After working as an associate, Oliver Pierce decided that he wanted to make the leap to practice owner, eventually going on to purchase Sutton Dental Practice.
We spoke with Oliver and Hazlewoods dental experts, Nigel Utting, Director, and Lee Brinkworth, Manager, on how this all came to be and what was involved throughout the process.
Oliver, tell us a bit about your background which led you to working within dentistry?
My parents ran a large NHS family practice in Hull, so I was introduced to the industry by them. I did NHS foundation training and went on to work in my parent’s practice as an associate.
What did you need support with and why Hazlewoods?
Hazlewoods Dental team supported my parents with their accountancy and business advisory needs for three years and eventually helped them to sell their practice. They were instrumental in the sale and in achieving the best price for them.
As I progressed in my career, I wanted to buy my own practice. With the family history of working with Hazlewoods, I reached out to the team to review my accounts for a prospective practice. They provided guidance on the buying process, the viability of various practices and accurate EBITDA valuations.
I also worked with Partner, Kyle Nethercott, from Hazlewoods Financial Planning regarding our family trust fund. That’s the beauty of Hazlewoods – it’s a one stop shop for everything that I need.
I was always quickly passed on to the right person throughout the process and they were also very useful in liaising with the solicitors. Lee Brinkworth supported me with capital allowances and ensuring my tax liabilities were minimised.
Nigel and Lee, how did you support Oliver from a Hazlewoods perspective and what was the outcome?
Our main aim is to support Oliver at every stage of his career, starting with tax structuring as a self-employed dental associate, leading on to getting the best price we could for his practice, and generally saving as much tax as possible.
We assisted him throughout the buying process, giving him the ammunition and confidence to negotiate. We also interpreted the financial jargon that can occur, making sure that financial matters were correct in the purchase agreement and that matters such as tax indemnities were worded properly.
Oliver successfully purchased the practice and our advice led to tax savings of over £10,000.
You can find out more and read the full interview here.
For further advice on how our team can support your dental career, please contact Nigel Utting at nigel.utting@hazlewoods.co.uk, or Lee Brinkworth at lee.brinkworth@hazlewoods.co.uk. Alternatively, call 01242 680000.