At the beginning of 2010, the owners of DPI were faced with several options for the future of the company. Their book of business in Baton Rouge and Zachary, Louisiana was flourishing, and maintaining the status quo seemed to be a lucrative option. However, private equity firms and venture capitalists had entered the anesthesia market at this time, and DPI was vulnerable to being taken over or put out of business altogether.
The four partners—John Sikes, Gerry Pedersen, Jeff LeBlanc and Wanda Defraites—assembled a panel of experts to weigh in on the optimal course of action for the company. The panel, comprising Laurie Riquelmy, George Sikes and Billy Davis, agreed the odds were in DPIs favor to grow. They also recommended the formation of an advisory board that would meet quarterly. Lastly, the panel strongly suggested making some strategic hires to help organize the company and position it in a way that would allow for sustainable, organic growth.
Bobby Johnson was hired for the role of Director of Finance, Madison Mulkey was hired for the role of Director of Operations and Robbie Conway was hired as Director of Business Development. The founding members of the advisory board were Keith Rhynes, MD, Rob Blair and Billy Davis. A few years later, Larry Hornsby, BSN, CRNA would also join the board. These experts were integral to the development of an organized structure for DPI and laid the foundation necessary to grow the company. During this period of structuring and relationship-building, DPI did not add a single new contract until 2018.
A ten-year plan was developed as a roadmap for accomplishing goals that were unanimously thought of by the board as unachievable. Still unsure of how the goals would be achieved, DPI’s core business seemed to be stagnate. At this point, John Sikes emerged from the operating room more to spend the majority of his time diligently working on growing the company. Weekly executive team meetings, quarterly goals, annual company-wide meetings and the establishment of clear core values poised DPI for immediate growth. Everyone on the executive team felt prepared and ready to take on new business.
After three years of knocking on doors and negotiating contracts that went nowhere, frustration set in. Competing for business with private equity firms and venture capitalists seemed futile. However, this all changed with one key hire made in 2017.