Should You Stay Or Should You Go?

Considerations For Dental Professionals Considering Office Relocation

Dental Office Relocation - Dental Practice Advisors

Is it time to move your dental practice to a larger space? Here are a few things to consider before you make the move.

Is your dental practice getting too big for its current location? Then an office move may be in order. But of course these things take time. It’s never easy for a business to just up and move at a moment’s notice. There are a ton of logistical considerations to address even before you start loading the moving truck. This is why you should consider the long-term potential of your chosen location.

  • Does the office get good traffic?
  • Is it easy to find?
  • Will your staff and patients be safe?

Once you are sure the space meets these essential characteristics, you can then assess the property’s other qualities.

Read Also: Office Relocation Made Easy – And Affordable

Choose The Right Office Location

Healthcare professionals need their office space to accommodate unique structural needs while providing a comforting atmosphere to patients. Not every location will be up to the challenge. A real estate broker who specializes in helping healthcare professionals can eliminate inadequate properties immediately – meaning you won’t have to waste your time walking through countless buildings that, for one reason or another, are unable to accommodate your practice. Instead, you will be free to serve your patients and manage your existing office responsibilities.

Finally, unless you are moving to a space that was already being used as a dentist office, you are likely going to have to pay for the space to be converted to fit your needs. Be sure to carefully consider the cost associated with remodeling a particular location and whether or not the move actually makes sense once the dust settles. Look to your financial advisor for help. Only after considering your practice’s financial stability, can you finally determine if relocating your dental practice is the right decision at this point in your career.

Reasons to stay put

If all of these considerations seem daunting or after crunching the numbers you and your team conclude that it’s not necessarily in your best interest to relocate your office at this time, you can still put your relationship with your real estate broker to good use.

Think about it, the last thing the owner of the property you are currently using wants is to have to go out and find a new tenant. From hiring their own real estate broker to market the property, negotiating terms of the new agreement and allowing any new tenant the time they need to build out the space, if you moved your practice elsewhere, they would likely be taking a pretty large financial hit. If you time it out right (about a year in advance), your real estate broker can help you negotiate a better deal on your lease. And the best part is that working with a real estate broker shouldn’t cost you a dime.

Assemble Your Team

Want to make your move as easy and stress-free as possible, assemble your team of professional advisors early to make sure you are armed and ready to make an offer if an opportunity presents itself. In addition to the usual players, your CPA, banker, lawyer, a real estate professional, etc. Contact the Bright Dental team at Rea & Associates and find out what you dental advisory team should look like and how each member should be able to help you grow your practice.

By Ryan Dumermuth, CPA, CFP (Mentor office)

Need help growing your dental practice?
These articles could give you some great ideas:

Revenue Growth Does Not Equal Practice Growth

Your Practice’s Free Valuation Could Come At A Hefty Price

Do You Need A Dental CPA When Buying A Dental Practice?

Office Relocation Made Easy – And Affordable

Dentist Office Relocation | Negotiation | Bright Dental CPAs

A common mistake many dental professionals make when they decide to relocate to a new office is that they can do it by themselves. And while it’s quite possible to serve your patients full time, manage your practice and facilitate property negotiations, you may be cheating yourself out of the best deal. Read on to learn why you should put a team together to manage your office relocation.

There are many reasons why you may want to move your dental practice to a new location, but if you want to be sure you are moving to the right location at the right price, consider looking to your business advisory team for guidance.

Want a better deal on a great office location? Call in the experts.

Your financial advisor is one of your best resources when it comes to painting a clear picture of your practice’s overall financial wellness. Their expertise will help you arrive at an accurate cash flow projection, make sense of any tax implications that are associated with the move and will help you determine if the space you are eyeing is financially realistic. But your financial advisor isn’t the only professional who should have a seat at the table during your relocation discussions. For even better results, consider working with somebody who makes it their job to know the various nuances of your local real estate market.

Read Also: Nine Questions To Ask When Purchasing A Dental Practice

A common mistake many dental professionals make when they decide to relocate to a new office is that they can do it by themselves. And while it’s quite possible to serve your patients full time, manage your practice and facilitate property negotiations, you may be cheating yourself out of the best deal. Rather than spend more on your relocation than necessary or letting your other daily responsibilities slip, a real estate broker will not  only manage the legwork associated with choosing your office’s future, they will make sure you get exactly what you are paying for and then some.

I recently spoke with Justin Fodor of Carr Healthcare Realty, a real estate brokerage firm that works exclusively with professionals in the healthcare industry, to find out about the benefits a dental professional might be missing out on when they choose not to work with an expert real estate broker.

Best Deal For The Dollar

Your real estate broker understands the art of negotiation and will work to secure terms that are favorable to you and your practice, regardless of whether you will be buying or leasing the property. For example, while you may be concerned about “ruffling feathers” where pricing is concerned, your real estate broker will be ready to negotiate. They have been through the song-and-dance many times, and they know that the “sticker price” is only the starting price.

Justin said sometimes the healthcare professionals he works with are unsure about bringing in a third party to negotiate. This, he said, should never be a concern.

“Landlords work with brokers all the time,” explained Justin. “In fact, they hire their own brokers. They expect you to bring one to the table as well.”

Your Ideal Location

Oftentimes, if a real estate brokerage firm doesn’t specialize in demographics itself, they will work with professionals who do. This information helps you identify the best office location for your unique needs. Whether you want to find out how many general dentists are in a certain area or whether an area has access to a specialty practice, utilizing demographic information helps optimize your office’s geography.

“We’ve worked with a lot of practices that are coming from larger office buildings. They aren’t really sure what type of space they should be looking for,” explained Justin. “We can help them decide the type of environment that’s right for them by taking into consideration foot traffic, visibility, population, and other demographics.”

A Head Start

“We work with dental professionals to maximize their deal as much as possible,” said Justin. “It takes time to move into an office, remodel and then get patients back through your doors.”

A broker, especially if they specialize in serving healthcare clients, can help you negotiate the time you need to stabilize your practice’s cash flow. Justin said it’s not uncommon for him to secure a 5-month build-out period and 3-4 months of rent-free office space. By that time, everything should be up and running again.

Work With A Team That Knows Your Business

If a new office location is in your practice’s future, email the Bright Dental CPAs at Rea & Associates. We can help you identify your options from a financial perspective and will work with your real estate broker to make sure you are able to secure the best deal for your dental practice.

By Ryan Dumermuth, CPA, CFP (Mentor office)

Are you looking for more great advice to help you plan your career in dentistry? Check out these articles:

What To Expect From Your Career In Dentistry
Dentistry: It’s Not All White Coats And Drills
What To Consider When Purchasing A Dental Practice