He built the practice on the vision of high-quality patient care for the whole family, and he cared deeply for his staff and patients. Ken was the sole owner having bought out a partner a few years back, and he hired an Associate Dentist to work at his side. As Ken began to seriously contemplate retirement, he knew he needed a good transition plan to help his Associate and staff of 14 dental professionals. He was worried about the impact of slowing down before retirement, and he wanted a strategy that would maximize the value of his practice. He also knew his 10-chair, $3 million plus practice meant the number of qualified buyers was limited so he began to explore an affiliation with larger group practices and DSO’s. Time was of the essence, and his legacy was at stake.
“I’ve been in business for over 40 years and felt a deep responsibility for my doctors, staff and patients. I wanted to put the practice on the right path for their future. And I did want to continue to practice for 2-3 more years beyond the transition so I could help create this future and ensure my patients would enjoy the same quality of care. At 42 North Dental, I felt I could do this, and I have.” Dr. Kenneth Fink, 42 North Dental Shareholder
THE RIGHT PARTNERSHIP WAS KEY
A commitment to quality multi-specialty dentistry, and a shared strategic vision, made 42 North Dental Care the best fit and Dr. Kink affiliated in 2017. Together, a multiple year plan was created to stabilize the team and grow the practice. An additional full-time dentist was hired to ensure patients had expanded access to quality dental care in their community. Periodontics, Orthodontics, and Oral Surgery were introduced to the practice to provide a full suite of dental care, and to fully realize Dr. Fink’s vision.
Ken’s Associate Dentist was given access to a peer network, CE and mentoring, and the full business and administrative support of 42 North Dental. He was eventually promoted to the role of Dental Director and, like Dr. Fink, became an equity owner in 42 North Dental. He is now the leader of a profitable practice as well as a shareholder in a quality, growing company. Ken felt comfortable decreasing his time in the practice, focusing on patient care, and allowing the new Director and 42 North Dental to assume day-to-day practice responsibilities. He eventually retired with the confidence that his practice and team were in good hands.
CONTINUED GROWTH IS THE GOAL
Family Dental Practice of Newington continues to grow. With a new website and advertising campaign, investment in technology, and expanded specialties, the practice has seen an increase in patients. The practice has expanded hours and optimized business costs. Annualized production has gone up every year post transition and profitability is up 32%. But more importantly, Dr. Fink’s entire staff from pre-affiliation remained part of the 42 North Dental family and continues to see patients with the same quality patient experience as before.
CRITICAL SUPPORT FOR THE UNANTICIPATED
When the COVID 19 pandemic hit, dental offices across the country temporarily closed. PPE was in short supply and endless, changing State and Federal guidelines were hard to follow. Family Dental Practice of Newington, with support from 42 North Dental, was able to remain open as a Regional Emergency Practice. A centralized contact center helped triage patients. Team members personally drove hard-to-find PPE to the practice. Training and N95 mask fitting were completed in record time. Complex safety rules were monitored and communicated. And patients from over 10 dental practices in the area were sent to Dr. Fink’s practice to keep them out of the local Emergency Rooms. 5-star reviews came pouring in from patients thankful for the safe and timely treatment. Dr. Fink was able to retire as planned and continues to be a source of reference to those interested in hearing his successful transition story. Call us at 781.647.0772 or email info@42northdental.com to learn more about what 42 North Dental can do for you.