Revitalizing a Dental Practice in Chattanooga: Expert Expansion Solutions
1) Introduction
Dr. C and his wife ran a family dentistry practice in downtown Chattanooga. They had bought an older existing practice a few years prior that had been seeing no new growth. Dr. C and his wife revitalized and modernized the practice and their business was booming.
2) Challenge
However, their practice was bursting at the seams in an older building. They were limited by the number of rooms they had and the small number of parking spaces. Dr. C and his wife knew that if they wanted to keep growing their business and bring in new doctors to see more patients, they would need more space.
3) Our Approach
Dr. C went to talk with his financial planner who recommended he speak with Practice Real Estate Group (PRG). Dr. C had originally planned on using a local agent who knew the area, but after speaking to one, he realized how specific the dental practice space was and knew he needed an expert.
Dr. C reached out to Drew at PRG, who immediately brought in PTG’s in-house demographic team to analyze the location around Chattanooga. Even though PTG was 1,000 miles away, they could apply their proprietary analysis anywhere. After reviewing the area, PTG found a location in a residential area that was not currently being served by any other dental practice. This was also an area Dr. C and his wife were happy to live in.
4) Road Blocks
No existing buildings fit Dr. C’s vision, so PTG helped him buy a plot of land to develop. However, as they were in the process of laying out the building, Dr. C realized he would need more land to make his vision a reality.
5) Solution
Dr. C’s wife did some research and found that the same seller owned a residential lot next to the land they had just purchased. She called Drew right away and he jumped on this opportunity. Drew called the seller and negotiated for them to sell the residential lot as well.
6) Results
With enough land, Dr. C and his wife were able to design their dream 7,000 square foot dental practice – a place that would be comfortable for both employees and patients.