Originally posted in February 2020; Post-COVID update
Re-opening has occurred in most Ontario practices and the early indicators are very positive!
Since re-opening, our vendor has been busy meeting the needs of patients resulting from the pent-up demand and has reported revenue to be slightly higher than the same time period in 2019. The dentists in this office are booked solid until July and the hygiene schedule is primarily booked until August with only a few spots open.
We are relaunching this listing now so that we are able to bring people back to visit practices prior to placing an offer. While access to practices remains somewhat restricted, we are pleased to now schedule site visits and inspections. Our client wishes to sell in order to pursue a speciality program.
An article in the New York Times dated June 10th, used dentistry as a crucial indicator and the perfect barometer for gauging the country’s recovery from the shock of the pandemic. Healthcare has always proven its ability to rebound economic crises. Dentistry was deemed recession and pandemic resilient!
Despite dental offices closing March 15th the actual business model of a dental office continues to be successful because practices are stable businesses with a proven track record over decades. Dentists continue to earn healthy incomes and offer services that have no substitution. Patients will always need their teeth attended to and thankfully a dentist is the only option. An established practice such as this listing is proof.
This office continued to receive revenue in April from services provided before March 15th and saw emergency patients according to guidelines set out by RCDSO during the last two weeks of March. While this practice is an assignment one, the collection policy was temporarily operating as a non-assignment office. This ensured no accounts receivable was accumulated in this extraordinary period. There is also significant work to be scheduled as evidenced by the pre-determination report.
Highlights of this practice:
- The practice originally started 41 years ago and was purchased by our vendor in 2010. In 2014, the vendor moved it to the present location which is in a highly visible and well-trafficked location.
- There is ample parking and the practice is easily accessible by public transportation.
- Our client is the principal dentist with 2 general associates and 2 specialists all on written agreements.
- Staff are on contracts.
- The premises are 2,300 square feet, owner occupied and also available for sale, so no danger of demolition clause or restrictive landlord.
- The active patient base of 1,100 continues to grow by welcoming an excellent 25 new patients per month plus 5 emergencies.
- 85% of the patients have good quality insurance.
- 5 operatories equipped with the all the modern technology a dentist would desire.
- The practice provides patients with a full spectrum of general and specialty treatment.
- The practice is located in a growing, vibrant community with 4 new condos within 2 km of the office.
Additional Purchaser/Advisor Information:
- A Virtual Tour will be provided to pre-qualified purchasers
- Interested parties will be invited to a one-on-one Zoom meeting to review the appraisal highlights and to discuss this opportunity.
- Appraisal will be forwarded following the Zoom meeting
- There is no offer deadline; Conditional offers will be presented to our client as received.
- Offers should be accompanied by a certified cheque payable to “ROI Corporation IN TRUST” equal to 10% of the offered price for the practice
- ROI Corporation will prepare all offers on our standard forms for your lawyer’s review.
- Our vendor is flexible regarding the transition period
For additional information, please contact Jackie Joachim, COO & Sales Representative.