Sitting in that tiny little classroom not far from Rome all those years ago, I never would have imagined how many times Latin has come back into my life. I’ve always been fascinated by the language and how it has survived. Caveat emptor is a neo-Latin phrase that translates to “let the buyer beware”.
Now how does this apply to dental practice salesand why is it so important? Caveat emptor is a principle of contract law that places responsibility on the buyer to perform necessary due diligence before completing the purchase of the dental practice. Due diligence can seem slightly vague, but it’s one of the most crucial stages of the deal. It gives the prospective buyer a chance to fully examine the dental practice and receive confirmation on the material facts provided by the seller. The buyer needs to be certain that they’re happy with the commercial potential and have asked every question they have.
The whole process can take between 2 and 3 months and can often be subject to delays, but by working with the top dental solicitor’s, they know the right questions to ask to get everything running smoothly. Reena is one of those solicitors -
We all know the saying “don’t judge a book by its cover”, and it applies to dental practice sales. You cannot judge a practice on face value, you need to take your time. Yes, due diligence can be stressful and can occasionally test one’s patience, but it can also be seen as an exciting time.
You might be a first-time buyer walking around seeing the potential for your new business to flourish, or a corporate identifying a natural fit to their strategy. We try find the perfect matches. It’s a chance to ask a million questions and feel at ease with the decision and confident in your choice. From the seller’s side the process can be deemed as intrusive, but they normally remember going through the same stage of buying themselves.
At Pluto we know the dental practice sales process is all about experience and our team can offer you a unique combination of support. You’ll have myself at all times and also the advice of our Clinical Advisor, Dr. Pieter Claassen, who has gone through due diligence multiple times as a practice owner. I’ve overseen my fair share of dental practice sales, but I’m certainly no dentist, so Pieter offers a more peer to peer aspect.
Get in contact and let us share your journey!