Budget 2023 Implications for dentists and business owners

Abi Greenhough welcomes our Commercial Director Chris Mayor to the Dental Business Transactions podcast.  They discuss the dental practice M&A market trends Lily Head Dental Practice Sales and their partners are seeing in the market over the last 6 months of 2023 and how 2024 is shaping up.    

Reena Popat is on the podcast to talk about her journey from being told at school that she would never be a lawyer to founding Carter Bond Solicitors and Carter Bond Wills in 2014. In this episode Reena talks about how in her early career she did not set out to become a business leader but was motivated by the fact she wanted to do things differently.  Reena discusses her most important lessons as a lawyer and business leader when growing from a team of 3 to a team of 32. Reena & Abi talk about how you learn the skills to go from an employee to a business owner.  As well as strategies Reena adopts to make sure everyone is rowing in the same direction. You can also see the Podcast on YouTube:  https://youtu.be/K6z37xlFFUM

Oliver Field is a financial planner at Chester Rose.  Oliver has a good number of clients who are dentists and he is focused on helping them make the best use of their money. In this episode we talk to Oli a few days after the first budget in the UK in over 500 days about initiatives the Chancellor of the Exchequer announced to incentivise dentists and principal dentists to stay working for longer.

Louis Mackenzie has been a General Dentist since 1986.  Louis is the Head Dental Officer at Denplan as well as a clinical lecturer at the Birmingham Dental school and Kings College London. Louis delivers postgraduate lectures nationally and internationally on direct and indirect restorative techniques, minimally invasive dentistry and clinical photography and runs a series of popular hands-on courses. He is also a member of Dental Update’s editorial board. In this episode Louis talks about the satisfaction he gets from not only being a dentist, but now being taught and mentored by his own students.   the importance of having a ‘meaningful purpose outside of dentistry.  Why dentists are going private.  and the emotional dilemma some dentists face when considering their exit / retirement from the profession. To get all of our podcasts subscribe to our YouTube Channel or Follow us on Podbean.

Martin How is the MD of Lily Head Finance.  Martin has been working in the banking sector or in conjunction with the banking sector since 1992.  Navigating the financial markets and managing the major disruptions to the financial markets over the last few decades are all experiences Martin draws on when working with dentists. In this episode Martin talks to Abi Greenhough, the MD of Lily Head Dental Practice Sales about the opportunities for dentists in the context of the energy crisis and double digit inflation. They discuss the merits of fixed rate and variable rate lending.  How buyers and sellers can mitigate the current upheaval in the financial markets and wider economy.  How borrowing agreements can be broken and re-negotiated and the consequences of getting a decline from a bank. Martin also does some really interesting myth busting.

Mark is a highly experienced Programme and Project Management Professional and Operations Leader whose career has focused on helping others. Mark began his career as a school teacher.  Transitioning to becoming a pioneer in delivering CSR (Corporate Sustainability and Responsibility) strategies internationally, on behalf of start up’s, government bodies and blue-chip corporates. Mark is Director of Purpose Driven Business ; Chief Executive Officer of Bridge2Aid UK (from 2010 to date); General Director: UK and Tanzania with Bridge2Aid from 2005 to 2009 and was Director of Bridge2Aid Australia for two years. At ‘Purpose Driven Business Mark helps companies to successfully integrate best practice Environmental, Social and Governance (ESG) into their organisations. He is both a qualified educator and a Fellow of the Institute of Corporate Responsibility and Sustainability Professionals. Purpose Driven Business Ltd is a cross sector consultancy practice working primarily in consumer healthcare and education. It is widely recognised across the UK dental industry as the leading authority on ESG & CSR. This episode provides great insight for Dental Principals on what their staff are likely to expect from them as business leaders and the actual business they work in. Mark supports people through the ‘Great Boss Academy’ and the soon to launch ‘Responsible Dentistry Club. Watch this episode on YouTube: https://youtu.be/kgdFKgsATw4

Eddie Crouch has been Chair of the British Dental Association Principal Executive Committee since September 2020. Before that, he served as deputy chair between 2014 and 2020 and past Chair of Central Counties Branch of the British Dental Association. He works in two practices in Birmingham and is Vice Chair of the Birmingham Local Dental Committee. Eddie is passionate about representing the interests of NHS Dental providers and NHS Patients.  He is often interviewed for his opinions on national TV and radio. In this episode Eddie offers an informed insight into the challenges facing patients who cannot get access to NHS dentistry and the Government policies which are driving dentists to abandon or minimise their exposure to NHS dentistry. Abi Greenhough talks about ways purchasers and existing principals of dental practices are trying to mitigate the fact that providing NHS dentistry can be a drag on profitability. Eddie is pushing the government to come clean on what their strategy and budgets are for the provision of NHS dentistry.

This week’s guest is Iain Dalton.  Iain is a founding partner of Elmvia Practice Sales in Australia.  Iain leads sales and strategy for the company.  One of the most well-respected figures in the industry, Iain has built the company on the back of formidable sales skills and reputation for integrity and straight-talking honesty. With a directorship background in dental recruitment, corporate sports sales and healthcare, he is also the director of industry recruitment leader Elmvia Dental. Originally from the UK, Iain is a passionate soccer player and coach. He lives in the Sunshine Coast with his wife and relaxes with a game of golf. Iain’s daughter Isobel play has played football all over the world and is currently in the FA Women’s Championship. In this episode Iain talks about the dental practice sales market in Australia and how it applies to UK dentists looking to relocate.  And how it is important to be humble, flexible and patient when entering a market on the other side of the world. Watch all our episodes on YouTube: https://bit.ly/3SDi3M8

Abi Greenhough is the Managing Director of Lily Head Dental Practice Sales.  Abi joined the business in 2015 and was appointed to the board in 2018. Abi is one of the UK’s most respected experts on valuing dental practices, identifying ways of improving valuations and negotiating the best outcomes for her clients who wish to sell. Abi and her team have completed on individual and group dental practice transactions in every region and every country in the UK. Abi is an experienced Occupational Therapist who spent 8 years working in the NHS.  She then decided to turn the skills she has for helping people overcome emotional, social and physical challenges to a commercial environment. Abi is also Director of Lily Head Finance which is regulated by the FCA. During this conversation Abi talks about how the resurgence in transactional activity in 2021 continues in 2022.  That the number of new buyers entering the market is running at 18%.  Considers the headwinds the industry is facing and strategies to mitigate them.  Popularity of squats and the fact that Lily Head Finance is much more able to get funding for them.  Multiples of EBITDA being paid by buyers.  Predictions for the next 12 months.  Changes taking place in Wales, Corporate activity and advice for dentists considering an exit.