Posted in March 2020; Post-COVID Closure Update
Re-opening has successfully occurred in most Ontario practices and this office is no exception. Our client did an excellent job during the closure of keeping both staff and patients informed and excited about dentistry. As such, patients and all staff have returned with great enthusiasm. The office has been busy meeting the needs of patients and production reports for June and July demonstrate that revenue has been restored to pre-COVID levels. The hygiene schedule is fully booked for the next 6-8 weeks. Dentistry has proven its ability to be both recession and pandemic resilient!
We are relaunching this listing now, as we have seen the confidence of lenders and buyers increasing since June 8, 2020. Buyers are now able to visit practices prior to placing an offer. Lenders will support this transaction with 100% financing for clients with strong personal credit history.
The practice is situated on the main level of a highly desirable retail plaza with other strong tenants. Adjacent to major arterial roads, this practice enjoys unparalleled exposure. The internal systems, well-trained staff and move-in facility ensure that few changes or additional capital investment is needed.
Spanning almost 1,900 square feet, this practice has further room to grow in terms of patient base. There are currently 4 operatories with a 5th plumbed. Our client enjoys more than 1,200 patient visits with approximately 925 active patients in the last 12 months. Hygiene is exceptionally strong representing 42% of the gross revenue. This is an assignment practice with 98% of the patients having insurance coverage.
This community offers many growth opportunities. An economic report dated May 12, 2019 confirmed that from 2015 to 2018, nominal GDP increased by 9.4% vs Ontario’s GDP which grew by 5.1% during the same time period. In this same period, there were 10,520 new jobs created. Additionally, construction investment grew by 56%, compared to 19% in Ontario. As an example, there are 13 new home developments consisting of a mix of high-rise and low-rise that are planned, under construction or recently completed. The average price of a home in this area is approximately $670,000.
With respect to real estate, lifestyle, art, recreation, schools, culture etc. owning a practice in this region is the right opportunity for a purchaser who wishes to own, representing a complete career opportunity from which to plan out an extended and rewarding career. The clinic can also work for an Investor Dentist™ with the addition of another associate to replace the current owner.
For over 20 years this practice has provided patients with a high level of care. The purchaser will enjoy the opportunity to increase hours resulting in significant revenue realization.
All interested parties will be sent a virtual tour and have a personal and confidential discussion Jackie Joachim, Chief Operating Officer & Sales Representative. The purpose of this call is to not only share information about this practice but to also understand the factors important to the buyer when purchasing a practice. Interested parties will be able to visit the practice by appointment on Sunday, August 16, 2020 .
Highlights of this practice include:
- Upgrades have been made to comply with COVID protocols
- Excellent lease which has terms and options until 2039 with no demolition clause
- Exclusivity for dentistry within the plaza
- Choice patient base with high dental IQ and from non-tourism industries
- Consistent new patient growth of approximately 15 new patients per month
- 40 hours of dentistry with 44 hours of hygiene each week
- Very strong hygiene program – approximately 42% of gross
- Excellent visibility on busy major intersection
- 4 operatories (with a 5th plumbed); sterilization area; reception area; staff room; 2 washrooms; manager’s office, consult room, business and private office
- Ample free parking
Additional Purchaser/Advisor Information:
- An opportunity to visit the Practice by appointment will be available to qualified buyers on Sunday, August 16, 2020 with IPAC/social distancing protocols
- Offers will be due on or before Monday, August 31, 2020 at 5:00pm
- ROI Corporation will prepare all offers on our standard forms for your lawyer’s review
- Offers should be accompanied by a 10% deposit, payable to “ROI CORPORATION IN TRUST”
- Our vendor is ideally looking to close by October 31, 2020 but closing is flexible
- Our vendor will also provide a good transition to ensure a successful takeover for the new owner
For more information, please complete the form below or contact firstname.lastname@example.org.