When relocating offices, dental professionals often make the mistake of trying to do it by themselves. It is not easy to continue to serve clients, manage the practice and execute property negotiations – and you might not get the best deal possible due to the distractions. Having a professional team to manage your office relocation can be a very beneficial decision.
A strong business advisory team can help ensure you move your practice to the right location at the right price.
Position Yourself for Success
Your CPA or the right practice transition consultant can be a tremendous resource for determining the overall financial wellness of your practice. Harness their expertise to help ascertain an accurate cash flow projection, explain any tax implications of the move and establish if your desired space is financially realistic.
Working with a company who specializes in healthcare real estate will save time, money and make a successful relocation. Instead of spending more on your relocation than needed and neglecting your other daily responsibilities, let a healthcare real estate company manage all of the legwork necessary to choose your office’s future and ensure you get the best deal possible.
Save Time
The average commercial real estate transaction for healthcare providers requires dozens of hours to complete. Since time is money for healthcare professionals, diverting attention from your practice becomes extremely expensive. Most healthcare providers also find it challenging to learn a new industry, obtain key market knowledge to leverage their options and ultimately, negotiate the most favorable terms possible. Healthcare real estate companies go to great lengths to save dozens of hours of your valuable time and ensure your focus remains on your practice.
Save Money
Real estate is the second highest expense for most healthcare practices. The difference between a properly or poorly negotiated transaction can benefit or cost you tens to hundreds of thousands of dollars. With this much at stake, maximizing every opportunity is paramount to increasing profitability. Healthcare specific real estate companies specialize in helping healthcare providers achieve the most favorable terms in their lease and purchase negotiations. These companies have the expertise, market knowledge and skilled negotiating that allows them to achieve terms and concessions far superior to other commercial real estate brokers and healthcare providers who are not professionally represented.
A Timeline That Works for You
If you are thinking of a new office location, contact PMA to get started. We can help you identify your options from a financial perspective and get you in touch with the right healthcare real estate company to help secure the best deal for your dental practice.
Are you looking for more great advice to help you plan your career in dentistry? Check out these articles:
Networking: The Key to Growing Your Practice
Making your purchase of an established dental practice just a little easier
Is Your Dental Practice Prepared for a Cyber Attack?
Published by Matthew Scherer on May 10, 2019