Joint Venture Partnerships - An Interview with Stephen Vince

In this episode, I chat with newly qualified podiatrist Stephen Vince. 

Stephen qualified from New College Durham in 2022 and in as little as 12 months has gone from new grad to clinic owner via our Joint Venture Partnership.

Hear Stephen's journey, and my monolog on how you can do it too.

Career Opportunity... If you are a podiatrist or foot health practitioner in the North-East, Stephen is currently recruiting at Foot Medic Gateshead. Click on the link to find out more >> https://footmedicgateshead.co.uk/careers

If you would like to speak with myself, Damian about how we can help you start, grow, manage, or exit your podiatry business at the Foot Medic Group, email your inquiry to: info@footmedicgroup.co.uk or simply WhatsApp the show on 0800 999 1150 and I'll arrange an informal and confidential chat. 

Thanks for listeneing.

And don’t forget…

If you would like to speak to the Foot Medic™ Group how we can help you start, grow, manage or exit your podiatry business - WhatsApp or call us on 0800 999 1150 to arrange an informal and confidential chat.

Transcript

0:17

Thank you very much for tuning in to episode three of the Soul Traders podcast. This is a very personal podcast for me because today I'm going to be speaking with Stephen Vince. Stephen joined us almost a year to the date of this podcast. As a newly qualified podiatrist. And in that 12 months he's gone from newly qualified to being assistant podiatrist and then moving into the senior position and laterally in the last. Two months Stephen has become the first ever joint venture partner of a podiatry practice in the UK. That is quite a journey and I'm excited to speak to Stephen to hear his side of the story. So a very warm welcome, Stephen to the Soul Traders podcast. Good evening, David. Thank you very much. What a, yeah. Yes.. It's a real honor to be here. Obviously following following Tyson's no, no small no small feat, but we shall do we shall do our best. Absolutely. So obviously for those of you are listening, you can't see this is the end of a working day at FootMatic. I'm sat in my FootMatic shirt. Steven's in his FootMatic uniform. He still hasn't left work. It's nearly 10 to eight in the evening. Steven, you're putting the hours in. So it wouldn't be a podcast if I didn't ask, look, why did you choose podiatry? Yeah, the question we get asked all the time. So yeah, essentially my journey, but my journey began in my. In my twenties, I was a I was a partner in a business, a running shoe retail store in in Newcastle. We worked quite closely with a podiatrist in that, and I guess that was the initial I suppose the genesis of the journey. It was, very rudimentary stuff that we were taught by. By this podiatrist to look at typical things of on feet. Biomechanics has moved on since then. But we were looking at very typical things on feet. And so you would marry up shoe type, foot type running shoe brand, cottoned on to, overpronation being a thing and it linking with injury. So yeah, that was, and I found it fascinating. So excuse me for interrupting, you, obviously, were in, had your own business or partnership, that's quite a leap really, so you must have seen something in podiatry where you feel that you could have furthered your career from... Partnering in, in, in a running shoe shop to essentially having to down tools for three years and become a podiatrist. Yeah, very much no. And a friend of mine just happened to point out, I'd actually left the I'd left the business, the retail business. And it was just pointed out to me through chance, really. I thought it was some highfalutin the profession that, that was probably a bit beyond me, to be honest. And it was only because, as I say, a friend had pointed out that there was this course in Durham, which is only sort of 15 miles away from where we are that I thought, yeah, you know what, I'll inquire. They gave me an interview and the rest is history. So was that sparked by what you'd seen the podiatrist do in the in, in the running shop Yeah. Very, yeah, very much. Very much and in a very rudimentary sort of fashion, I guess we saw ourselves. I guess the precursor to being seen by a podiatrist ourselves within the shop the sort of no accountability if you like professionally. It is a rough guesstimation what we were doing. But I, you got a kick out of it in so much as that you were solving and helping a lot for a lot of people's problems. The majority of our trade was just Joe Jogger, a guy who goes out and runs twice a week. They would come in with regular problems and we were able to fix them and you got a real kick out of it. And so that and finding out there was the opportunity to get onto a course to become a podiatrist for real, so absolutely we're going to give this a go. And you're well placed for it, Stephen. Footman at Gateshead very, obviously, neighboring with Newcastle. I don't want to get into the Gateshead, Newcastle. The Great North Run, which I believe was the Great North Swim this year. Not yet. Yeah. We have biblical there. We have biblical rain two way through towards the end of it. It's with the time that I've spent with you in Gaetan running is is a religion. It's an absolute religion there, isn't it? It is, yeah. Thanks to to Brendan Foster and his dream of 40 odd years ago when he dreamt of this thing. That passion has never really diminished and if you spend even half an hour, not that I have that privilege, but if you spend half an hour just looking outside my window, my clinical window, you would literally see, a dozen, twenty people jog by at any point in the day. Yeah, which is a an amazing position for your clinic to be in. And I want to get on to the journey as to the fact that it's your clinic because 12 months ago you were a new grad. You just finished university. You were part of the COVID cohort. You've gone

