The old real estate adage of “location, location, location” also applies to your dental practice when considering a move. Whether you’ve outgrown your current space or are just looking for a change of scenery, there are other considerations you’ll want to make when looking to relocate your dental practice.
Lease versus buy
As with any real estate agreement, a lease gives you more flexibility whereas purchasing a space is more permanent and will potentially dictate the rest of your career. When looking to purchase, buy a space that was previously a dental practice or one that can easily be retrofitted to meet your needs. There’s always the option to purchase land and literally build your practice from the ground up.
Timeframe
A carefully planned timeframe is important for minimizing downtime. Stage a schedule that will allow you to operate productively in both locations with the help of a good office manager who will coordinate all the details, like how much is left on your lease, as well as scheduling patients so money is still being made during the transition.
Teamwork
Your office manager will also serve as your liaison between the real estate broker, contractor, developer, and equipment rep, regardless of whether you’re leasing or buying. As with any changes to your practice, having the right team in place will ensure a smoother transition, including proper marketing for the change.
Size requirements
Conduct an analysis to figure out how you practice now and how you want to practice to determine the best fit for your square-footage needs, while being careful not to overbuild your new practice to avoid patient blowback.
Geographic location
Any business that relocates can expect a change in client base, but there are a few ways to ensure that change is negligible. As a rule, the farther away you move, the higher the attrition rate; however, a one-mile relocation in New York City is different from one in Des Moines. Likewise, moving to a similar environment will ensure you keep your demographics unless that is a change you’re looking to make. It is also important to do your research ahead of time to make sure there isn’t a similar dental specialty practicing in that area.
Upgrades
A relocation is a perfect time to think about upgrading equipment. When it comes time to valuate the new practice, it will only increase when it’s time to sell. However, you’ll want to be careful not to overbuild your new location to avoid patient blowback.
What’s next?
Talking with the experts at Professional Transition Strategies will only ensure a successful transition when looking to relocate your dental practice. Start the conversation now.