1 Dentex cover · for Advanced Dentistry As a clinician, I now have the help I need to run my...

ESSENTIAL READING FOR PRIVATE PRACTICE DEVELOPMENT

SPECIAL SUPPLEMENT

CO-OWNERSHIP: LIFT YOUR PRACTICE

TO NEW HEIGHTS

SUPPORTED BY

This genuine partnership has also given us the gift of time, which we are using to fulfil career pathways we may not have otherwise had the chance to pursue. Rahul Doshi - Perfect Smile Studios

I want to enjoy my last years working as a dentist. Dentex is providing a way for dentists to grow as a collective. Stephen Tarr - Marlborough Dental Studio

We liked the fact that Dentex is not as inflexible as some of the very large dental corporate bodies, so we can discuss things and their approach was not set in stone. They took the time to get to know and understand what we do and what makes our practice unique and successful; so we work with them to tweak and enhance where necessary. Noushin Attari - Weymouth Street Paediatric Dentistry

I think it’s a great relationship. There are many corporate-type set-ups where you fit in with the décor and the uniforms and the fees and everything else. Dentex leave you to it. I really feel I am still in charge of my practice. Mervyn Druian - The London Centre For Cosmetic Dentistry

Joining Dentex has also given me the opportunity to clinically contribute to the wider group. Tidu Mankoo - Windsor Centre for Advanced Dentistry

As a clinician, I now have the help I need to run my business. As a team, we have enjoyed a complete continuation of our ethos. For our patients, the partnership hasn’t altered the personnel, but it has given them better access to broader treatment options.

Mitesh Badiani - Smile Excellence











































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PRIVATE DENTISTRY CO-OWNERSHIP SUPPLEMENT

here is a message that we’ve been trying to get across to UK dentists ever since we launched Dentex over two years ago.

The message is simple: there is a different way to practise dentistry. It’s possible to grow and develop outside of the traditional ways that have existed here in the UK.

I’m talking about co-ownership, which is our term for the Dentex business model.

We’re trying to collaborate with dentists to build better dental businesses. That encompasses clinical excellence, but it also includes our culture – how we treat each other, and what we can do to achieve our goals together.

Co-ownership is different. We don’t acquire practices and then start telling them what to do. We work with our partners to support them in building pathways to better practices. We trust our people as clinicians in their practices, and they in turn trust us as professional managers who can guide them.

Not only are our team experienced in

GETTING THE MESSAGE ACROSS

CO-OWNERSHIP EXPLAINED

TBARRY LANESMAN

Barry is a qualified dentist with an MBA from the University of Cape Town. Over the last 26 years, he successfully developed two specialist finance and banking businesses with a focus on the medical, dental and accounting markets in Australia. One of these businesses became a full transactional banking

operation with a unique value proposition. Barry moved to the UK in 2015 after the sale of his business and is again

developing a unique business, this time for UK dentists.

4. WHY PARTNER?

5. ‘THE BEST OF BOTH WORLDS’

6. CARE WITHOUT WORRY

8. THE ROAD LESS TRAVELLED

supporting the management of practices, our board are professional investors, focussed on growing Dentex as a financial investment – something that dentists rarely do for their practices.

This adds another dimension to how dentists invest: alongside professional investors in a diversified group, rather than solely in their own practice.

As a concept, it’s been successful in other countries. It’s still relatively new here, but when you stop and look, so is the corporatisation of private practice in the UK as a whole.

We’re building a business that’s focused on growth in the long term. I’ve worked with dentists for almost 40 years and I believe that’s a concept that resonates with clinicians.

Growth, engagement, development, financial investment – these are all aspects of great businesses, and we offer them to dentists in a way that has not traditionally been available.

We secured funding relatively easily – the business is well-backed by equity and our principals are also shareholders – and the journey since then has been one of growth.

We’re on track with our five-year plan of growing by approximately 30 practices per year while at the same time providing an exceptionally high return to all shareholders.

To me, that shows there is an appetite for this model among dentists. And we must be doing something right after people join too: because around 30% of our new acquisitions are referred by existing partners.

That’s a large part of what this publication is about: sharing the experiences of our

partners so you can hear their stories of growth and fulfilment.

