New partnership deal allows dentists perfect exit strategy

All smiles at The Dental Practice as accountants Page Kirk advise on link-up with Denplan

We have advised on one of the first new deals between Denplan and local dental practices. The deal ensures that both partners have 50/50 ownership, but it enables the dentist to retain day to day clinical management of the practice.

Dr Colin Doody of The Dental Practice in Dronfield Woodhouse, Sheffield is an early beneficiary of the new Dental Partnership Programme which resulted from a strategic review from Simplyhealth, of which Denplan is a part.

The scheme offers peace of mind to dentists by setting out the basis on which the remaining half-share of the practice will be valued. It also helps the practitioner to enjoy their hard work and success by freeing up finances. For Dr Doody, this means he now has a clear exit strategy involving his son, who is an associate dentist in the business.

Speaking of the assistance given to him by us – accountants who specialise in supporting dental practices and are proud members of NASDAL, the National Association of Specialist Dental Accountants.

 – Dr Doody said:

“The help and advice they gave us has been excellent. We have especially valued the expertise of Wendy O’Connor and Martin Mellor as our main advisors. They have guided and supported us every step of the way. They are knowledgeable about the finances specific to dental practices and although this has been a new business model to everyone, they have been invaluable.”

Dr Doody, who has run the practice for some 36 years, is conscious of the fact that he is now approaching ‘that age’, as he describes it.

“I wanted to ensure that I was leaving my practice in good hands for my son,” he said, “and also my wonderful long standing staff and patients – many of whom have been coming to see me for the last three and half decades! This Partnership Programme offered me the ideal solution.”

Martin Mellor – the Page Kirk consultant involved in the deal – added:  “We are delighted we could help Colin at this crucial time of his career, and wish him all the best for his and the practice's future.”