After nearly 15 years at the helm of Lumino, Andy has recently left following its change in ownership. I caught up with him last week to see what his plans were.
After building such a strong relationship with Andy I was hoping that future was still going to include Dental. So I was excited to hear his new venture was, to create a new national dental group.
Andy : “I looked at different options of what I wanted to do going forward. As I explored those options I realised I still had a huge passion for the dental industry. I have made so many good friends and acquaintances that I was reluctant to leave that all behind.
I am incredibly proud of what has been achieved with Lumino, and believe that it has demonstrated that dental groups can have a place in the dental profession and the profession be the better for it. However, there are many things that I have learnt along the way, which if I had a fresh sheet of paper would now do differently.
One of the frustrations we had at Lumino with public company ownership was the difficulty for dentists to have ownership in the group. This group will be partly owned by dentists for the benefit of dentists. Collectively we can do something very special and create a group with high clinical standards and best practice.”
With many years of experience in the New Zealand dental industry many of you will have meet or know of Andy. He is a rare breed, he appreciates the subtle and distinct differences between practices and in particular their principal dentists' exit strategies.
Therefore he has developed solutions to cover most scenarios. From the older dentist looking to walk away almost immediately knowing their patients will be looked after through to the younger dentist looking for a partner to help realize the potential of their practice with capital investment.
Creating alignment by partnering with the principal dentist(s) is the group’s preference. Principals(s) will have the opportunity to retain equity within their practice, and for those interested an opportunity to take ownership and influence in the larger group.
Andy values practices using a multiple of earnings model. The earnings are calculated with the principal dentist(s) being paid 40% commission. The multiple paid depends on various factors including but not limited to asset quality, location, treatment mix, willingness of the principal(s) to stay on, growth opportunities, etc. This is not a one size fits all scenario.
If you are interested in learning more about this opportunity you can call Andy Tapper direct on 021 503 688 or click here to get in touch with us. We also have a digital Non Disclosure Agreement for more confidential contact.
Have a great Christmas. I will have my phone with me in Christchurch and Waihi Beach - so happy to hear from you.
Dr Tony Dey
021 866 985