Archive for the ‘Blog’ Category

Restructuring Your Lease to Optimize Your Practice’s Real Estate

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A practice’s second highest fixed expense behind payroll is typically its lease or mortgage. This expense is also the most negotiable. Negotiating the right terms can set your practice on the right path by minimizing overhead and out of pocket expenditures. By effectively restructuring your lease, you could drastically improve your bottom-line without working more hours, seeing more patients, buying more equipment, or cutting more expenses.

 

Evaluate long term priorities. Look at your big picture to determine whether it makes sense to buy, renew your lease, relocate to a new space, add another office, or none of the above. Consider your business plan and if the space allows you to grow at the pace you anticipate with flexibility for expansion, if needed.

 

Negotiate. When renewing or extending a current lease, it is imperative to take full advantage of the opportunities afforded in today’s commercial real estate market. Landlords are offering concessions to tenants (lower rental rates, free rent, tenant improvement allowances) that if negotiated correctly can be a windfall for the practice. The current state of the market has afforded tenants and buyers of real estate to lock in at rental rates before they continue to increase or purchase property at good values.

 

Boost economic factors. There are many economic factors that can affect a lease. Depending on the needs of the practice perhaps free rent, a lower base rate, or lower annual escalations can improve the cash flow of the practice. Tenant Improvement dollars from the landlord could help update and modify the space to be more current. Depending on the type of lease and building, an updated base year should be reviewed.

 

Mitigate risk factors. There are risk factors in a lease that should be analyzed. Was there a personal guarantee that was originally signed with the lease? With each lease renewal another lease renewal option should be negotiated. Finally, is there assignment language and subletting language in the lease that is favorable to the tenant.

 

Enlist the help of an advisor that specializes in healthcare real estate. There’s barely enough time in the day to see all your patients, much less worry about real estate. Don’t go at this process alone or you likely will not be able to get the best terms the market has to offer. It is wise to have an experienced professional on your side navigating this process. Look for an advisor that works exclusively on your behalf to solely represent your interests and not the interests of both you and the landlord. A tenant only broker is compensated by the seller/landlord so you don’t have to pay for their services and yet benefit from them greatly.

 

Dental, medical, and veterinary offices have their own unique requirements that differ from other tenants. It is important to enlist the expertise of a real estate professional that has experience with healthcare providers and understands your business and the specific needs of your practice. With the right advisor on your side to leverage the market on your behalf, you could literally add thousands of dollars to your bottom-line. Without one (or the wrong one) the opposite could happen. You could potentially put your business into an oppressive lease or compliance nightmare.

 

If you are considering renegotiating your existing lease (or even if you are not), ask a healthcare real estate specialist for a complementary lease review. You may be surprised by how much of your profit is flying out the window.

 

About the Author

Andrew Riepe is President and Owner of Crown Tenant Advisors, a regionally based boutique healthcare real estate firm. Andrew has spent his entire commercial real estate career focused exclusively on representing the interests of healthcare providers and has a comprehensive understanding of the unique requirements of dental and medical tenants. He utilizes a strategic approach to real estate, and his expertise lies in providing market knowledge and in depth financial and comparative analyses to achieve optimum results.

 

Crown Tenant Advisors is Course Sponsor for GDA New Dentist Forum

Crown Tenant Advisors is proud to be a Course Sponsor for the Georgia Dental Association New Dentist Forum on Friday, June 22nd from 9:30 AM – 4 PM. This program is for dentists who graduated from dental school within the past ten years. The forum was created to offer Practice Management and Clinical Courses that will assist dentists and their teams. Join Andrew Riepe and Jason Price at this event to discuss current real estate market trends and how Crown Tenant Advisors can help you leverage them to your advantage. GDA’s continuing education courses deliver tools that will provide efficient and successful outcomes for business and patient satisfaction while connecting you with peers and building relationships. Earn 6 CE credits by participating in this Dentist Forum.

For additional networking and fun, GDA is providing all attendees with TWO complimentary tickets to the Baltimore Orioles vs Atlanta Braves baseball game at 7 PM at SunTrust Park. The DoubleTree Suites by Hilton Hotel Atlanta – Galleria is conveniently situated next to the Battery Atlanta where SunTrust Park is located. After the New Dentist Forum, everyone can walk over to the Battery Atlanta to visit the various establishments, and then top off the evening with the Braves baseball game.

Click here for more information and to register.

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Client Testimonial: Peachtree Pediatric Urgent Care

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drThrowing back to a testimonial from a client we helped a few years ago. Great reviews never get old!

CT and Andrew were absolutely critical in negotiating my lease with the landlord. I highly recommend their services to anyone interested in securing an office space. For my practice, Peachtree Pediatric Urgent Care, they were a requirement. These guys are truly miracle workers! Thanks again Andrew and CT for your assistance in making my dream a reality.

– Shekou M. Sesay, MD, MPH

Read more testimonials.

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Thank a Nurse This Week (and Every Week)!

