Chris Barrow’s Blog

Its time to start building the team at Newco (we don’t have a brand name yet - but assume that Newco is the Private Sector Division of IDH).

There is an existing team of 2 Acquisitions Managers, whose responsibilities are currently within the NHS Division of the business.

The company is now looking for 2 new full-time team members, one who would focus on NHS acquisitions and the other focused on working with me on private acquisitions.

We would, however, expect the individuals concerned to be flexible enough to cross between the divisions if necessary - after all, I already realise that there is no hard boundary between “NHS” and “private”.

I will reproduce the latest version of the job description at the end of this post - but for now, you need to know that I’m starting to search for the people who will grow Newco with me - what promises to be an adventure.

When Ernest Shackleton advertised for his infamous Antarctic expedition, he received 500 replies to:

“Men wanted for hazardous journey

Long hours of extreme cold and darkness

Safe return doubtful”

I genuinely believe that we are making a much more secure offer than that!

BUT - I also believe that the next 3-5 years will be the most exciting of my professional life and if you know someone who would be interested in sharing that adventure, then please let me know - we are interviewing in September.

Here’s the draft job description:

JOB DESCRIPTION 

JOB TITLE Acquisitions Manager   

REPORTS TO CEO   

DEPARTMENT Business Development/Acquisitions  

LOCATION Kearsley/Bolton/Home  

MAIN PURPOSE OF JOB

The Acquisitions Manager is responsible for generating leads and interest from Dentists wishing to sell their practices and subsequently acquiring practices on behalf of the company. 

JOB ACCOUNTABILITIES

Acquisitions

· Target new acquisition practices via cold calling, advertising in the BDJ/Dentistry, existing contacts and mailshots

· Liaise with practice principals as to current running costs of practices and any efficiencies IDH may be able to make

· Review profitability of target practices and build in any incremental post completion costs to the company

· Negotiate and Agree terms of sale with sellers of acquisition practices

· Liaise with legal team on terms of purchase through to completion of contracts

· Obtain financial and operational information from potential sellers (this may require travel to sellers premises/practices/homes/office)

· Analyse data 

· Produce financial due diligence reports for review and decision making

· Liaise with external accountants to facilitate financial due diligence reports on larger acquisitions

· Review and comment on external financial due diligence reports until the company is comfortable with the final report

Personal Profile

Personality

· Proactive, results orientated with a positive outlook

· Natural forward thinker/planner with a strong personality and the ability to effectively manage and build relationships

· Mature, credible individual who is capable of communicating at all levels within the organisation 

· Resilient and robust

· Approachable and open

· Team player

Personal situation

· Able to commute on a nationwide basis

· Able to work extended hours when required

· Able to spend nights away on business if required

Specific job skills

· Knowledge of Dentistry, NHS guidelines (PDS) and Performance targets (UDA’s) would be advantageous

· Strong understanding of key financial data

· Ability to write and review financial and management reports

· Management experience within a similar organisation

· Capable of operating to specified deadlines and under pressure

· Excellent communication and relationship building skills

· Business oriented, commercial and customer focused

Commercial skills

· Organised and effective time manager

· Effective communicator

The avid reader of this blog will know that my accountant for over 15 years, Nigel Bottomley, passed away in May this year - and left a gap in my life, not only of talented and caring advice but friendship as well.

Replacing Nigel (if there can be such a thing) has been a challenge to say the least.

The “problem” (with me) is that it’s all about relationships and personality.

What was I looking for?

1. Somebody who took a genuine interest in me as a person;
2. Somebody who knew how to listen empathetically at a first meeting;
3. Somebody who was not judgmental about some of the stupid decisions I have made over the years;
4. Somebody who understood the psyche of a small business entrepreneur;
5. Somebody who “got it” really quickly;
6. Somebody who said “no problem, leave it with me, I’ll get it sorted”;
7. Somebody I would happily go out for a pint with;
8. Somebody who knew about accountancy.

Sad man - its the morning I leave for Greece and here I am checking my blog posts for comments (thanks Justin - very funny).

You recall my mention of the number 1 “must have” gadget in yesterday’s post - the flip video?

My thanks to my old mate Guy Levine, who immediately contacted me to explain that, not only does he have a UK distribution deal - but that he has also put together a simple “how to” guide on video blogging using the kit.

That’s what I call using your brain and your initiative - so thanks for contacting me mate and for your generous offer.

I’ll return the favour with this post and hope you get some business from it.

Before I go - I have never subscribed to GDP-UK as I felt that to be a non-dentist and consultant to the profession, it was inappropriate for me to be skulking around in there looking to either promote my business or look for leads.

But I do have former clients and friends who are always ready to spill the beans if I get a mention.

Hence the latest thread on “Chris Barrow joins IDH” which, I have to say, was remarkably well balanced and, in some cases, truly funny.

Fame at last - not bad for a bloke who arrived at the 1997 Showcase with no clients and no idea what he was doing - I remember walking around the halls for the day and bumping into one person that I knew from my old financial planning days.

Now I get gossip - how cool is that - a testament to the never-ending hard work of marketing and self-promotion.

