In our last post, we discussed how to choose the best environment – office or retail – to meet your dental practice needs. This month, we’ll outline the pros and cons of your next major decision: whether to build new and renovate an existing building?
Before putting on your hard hat, it’s important to consider several key factors as you choose the right path for your practice’s current and future needs.
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Recently we discussed the factors that go into making an Atlanta dental practice successful. But before these components come into play, there is a major decision to be made: what environment is better suited for your practice? Office or retail? Read this installment to find out which is right for you.
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In our last installment, we outlined what factors play into determining the perfect location for a new dental practice in Atlanta. We discussed finding a community, job growth and social obligations. This month, we’ll take an in depth look at the role demographics play in choosing a thriving community for your dental practice, whether it’s a start-up, second office or relocation.
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Kris Miller, President of Ackerman & Co., spoke to a packed room of industry professionals last night at The Atlanta Commercial Board of Realtors’ 56th Million Dollar Club Banquet. “We are here to honor the best commercial board in the country,” he said. The Atlanta Commercial Board of REALTORS® is one of the largest commercial in the nation with more than 2,200 members. The 2013 Club produced some $17 Billion in commercial real estate transactions.
Ackerman applauds all Million Dollar Club award winners and proudly recognizes its own for their outstanding achievements. Each of the following Ackerman brokers have generated in excess of three million dollars or more in commercial real estate sales and leasing activity last year.
 Kevin Ehringer
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 Kevin Hermetz |
 Sean Patrick |
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 Frank Farrell |
Most recently, we shared our expertise with you on how to start a new dental practice in Atlanta. We went over the pros and cons and armed you with valuable information to support your endeavors. This week, we’re discussing how to find the just-right location to start that practice.
While you’re probably thinking “I just want to be in a thriving community,” we will challenge you think beyond that. Because whether or not you realize it, family and social obligations will become more and more important in your life. At 25, spending hours in a car to get to the perfect location might be fine, but at 35, you’re going to want to see a t-ball game more than the Braves.
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Easy answer: Ask someone you trust.
Dentists begin the process any number of ways. Some start with equipment vendors. Others look for rental space or contact dental office brokers seeking to purchase a fully functioning dental office. But at some point, the question emerges:
Do I want to start from scratch or purchase an existing practice?
There are no wrong answers to this question. Practices, like real estate, are valued by the market. There are times (if prices and demand are low) when there’s no question that purchasing a practice is the right solution. In the last year, most of our clients sifted through every dental practice on the market and felt the existing inventory was picked over. If that’s the case, then you have two options: wait until the market changes or start your own practice. If you’re to the point that you’re ready to start your own practice from scratch.
Where do I begin?
If you’re early in the process, you may not yet realize that real estate is just the tip of the spear. Dentists need a solid team to aid in the daunting process of starting their own practice. The team should include:
But none of these can get very far without the identification of real estate.
If you live in a market that supports dental-focused commercial real estate brokers (like us in Atlanta), an experienced real estate broker will have a network of providers to guide you through the process. Even if that option is not available to you, it still benefits you to find an experienced broker who will advocate on your behalf to ensure the best possible outcome. When seeking such a broker, look for a broker who:
Some markets may have only two of the above, but I’ll bet you can find at least one of the above requirements in any market. The experience of a commercial, dental focused and trusted broker combined, offers a professional with whom you can go into battle.
From here, the paths toward practice ownership are legion. But with a good foundational team, in place from the beginning, you’ll have the guaranteed support you need to make the best decision should any trouble arise.
To read the entire post and learn how to start a dental practice in Atlanta, click here.