Damian Murray: 5:41

from Uni into private practice, but I want to talk to you just briefly about uni because being part of the the COVID cohort, you had very little practical experience. So that's been a real test for you to come straight into managing patients. I hope you found that. I suppose if we're being brutally honest I suppose probably like anybody wants to walk actually into the job for the first time, the the imposter syndrome is is alive and well certainly all the more so here you did just feel a little bit undercooked. If I use nail surgery as an example I think I had one patient and I did the actual removal of the nails. So I didn't, I had no experience of administering LA and so I knew that was going to be a thing that I was going to have to do at some point, you have to take that dive. So yeah it certainly it's had an impact. Massive impact. But everybody else in that cohort is the same, so I think the leap from uni straight into private practice if you were setting up a practice on your own, could be not only scary, but in students. in certain circumstances, slightly dangerous really because you just haven't had that experience. So you joined us 12 months ago. It's almost to the day where we're literally fortnight off when you joined us what an incredible learning curve, but You joined a practice and in the practice you had a senior podiatrist that was there so you had that person on hand to, help and guide you, in those first couple of months when you were working in foot medic. Talk to me a little bit about those first couple of months in, in, in for me you come in and you're the new kid on the block we obviously want to get you treating patients that, that, that's a tough gig. You guys were fairly good with us to be honest, I think you were pretty good you didn't overly burden me you did slowly fed. Fed, fed them in the podiatrist that was in here is the clinical lead was very good and I got to shadow quite a lot with them and and along with with yourself. And, you were very good to come to the clinic as well and show me a few tips and of the trade, especially when it came to just routine care, which I still use to this day. Pretty quickly I felt a steep learning curve as it was it was great to be able just to put these little tips. And which I'm, would happily pass on to future members of staff which just made such a big difference from what we've been, frankly, what we've been taught nothing against, the teachings of the university. But they just made such a big difference, especially when you're in private practice, they just make that, that extra few percent of the experience been being better. There was a steep learning curve but but rewarding. The reviews seem to be pretty positive. So you just, you keep just rolling with it. Absolutely. And no I, I have to echo you with regards to the university. The university couldn't do any more than they were already doing. They couldn't give you the hands on practical experience that you needed. This is across all professions, podiatry, dentistry. Medicine just quoting health care professionals, but you can imagine it just goes right across the board with any profession that needs physical mentorship, so certainly no no criticism on any university part. But I want to just focus a little bit on you've left university. You. You are a mature student you're very experienced in, in, in running a business. I know that the that the footwear shop that that you were a partner in is a very successful one. So you've had a very successful career. And you're coming in really as the junior. And I think that takes a lot of courage to be the junior when you've had a lot of experience behind you. So you find yourself as the primary. Practitioner, our clinical lead went on to join another practice relocated. So everything falls on you. Now, that's quite a shift forward, isn't it? Yeah and I don't know, it sounds rather egotistical. It's time to put your big boy pants on a little bit. And... When it is on you it's soundbites really, but you have to step up, you've got, it's on you, you're then the man and you take what you've learned and you bring it to the day to day and, you continue to try and learn whenever possible. The actual running of a clinic. It is just a case of that you have to step up. You've gotta, you've, it's that steep learning curve continues and it has, it's been rapid. It's been a rapid 12 months since, since those fairly nervy days last October. And once it is on you, as I say you just, you, there was a nice freedom about it though. I suppose having somebody else there and then being your senior, you don't then have that expectation to not appease. That wasn't really what it was about, but it's difficult to sum up in the words, really. It's just that you are it. And so you set the standards. I. I remember. And for our listeners, just to put it into context we, or I or Kieran would fly over to Newcastle and see the clinic probably about 3, 3, 4 times a year. We're working sort of couple of months and. that I left behind when he was the associate podiatrist