Episode 1: Hiring and Negotiating a Lease with Michael Permack
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Michael Permack, co-founder and managing partner of Spire Group, a professional consultant and lease negotiator who specialize in the healthcare space about leasing. Whether you’re taking the first steps to build your start-up dental practice or looking at an upcoming lease renewal, they’ll be something in this episode for you!
In this episode, Mohamed and Michael discuss:
- Why you should hire a consultant and lease negotiator? The lease negotiator that you need is much more than a lease negotiator, what you’re looking for is really a consultant who will look at the holistic plan for your dental practice and help steer you in the right direction.
- Where you should start when it comes to building your practice – if you’re starting with the lease, you’re behind the eight-ball. Before you make any decisions or start to approach your lease, connect with a consultant who can help set you up for success.
- What kind of timing are you looking at? While the timing depends on where in the market you are, Michael estimates a comfortable period of time as being 10-to-14 months out for new leases. He also recommends talking to your consultant 18 months out when it comes to renewing your lease.
- How do you get a great location? To get a prime location, especially in some of the bigger Canadian markets, you’ll need a consultant with already-established relationships with developers. While you can certainly give it a try on your own, those already-established relationships have a much better chance of getting you on the list!
- What landlords are looking for in a client – opening a dental practice means getting a landlord. When it comes to what landlords are looking for in dental clients, they’re really looking to get a deal done and they know dentists will pay prime dollar for prime location.
- How much time you should budget for lease negotiations – Michael shares that in his experience you should budget somewhere between 60 and 90 days for a lease negotiation, especially in the cases of bigger landlords who have more on their plate.
- The idea lease negotiation terms – Michael shares some important lease terms that need to be looked at which include your assignment cause and hours of operation.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital accounting firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at Mohamed@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.