May 9, 2017

How PTS Got a Displaced Dentist Into a New, Better Office Quickly

Recently, The Gazette, a Colorado Springs publication, wrote an article about how we helped Mike Lovato and Bob Nykaza find a new dental office after a May 2015 fire did extensive damage to the one they shared. Here’s a recap of the article.

“[Stanton] Kensinger came up with five or six options for the two dentists, who visited three before agreeing to lease long-vacant space previous occupied by an orthodontics practice a half-mile west of their previous office that could be quickly renovated to get Lovato and Nykaza back into operation. Other dentists allowed Lovato and Nykaza to see patients in their offices so they didn’t lose patients, and they were able to move into their new space five days before their business interruption coverage payments would have stopped,” [Kyle] Francis said.

“Absolutely, hands down, the work Kyle and Stanton did was key to the survival of our practices. They just don’t teach you how to do this in dental school,” Nykaza said. “The new space was like getting a brand-new beautiful car; it was a monster upgrade from the space we had before.”

The article goes on to address how Stanton Kensinger, who is now an integral part of Professional Transition Strategies (PTS), became part of our team.

The deal prompted Francis to bring Kensinger into his company, (PTS), that since 2006 has helped about 200 dentists in Colorado and surrounding states buy, sell or start practices, move or stay and expand at their current location and help them with operations, marketing, accounting and other details of practice management.

“In nearly every single transaction I did there was a significant real estate component. My expertise was more in dentistry and the real estate part was difficult to figure out, so I needed an expert to handle that part of the transaction,” Francis said. “This is a needed service because there are no practice brokers in Kansas, New Mexico or Wyoming, just two in Utah and seven in Colorado. In a typical transaction, you need to find a buyer and seller that match up, negotiate a contract, determine a price, come up with asset purchase and employment agreements and renegotiate a lease.”

The two have completed seven transactions in six months with another 20 in process. Francis expects the company’s revenue, about $1 million this year, to double every year for at least the next three years.

Francis plans to operate the company as a social enterprise, giving 10% of revenue to Mending Kids International, a Burbank, Calif.-based charity that provides surgeries in 57 countries to correct congenital heart defects, orthopedic abnormalities, severe scoliosis, urological defects, and facial deformities.

You can read the entire article here.