Manager
claire.law@hazlewoods.co.uk
elsie.mv@hazlewoods.co.uk
WOULD YOU LIKE TO RECEIVE OUR BUSINESS UPDATES VIA EMAIL?
lee.brinkworth@hazlewoods.co.uk
Hazlewoods LLP and Hazlewoods Financial Planning LLP produce regular updates, using our expert commentary to provide you with information about our services, events and topical premium business news.
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01242 680000 www.hazlewoods.co.uk This newsletter has been prepared as a guide to topics of current financial business interests. We strongly recommend you take professional advice before making decisions on matters discussed here. No responsibility for any loss to any person acting as a result of the material can be accepted by us. Hazlewoods LLP is a Limited Liability Partnership registered in England and Wales with number OC311817. Registered office: Staverton Court, Staverton, Cheltenham, Gloucestershire, GL51 0UX. A list of LLP partners is available for inspection at each office. Hazlewoods LLP is registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.