Hanging Your Single Shingle Book

I. CHOOSE YOUR SPACE AND LOCATION

This is your initial vital decision! Your location will either make you or break you. I would recommend getting on board with a commercial realtor in your area. They are the most knowledgeable on where the growth is occurring, where new or existing office space is located, who is friendly on the landlord playing field and will act as your representative in negotiations between the landlord and yourself. They will help you choose your location based on the following:

Purchase Book to Continue Reading...

IV. DEVELOP BUSINESS
PLAN/PRO-FORMA

Your Business Plan is developed to not only eventually guide you through your

endeavors, but to initially assist you in convincing a bank to provide your

financial banking. Remember that a banking institution does not truly

understand how profitable a Pediatric Dental practice can be. You have to

educate them! A framework outline is given below:

Purchase Book to Continue Reading...

VII. LINE DRAWING FOR OFFICE LAYOUT

It is vital that you convey to your architect your ideas and concepts!

Be as specific as you can when it comes to details and images you want to see

developed. Put onto paper as many pictures and ideas as you can. When you meet with your architect, explain

to him what it is you do and the importance of carrying out your ideas to best represent what it is you are trying to achieve!

Purchase Book to Continue Reading...

X. FINANCIAL BACKING FROM

BANK/LENDER

You will need to interview several financial institutions. As mentioned previously, your accountant or Practice Management Consultant should be present during your interviews with all financial institutions for clarification and support.

Points of interest that you want to challenge the financial institutions with:

Purchase Book to Continue Reading...

XIII. SIGN BUILDING LEASE

XIV. SIGN EQUIPMENT LIST

Once your lease is finalized, you will need to sign it and obtain a copy to be kept in a safe. Congratulations! Your space is now officially yours! No one can outbid you and “steal” your office out from under you! Thank your attorney and write him a big ‘ole check!

Purchase Book to Continue Reading...

XVI. TEAM MEETING

Meet with the above named team players to confirm that everyone understands how the pieces of the puzzle will fit together. At this meeting, calculate out an approximate time line when each team player will be utilized.

Purchase Book to Continue Reading...

XIX. INTERVIEW STAFF/SECURE OFFICE

PERSONNEL

It will be up to you to interview and hire your initial team. I hired my Practice Administrator first, so that the front was covered while I was my own dental assistant for the first few months. This way, someone can answer the phones while you are producing! :)

Purchase Book to Continue Reading...

III. BEGIN INITIAL LEASE NEGOTIATIONS

You will need to hire an attorney at this point. It is extremely important that

you have a thorough understanding of your lease and all written paragraphs.

Search out an attorney who has experience with medical and dental lease negotiations. Remember that once you sign your lease, you are at the mercy of the landlord – for the entire period of your fully executed lease! Some items of interest:

Purchase Book to Continue Reading...

VI. DEVELOP THE THEME OF

YOUR OFFICE

This is where a kid can be a kid…and the doctor too! Let your imagination run free – you have to walk through those doors everyday, so create it the way you want to!

Two points to remember when choosing a theme:

Purchase Book to Continue Reading...

IX. INITIATE UPFIT BIDS ON

OFFICE SPACE

Your commercial realtor should be able to recommend highly qualified general

contractors to bid on the build-out of your office. Usually you will want to

have 5 contractors bid against each other on the final cost of your build-out.

This should take no longer than a week. Your commercial realtor will guide you

through this process. Again, this is a vital dollar estimate that will be needed to help you decide on your final loan estimate.

Purchase Book to Continue Reading...

II. CONTACT DENTAL SUPPLY COMPANY

You need to choose your dental supply company carefully. Their goal is to

establish a long term working relationship with you – your goal is to find the best possible match with your practice. Some of the following points are helpful:

Purchase Book to Continue Reading...

V. EQUIPMENT SELECTION/SOFT SUPPLIES

One of your largest expenses will be the cost of your dental equipment. It is

imperative that you estimate as closely as possible the amount you will be

budgeting for dental equipment and supplies. You will need this number when figuring your loan request!

Purchase Book to Continue Reading...

VIII. SECURE PERSONAL INSURANCE

The bank that will be backing your financial adventure will insist that they be named as the primary beneficiary in the unlikely event of your death.

Therefore, you will need to secure enough personal insurance to cover your indebtedness. There are many insurance companies available who deal exclusively with medical and dental policies.

Purchase Book to Continue Reading...

XI. ATTORNEY TO REVIEW

COMPLETED LEASE

Have your attorney complete final revisions of your negotiated lease.

It is not uncommon for lease negotiations to exchange hands between your attorney and your landlord multiple times. At each of these revisions, make sure you understand what was changed,

why it was changed and any implications this may have in

the future!

Purchase Book to Continue Reading...

XII. SECURE OFFICE INSURANCE

It is time to begin the underwriting process for your office insurance. You will need to purchase the following types of insurance:

Purchase Book to Continue Reading...

XV. HIRE GENERAL CONTRACTOR

Decide on your general contractor and have an initial meeting with him to

ensure all questions are clarified. Advise him that you would like to meet with him and any of applicable sub-contractor foremen who may have questions regarding a dental up-fit.

Purchase Book to Continue Reading...

XVII. HAVE ARCHITECT SEAL/APPROVE

PLANS & ELEVATIONS

Almost all states will require that an officially certified architect “seal” your

plans (his professional approval). Many dental supply companies offer to draw

and design your office on a CAD/CAM machine and can even print out realistic “blueprints”, but these are not “official” by the state. You will have to have your architect makes these “official”. Make certain all cabinetry is drawn as you have requested. If uncertain, have your architect draw a schedule or detail of it. Once it is in the field, it is up to your general contractor to interpret – which can be risky!

Purchase Book to Continue Reading...

XVIII. UP-FIT CONSTRUCTION

On average, the internal build-out of an office space in an existing building

should take no longer than 3-4 months to complete. The dental equipment and

chairs can be installed in less than a week.

Purchase Book to Continue Reading...

XX. MARKETING OF PRACTICE

Approximately six weeks prior to opening your office, you will want to send a letter introducing yourself and announcing you will be opening to the following groups:

Purchase Book to Continue Reading...