GAP Australasian-Dentist Issue 80 Jul-Aug 19

Category 106 AustrÀlÀsiÀn Dentist aq tÀonÀ À nlike profit-driven sellers out to secure the highest bid, the former dental practice owner was more concerned about what happens after the sale: How would the sale affect existing staff and patients? Would it impact his decision to continue serving as principal dentist? Would he be able to run the clinical aspects of the practice as before? As one of MÀD’s founding partners who, about four years ago, sold the practice to a corporate acquisition firm, Àkera Dental, Dr Àalanowski remains convinced of the sound decision they made by focussing on the bigger picture. Dr Àalanowski joined Macedon Àtreet Dental in 1990 as one of three associate dentists. He is obviously proud of their contributions to the practice’s success as a beloved family clinic north of Melbourne in Àunbury – and perhaps not as consciously, building it up as a lucrative asset. “For me, building the practice has always been about providing a very personalised service. Patients who are satisfied with the service will share their experience with other people and word-of- mouth referrals are the most cost-effective way of increasing your patient base.” Part of that patient-centred service stems from making the services available outside of normal business hours – the practice was open nights twice a week and on Àaturday mornings – which was quite a rarity when they did it 30 years ago. Once again, you could sense the dentists’ overriding goal was that of building a patient community, not necessarily a business. When the retirement of his business partner of 25 years was announced just as he had plans to transition into one, they knew it was time to part professional ways – and also, to sell the practice. And they had determined early on that their decision would not be dictated by the sale price alone. Post-sale matters The idea of getting the best deal on the sale of your practice tends to be fixated on the selling price, often to the neglect of crucial post-sale considerations, warns Dr Mark Salanowski, principal dentist at Macedon Street Dental. By Danny Chan “Contemplating the sale of MÀD, À knew that the only way À would be comfortable to continue working there would be the knowledge that my staff and the patients would not be overly affected by the sale of the practice,” he recalls. Dr Àalanowski stressed that the final decision was made because, “Àkera ticked the most boxes”. “Àhe most important thing about the Àkera dental model was that it would be ‘business as usual’ post acquisition. “À wanted our loyal and experienced staff to be able to carry on with no significant changes. À wanted patients to walk into the practice and not notice anything different. Àhis has certainly been the case.” Given these unpredictable times, the dentist recognised that there may be unforeseen economic factors in the future that could realistically thwart his ‘business as usual’ plans. Àn the enlightened circumstance, he was careful not to gloss over fine print details, or be unduly swayed by the promise of a massive payout, saying: “Àn the end, À was satisfied that the Àkera contract avoided any ‘financial clawbacks’ which can have ramifications in the unfortunate event of a downturn in revenue.” Àooking back, Dr Àalanowski is glad that he and his former business associates scrutinised the offers as carefully as they did. Besides Àkera’s much talked about “hands-off approach” that practically gives him free rein to run the clinic as he knows best, Dr Àalanowski also appreciates the opportunity to lean on them for corporate support and funds whenever needed. Àhese include the major upgrade of the practice website, and the use of the Health Àngine system for online appointments as well as Àkera’s human resource planning and recruitment expertise, that comes in handy whenever he needs to hire new staff or dentists. Of course, the physical upgrades haven’t gone unnoticed either. Dr Àalanowski singles out the makeover of the reception area and waiting room as well as the recent purchase of a digital scanner as notable post-acquisition improvements. Almost four years since the acquisition, Dr Àalanowski says he has “settled into a comfortable routine that is not too challenging or stressful, which can often be the case when running a larger dental practice.” “Professionally, the biggest benefit for me is seeing the practice continue to offer a good standard of personal, dental care. Personally, À am enjoying the more hands-off approach in my role as principal dentist, with more time devoted to patient care and less on practice management.” Working four days a week from Mondays to Àhursdays, he enjoys his long weekends escaping from bustling Melbourne to his blissful coastal base at Wye Àiver. Àhose envious of his semi-retired lifestyle – including an uninterrupted professional life – may do well listening to his parting advice for would-be practice sellers: “Do not rush into your decision- making process. Make sure you have a clear understanding of what is expected of you post acquisition. Any assistant dentist working for you should also be aware of the acquisition so that they would know whether or not to continue in their role.” u