to the Stephen that I met three months after he stepped into the role of the senior podiatrist in the practice. Was a completely different Stephen so where I want to move to now is to talk to you because it's 12 months is a blink of an eye in anyone's career, but it's great to rejoice in, how wonderful everything has been, but you've taken on a huge responsibility in being the senior. Practitioner in the practice, you've taken on that role where not only are you looking after the patient's care but you're now taking responsibility as to how the practice is being run. So can I just ask you how that's felt? I can't really sum it up. It's just exciting. It's it brings back a lot of feelings from from from when I had my partnership in the shop, just that feeling of ownership is it's, it turns you on whether that's just part of your character and makeup, I don't know. But for me, I just, I get a kick out of just opening the door every day. And walking in and it's this is mine. This is mine. And I'm going to, and I'm going to run this how I want. I'm going to run it. I'm going to run it. We're going to make it a success. And it's feed me. Always want to get better. Always want to learn more. Always want to. Include whatever the latest thing is. However, we can improve service, whether it's on a really small level or new technologies coming in, it's just, it's a constant, you can't build roaming a day. It has been 12 months and there's still, much much to learn. But the, it's exciting to think we've done this in 12 months. We've gone from, and that's from being, an associate podiatrist to this place being. My own clinic under the foot medic banner. Where can we be in three and five years? Absolutely. And that's the exciting thing. I've not touched upon. I mentioned in the previous podcast that I would. Go on and tell the listeners how we did it and I will in a very short monologue at the end of this at the end of this interview. But it can be done and you've just got to have the desire for it. You haven't got to be special in any way, but Stephen has just worked so hard and has been so flexible and has been so responsive to any advice whether it be clinical, whether it be business that we've given him and he's taken it all on board from somebody that's come from a business background. and has been very successful in his own right to then strip it all back and learn from day one but not be bolshie or feel that he knows more than, those that are trying to give him advice and essentially being that sponge. It's really what's made him go from University to joint venture partner and owner of his own clinic, in that 10 month period We. Kieran and myself and Stephen are now business partners with a, we have a joint venture between us. We have a joint interest in FootMedic Gateshead and the progression of that podiatry practice. Stephen is the owner and All of the responsibilities, decision making, clinically business lie with him. However, he does have the safety net of a company behind him, the Footmedic Group, and hopefully helps to steer you in the right direction I think safety net's a great word. We have, sorry, we, Freudian Slip, I have the benefit of a clinic here they ready made, clinic set up, there's the equipment, and there's the marketing, the advertising and the support that you have with Footmedic, we have our own sort of intranet, A space where, it's a, it's an absolute founding of of knowledge and, videos and texts that you can tap into. So in all those things wouldn't be there if you are doing this solo and certainly in the early days, that was such a valuable tool especially with the MS case stuff that you would find on our on our knowledge base, a valuable a valuable asset just to scroll through and to just feed your knowledge, so that it feels more supported because it isn't just me, whereas before it was on my business partner and I, and yeah, I can make a stupid decision here and or drop the ball, lose focus. And it could all, it could all be over in, in six months that's one that's not going to happen. Because I've got that external support from yourself and from Kiran and from medic as a whole. The Dan, even the reception staff. So that's a real boon. And certainly is I don't wanna sound like I'm advertising this as a vocation, but I am indirectly, it's a great opportunity because of the support's there. And that's the difference versus, going it alone, absolutely alone, the support that that the company as a whole has given me, professionally, personally, literally in terms of materialist, materialistically has been has been, has been valuable. Invaluable. But thank you very much. Yeah, checks in the post though. Isn't it a little bit? Yeah. We negotiate a contract at some point or something like that. Absolutely, yeah. I won't go on my sort of soapbox monologue rants, but that's what we're trying to achieve. You set me up nicely for, one of my favorite topics, which is if you're a podiatrist and you're going to work in The NHS is a structured healthcare service. It's, it knows what it's doing. It knows how to