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A shout out of thanks to all the wonderful nurses! It’s National Nurses Week and we love that businesses across the country are honoring nurses with special deals for healthcare workers. You deserve a sweet treat for all you do, so be sure to get your free Cinnabon! Check out this article for more deals: https://www.thrillist.com/news/nation/national-nurses-week-2018-deals-free-food

Healthcare professionals nationwide can get FREE Cinnabon treats during Nurses Week (May 6-12, 2018) (PRNewsfoto/Cinnabon)

Healthcare professionals nationwide can get FREE Cinnabon treats during Nurses Week (May 6-12, 2018) (PRNewsfoto/Cinnabon)

Crown Tenant Advisors Featured Speaker at Dental Practice Seminar

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Whether you are starting out, expanding, remodeling or upgrading, you will learn the many factors that go into building your dream clinic. A panel of experts, including David Stose, Crown Tenant Advisors Managing Director, will share insights and experiences so you will be well prepared as you embark on the next step in your dental journey. Reserve your spot for this COMPLIMENTARY seminar today! RSVP by email: dg.seminar@bac.com or call 614-307-3055.

May 18th - TDA Starting or growing your practice

Peach City Dental Club Kickoff Meeting

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Peach City Dental Club is a new Study Club for dentists practicing in the Greater Atlanta area who are less than 10 years out of Dental School. General and all specialties welcome. As a proud sponsor, Crown Tenant Advisors is inviting our clients and friends to the upcoming kickoff meeting. Please join us and bring your colleagues.

Membership is FREE. Click here to RSVP.

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Metro Atlanta Is A Great Place To Have A Healthcare Practice

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Atlanta has been growing rapidly. Over the past five years alone, Atlanta created the fourth-most jobs out of any metro in the country and has added the third-most households, just ahead of New York City. These people have healthcare needs. They need doctors and dentists – and they have pets that need veterinarians. The metro Atlanta area is a GREAT place to have a healthcare practice and if you are thinking about starting your own medical, dental, or veterinary practice, NOW is a great time to do it! We are here to help. We’ll help you find the perfect location and help you negotiate the best terms to make your dream practice a reality. Contact us today!

 

See Crown Tenant Advisors at DMA 2018 Conference, Booth #48

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Stop by and see Crown Tenant Advisors in Booth #48 in the Exhibit Hall at the Dermatology Managers Association of Georgia (DMA) 2018 Annual Conference. Amanda Riepe and C.T. Voyles look forward to meeting you to discuss how Crown Tenant Advisors can help you leverage your real estate to optimize your dermatology practice’s profitability.

The Dermatology Managers Association of Georgia (DMA) annual retreat is for learning, networking and developing relationships with fellow managers, administrators and sponsors. As the DMA has grown, the program agendas have incorporated education for all practice staff members – clinical issues and OSHA, insurance and payment changes, administrative staff and HIPAA, current compliance and regulations, HR challenges, financial benchmarking – and most recently a track for cosmetic practices offering aesthetic services including marketing and social media platforms.

We look forward to seeing you at this great event!

 

Crown Tenant Advisors Exhibiting at Tennessee MGMA 2018 Spring Conference, Booth #2

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ANCHOR UP! All Healthcare Professionals On Deck! Stop by and see Crown Tenant Advisors in Booth #2 in the Exhibit Hall at the Tennessee MGMA 2018 Spring Conference. Dave Stose and Dennis Yokum look forward to meeting you and discussing how Crown Tenant Advisors can help you leverage your real estate to improve your medical practice’s profitability. Be sure to complete a Crown Tenant Advisors contact card and enter to win a wireless speaker. 

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See Crown Tenant Advisors at the Upcoming NFMGMA Meeting

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As a proud Silver Sponsor of the North Fulton Medical Group Management Association (NFMGMA), Crown Tenant Advisors looks forward to attending the NFMGMA March meeting on Wednesday, March 21st from 9:30 AM – 1 PM. The event will be held at the The Metropolitan Club in Alpharetta, GA. Stop by our table to meet C.T. Voyles and find out more about how we can help you leverage commercial real estate terms to positively impact your healthcare practice’s profitability.

For more event details and to register, visit the NFMGMA website: http://nfmgma.clubexpress.com/content.aspx?page_id=87&club_id=50672&item_id=647045

 

Crown Tenant Advisors Participates in GMOM Charitable Event

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Jason Price of Crown Tenant Advisors will be volunteering at the Georgia Dental Association Foundation for Oral Health’s 2018 Georgia Mission of Mercy (GMOM) charitable event. Let us know if you’ll be there, too. Whether you are a caring health professional or a caring individual, there are numerous opportunities for you to be involved in helping provide healthy smiles for 2,000 Georgians.