I love dentists - I love the way they think and the way they behave - some of the best friends I have ever made are in the profession - and I intend to keep it that way.

As I mentioned in an email earlier today - I’ll be “judged” in 5 years from now on my ability to maintain my core values around leadership, management, systems, standards and the pursuit of profit with integrity and respect for people.

For now - I’m going to take a break - and if you are really interested, you can see my holiday reading list over on the right hand menu bar of this page and a little lower down and under “Planned” and “Current” books.

Back on the 21st.

I am preparing for a week in Greece and so perhaps can be forgiven for a more light-hearted approach to this, my last day at work.

Just to prove that you can sell anything on the internet, the following caught my eye……

Please take a look - especially if you are going back-packing or attending a concert before the summer (ha) ends.

http://www.thebrowncorporation.com/

But my favourite site is that of what has to be the funkiest new gadget in the universe this week (and not an Apple logo anywhere to be seen). Check this out:

http://flipvideo.co.uk/ultra.php

and I challenge you to resist buying one.

I’m clearing the decks here this morning - and may leave another post before I’m through - I’ve been at my desk since 5.30 am - couldn’t sleep.

I need to warn you that this could be my longest ever post - so put the kettle on, make a nice cuppa and read when you have a few minutes of peace available.

Because its time to talk openly about my departure from Breathe Business to join the team at Integrated Dental Holdings - hence the title of this post (which could just have easily read “poacher turns gamekeeper”).

I believe that today is a good time to be writing this - I informed my colleagues in Breathe on Friday last week, IDH issued an internal note on the same day and Simon wrote to all the Breathe clients earlier this week - so the news is “out there”, notwithstanding the fact that a press release will still be a few days away.

So what on earth is going on?

Chris Barrow - champion of the cause of the small independent practitioner and constant critic of the New Contract and its effect on customer service - has joined forces with what a good friend and client described in an email this morning as “the evil empire” (his words not mine).

What I want to do here is to describe:

1. how this happened?
2. what I am going to be doing
3. why I am doing it with IDH?

1. that although we were intending to acquire practices, it was essential that the “principals” retained a financial interest in the growth of the corporate overall - “skin in the game” - so that they would continue to drive profitability in their own practice and support incentives that would improve the whole group;
2. that there would be absolutely no compromise on customer service and clinical standards, that a “NEWCO practice” (we don’t have a name yet) would still be acknowledged as a place of quality not quantity;
3. that the rewards of ongoing profit enhancement and ultimate wealth creation would be shared with the leadership/management team and with the principals and not just squirreled away by the backers;
4. that the performance systems and behavioral standards of NEWCO would be consistent with the message I have been preaching for the last 12 years in The Dental Business School and Breathe;
5. that we would put the “principals” in a position where there were no more “wheels to invent” - that we would build a national and regional team providing training, consultancy and support in all of the key areas of business development;
6. financial modeling, monitoring and controls;
7. marketing systems
8. customer service, patient journey and sales systems;
9. operational systems and
10. personnel systems to recruit, train, and motivate the team

I have to tell you that, in the early days of the conversation, I wondered whether my vision would be thrown out by yet another investment bank focused on “ROI” - but I was delighted when the news came back that they were willing to support this view.

So why would a successful principal give this offer any consideration? Especially if they were still full of vim and vigour?

1. a chance to create wealth over and above that which could be expected as an individual practice owner;
2. a chance to maximize income now;
3. an opportunity to hand over the daily responsibility for running the business to existing and/or new team members who have been trained to the highest standard and are being managed by an experienced and competent regional team;
4. a chance to focus on personal clinical excellence;
5. a chance to utilize tested systems and standards that are continually improved;
6. a chance to be a part of a small community of like-minded individuals who are pursuing a common goal;
7. a chance to work with some of the brightest minds in the business;
8. a chance to go home at night and stop worrying.

Why IDH?

1. Because I have the highest professional regard for David Hudaly;
2. Because I have invested time in the senior management team and like what I see;
3. Because we are head-hunting some extremely high quality people from outside of dentistry to build a real business that will stand up to scrutiny by the City when its time to realise the dream;
4. Because I have met with Merrill Lynch and they LISTENED;
5. Because if I don’t take this opportunity, I’ll kick myself for the rest of my life.

We have designed a financial package that I think will be of immense interest to SOME people - and I suspect that my first approach to the market will be in the Autumn when we have created some more infrastructure.

Now - a final comment about Breathe Business.

I’d like to anticipate any speculation about my relationship with Simon and my intentions with Breathe.

There is no doubt that ending my working relationship with Simon is the downside of this change, I have experienced many of my best professional moments as a business coach, working “on stage” with Simon at my side or simply sat in some obscure cappuccino bar, my Sony Vaio on one side of the table and his Macbook Pro on the other, our man bags swinging on the backs of chairs.

We have talked and talked for 10 years now and we share many of the same core values. Our lives are intertwined in many ways, both personal and professional (and we are not gay).

