Key tips for buying a dental practice in Northern Ireland

Cathy Murphy, senior agent – dental at Christie & Co, provides an overview of the dental market in Northern Ireland and shares some key tips for those looking to buy in the region

Currently, the stock on the market is of a very high standard, and we are seeing an influx of very profitable opportunities in Northern Ireland. The bulk of the opportunities are substantial, with four or more surgeries and space on site for further expansion, which buyers are keen to see given future growth opportunities.

General feedback from buyers has seen a move towards mixed and private practices with income that can be built upon via the introduction of specialisms over time. The majority of which have owners who are more than happy to remain working post-sale and are simply considering selling to lessen the general day-to-day responsibilities of running a practice, which will allow them to focus on clinical work.

Buying a dental practice is an ambition for many qualified dentists, and there are many benefits to ownership. Here are some key things to consider before purchasing a dental practice in Northern Ireland.

What kind of practice do you want to buy?

Firstly, consider what kind of practice you would like to buy – are you looking for NHS, private or mixed-income? How many surgeries do you want? Where do you want it to be located? Are you willing to commute?

These are all important things to think about, however, it’s good to be a bit flexible and go in with an open mind, as not all practices will tick every box.

Start your search

Register your interest for free with a dental agent and be wary of any agent who tries to charge you. An agent who does not charge a subscription fee will take a fairer approach when selling a practice by supplying the details to all interested parties and giving you the same opportunity to purchase the practice.

Once you’ve chosen your business agent, pick up the phone and discuss your options with them. This will help give you an idea of what’s out there and give them the best understanding of what you want so they can match you with the right business.

Saving for a deposit

Next, think about how you are going to pay for your purchase.

In most cases, a deposit of between 10% and 30% is required to purchase a dental practice in Northern Ireland. If you require finance for the rest, then know that the dental market is often classed as a prime, ‘green-light’ sector for funders due to its needs-driven nature.

If you require advice about your funding options, it’s advisable to speak to a specialist finance broker, such as Christie Finance, who can assist you and help secure the right funding.

Seek help from trusted advisers

Speak with a solicitor and an accountant who specialise in the dental sector – they will have a wealth of knowledge and understanding of the nuances of the sector, which will help you avoid any common pitfalls. It’s essential to have a team of these professionals and get the right advice to ensure a smooth and seamless acquisition.

Be prepared

The dental sector is secure, profitable and driven by need and, therefore, there is plenty of competition from like-minded buyers. If you lose out on a sale, don’t be too disappointed – the market is ample with other opportunities, and the right one is out there for you.