And these are just a few of those partners. The Dentex family now has more than 60 practices within it and I would be happy for anyone wanting to know more to speak to any single one of them.

We’re in alignment as an organisation. The practices that join us do so because they choose to – we don’t acquire practices where the principal doesn’t see the prospect for growth in what we’re building.

We’re working with clinicians who see a great future in clinical practice, and who want to step into that future together.

It’s a very different future to what dentists have been offered or seen in the past. For some, it may be more complex, but it comes with so much more opportunity.

I think that the future is an exciting place. If you agree, we’d love to hear from you.

Barry LanesmanChief Executive Officer

9. THE REAL STORY

10. ARE YOU PERFECT FOR PARTNERSHIP?

3

Written by Barry Lanesman

CONTENTS

If you’re looking for a new challenge but still love your dentistry, then co-ownership could be the perfect option for you

WHY PARTNER?

YOU WANT TO INVEST IN WHAT YOU KNOW As a Dentex partner, you can retain equity in an industry you understand. Enjoy the benefits of increasing the value of the business and play your own part in making it grow: something that no other corporate can offer.

YOU’RE LOOKING OUT FOR YOUR TEAM Great patient care comes from a great team – and that doubly applies in Dentex practices, where everyone is pulling together for the good of patients and the business. Everyone has a role to play – especially support staff, who often find their roles enhanced with Dentex. Greater responsibility and wider, more fulfilling career options await for those who are ready to step up!

YOU STILL LOVE CLINICAL DENTISTRYIf stepping back from running a practice to concentrate on your patients sounds attractive, then Dentex has a solution. Partners often find they immediately have more time for their dentistry. This not only keeps everyone working to their strengths, it spells practice growth too. By giving you more time with patients, revenues can grow quicker than they otherwise would: you will be doing more dentistry, and the practice will be better for it.

YOU’D LIKE MORE BUSINESS SUPPORT The burden of administration is weighing heavier on even the best-organised practices. By partnering with Dentex, you and your team can tap into greater support and expertise in a host of different areas. For many, the support with compliance, CQC inspections and GDPR will be the big ticket items. But it doesn’t stop there: expect support with marketing, HR, finance, consent and staff training too.

YOU WANT TO BUY IN – NOT SELL OUTWith Dentex, the term ‘partner’ isn’t just lip service. The upfront cash payment that releases some of the equity in your business does not mean giving up your hard-won independence. Everything that made your practice a success stays the same – your brand, your team, your clinical decision making. The only difference is the new support network ready to back you up. It is therefore no surprise many dentists joining are, on average, five years younger than most dentists selling their practices.

YOU’RE LOOKING TO THE FUTURE Perhaps you’re considering your exit plan, but don’t want to hang up the handpiece just yet. Partnering with Dentex gives you options without forcing you to give up the practice you have worked so hard to build – ensuring a stable future for you and your team. Meaning you can leave your practice the way you built it.

4PRIVATE DENTISTRY CO-OWNERSHIP SUPPLEMENT



Philip Hayter and Sanjay Chopra explainwhat led them to join their thriving referral practice with Dentex

‘THE BEST OF BOTH WORLDS’


If consultants don’t need to own a hospital to do well in their clinical practice, did we need to own a dental

practice?

ith no imminent plans for retirement, it seemed a

surprise decision for Sanjay Chopra and Philip Hayter to sell their practice.

Highland View was established by the two specialist oral surgeons 25 years ago as a referral practice in Leigh-on-Sea and Hornchurch – and yet earlier this year, it joined the growing ranks of Dentex.

‘The environment was changing,’ explains Phil. ‘The increasing pressure of compliance and the running of two practices were eating into more of our time. They weren’t affecting our clinical practice – yet – but we had less time to juggle everything.’

Sanjay continues: ‘We actually wanted to protect our clinical practice: we did some research and gradually developed the realisation that selling a practice wasn’t just something to do when you were coming up to retirement. The idea that you could sell a practice to enhance your clinical dentistry was a bit of a revelation.

‘I realised that if consultants don’t need to own a hospital to do well in their clinical practice, did we need to own a dental practice?’

