Luck of the Irish exit planners By Jonathan Fine. April 5, 2017.
Last year Ireland quietly changed the rules on which non-EU citizens are allowed to retire there. Now you need an impressive annual income of €50,000, but of course there’s nothing the state can do about the dire personal finances of many of its incumbent oldies.
However, good news beckons. A new corporate’s plan to be “Ireland’s leading high quality dentist group” by going after established practices in local communities presents a rare opportunity for dentists approaching retirement.
Dental Care Ireland (tagline Your Local Practice) has bought 11 practices since March 2015, wants a further four by 2018 and says it’s going to spend €20m by 2025, with at least one practice in every county within five years.
It’s USP is that it’s “partnered with long-standing family dental practices all over Ireland” and its strategy when it buys a practice is to protect the connection the business has built with the local community and then modernise it through investment and more convenient hours.
It’s reasonable to think that this is good news for practice owners who may have been quietly despairing over their parochial locations, especially given the wider trends in the market. When Dental Care Ireland comes a-bidding, why not demand a higher price if you can prove your credentials as a local community stalwart?
But best not get carried away — Dental Care Ireland is a rare breed and its main competitor Smiles is all about high street locations and retail values such as footfall and catchment size and profile. All the stuff we advise buyers to look at. So don’t expect corporates willing to put a premium on local roots to come along every day.
If you need help approaching your retirement we have an excellent due diligence department that can make sure you’re ready to exceed your expectations by handling bids the right way. And our accountants are experts at helping you design the perfect exit plan so you know what your minimum sale price is before you start.
JJF | [email protected] | 07860 672727
“Dental Care Ireland will spend €20m by 2025 and wants local, community-based practices”
Jonathan Fine, MD