LONDON, UK: “An era of high, perhaps inflated valuations may be coming to an end,” the National Association of Specialist Dental Accountants and Lawyers (NASDAL) has said, as its new quarterly report has seen practice valuations fall dramatically over the three months leading to February.
According to the figures, average valuations plummeted to 136 per cent of gross fees, an almost 20 per cent decrease from the 153 per cent recorded in the previous quarter. At the same, however, deals have remained steady since last year with an average goodwill value of 137 per cent of gross fees.
Collated from accountant and lawyer members of NASDAL on a quarterly basis, the goodwill figures are intended to provide a useful guide to the practice sales market.
“Practice sales goodwill values are becoming increasingly difficult to predict. Geographical factors seem to be becoming increasingly important, and this links with a similar pattern in associate availability,” commented Alan Suggett, specialist dental accountant and partner in UNW who compiles the goodwill survey, on the latest results. “It will be interesting to see if the deals done figure falls back in the next quarter, as if it does that would suggest a more general reduction in practice sales values.”
Suggett also said that many practices seem to have a real problem in recruiting associates, leading to them having to pay higher remuneration.
“Added to the fact that some practices are missing UDA [units of dental activity] targets, and the NHS contract landscape is uncertain, it would not be unreasonable to suggest that goodwill values could fall back somewhat,” he predicted.
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