With the pair still enjoying their clinical dentistry, retiring was not an option. Both dentists wanted time to pursue a better work/life balance and let someone else take on ‘the burden of expansion or bringing successors in’.

Sanjay freely admits that they ‘wanted the best of both worlds’.

He laughs: ‘We wanted someone else to take on some of the headache, yet at the same time we didn’t want to be told what to do and lose control.

‘To a degree, we were planning for when we started to cut back, whether that was five, ten or more years into the future.

‘We wanted to make that plan while we were at our peak, rather than waiting until we’d had enough and were desperate to sell – that’s when you get a compromised sale.’

PARTNERSHIP, NOT TAKEOVER Several businesses were interested in the practice, who the pair admit they have ‘great respect for’. One company’s unique approach to dentistry stood out, however.

‘Working with Dentex was pitched more as a partnership than a takeover,’ explains Phil.

‘And that’s exactly what we’ve experienced. More than anything we wanted a support structure in place to grow and maintain the practice, but not one that would take anything away clinically. If anything, we wanted that side to be enhanced.’

And Dentex has been as good as its word. The sale went through smoothly, thanks in

no small part to the hard work from David Gurney and Amanda Smith, the two practice managers whose efforts through the due diligence process meant that progress, though intense, was rapid.

And now, the pair feel the practice is reaping the benefits.

Phil explains: ‘We ran a tight ship in the first place; we’d invested heavily in making sure we had proper systems in place for compliance and running the practice, but everything feels even more organised now. It’s taken the practice to another level.’

What’s more the team are happy too: not a single member of staff has left since the plans were revealed and for all eight associates it’s been business as usual.

‘Everyone has been absolutely happy,’ says Sanjay. ‘Which for us speaks volumes.’

REIGNITING INTERESTThere are no regrets. If anything, both partners seem energised and upbeat about the future – and very happy with their decision.

Sanjay adds: ‘To be honest, taking away the hassle of the admin has reignited our interest in our dentistry.’

‘We’re clinicians who turned our hands to running practices,’ says Phil. ‘We now feel we’ve got a lot more support in the areas that we weren’t full experts in.’

There’s a sense that both sides are learning from each other as the relationship beds in. That’s not stopping the pair ‘actively seeking’ new practices to join the fold though.

‘We’re putting our own reputation on the line if we’re recommending Dentex as a group,’ explains Phil. ‘But we’re confident other practices who join will experience the same benefits as we have.’

WANT TO TALK? Practice owners interested in speaking to Sanjay and Phil

about their experience with Dentex can contact them through the practice, Highland View.

HORNCHURCH: 01708 707050 LEIGH-ON-SEA: 01702 553535WEB: www.highlandview.co.uk

SANJAY CHOPRA (L) AND PHIL HAYTER (R)

5

W

PRIVATE DENTISTRY CO-OWNERSHIP SUPPLEMENT6

Jatin Desai explains how selling to Dentex removed the pressures of running a practice but left him free to concentrate on the details

CARE WITHOUT WORRY


started Gipsy Lane 35 years ago now.

These days, we’re a six-surgery restorative referral practice, but it was tiny

when we first opened: a squat in a small bungalow, which I gradually expanded and extended until eventually we took it all down and constructed a purpose-built practice on the site.

In that time we’ve grown to eight dentists working out of the practice along with a much larger support team. It’s become a nice big practice over the years!

I sold to Dentex early in 2018. We’ve been part of the group for a good year and a half, and at this point I’m really pleased with my decision.

I can go away on holiday now; I can do things without always worrying about the practice.

REDUCING THE PRESSUREWhy did I sell? There were a few reasons.

When you turn 60 you suddenly realise that you need to start making plans, so that played a part.

I wanted time to plan my transition. My practice is limited to implants these days. The cases have become more and more complex and I know I can’t do it forever – yet I didn’t want to just work flat out until the bitter end and then sell.

Furthermore, the practice has grown. We’d worked really hard over the four years before the sale to grow the brand and build referrals.

The practice was doing as well as it ever had done, and to continue at that pace felt like a lot of pressure.

The time had come when I wanted to reduce that pressure, and selling it while retaining clinical control for a number of years seemed like the right idea.