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Crown Tenant Advisors Exhibiting at 2018 Thomas P. Hinman Dental Meeting, Booth #2130

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Crown Tenant Advisors is looking forward to participating in The Thomas P. Hinman Dental Meeting, again, this year. Stop by and visit us in booth #2130 to meet our team and discuss how we can help you leverage your real estate to optimize your dental practice’s profitability. Hinman is an annual tradition, providing dentists, dental hygienists, dental assistants, laboratory technicians and dental office staff with the latest and most comprehensive continuing education in dentistry today. This meeting is known for its Southern Hospitality, extraordinary educational programs, impressive roster of speakers, unsurpassed social events and all-inclusive technical exhibition. The Meeting is sponsored by the Hinman Dental Society, a non-profit organization, and all excess revenue is invested and gifted in the form of individual scholarships to dental, hygiene, assisting and lab tech students and contributions to institutions that foster dental education. #myhinman

 

Crown Tenant Advisors Appoints New Managing Director

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Crown Tenant Advisors Appoints New Managing Director

David Stose joins healthcare real estate firm to serve Tennessee market

 

Atlanta, GA, February 22, 2018 Crown Tenant Advisors, a boutique healthcare real estate firm, announced today that David Stose has joined the company as a Managing Director for Tennessee. Stose is a licensed commercial real estate broker and will be responsible for dental, medical, and veterinary tenant and buyer representation in Tennessee, with a focus on Nashville, Memphis, and Chattanooga.

Stose has spent the last thirteen years working with Healthcare clients in Tennessee, and the most recent seven years working with Henry Schein Dental, a worldwide distributor of dental supplies, as an Equipment Sales Specialist. This experience gives him a deep understanding of the healthcare field and the importance real estate plays in his clients’ success.

“We continue to see a lot of opportunity in Tennessee,” said Andrew Riepe, President of Crown Tenant Advisors. “Dave’s solid reputation, relationships, and expertise in healthcare will serve Crown Tenant Advisors and his clients well.”

Stose’s experience in the Tennessee market allows him to help clients choose the right location by considering demographics, market trends, and their project budget. He, also, has an extensive knowledge of office design, office remodels/expansions, and the overall construction process.

“I have worked with Crown Tenant Advisors in the past and have always been impressed by their knowledge and professionalism,” said Stose. “I believe in Crown Tenant Advisors’ philosophy of tenant only representation and look forward to joining the team to grow their footprint in Tennessee.”

 

About Crown Tenant Advisors:

Crown Tenant Advisors, Inc. is a boutique healthcare real estate firm headquartered in Roswell, GA, with additional offices in Tennessee and Indiana. Within these markets, Crown Tenant Advisors is a proven leader in dental, medical, and veterinary tenant and buyer representation. Crown Tenant Advisors conducts demographic reports, market surveys, and analysis to negotiate favorable real estate terms. By exclusively representing healthcare providers in real estate transactions, Crown Tenant Advisors has a comprehensive understanding of their unique requirements and offers unbiased and unconflicted advice to protect their clients’ interests, save them significant money, and mitigate their risk. For more information, visit www.crowntenantadvisors.com or find Crown Tenant Advisors on Facebook and LinkedIn.

 

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Media Contact:

Connie Pope

404.734.6031

cpope@crowntenantadvisors.com

www.crowntenantadvisors.com

 

 

Crown Tenant Advisors Welcomes New Managing Director

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Crown Tenant Advisors Welcomes New Managing Director

Dennis Yokum expands sales in Eastern Tennessee for healthcare real estate firm

 

Atlanta, GA, February 22, 2018 Crown Tenant Advisors, a boutique healthcare real estate firm, announced today that Dennis Yokum has joined the company as a Managing Director for Eastern Tennessee. Yokum is a licensed commercial real estate broker and will be responsible for dental, medical, and veterinary tenant and buyer representation in Tennessee, with a focus on Tri-Cities and Knoxville.

Yokum joins Crown Tenant Advisors with twelve years experience in the dental industry. Prior to joining the company, he was a 3-D imaging specialist at Dentsply Sirona, a dental equipment maker and consumables producer, helping dentists integrate the latest technologies into their practices. Yokum has a thorough understanding of the technological and business demands of the industry and works diligently to ensure his clients’ practices are setup for success.

“Dennis brings strong Eastern Tennessee ties, along with a talent and enthusiasm for analysis and negotiation,” said Andrew Riepe, President of Crown Tenant Advisors. “This insight will give his clients and Crown Tenant Advisors a certain advantage in the Tennessee market.”

“I was born in East Tennessee and after living everywhere from Maryland to Germany, I’m thrilled to be back serving healthcare professionals in my home state of Tennessee,” said Yokum. “I appreciate Crown Tenants Advisors’ process which allows me the ability to give unbiased advice and represent my dental, medical, and veterinary tenants and buyers without conflict.”

 

About Crown Tenant Advisors:

Crown Tenant Advisors, Inc. is a boutique healthcare real estate firm headquartered in Roswell, GA, with additional offices in Tennessee and Indiana. Within these markets, Crown Tenant Advisors is a proven leader in dental, medical, and veterinary tenant and buyer representation. Crown Tenant Advisors conducts demographic reports, market surveys, and analysis to negotiate favorable real estate terms. By exclusively representing healthcare providers in real estate transactions, Crown Tenant Advisors has a comprehensive understanding of their unique requirements and offers unbiased and unconflicted advice to protect their clients’ interests, save them significant money, and mitigate their risk. For more information, visit www.crowntenantadvisors.com or find Crown Tenant Advisors on Facebook and LinkedIn.

 

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Media Contact:

Connie Pope

404.734.6031

cpope@crowntenantadvisors.com

www.crowntenantadvisors.com