Listen in as David chats with facial plastic surgeon Dr. Steven Dayan and MedSpa Partners (MSP) CEO Dominic Mazzone. They discuss the consolidation in medicine in general and aesthetics in particular and delve into why Steven chose to sell his practice to MSP.
David begins the conversation by asking both Steven and Dominic about their upbringings and career paths. Steven explains how his practice grew over the decades with his use of research and “guerilla marketing,” and when selling the practice first appeared on his radar.
Steven shares what he learned going down the road with three other firms to the letter of intent (LOI) stage before finally agreeing to work with Dominic’s firm. Dominic then addresses the areas that a physician should look for when choosing a platform, the key questions he asks potential physician partners, and why integration is crucial – not just consolidation.
Steven the gives David his perspective, including why he chose MSP and how he continues to see MSP as different than other platforms when he speaks with colleagues.
Dominic tells listeners what his firm looks for in a potential practice for acquisition — including financial and non-financial elements – and why he sees aesthetics as different from non-cosmetic specialties.
David concludes with asking Steven to give his best pearls of advice for fellow physicians considering a sale.
What You’ll Learn:
- How Steven grew up, was attracted to medicine and then facial plastics
- Dominic’s background and career journey as an entrepreneur and business executive
- What Steven’s practice was like over the years, before he recently sold – incorporating research, marketing and more
- When a possible sale first got on Steven’s radar
- Why Steven signed three LOIs but didn’t move forward with any of those transactions
- The importance for Steven of removing the responsibilities for the compliance and other non-clinical elements of practice
- The key question Dominic asks of a potential physician partner from the get-go
- The importance, in Dominic’s view, of integration among practices, beyond consolidation
- 2 crucial factors for Steven in choosing Dominic’s firm over others he has seen
- What Dominic’s firm looks for in a potential practice and why aesthetics is different from non-cosmetic specialties
- Steven’s big-picture advice for fellow physicians considering a sale