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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:

 

 

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:

 

 

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:

 

 

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:

 

 

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!

 

 

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:

 

 

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!

 

 

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.

 

 

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.

 

 

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:

 

 

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!

 

 

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:

 

 

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!

 

 

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.

 

 

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.

 

 

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!

 

 

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.

 

 

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!  :)

 

 

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:

 

 

XXI. OPEN YOUR DOORS

 

I would advise having your staff in the office one week without seeing any patients. It will take you that long at minimum to ensure: