January 28, 2021
The first and possibly the most important step for every buyer, especially first-time buyers, is to build your advisory team. It is important not to choose the first person you meet in each category, talk to a few to determine what each company or individual can offer. Decide with who you feel most comfortable, not necessarily who offers the lowest price for their services. Feel free to reach out to us, PTS, for referrals and recommendations.
There are several types of banks to work with, therefore do your research and determine which bank is right for you. There are:
Dental Specific Banks
All of these individuals are necessary members of your advisory team. It is recommended to choose people who are dental specific as it will raise your rate of success. We, at PTS, also advise using specialists from each industry normally, not from the same firm.
We, at Professional Transition Strategies, advise working with a full-service marketing agency, so you only have one single point of contact as they take full responsibility for the success of the project. A full-service agency will be able to offer service bundles that include website development, social media management, digital and print advertising, TV and radio exposure, logo and collateral development, signage, brand analysis, demographic and audience targeting.
Of course, it is possible to find an expert for each job, we only recommend finding a firm that can handle all responsibilities for your convenience. Equipment Rep and Supply Companies There are multiple options when it comes to supplies and equipment, therefore it is advised to interview and receive testimonials from current customers to ensure you are making the right decision. Most suppliers’ reps cannot sell every brand of equipment. This interview process will allow you to see the various products each offers.
It is important to note that supply reps will be a long-term relationship for you within your career, therefore make sure they can bring more value than only the supplies you order.
Should you consider an expansion or a new build, equipment reps can streamline the process as well as save you money as most equipment companies have in-house design teams. Commercial Real Estate Broker It is important that your commercial real estate broker has at least 7 years of dental and medical experience. This will not only ensure they are familiar with standard industry needs, but also that they are well versed in the area, knows the landlords, and can define your value proposition by your location.
MAKE SURE THAT YOUR BROKER IS WITH A REPUTABLE FIRM – LOCAL, REGIONAL OR NATIONAL. A GOOD AGENT WILL WALK YOU THROUGH ALL YOUR OPTIONS AND DISCUSS WHAT IS RIGHT FOR YOU, BE IT BUYING, LEASING, EXPANDING, DEVELOPING OR INVESTING.
It is crucial to find someone who will be your advocate and have your best interest at heart. By having someone on board who has all these traits, you will not only save money, but also time so you can focus on your passion – Dentistry!
It is smart to hire an architect and/ or contractor that has dental office experience (especially the architect). The reason for this, is that hiring an inexperienced one can cost you thousands of dollars.
Many choose to go with a team that works together (contractor, architect and engineer) and knows the ins and outs of the real-estate market.
Be sure to review their portfolio, receive references from their previous clients, confirm they are familiar with local building code and regulations, and have a good construction team they’ve worked with prior to ensure a smooth process throughout.
OF COURSE, AS WITH MOST PEOPLE IN THE INDUSTRY, REVIEW LOCAL BUSINESS JOURNALS AND THEIR BBB RATING TO READ MORE ABOUT THEM
There are many different types of practice consultants, ranging from operational to start-up specific to full-service consulting. Essentially, it all comes down to looking at your practice through someone else’s eyes. To ensure you aren’t missing anything, it is key to have a different perspective on your practice.
When you are choosing your consultant, make sure that their specialty aligns with the project you need completed. To stay on track and not go outside your financial limit, it is imperative to make sure that results are trackable, and the timeline and budget are understood by everyone involved.
Make sure that your technology adviser is certified with the various dental software and hardware systems you are interested in using. It is common for them to place blame elsewhere if they are not certified with the programs and equipment used.
While implementation is important, it is not nearly as important as the servicing on the back end. It is always better to find someone who will implement AND service, rather than using two different people.
As always, it is recommended to look at BBB ratings for any advisers you are considering. Broker When you are looking to hire a transition broker, it is smart to find someone who will market your abilities to the places you are looking to go. You will want to choose a group that is most knowledgeable about various opportunities available in your desired area.
TO ENSURE A SMOOTH PROCESS, LOOK FOR A BROKER WITH A GOOD AMOUNT OF RESOURCES AND IS ALSO HAPPY TO HOLD YOUR HAND THROUGHOUT THE ENTIRE PROCESS.
Last but not least… LOOK NO FURTHER! PTS is a full-serviced broker with over 10 years’ experience working coast to coast