I looked at lots of options for the sale, but I didn’t want to become a faceless number in whatever organisation I joined. Dentex felt different.

When they first approached me, I was really attracted to the idea that they

I looked at lots of options for the sale but I didn’t want to

become a faceless number in whatver organisation I joined.

Dentex felt different

would support me in acquiring other practices in the area – my natural impulse was to take that on.

I wish Dentex had come along ten years ago, because I would have done that straight away.

A WINNING FORMULAMy practice joined Dentex, but my brand didn’t change, the name didn’t change – nobody really knew I’d sold, in a sense. I would carry on running it, essentially.

I like that. I’ve worked here for 35 years. My biggest fear was selling to someone and a junior manager telling me what to do in my own practice.

Dentex felt like the answer: totally giving up wasn’t right for me.

I felt like I had a winning formula, and that Dentex wouldn’t try to fix something that wasn’t broken.

The fact that nothing would change in the practice was a big attraction, and

I I’m glad to say that promise has been kept.

They’re supporting my manager very well, and I’m still looking after the practice. I care for the little things; and I like doing that.

The team responded really well. You hear stories about how corporates can behave but it became apparent that Dentex didn’t operate like that, so to be honest, the team didn’t bat an eyelid.

We introduced the idea early on in the process: I was quite upfront with the team once we’d

decided to sell. Dentex actually came into the practice

to meet with the team two or three times, and the team knew I wasn’t going to sell and disappear.

Plus, as things went on, they could see that nothing was changing – the brand

PRIVATE DENTISTRY CO-OWNERSHIP SUPPLEMENT 7


stayed the same, the uniforms stayed the same – and that was very reassuring.

CARE AND ATTENTION The practice belongs to Dentex, though I still have equity in it. That’s not the only reason for my vested interest – I simply still care about the practice very much.

I think that’s the big thing for me. The care is still there but the worry is not.

If I’d sold it to someone else I might have ended up feeling differently. If I’d stopped caring, that would have been bad for everyone concerned. This way I still care about the practice – I’m just freed from that anxiety.

If the biggest worry for most dentists these days is things like the CQC, I can safely say that Dentex has taken all that away, which is fantastic. They’re doing it very well, which is very reassuring.

We’re still marketing in much the same way that we used to, but Dentex have

added to and fine-tuned it, which has been really useful.

While the big things haven’t changed, you have a safety net, and a feeling that someone is there, looking after things behind the scenes. If something goes wrong, the practice manager doesn’t call me: she calls Dentex, and they’re very quick at fixing everything.

Our numbers have been good since we partnered. I actually thought we’d peaked,

I think that’s the big thing for me. The care is still there,

but the worry is not

but things have gone up by about 15%. One thing we’ve always done in this

practice is try to bring in new ideas and push ourselves forward.

Things have been going so well recently that we’ve not felt the need to do that over the last year or so. That said, there are always new things to investigate.

Dentistry is transforming all the time and I think it might be time for us to start pushing things again… just for fun!

The pleasure is still there, but I’m changing the way I look at my work. I’m beginning to take more time off and I’m enjoying that. I’ve realised that there’s more to life than working really hard fixing peoples’ teeth.


Rahul Doshi, Clinical Director of Dentex, explains why doing things differently means the future is looking bright

THE ROAD LESS TRAVELLED


D

What’s the point in acquiring practices and watching them

decline? We want to help them move forward

entex is a values-based organisation.

Those values are all about collaboration, and encouraging self-

improvement in every area that we can. They’re about igniting passion within our team and ensuring that we support one another at every level of the practice and the wider business of Dentex.

We believe that no matter what role you play within dentistry, you should have someone to go to for support – and outside of Dentex, that is all too often not the case.

It’s a business that’s shaped by the people within it. We take the views of our partners into account; there’s a very strong sense among everyone in the team that we’re all responsible for creating and maintaining integrity in the business.

CLINICAL SUPPORT Because of these values, the future is bright. We take every opportunity to repeat and uphold our values, because it’s crucial that we stay true to them.

We’re growing, but we’re doing so by acquiring the right practices: other businesses that share our beliefs. The practices must be right for Dentex, of course. But we have to be right for them too, because we’re planning to work with them for a long time.

