How Dental Elite’s co-founders built a business to match a transforming profession
Fifteen years ago, the dental market looked very different – and Dental Elite was just getting started. Both internal and external factors have had a massive influence on market trends, impacting the behaviours and priorities of existing practice principals and potential buyers.
From solo practices to serious portfolios
For a start, there has been a major shift towards multi-practice ownership even on a micro level and there are now more dental groups of size than there were fifteen years ago. That said, the landscape is not big DSO-heavy. Hundreds of individuals now own three or more practices, demonstrating the continued strength of mini groups and multi-practice ownership.
Luke Moore co-founded Dental Elite fifteen years ago. Reflecting on the market evolution in that time, he comments:
“When we started, the market was still pretty fragmented. Now, more than 600 individuals own three or more practices. That shift has completely changed how deals are structured, and who you’re selling to.”
This may, at least in part, be the result of changing attitudes from practice owners. Many principals are more commercially minded today than they were in the 2010s, dedicating an increased amount of time to practice management and growth than in previous years. There is also a greater appetite for business development and diversification, with individuals keen to distinguish their practices from others.
Paul Wilkinson, also a co-founder of Dental Elite, has seen this play out in real time and believes it to be driving the modern dental practice market. He says:
“The entrepreneurial spirit has grown massively. Dentists are thinking commercially and strategically in a way that wasn’t typical fifteen years ago. There’s more ambition, more knowledge, and a lot more competition.”
A smarter, faster marketplace
As the importance of business management skills and softening the acquisition multiple by organic growth has come to the fore, so too has the need for expert guidance in all areas affecting the business. Consequently, there has been a rise in sector-wide professional services, with brokers, accountants and lawyers more accessible than ever before. Paul added:
“There’s more expertise around the table now. From brokers and accountants to the clients themselves. Everyone is more switched on, which means you can’t just be ‘good enough’. You need to know your space inside out.”
As Paul alludes, many professional service providers have recognised the complex requirements in dentistry and developed dental-specific teams in recent years. By better understanding the nuances of the dental market, they can deliver faster and more effective outcomes for dentists. And, of course, with increased speed of practice acquisitions and sales comes higher expectations among the profession.
Dedicated expertise
Having started out as a dental specialist, Dental Elite has long appreciated the importance of tailoring financial plans and business models to overcome the regulatory and clinical challenges faced in dentistry. The organisation took this a step further by developing specialist teams for each area of the process, from practice valuations and sales management to CQC registration and business development, financial support and recruitment. Luke said:
“We’ve always believed that the best results come from people who know exactly what they’re doing. But more than that, we make sure those people talk to each other. Clients feel that joined-up service. They feel the momentum – even when the process doesn’t exactly go to plan. That’s when communication matters most.”
While Dental Elite’s strength lies in clearly defined, high-performing departments, the organisation openly shares market knowledge with the wider sector. The provision of Goodwill and Benchmarking Reports, webinars, seminars and speaking sessions at leading industry events all serve to connect Dental Elite with the broader dental community, and further establish their thought leadership in the sector.
The power of the team
To remain effectively engaged with the profession and each other, the Dental Elite team fosters a culture of collaboration. Clients receive cohesive support from a team that delivers human warmth without overshadowing their expert-led focus. Carl Wetton, Associate Director at Dental Elite, commented:
“We’re lucky to have a group of people who know their stuff and enjoy working together. That shows in the way we handle pressure and keep deals moving. There’s trust and clarity and that gives clients confidence too.”
Lisa McCusker, Senior Recruiter and Locum Recruitment Specialist, agreed with the sentiment:
“We’ve built out a structure that works. Each of us specialises in different parts of the recruitment process, which lets us be fast and specific. But it also means clients get a genuinely human experience – not a generic agency feel.”
What lies ahead
Looking at what is to come for the dental market, expect continued consolidation as well as increasing complexity in deal structures. Opportunities for independently-owned practices will remain, with those who seek expert advice likely to enjoy significant success. For the next 15 years, Dental Elite’s role will be to help every kind of client realise their practice ownership ambitions. Paul said:
“There’s still room to build something brilliant. The challenge now is making informed decisions in a faster, more competitive landscape.”
Luke concludes:
“It’s about staying agile. Whether it’s a first-time buyer or a 20-practice owner, our role is to give them the insight and support they need to move with confidence.”
For more information on Dental Elite visit www.dentalelite.co.uk, email info@dentalelite.co.uk or call 01788 545 900
