Richard Miller-White started his practice 30 years ago and has since built a thriving, truly patient-centred business alongside a dedicated team. When he made the decision to sell his practice, he was looking for a very specific kind of buyer.
“I initially considered the sale as my associate showed an interest in buying the practice,” Richard explains. “Otherwise, I was quite content with the practice situation at the time and was not thinking of an exit plan. After a valuation and a change in direction by my associate, I decided to place the practice on the open market.”
“There were several viewings of the practice thanks to a supportive broker, but I did not feel that I would gel with any of the potential buyers. I was waiting for the right one to come along and I was quite adamant about not selling to a corporate. I was worried that the ethos of the practice for putting patients and staff first would be compromised.
“Then, one November evening, the broker contacted me after speaking to a team who we now know to be DeNovo Dental Partners. The practice had only been on the market for a couple of months and despite not being open to selling to a corporate, the DeNovo business model intrigued me.”
Discussing further what it was about the DeNovo model that appealed to him, Richard continues:
“It was refreshingly new to the UK but was a tried and tested model in Canada, Australia and the USA. I arranged to meet the DeNovo founders and was pleasantly surprised at how down to earth they were. They were also passionate about forming a partnership with practices where they could grow and maintain their own identity with the welfare of the practice staff and patients at the core of the business – since practice autonomy is at the core of the model. The seller would also become a shareholder and every practice would be working for the same goals. There would be help available when it was wanted, leaving me more clinical time to spend with my patients.”
DeNovo offers a shared ownership model, whereby Partner dentists retain complete clinical and business autonomy of their practices. Unlike in other sales processes, the full value of the practice is paid upfront, the majority of which is cash and the remainder is in shares in the broader DeNovo parent company. The model affords Partners several wealth generation opportunities, including Partners receiving additional incentive payments for business growth in the years following the sale.
Despite taking a light-touch approach, the DeNovo team actively supports practices with growth planning, capital funding, compliance, accounting, marketing, training and more. The Partners also gain all the advantages that come with being part of a larger dental community, with trade partnerships offering discounts and general economies of scale.
And true to the model, DeNovo actually does have a very light touch on daily life in its practices. As Richard goes on to express, routine processes will largely remain the same:
“The team were obviously apprehensive when I shared news of the sale – it was a big deal after 30 years. However, I know they were pleasantly surprised that there were no noticeable changes after we had transitioned. It really was business as usual. Even the practice name will stay the same, because why would you change it?
“The transition process was pretty smooth. The biggest surprise, or I should say the best surprise, was confirmation of all the reassurances. There were no hidden agendas and no small print; the whole process was very transparent. There have been no changes to the practice and if I want to change anything and I need help or advice then all I need to do is reach out. Basically, DeNovo understands that its Partners are the best clinical leads for their own practices. The whole partnership is built on trust and respect.”
Even Richard’s ambitions for the practice haven’t changed since becoming part of DeNovo. The only difference now is that he has access to additional support and resources if he needs them. Looking ahead, Richard says:
“For the next 5 years, I will carry on treating my patients and growing the practice to meet the increasing demand – just as I would have done before the sale. I have a special interest in Dental Sleep Medicine, which DeNovo are helping me to develop further. I can also collaborate with the other DeNovo Partners and we are becoming one big happy family built on trust.”
For any principals looking for alternative buyer options to the traditional corporates, Richard offers some final words of wisdom:
“My advice to other dentists is that if they are considering the sale of their practice, either now or in the future, contact DeNovo. We all know somebody who has sold to the well-known corporates and wish they hadn’t. DeNovo really is a group with a difference.”
Find out if DeNovo is right for your practice’s future by visiting www.denovo.partners today
