OUR SECRET TO PARTNERSHIP SUCCESS

OUR SECRET TO PARTNERSHIP SUCCESS

BY LUKE MOORE AND PAUL WILKINSON

Luke Moore and Paul Wilkinson Co- Founders and Directors of Dental Elite have overseen well in excess of 750 practice sales and valuations. With over 11 years working in the dental industry, Luke has extensive knowledge in both dental practice transfers and recruitment and understands the complexities of NHS and Private practices.

Since it was founded in 2010, Dental Elite has gone on to become one of the largest dental practice sales, acquisitions, recruitment, valuations and brokerage services in the UK. Here, co-founders Luke Moore and Paul Wilkinson share their own story about what it’s like to run a business in partnership and offer advice about what to look for in a partner.

Henry Ford once famously said that “Coming together is a beginning, staying together is progress, and working together is success.” That statement couldn’t be truer.

Since the inception of Dental Elite, the company has gone from strength to strength, but as we’ve seen many times before, that isn’t always the case for everyone. In order to have a successful alliance, both partners have to agree upon their business objectives, their personal aims and work well together as a team. If you’re lucky enough to find a partner where everything falls into place, there are many benefits of a business partnership.

For us, one of the main advantages was that we came from similar backgrounds, so we were able to pool our experience and expertise together to create a niche company based on mutual objectives with a good network of contacts. The fact that we knew each other certainly helped too, as it provided us with a solid foundation on which we could build our professional relationship. When faced with challenges, this has ensured that we have been able to support and understand each other, which has been a key factor in maintaining a successful business. It is also important to remember that everyone brings something different to the table – by having each other to bounce ideas off, we have been able to come up with great solutions that have benefited our enterprise.

The other main advantage of entering into a business partnership is the increase in capital that you have to set up the company and get it off the ground. Not only does it

broaden your opportunities and business capabilities, but it provides financial stability for all involved. When we were starting up, we set a target range for payout ratios, establishing from the very beginning what percentage would be invested back into the business. Within this budget, we allocated funds for staff salaries, bonuses and any incentives, the various necessary insurance policies, marketing activities and so on, putting protocols in place before we started – a measure that has facilitated our continued growth. As such, we would advise any new business partnership not to underestimate the impact budget planning and management could have on subsequent failure or success.

Altogether, there are a number of elements that make our partnership work, but if the basic foundations hadn’t been there it would have been a different story. Thus, to get the most from your business partnership, there are several factors that you should take into consideration before you enter into any agreement.

Firstly, do you trust each other? It’s easy to say yes, but it is not as simple as having confidence in your partner to seal a deal. You need to be able to trust them enough that you can tell them how you feel, that you made a mistake, that you have a difference in opinion. Moreover, there has to be a sense of respect, not just for each other but also for clients and contacts. By sharing the same key values and ethos, and ensuring that you enter into the alliance with a fair, honest and transparent mindset, you increase your chances of success. It’s also beneficial for both partners to have the same business goals in mind, to both drive the company in the same direction.

If you each have skills that compliment each other, even better, because if you’re both experts on the same area there’s more likely to be a disagreement on the best way to approach business. Instead, use your skills to the company’s advantage, and if you   both have equal experience on a particular subject, alternate between who is project lead. There are always going to be times of tension and disagreement, but if you are willing to make compromises and you are both prepared to contribute in a way that benefits the business rather than your self interests, most difficult situations can be avoided.

Communication is also essential in a business partnership – not just how much you communicate, but how. Everyone has their own style and preference, so establishing whether you are compatible as a team early on is crucial. You must also confirm your preferred methods and channels of communication, not to mention how you intend to run the business on a day-to-day basis.

When we first started out, we outlined a number of protocols that we still use to this day. As such, we are always on the same page about hiring, dismissing and promoting staff; job roles and responsibilities; training; and salary, bonuses and holiday allowances.

Clearly, there are many advantages to be enjoyed in a partnership, but even the most compatible of partners are bound to run into trouble every now and again. As such, it is crucial that you lay down a few ground rules. Having a dispute resolution procedure in place, for instance, would help to resolve any issues before they become a problem and hindrance to the success of the business. It is also necessary to put an exit plan in place. By being upfront with each other about your intentions and long-term plans, you are far less likely to encounter difficulties when the time comes.

To reap the fruits of your labour, there are many elements that have to be present in a business partnership. With the right attitude, compatibility and similar values and aims, however, there is definitely scope for a healthy and prosperous alliance.

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