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FFL Partners

Market-Leading Private Equity Investor Immursed in Healthcare Services and Health Tech

This organization has built a reputation for excellence since its founding in 1997.  Their portfolio is hyper specialized in healthcare and technology putting on average $50-$200MM into companies within their portfolio to change the horizons for those businesses and to enlarge the capacity of the health and health tech ecosystems nationally.  Over a span of two years, Parnassus partnered successfully on three separate engagements resulting in three COO’s being hired.

Company Profile

Situation

This organization has built a reputation for excellence since its founding in 1997.  Their portfolio is hyper specialized in healthcare and technology putting on average $50-$200MM into companies within their portfolio to change the horizons for those businesses and to enlarge the capacity of the health and health tech ecosystems nationally.  Over a span of two years, Parnassus partnered successfully on three separate engagements resulting in three COO’s being hired.

Complexity

Communication and engagement with the sponsor’s interest in concert with the operational realities of each company was critical.  Three Chief Operating Officers were needed and each of  the portfolio companies were at a critical nexus of expanding opportunity and the need to rapidly address operational capacity to execute on it.

Strategy & Outcomes

Our approach with FFL was threefold:

1) We needed to understand their company at a deep partnership level. Senior candidates will be exposed to many private equity sponsors as opportunities arise in the market. FFL took the opportunity to immerse Parnassus into the nuanced elements of how they embrace their portfolio companies amidst the expectations for expanded returns. This allowed Parnassus to host a richer and more compelling conversation with all potential leadership candidates. 

2) We needed to host a process that eliminates ambiguity and creates an experience with dignity, respect, and clarity for all participants. Our process kept candidate, private equity company and portfolio company perspectives in full view at every step and works to ensure that each is progressing toward a clearer picture of partnership and aligned interest with the direct result being that momentum is generated and impact is accelerated. 

3) We had to create a framework with candor and trust that allowed for an ongoing confidence in the strength of outcomes and future endeavors as partners. Each of the COO roles were filled with an average hosting duration of 4.5 months. A national urgent care business, a leading national ABA therapy provider and a regional orthopedic platform all gained vital leadership that matched the sponsors objectives. 

We had to create a framework with candor and trust that allowed for an ongoing confidence in the strength of outcomes and future endeavors as partners. Each of the COO roles were filled with an average hosting duration of 4.5 months. A national urgent care business, a leading national ABA therapy provider and a regional orthopedic platform all gained vital leadership that matched the sponsors objectives.

The Parnassus Group is absolutely, 100%, truly unique. Little did I know 5 years ago that I would develop a friendship with John and the Parnassus Group. A brief call, which led to a short meeting, has turned into a meaningful relationship. I don’t think about the Parnassus team as a firm, I think of them as trusted advisors and friends. John has been a mentor to me, and someone that I think to call when I’m faced with difficult decisions, or I’m seeking an unbiased view. But it doesn’t stop with John, he’s developed a team that is bright, talented, and wants to provide a service that is unparalleled.

As I’ve grown in my career, the scope of the work has gained complexity, exposure to senior leadership more frequent, and the impact of decisions more meaningful, I’ve realized the importance of creating balance.

When I think about the time I’m with my family during the work-week, the amount of hours are precious.  I’ve made a commitment (most of the time) to set my phone down when I walk in the house at the end of the day, and try not to pick it back up until the kids are in bed. While this may not sound like a lot, I’ve found it’s the little things that create the necessary boundaries.

What are some of the things that you have learned as a leader that involved your decision making process about coming to DaVita?

Over the years, I’ve heard the phrase, “life is a journey, not a destination”. This became true when I started working at Davita, and realized that the Village provided an opportunity to learn and grow, and be part of something bigger than an employee fulfilling a role in an organization.

Prior to DaVita, I spent a number of years in an organization wanting more, but unclear where I would find it, and how I would get there. When I learned about DaVita,  I was intrigued by the concept of Teammates, and hearing stories about tenure and the ability to grow within the organization.

As I’ve experienced this journey first hand, I’ve found the experience to be more fulfilling than I could have imagined. Knowing that I can raise my hand to gain exposure to a project, be called on by Teammates outside my lane provides energy to continue to want to do more. This is an organization that encourages an entrepreneurial spirit, while never having to leave the organization.