Extra Downtime? Get Started On Your Dream Practice
While the coronavirus (COVID-19) pandemic has changed all our lives in a very short amount of time, healthcare providers are still on the front lines working to protect us. In Illinois, Governor J.B. Pritzker has extended the “stay-at-home” order for all residents through the end of April to help stop the spread of COVID-19. The Illinois State Dental Society (ISDS) has also recommended that dentists cease all in-person dental treatment except for dental emergencies throughout this time. This means that residents, dentists included, are spending a lot more time in their homes.
As we band together to do our part to flatten the curve, we can shed light on a silver lining for aspiring practice owners. While we wait for practices to reopen on April 30th, there are several steps you can take during this downtime to make your dream of starting or acquiring a practice come true.
We’re heading back to a Tenant’s Market
Thinking of a startup? Prior to COVID-19, landlords were bullish and in a position of power. However, landlords are changing their tune as they anticipate a potential rise in vacancies. To mitigate their possible losses, they may be more willing to make concessions for new tenants.
Learn the process of starting up an office by discussing your goals and vision with industry-leading vendors who specialize in your practice area—while social distancing.
- Target an area you’d like your practice to be in and discuss the current state of the real estate market in that area with our team to uncover hidden opportunities.
- Form a team for your start-up so that when these highly sought-after spaces come online, you’ll be ready to negotiate.
- Define your start-up practice budget and brand. Communicate these with your team of vendors.
- Review practice prospectus of existing practices currently on the market.
As we navigate through the next couple of months of uncertainty that COVID-19 has brought upon us, one of the most valuable assets we have has become abundant……..time! Now is a great time to step back and think about the brand you want to portray.
Existing practices will be focused on getting up and running again. When practices are reopening, they will have many challenges to work through, including everything from rescheduling missed appointments to potentially hiring new team members. Most existing practices will be going back to the basics before thinking about spending capital on marketing or expanding.
Practice Sales Opportunities Increase
As the future becomes even more uncertain, those on the fence of selling their practice in the past become much more confident about their decision to move on from the legacy they have worked years to build.
“We’ve seen an influx in calls from Dentists looking to sell their practice due to COVID-19. More practice opportunities are becoming available in highly desirable locations” said George Bozonelos, Director of Practice Sales at JRA.
Whether you have spoken with one of our advisors in the past about practice acquisitions or are just starting to think about it now, rest be assured that there has never been an abundance of practices on the market like this before.
Now is the time to start thinking more concretely about the practice you want to create, and who you want to help get you there. Our team at Joseph Rossi & Associates always puts our clients’ interests first and will work hard to find the right space for you. We will negotiate on your behalf to get you the best possible deal and guide you through the complicated process of starting or acquiring a practice. Are you ready to get started? Click here to get in touch with one of our advisors today!