provide the service. It has layers of management and structure and support and systems that go behind it that are well thought out and have been tried and tested time and time again to deliver the right care for patients and an environment for podiatrists to work in. That is an amazing establishment to work in. And that's why the, our UK is such an incredible institution. But 50 percent of podiatrists now go into private practice. Private practice is completely different. There is no safety net. There is no structure. There is no systems. And what we're trying to, what we're trying to provide with Not only our joint venture partners but everybody at the foot medic group is structure that when you bring on new podiatrists, they have a system or systems to follow. They have a resource to be able to read up or watch videos on the common conditions that they may be treating. They understand the reasons why they're treating them, how they're treating them, Have all those systems in place to support them so that ultimately you've got somebody on board in your practice that is working the same way that you do, this kind of brings me to the end of this session. Stephen, I'm going to finish with you. An amazing 12 months. It is gone eight o'clock. You've done at least 12 hours. As a standard. We're not going to pretend to our listeners that you're not working extremely hard. And... You are putting your life and soul into everything that you do, but I'd like to think that you've got a smile on your face. And we built something in Gateshead that is special. It's the first ever joint venture podiatry practice in the UK, and that's only been achieved because you've put your heart and soul into making it work. So I'd like to thank you for that because This was a journey that Kieran and myself set out on. This worked well on paper, but working it in practice is a completely different matter. And you've made it work for us, and every success to you, because you and I, and this is a, this is not for our listeners, know how much that you've gone the extra mile to make that work and prove the concept. Thank you, Stephen. And I wish you every success today, tomorrow and with your future career. Oh, it will be thank you. Thank you very much. It's very far too kind. I'm not one for receiving compliments, particularly. Listen, you've just, you've gotta just want to make it happen. It can't, it's not for everybody. Working extremely hard, and beyond the pale isn't for everybody. But with, with that determination, with that, that frankly not minding putting in those extra hours. If you want to, you want to get paid by the hour then this is not for you if you like, if you want to, if you want to if you want to really put it all on the line. And if it takes you 12 hours to get through a day, if it takes you 13 hours to get through a day, then that's what it takes, days you come in here at eight o'clock and I might still be writing referrals at 10 o'clock at night. And I get that's not for everybody, but if you have that drive, you can make it work. And I sorry, introduce you, sorry, I'm going to interrupt you. It's because you're building your own future. You're 12 months in, so you're prepared to do it because you know you're laying the foundations for your future. Exactly. I don't think for me it stops there. I would love to think that there was. There's certainly there's a dream of being able to open somewhere else nearby and repeating it again, that would be a real, that would be dream stuff and it feels it's. It is just that, but not overly pie in the sky, I hope. No, we've talked about the foot magic culture about being a springboard for everybody. If you've got good people, you want them to succeed. Steve, this is, this has been a journey. And this has been an amazing journey. And I, of course, she was a very good friend. Somebody that I've spent a lot of time with. building the clinic physically doing the sign outside the front door together. Yeah, no, it's been a hell of a 12 months and it's, but it's been professionally, it's been a really enjoyable time. And yeah, we'll never, ever forget trying to put skirting boards together. And on that note, before it gets really personal, I just want to reiterate what Stephen said. He is working so hard at FootMedic Gateshead and he's built up such a great patient base that we are now recruiting for FootMedic Gateshead. If you are a podiatrist or foot health practitioner that is in the northeast, and you are looking for a very charming boss who will revolutionize your podiatry and foot health career. We would love you to get in touch with us. Steve's website is footed gate.co uk. If you go to that website fill in the application form, and Steve will contact you and you can have a chat about whether you would love to to join us at Foot Medic and. It's an amazing opportunity to be with somebody that's gone from somebody's gone from new grads to clinic owner Steve, thank you. Pleasure. And thank all of our listeners for tuning in and listening to us and look forward to episode. Take care all. Bye now.

