Dentaltown New Grad Edition 2016 - 62

set you up for success, while ignoring this step could drive your practice to the ground. Conduct a thorough lease analysis to ensure that you uncover all risks and problematic areas that could jeopardize your practice's future. It is recommended that you engage in the help of professional dental-office lease review and negotiation experts to assist you in this process as they can help you identify risks, negotiate favorable terms, and improve your chances of success. Lease considerations that you should pay close attention to: Can the landlord move competing dentists into the building? Exclusivity protection in the lease is a must for new dental-practice owners. The nature of a dentist's business allows you to serve patients located within a specific area. Another competing dentist moving into the building or center could be extremely detrimental to new-patient flow. It's worth carving out an exclusivity clause to protect your business by prohibiting the landlord from leasing space in your building to other dentists for the duration of your tenancy. Which services can you offer in the space? "Use" terms in the lease outline the type of services you may practice in your clinic. If you have plans to expand your service offerings in the future, it's important to ensure that the "Use" provisions in your lease allow you to do so. Will you have the ability to bring in associates? Speaking of expanding ... when you're f inally ready to do so, it's important to ensure that your lease permits you to bring in associates and other professionals. Standard form leases often contain language forbidding this option, directly capping your growth potential. Can the landlord relocate your practice? The scary truth is that 75 percent of dentists have a lease that permits the 62 NEW GRAD 2016 // dentaltown.com landlord to relocate their practice at any time, with only 30 days' notice! To avoid unexpected relocations, pay close attention to the details in the relocation clause, and try having the landlord's "right to relocate" removed. If this is not possible, attempt to limit the number of relocations permitted within your lease term, and add language putting the onus on the landlord to pay for costs associated with the move such as demolition, renovation, moving expenses and the build-out of the new practice. Options to renew (or extend). Options to renew the lease give you, the tenant, the right to continue leasing your space for an extended period of time. If written properly, these options will provide you with the f lexibility to stay in your space (even if the landlord has other plans at the end of your term) with the same agreed-upon terms. Will you get a Tenant Improvement Allowance (TIA)? TIAs are funds provided by the landlord that go toward building out your space. Negotiating them into your lease is a huge bonus. Will you receive a free-rent period during build-out? It's often possible to negotiate a rent-free period into the lease to help reduce costs when you have possession of the space but haven't yet opened your doors. In the end A thorough lease review will expose these and other risks, giving you the opportunity to prepare a strategy to negotiate them out and improve the lease so it works for you. The steps that you take immediately after graduation can set you on the path to a long and rewarding career in dentistry. Starting a practice with clear goals, the right team, a good location, and a strong dental-office lease will help make your future a successful one. ■ http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown New Grad Edition 2016