Navigating the intricacies of acquiring an existing business.
Embarking on the journey of acquiring a business is akin to navigating uncharted waters, where the tie between preserving the brand’s uniqueness and seamlessly integrating new processes is a delicate balance.
Dr Scott Turner has dedicated his life to obtaining the necessary qualifications, education, training, and extensive hands-on surgical expertise, establishing himself as a trusted figure in the field of superior cosmetic plastic surgery and gaining the confidence of a widespread clientele.
Then turned entrepreneur, Dr. Turner shares his insights into the intricate process of taking over Face Plus Medispas and moulding it into a thriving venture, now rebranded as FacePlus Aesthetics.
Despite being a highly skilled surgeon, Dr. Turner acknowledges the challenges of stepping into the realm of business. With no roadmap to follow, each practice presents a unique set of hurdles, from navigating marketing strategies to building and managing multiple clinics.
The journey involves continuous learning, with every u-turn and roundabout offering lessons on what works and what doesn’t in the world of entrepreneurship. Dr Turner told us more about the process.
What is the process like when acquiring a business?
Acquiring a new business is definitely very challenging. It’s a balance of trying to keep the uniqueness and integrity of the brand, whilst integrating other business processes to ensure its success.
It is also a really fun process, getting to know new staff members, how things run and working out what needs to be adapted to create better client outcomes.
The individual clinicians at Face Plus Medispa, really do give the brand its incredible reputation, they add so much value, so these relationships were integral and very important to nurture in the acquisition process.
What major considerations need to be made prior and throughout the acquisition of a clinic/existing business?
Acquiring an existing medispa was going to provide a larger framework to work within, allowing us to expand our clientele base as well as what we could offer in the coming years. There were a few key points that we considered:
- Does the existing business fit within or compliment the areas we are looking to expand into?
- Does the business add financial value to our existing brands?
- Does the brand have strong integrity with high industry standards that align with a Specialist Plastic Surgeon, or does it have potential to do so?
- Do our ideal demographic of clientele live within close proximity to where the business currently exists?
Share with us some challenges you have faced along the way, alongside your big wins.
Being a medically trained surgeon, not a businessman, made acquiring and redefining the business whilst focusing on being a doctor challenging. There is no roadmap that you can copy.
Every practice is unique, the brands are diverse – there are lots of u-turns and roundabouts to figure out what works and what doesn’t. Employing staff, marketing a brand and building clinics is all a continuous learning curve.
The easiest part of my job is seeing patients and operating, which people seem to think is the hardest part; I can see someone, work out their anatomy, create various surgical plans to address their concerns and have a successful day in surgery, every day of the week.
The most challenging part is building and operating multiple businesses, but it is also one of the most rewarding parts of my job, to be able to look back and see what I have built and how many people I have helped is an amazing feeling.
Wins that come to mind for us, we are proud to say we have been able to keep all of our dermal therapists and cosmetic injectors onboard through the acquisition, as well as adding a new clinic in Manly on Sydney’s Northern Beaches.
We have created a very successful breast and body practice, so it is exciting to be venturing into new areas whilst also being involved in the Aesthetic Society for Plastic Surgeons, and being on the board for AHPRA has been a major privilege too!
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