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THINKING BUSINESS
a blog by Chris Barrow

On making bold promises.... and keeping them



"Dear Chris


There is much to celebrate this week - not just your 70th birthday 🎉


Long Sutton Dentistry has just passed its 10th Anniversary of opening and inspired by Marcos Whites origin story at yesterday’s Team Training Workshop in Leeds I thought it would be good to share ours.


In September 2013 with seed capital of 3 x £50k from myself, Sam and Jez we set up a cold squat in a town that didn’t know me as a dentist and in a building that was previously an Austen Trucks showroom that required conversion into a dental practice!


Three people on the payroll and a dentist working 2 other jobs to make the figures work while the patient numbers grew (slowly). A familiar story for anyone that’s opened a squat…


Fast forward to 2020 when we reengaged with yourself and in 2020 we joined the Extreme Business 100. Your promise was:


1. Double earnings over the next 3 years;

2. Double practice goodwill over the next 3 years;

3. Create a self managing business;

4 Become one of the best 100 dental practices in the UK.


ACHIEVABLE?


If you don’t try, you will never know…


So here we are in Leeds September 2023 and I am delighted to share the following with you:


1. Our turnover has in fact doubled from £750k to £1.5M and is now associate led;

2. Our net profit is 15%;

3. All other KPI’s are within industry standards;

4. The goodwill valuation has doubled if we use an uplift of x8 EBITDA;

5. We are a go to practice with low staff turnover, well paid clinicians and a queue of patients wanting our services;

6. We know our numbers, we know our direction of travel and have a clear ultimate goal.


We’re not perfect and there is still plenty of firefighting required and we have taken some wrong turns along the way but thank you Chris for delivering on your CB100 promises - all we had to do was follow AND implement your advice


Yours,


Kenny Doig

Lincolnshire


Would you like to double your profits and goodwill value?

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