Simon and I met last night for the first time since my internal announcement and I like to think that we did that thing that guys do - telling each other what we thought and then “getting on with it” - and I’m personally delighted that Simon invited me for tea at 5.30 pm - we chatted for an hour.

There was some fear in the Breathe camp that I would either be setting myself up as a rival coach or attacking the Breathe client base as acquisition candidates.

So I was happy to repeat to Simon last night - and I’m happy to repeat here, that neither of those scenarios will occur.

I am not marketing myself as a business coach going forward. 

There is only one decent business coach left in UK dentistry right now - his name is Simon Hocken and if you want help, call him - he’s really very good you know. I’ve watched him change people’s lives for the better.

And, for the record, there will be no mass mailing campaign to Breathe clients asking them to take the blue pill.

When we are ready (and we are not ready) NEWCO will make its noise in the marketplace- and if you want to talk to me I’d love to.

During September, I will be talking to existing principals about the NEWCO offer, because we don’t claim to have the offer 100% right yet - and I’d love some feedback.

Finally - this is the only place I will have to thank the clients who have written to me this week to say “thanks and good luck” - without exception they have had a dig at my choice of new business partner- I’ll get used to that- but they have also been very kind in their appreciation.

That means everything to me.

The next three to five years will be some of the most exciting in UK dentistry - and I hope to be right in the middle of it all - just cannot wait. I may even shine a light on the dark side

Take a look at the web site for Celebrity Sexy Teeth.

Its cheesy isn’t it?

But wait for the really hard sell…

Click on the star sign between the words “Celebrity” and “Sexy” on the banner headline.

And see what happens….

Feel time running out?

Feel as if your opportunity is slipping away?

Feel as if you “don’t want to miss the boat”?

Horrible, isn’t it?

And thank goodness that nothing like that happens in the UK.

Where do you find the site in the first place?

It’s a sponsored link from the Beijing Olympics information home page in the USA.

I bet they sell truck loads of this stuff.

I’m in Enniskillin, Northern Ireland and I’ve found world-class customer service, a location to die for and a 6-star hotel at reasonable prices.

Check out Lough Erne Golf Resort here.

Beautiful. Get here as soon as you can (and before the Nick Faldo golf course opens and the prices rocket).

Since I arrived at 7.00pm last night, the attention to detail has been fantastic.

I’m facilitating a team training day for James Hamill, Dentistry UK Young Dentist of the year 2007 and the crew at Blueapple Dental - its going to be easy - we’ll just walk around and watch what happens.

Remember last week and the illegal alien camp in Southend?

That was £108 B&B - this is £110 B&B - unbelievable.

Its a simple enough request.

I need some portrait photographs for professional use.

Easy enough project - black and white with me in work clothes.

First stop - Ultimate Photography in Penryn, a mile or so from where I live and so I call in Saturday morning on the way to Truro.

Walking through the front door, I see that there is a small reception area on the right - and a nail bar on the left, where a group of half a dozen young girls are either doing manicures, having manicures or waiting.

I arrive and manicurist #1 asks if she can help.

“I’d like to see the photographer please?”

No problem, she says, take a seat.

So I do.

And wait.

Tick, tock.

Manicurist #1 returns to her customer - no contact with anybody else in the building.

5 minutes later a middle-aged lady appears from the back of the building, asks manicurist #1 a question, looks at me as if she has stepped in something - and then disappears.

Tick, tock.

12 minutes - no communication.

I rise, say “thank you” to bewildered nail bar group - and walk out the door.

Cut to Truro 4 hours later.

Venture Photographers.

No problem - national franchise - they will sort me out.

Walk up stairs to first floor funky studio and reception - lots of great pictures of families jumping around in bare feet.

Ring bell - because the little sign blu-tacked to the wall says “ring bell”.

Door opens and young girl emerges and asks if she can help.

I make a mistake at this point.

“I’d like some portrait photographs for business use?”

Her eyes go misty - I didn’t say “will you take some pictures of me with my kids in bare feet”.

She is out of her depth.

She asks me to take a seat whilst she fetches somebody with a brain who can help me.

Michelle arrives - she is more mature and wants to help.

I explain what I want.

She explains that if I wanted a family portrait she could help - but because I want to use the photographs professionally they could only do that if there was a strategic alliance relationship that would mean I would tell all of my Cornwall clients that they could come in with their families and have their pictures taken in bare feet.

When I explain that my clients are all over the UK and that I have recommended dozens of dental practices to use Venture for their web site team pictures (in bare feet) - it has no effect on her.

Shaking head - no can do - I have failed the interview process that would allow me to spend money with them.

I emerge, downcast.

Sunday morning - I’m Googling “photographers in Falmouth” and I’ve found site for a Ben Ellis, who seems to be able to take photographs of anybody who is prepared to pay him.

I’ve sent him an email asking if he can help me.

Lets see what happens.

Morals:

1. If you have a nail bar in your studio, teach the manicurists how to deal with a new client enquiry;

2. If you own or have bought a franchise, be flexible and listen

3. if somebody wants to spend money with you in a credit crunch, make them feel special and not an intrusion.