Although Dr Peter Saner wasn’t actively considering the sale of his dental practice, encountering DeNovo Dental Partners provided an unexpected opportunity. He shares how his interaction with the team led to his decision to make a change in ownership:
“I was very happy to keep working the way I was because I enjoyed clinical dentistry and liked running the practice. However, I did recognise that, at some point, I would need to find a long-term exit plan if I didn’t want to just leave everything to my children to deal with. I didn’t want to stop practising or to leave the business altogether, and selling to a traditional corporate model would never appeal to me. It would mean giving up the practice’s identity and potentially also compromising on everything, from our values to how I manage the team and the quality of patient care delivered.
“DeNovo solved all these dilemmas, allowing me to keep running the practice exactly how I wanted but with the support of like-minded colleagues who wished to build a great team together. Partnering with DeNovo also enables me to work alongside people who have a really interesting approach to practice sales, and gives me the opportunity to have a stake in something new as we collectively develop the parent business together for the long-term.”
As Peter alludes to, in the DeNovo model, Partner dentists receive the full value of their practices upfront, with the majority in cash and the rest in shares of the broader DeNovo group. There are also continuing incentive payments for growth within the individual practices. This innovative model creates multiple wealth generation opportunities, where Partners are encouraged to continue running high-performing practices while also being rewarded for the growth of the company at large. By operating this completely unique shared ownership model, DeNovo affords every practice total clinical and business autonomy in addition to the many benefits of being a part of an extensive professional network and the economies of scale that come from the larger group.
This freedom for businesses also means that practice teams needn’t fear changes that negatively impact their roles or working environments. In fact, as Peter goes on to explain, the team will likely experience very little difference even once the transition has been completed:
“My team took the news of the upcoming change in ownership very well. I spoke to them individually about what was coming and took some time to discuss the deal. They were reassured to know that nothing would change, which has certainly been the reality. I hope that in time they will gain access to a network of associates across the DeNovo community as it grows.”
While considering the future of his practice, Peter’s connection with DeNovo is designed to help him achieve his goals for growth. He plans to bring in more patients and associates in the coming years, as well as develop training for his dental nurses and front of house staff.
In the meantime, Peter is pleased to be settling into life as part of DeNovo with no surprises or concerns.
“We are already benefiting from cost-savings with access to good deals on equipment through a preferred dental supplier. The DeNovo team have also been incredibly supportive – if they can help, they will. Their approach is very practice specific, meaning that they understand that one solution does not fit all. As such, little has changed in our practice. I continue to make decisions for the practice that are in the best interests of our patients and our team.
“The first test of our new working relationship was when a piece of equipment broke down. Although the investment in repairs and replacements was outside of our delegated authority limits, a quick message to DeNovo prompted an immediate response that enabled us to work with our long-term engineer with no delays or further questions. We were clearly trusted to make the right call for our business and they understood the importance of a speedy resolution in that situation. No attempt was made to save money or cut corners, which I appreciated and goes to show the kind of people we’re working with.
“The DeNovo team are very straightforward and are genuinely trying to do right by their Partners, practices and patients. They have remained consistent and I have never had reason to question their integrity or intention. Ultimately, I have nurtured and protected my practice very carefully for many years, and DeNovo allows me to continue doing so.”
Find out if DeNovo is right for your practice’s future by visiting www.denovo.partners today
Media Contact:
DeNovo Dental Partners
Kristen Pope
Chief Integration, Partnership & Communications Officer
Kristen.Pope@DeNovo.Partners
www.denovo.partners
