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What is it like working as an Associate at the practice now?

‘’We have maintained our side of the gross quite nicely, even with a day off a week.’’

Both my wife Jane and I have reduced our days to four. The new Principal is an implant dentist and has invested hundreds of thousands in new kit including Cerec. He has trained us all in how to use it, which is brilliant and I’m quite enjoying that.

As a result, we have maintained our side of the gross quite nicely, even with a day off a week. When you agree Heads of Terms you commit to working at the practice and maintaining the income for the practice during the sale. We have a big Denplan and private list and we have maintained that growth and we haven’t dipped even by dropping two clinical days. There was a slight fee increase and we’re working more efficiently.

What were your choices when selling the practice?

“It was important for us to have the option to leave or retire when we want to, rather than be tied in”

The new Principal wanted us to stay on and work in the practice. This isn’t always the case, although very often small corporates will tie you in for a period of time. It was important for us to have the option to leave or retire when we want to, rather than be tied in.

We have agreed on a three-month revolving contract, so either of us could give word of termination of contract. If the new Principal had wanted us to leave, then we would have carried out locum work or similar.

What advice would you give to other dentists?

“Young dentists need to seek better financial advice; can’t stress this enough.”

Engage with financial planning services early on, including getting your practice valued.

Long-term financial planning gives you a sort of freedom. We didn’t engage a financial advisor early or young enough, but we are lucky it has all worked out because he’s done a really good job for us.