What you need to understand first of all is that Future Health Partnership does not buy dental practices in the traditional sense. Our model is to facilitate a staff buy in, which is funded by ourselves, so in this way the staff and dentist become partners in the same organisation.
Firstly, former owners must remain a pivotal part of the team going forward and thus we would expect you to remain, at the same level of clinical input, for at least 5 years but preferably 10. If your goal is to sell, ease out and retire and disappear within a couple of years then your best bet is to sell the practice for the highest fee.
Secondly, the “compensation” figure you will receive for transferring the ownership to your staff is not based on goodwill. It is based on a multiple of net profit (after drawings). The money comes from the practice profit and this “loan” must be repaid out of these profits over 4/5/6 years. This ensures that each practice is self funding, and providing a sustainable and long-term future for the dentist, the staff and patients. We would thus say you would be better off to take a smaller figure now but be better off in the long term.
Thirdly, we are looking for owners who ‘want to do the right thing” by rewarding your staff present and future for their hard work which makes you financially secure. This way will also ensure your staff and patients are not sold down the river to other dentists all businessmen who you don’t know at sometime in the future.
The purpose of Future Health Partnership is to remove the admin burdens and allow each dentist to get back to the root of what they came into dentistry for – to deliver great quality dental care and to help the dental health of their patients.
Employee owned organisations, like for example John Lewis, are there so that everyone is rewarded fairly (pro rata) for their efforts – from cleaner to Chief Executive, and with the Constitution of the business such that it can never be sold the staff and patients have a secure future health partnership.