As Clinical Director, my role is about growing practices clinically, and ensuring that we provide all the support they need.

Perhaps a practice wants to introduce a new service, such as Invisalign or implants, for example. Implementing those things can really be a struggle. A new treatment often needs new systems or new communications around it. How do you diarise it? How do you set the fees? How do you market this new treatment to your patients?

We have a wide range of experience across our group now, so we can transfer that knowledge from practices that know how to do these procedures on a regular basis to practices that are still learning.

GROWTH AND STABILITY We’re doing some exciting things with technology at the moment as well. We’ve just worked with several practices that wanted to install 3Shape and iTero scanners, for example.

We’re looking to the future: we want to help practices run as effectively as they can while being at the cutting edge, clinically.

What’s the point in acquiring great practices and watching

them decline? We want to help them move forward in ways that they might not have been able to do otherwise.

All businesses want to grow. The simplest way to do that is to give the people in your organisation more clinical knowledge and support. It’s a foundational way of growing your business that’s a long way from acting reactively and cutting costs. It’s a proactive approach that we should be taking more often in dentistry, and one that’s at the heart of Dentex.

Everything feels aligned, from collaboration between partners to the business structure itself.

Dentex is well-financed by investors, and dentists have invested in it too – it’s soundly capitalised, and the debt levels are low. Everything is already in place to achieve great things.

The long-term future looks good: for me, it’s a really exciting time to be part of Dentex.

BUILDING THE RIGHT CULTURE Key to Dentex's success is a strong focus on their values:

GENEROSITY OF SPIRITRESPECT FOR EACH OTHER

INNOVATION AND CONTINUOUS IMPROVEMENT

IGNITING PASSIONINTEGRITY

COLLABORATIVE AND COMMUNICATIVE ENGAGEMENT

HIGHEST ETHICAL STANDARDS

8

RAHUL DOSHI


Cheryl Lawrence explains what a difference Dentex really makes for the person at theheart of every dental practice – the practice manager

THE REAL STORY

CO-OWNERSHIPEXPLAINED

Everybody in Dentex is ready to listen, and the

culture really encourages the exchange of ideas

oining Dentex has been a breath of fresh air. I’ve been with Dentex for just over a year

now and it’s been fantastic. They really do what they

say they’re going to: when people join, they can expect engagement and training through the support team.

The help you get from partner support is absolutely great: they reassured me as the practice manager and helped me focus on achieving goals for the practice. I really can’t fault it.

What surprised me is how little changed when we became part of the group. When our practice joined Dentex, most things stayed the same. Dentex don’t change your brand; they don’t tell you what you can and can’t buy. The labs you use? No change. The same goes for the practice software. For patients, there’s no difference – they really wouldn’t know.

The biggest thing is the extra support. Some things do change when the practice joins Dentex, of course. You get support with HR, and with finance – those sorts of things. That’s a great help.

But as a practice manager, the only real differences are ones that feel they’re going to add value to the practice.

Those are agreed beforehand, generally between Dentex, the principal and the practice manager, so there are no surprises.

I had some concerns about corporate dentistry, but I needn’t have worried.I’d never worked for a corporate before but you hear that they’re not approachable, or that they come in and change everything.

But I needn’t have worried. Everybody in Dentex is ready to listen, and the

culture really encourages the exchange of ideas. I’ve found that creates an energy throughout the whole team, because people know their ideas will always be listened to.

As a member of the team, I can honestly say I’ve always felt valued and respected.

Dentex supports practice managers. You feel appreciated and recognised. I’ve always felt valued with Dentex, which for me is extremely important.

Running a single practice can be quite isolating, but once you join a larger group, you suddenly have support around you all the time. You’re no longer alone: there are people there to help you.

If you don’t know the answer for something you’ve always got someone that you can turn to.

Dentex runs quarterly workshops to help practice managers build their skills. That really helps each practice grow, and it helps the dentists concentrate more on their clinical work, so it’s a win-win situation.

Personally speaking, the opportunities have been amazing. With the extra support, I’ve been able to go from running one practice to overseeing six of them!