25:28

Hi, it's Damien here again. And I just listened back to that interview with Steven and it's as I said at the top of the interviews, very emotional for me because. Steven alongside my business partner, Kieran made what has been a dream of mine. Come true. That is to be able to set up the first of a. Of practices. Around the UK and Ireland. Essentially all doing the same thing very much like a franchise. And I did say that I would impart. How we set up the first ever joint venture partnership in the UK. Joint venture partnerships are for those that don't know. Are not new to healthcare. In fact, they'd been going for. Many years. In various different forms and probably the most famous, if you like is Specsavers Specsavers. Everybody believes is a franchise. But actually as a joint venture partnership where Specsavers. Go into partnership with an optometrists or optometrists and together they build the perfect optical Practice that's being built on systems that have been tried. I'm tested. Over many years but look, it's not unique to FootMedic. You can do this too. You don't have to have aspirations of building. A network of clinics throughout the UK. And the island, you can just do it with one practice and I'm sure they're all very variations of partnerships that have been set up in a similar way, albeit perhaps not in such a structured way. That we're trying to achieve here at FootMedic. How are we going about achieving this? Now you have to think of this from every angle. Predominant, you have to think of it from the incoming podiatrist angle. Steven. Opiate a successful businessman in his own, right prior to studying. For podiatry. Has come out of three years studying in university. And we'll need a job and an income and that income has to match. Certainly what he would get working in the NHS if not better. And if you're looking at it from Kieran and my. Perspective. We want to set up a chain of clinics. Throughout the UK, but we want to limit our liabilities. It's expensive setting up a clinic. It's also expensive. Being able to afford the right staff to go. Into the clinic. You've got that startup. Phase where you have no patients but all the expenses and all overheads. And this can take quite considerable amount of time. Before you start making a profit. And certainly your profits that would actually derive revenue for for third party partners, such as ourselves. So let's look at that. That problem. And I think that's probably the reason why the franchise model has never been successful in the UK. And this is a challenge that, that we looked at some years ago. And how are we going to go about. Trying to overcome that challenge without having to have huge financial investment. You'll hear me touch upon this. I think in, episode two, I touched upon it. And there'll be a common. Thread that comes out in the sole traders podcast. That's. I hugely advocate that we should be looking to purchase existing practices. It solves so many problems. It gives the existing practice owner. An exit strategy, but also gives the incoming podiatrists or podiatrists an ability to be able to start deriving an income from day one. And that's exactly what we did. We found a. Clinic. In a very prominent location of Gateshead, we looked at the business as it is. The business that we knew that we could develop with our systems and processes. We went ahead and purchased our business. We moved very lucky that. We had an experienced podiatrist already working in that, which is crucial. Stephens. First mentor, if you'd like. So we had a good business, a profitable business patients. Walking through the door on a daily basis. We knew the current profits of that business. We made a careful. Decisions based upon the history of running podiatry practices that we could afford to buy the business pay. The existing podiatrists wages. Of Ford for a new podiatrist. To come in. Essentially the business. Is paying for itself. And then we at the FootMedic group fronted by your inner myself. Started putting systems in place. These tried and tested systems. Recorded the FootMedic model so that we could increase. The services that we offered to the to the Gateshead community and. Therefore increase the profitability of the clinic. With 1250 ability comes opportunity and it's an opportunity. To then for better wages for all stop. Renumeration Kieran and myself. And give Steven the confidence to invest in. The joint venture. And take ownership of that clinic. And furthermore, as you heard in the podcast, we are now looking to recruit another podiatrist and keep growing. That practice further I'm assuming she on that. And just to say that anybody can replicate this model. Whether you are a new grad. Somebody that's looking to leave the NHS or an existing practice owner, looking to accept the business. It's about getting together and approaching one another to see if there is a mechanism. Whereby you can recycle. That existing business and benefit from the the foundations that has been built on. And yes, anybody new coming into a business will have designs on enhancing and improving and aspirations to to make that business. A more modern podiatry practice than the. Than its predecessor. And I believe that anybody that's, that is. The existing or accessing practice owners should. Stay on for Period of time and to be able to mentor that incoming podiatrist, no matter who they are. And they can help them. Clinically. Should they need that support and certainly with the mechanics of running a business, so you have the perfect scenario where you have an accident. Podiatrist. Who has given the opportunity to get a reward for the hard work and you have an incoming podiatrist or podiatrists that gets to support with the complexities of running a business. Now. If you feel. VAT. You would like to know more about the FootMedic group. How we work. We not only build our own clinics and run our own clinics. We also work with. Clinics apart, we partnered with all over the UK where we help them on their podiatry, journey. And that is from startup. Growth. Maturity and Access. And that is the that is the life cycle of any business. If you if you want to discuss that with with myself you will find my contact details. At sole traders.net find this episode. Go to the episode, show notes on my contact details about. I'd love to have a chat with you. Thank you for listening and i hope you've enjoyed hearing from a stephen's perspective and maybe learned a little bit about joint venture partnerships in podiatry. Take care of for now.