Businessman Paul Patikkis bought MySkin Clinics about three years ago as a distressed asset and will double the number of clinics across the State by 2022. And despite 2020 being a difficult year with extended lockdowns, four new MySkin locations have opened across Victoria in the past five months on the back of customer demand.
Mr Patikkis says he bought the business recognising that it had good bones and could be repositioned for growth. “This is what I look for. I buy businesses that are underperforming, and I focus on turning them around – it’s what I enjoy doing,” says the serial entrepreneur.
This is the fifth industry that Mr Patikkis has bought, turned around and either sold off or continues to trade today within the Patikkis Group.
“I can usually identify businesses that have strong foundations that just need a bit of TLC,” he says. “Here, the clinics were too clinical, the culture wasn’t right and the staff turnover was too high, so we focused on the experience and our people and brought our training in house. It makes a big difference.”
Mr Patikkis immediately repositioned the business, changing the name from MySkin Laser, and set about building a clientele who were educated about their personal circumstances, rather than aiming for volume. “I wanted to distinguish myself from other competitors. I wanted to be a skin clinic that does laser, not a laser clinic that does skin – and that reflects our belief that you need to know the skin you’re in,” he says. Read more