I actively wanted more responsibility, so I’ve moved from being a practice manager to a business development manager. That was a great opportunity, and it’s been an exciting promotion for me: being part of Dentex has helped my personal growth.

I’ve been a practice manager for 20 years. Before that I was a receptionist, and then a qualified dental nurse – I’ve done most roles within the dental practice.

I get so much job satisfaction in my new role; it’s great to get that opportunity to grow. Not only am I growing, I have the opportunity to share my knowledge and experience across the Dentex group.

It’s incredibly fulfilling: it’s hard work, but it’s so rewarding!

CHERYL LAWRENCE

9

J


Wondering if your practice is a match with the most exciting new dental business model in the UK? Wonder no more

ARE YOU PERFECT FOR PARTNERSHIP?


Dentex is not like other corporates. In stark contrast to other players on the

market, Dentex operates under a model called ‘co-ownership’.

Rather than selling out, dentists become shareholders in the wider business.

As a result, they benefit from the growth

of the organisation as a whole – making it crucial to acquire the right practices in the first place.

It takes the right kind of mindset, and the right kind of practice, to join the Dentex family.

But what exactly does that mean? Are

CULTURE AND PASSION Do you strive to be the best you can be clinically, or to support your colleagues to do the same? And are you looking to expand your business through growth – instead of through cutting costs? Then you’ll find plenty of common ground with the growing network of Dentex partners.

PATIENT BASE Given the close focus on quality, most practices who partner with Dentex are predominantly private. But not all: there are some exceptions, most notably ambitious principals with a small network of practices already, looking to expand their businesses through growing their own private work.

MINDSETJoining Dentex is about buying in – not selling out. If you’re just looking to offload your practice and leave dentistry, it may not be for you. But if you still love dentistry, and want to continue a long and fulfilling career as part of a network of inspired individuals, then you could be ideal partner material.

TURNOVERDentex is looking to the future – but in order to do so it’s looking to build on existing success. Partner practices need to be of an appropriate size to fit within the portfolio: an average turnover of £900k fits the profile perfectly.

you and your practice a perfect fit for this new breed of business?

Here, we highlight exactly what it takes to become a successful addition to the Dentex portfolio and start taking your practice to the next level.

10

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2014-2019

Over the past three years we’ve experienced strong growth including:

• 59 practices, with another 17 in due diligence• 100% record for both CQC and Scottish health board inspections and interviews• 85% of revenue from Private and 15% from NHS• Over 780 individuals working across the group broken down by 465 practice staff, 269 clinicians and 52 Partner Support staff• Highly commended as ‘Innovation of the Year’ and shortlisted for ‘Product launch of the year’ at the Dental Industry Awards 2017• Finalists in two categories for the SME National Business Awards 2018 ‘Best Enterprising Business’ and ‘Business Innovation’, as well as LaingBuisson Awards for ‘High Growth’ and three categories of the Dental Industry Awards 2018 ‘Best Use of PR’, ‘Innovation of the Year’ and ‘Outstanding Business of the Year’.

EXPONENTIAL GROWTH

2019

2016The first practice partnered with Dentex in November

2016. Great onus was placed on finding the right partners with the right mindset to ensure a strong

foundation for growth.

Word quickly spread about Dentex’s unique offering which focuses on partnership, collaboration and clinical

excellence whilst retaining clinical independence.

JOURNEY BEGINS

2014There was an ongoing rise in consolidation of dental practices in the UK, but no corporate models provided dentists an option to stay bought-in to their practice. Dentex began to develop a way for principals to retain clinical control by becoming a shareholder in the group, instead of just ‘working out’ their ‘tie in’ as with a typical buyout model.

BIG DREAMS

Our flexible model means we are equipped to address some of the major challenges currently being experienced

in UK dentistry, such as supporting the progression of younger dentists into practice ownership and the critical

undersupply of dentists in certain UK regions. Through partnership we are able to provide mentoring and training

that will better enable our dentists to stay abreast of the rapid technological developments in dentistry.

FORWARD FACING

FUTURE

Dentex has achieved significant growth because of our unique offering. We haveambitious growth expectations and are on track to hit our target of more than

150-member practices by 2022

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