Shortcut to Freedom

When most dentists discuss becoming practice owners, the conversation seems to focus on buying an existing practice or opening a DeNovo practice. If you’ve followed the market lately, you know the cost of buying or starting has realized pressures from increased costs, higher purchase prices, and higher construction or lease costs. In most cases, if the practice is profitable, large enough or the location is in a highly desirable retail plaza, you are also competing against private equity or a multi-practice owner. You should ask yourself, “Where can I own and how can I do it affordably, while still creating a practice I am proud of, and that the market will embrace?”

In every town across this country, there are great practices just sitting, waiting to be brought back to life. They are typically presented as an underperforming office or a practice slowing down because the owner has been moving toward retirement in their latter years. These practices portray amazing attributes you rarely see today. They have been serving their community for decades, the space is large, and the lease is low or in some cases, the ability to own the real estate exists. Given the right vision, these offices are easy enough to pick up at comparatively lower costs. In years past, it was common to overlook these practices because access to capital was too difficult, as most banks would only allow for small loans with virtually no money to reimagine the space. Some banks are now creating solutions that encourage dentists to buy, renovate, re-equip, and reinvigorate these types of practices. Recently, we had a client purchase an old space, renovate by increasing the number of opts from four to six, re-equip to bring in new technology and fulfill their vision for their practice to provide full-service dentistry, which included implants and all four treatments. The dentists also enjoyed a couple of additional wins in the deal: the landlord contributed to the renovation, provided free months of rent during the renovations, and offered a monthly lease below today’s retail plaza rates. You might ask, “Where can I find these opportunities?” We’ve got you covered, contact us to find and connect with the office of your dreams.