With DeNovo Dental Partners
Dr Fazeela Khan-Osborne wasn’t actively looking to sell her practice when she came across an organisation with a unique approach to the sales process. DeNovo Dental Partners is transforming the dental practice market with an innovative model that brings collaboration, support and growth to the forefront. The shared ownership concept allows principals to release the full value of their businesses upfront, with the majority paid in cash and the rest in shares of the broader DeNovo parent company. This affords multiple wealth generation opportunities as the practice and wider organisation grows. Principals also retain full control over their clinical dentistry and practice management.
When introduced to DeNovo, although Fazeela was not looking to sell, she was so impressed by the model that she joined the community herself. She comments:
“Although I wasn’t actively looking for a buyer, I had been thinking about my plan for the coming years. I was somewhat restricted in who I might sell to given the location and size of the practice, but I had my concerns about selling to a traditional corporate.
“During communication with DeNovo, we found that we philosophically aligned. We shared the same ethos regarding the team, patient care and how we run the practice. They were keen to take a supportive yet hands-off approach, they didn’t set targets and ensured that I would still have autonomy in running the practice. They really listened to what was important to us, and they were just nice people to do business with.
“DeNovo was also keen to grow the practice with us, to help move it in the direction we felt was right. As a Founding Partner and member of the Dentist Steering Group, we have a big say in how the parent company is run. So, we are ensuring there is a dentist-focused approach and the team provides business expertise – everyone benefits.”
As Fazeela has already alluded to, for any principals considering a change in ownership status, it is vital that the existing team is protected and empowered. With DeNovo, practice teams see few changes in their day-to-day work. Fazeela chose to get her team involved early on in the process. She shares her team’s reaction:
“When the sale became a reality, I was extremely transparent with the team. I invited Kristen Pope, one of DeNovo’s co-founders, to meet the team. She spent several days at the practice to see how it runs, to interact with our patients and understand our philosophy. Because I was very comfortable with the transition, the team was too. They were excited about the opportunities to expand and grow and liked to be kept up-to-date on how it was going and what it would mean for them. They were reassured that not much would change in the practice, and they knew we would protect them because we’re all in it together. It’s been a really upbeat and positive process.”
Now a couple of months into the transition, Fazeela reflects on the process:
“The DeNovo team has remained in contact throughout the transition to discuss each step or any changes needed, or just to check in and say hi. They have been particularly helpful in assessing and improving our marketing and building the profile for our clinicians.
“Otherwise, they have been fairly hands-off but I know they’re there if I need any support. When I informed them of a family emergency, they were clear that I didn’t need permission to take whatever time I needed. They have a very family-friendly approach, which I love. The whole process has been very smooth with no hiccups whatsoever and I have absolutely nothing negative to say.”
Such a great experience when changing practice ownership is the goal for all principals. Fazeela summarises what she feels sets DeNovo apart from other groups in the market:
“DeNovo are the only buyers in the marketplace that allow and actively encourage you to grow, with lots of incentives. The model provides an initial payment, ongoing incentives for growth, and the longer-term benefits of increasing value of the shares in the group as it grows. They are also very flexible in whether you work clinically or shift towards a more management-focused role.
“You can remain working in your practice with DeNovo for several years, so I think it’s important to talk to them early to make the most of it – don’t leave it until the year before you want to retire. These things take time to do and there is no risk in having a conversation.
“In my opinion, they have by far the best offering in the marketplace. It you want to continue learning and growing, DeNovo provides an exciting next step in your career, taken with an enthusiastic team who are motivated but not pushy. There’s no one else like them and I couldn’t be happier.”
Find out if DeNovo is right for your practice’s future by visiting www.denovo.partners today
