DeNovo Dental Partners shares the story of Dr Ben Goode and Dr Ursula Mulholland, who found new enthusiasm for the practice they had built through an innovative partnership model.
Dr Ben Goode and Dr Ursula Mulholland of 18 Dental were looking to reduce the pressure of running their practice, but retirement was never the goal. Both remained deeply passionate about dentistry; they simply wanted to regain time and headspace to focus on patients and professional development.
When exploring their options, Ben and Ursula had significant reservations about the traditional sales market and the type of buyers they might encounter.
Ursula commented:
‘We were keen to free ourselves from certain aspects of running the practice, but we still loved dentistry and didn’t want to completely step away from what we had spent so long creating. We were proud of the practice and to simply hand it over to someone who wouldn’t appreciate its value, we felt, would be scandalous.’
Dr Ursula Mulholland
She continued: ‘We were hesitant about selling to a traditional corporate, because we believed they would focus only on the bottom line, dismantling the ethos of the practice and everything that it stood for. We were also very protective of our team – many of whom had been with us for 10 years or more.’
Building something new
At this point, Ben and Ursula were introduced to DeNovo Dental Partners – a forward-thinking organisation committed to building something new in the dental market.
Ben shared their initial impressions:
‘Our dental broker advised that DeNovo was operating a different model that was very interesting. We were excited by the prospect of getting involved with something innovative and new to dentistry, although we were initially unsure what to expect. It was particularly interesting to learn that we could help shape policy for both the future of our practice and the entire DeNovo parent company – we would be part of something bigger, and no longer working on our own.’
Dr Ben Goode
Ursula added: ‘We initially met Mark Aichroth and Brian Southward and felt immediately comfortable with them. They were clearly great business people, but cared sincerely about remaining ethical and ensuring open communication with real collaboration.
‘As dentists, we prioritise building relationships, and we felt that a very good rapport could be established with DeNovo. They reassured us that we would remain as involved in running the practice as we wanted, handing over the aspects we were less keen on. There was a shared understanding of how we wished to progress the practice, with clear access to the support we needed. We would still have skin in the game as partners in the practice and the wider company – it was a new venture in the business that I loved so much and that was exciting.’
Open dialogue
Once they had made their decision to proceed, Ben and Ursula were reassured when this open dialogue continued during the transition phase.
Ben comments: ‘DeNovo remained very open to our ideas – they didn’t require us to fit into their format, and were receptive to our suggestions. They also actively sought feedback so that they could improve the process for others, demonstrating their humility and real interest in supporting their partners from the very beginning.
‘They also remained accessible throughout the transition process and beyond. Having never sold a practice before, we hadn’t been aware of how much work and time it would involve. But DeNovo helped us through it all and we never felt alone.’
Small changes, renewed enthusiasm
Since completing the transaction, Ben and Ursula have been pleased to realise just how little changed in their day-to-day routines.
Ursula says: ‘DeNovo doesn’t micromanage the practice; they let us get on with what we are good at, but are in the background and ready to help whenever we ask for it. They have been transparent and worked with us to overcome any challenges. Changes haven’t been made for the sake it, only where they improve the practice, which is an important part of developing the business. DeNovo’s promises have been delivered post-sale.
‘It is a pleasure to be working with people who share our vision for the practice, our team, our patients, and our dentistry. I like how they operate, and the model allows us to remain as involved as we want in the management of the practice. They are not dictating anything from on high; there’s real collaboration. This has also made it easier to tell the team that we’re selling, because we really believe in what we’ve become a part of. We have confidence that they will be supported long into the future.’
For any other principals considering a practice sale, Ben shares some advice about what he feels helped them: ‘Firstly, I would definitely recommend finding a solicitor with dental experience. We also really appreciated working with a broker, when we found the right one for us. They understood our needs and aspirations, and constantly acted in our best interests, which made us feel even more comfortable. I appreciate some principals would rather manage everything directly, but I believe the more people you have in your corner, the better!’
‘I have a renewed enthusiasm for dentistry,’ Ben adds. ‘Working with DeNovo has cleared space in my head and my diary for dentistry. We run the business as much as we want, but there is time again to attend training courses, which is really exciting.’
Find out more about DeNovo’s innovative partnership model.
This article is sponsored by DeNovo Dental Partners.
