Rent Lab space from Dentist in finished basement separated from Dentist?

JMN

JMN

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#1
I have an option opening to rent space from a good-natured dentist that does send me his work.

He has a finished basement on his building that was once used/rented out as a separate office by the prior owners.

It is totally separate. Entrances, parking, everything as far as I know.

What issues would concern you if you had this opportunity? Would you run? Which way :D

There would be a proper lease and the rest. Just wondering if this is too good to be true or a bad idea.

Haven't seen it, know about as much as I've put here. Just wondering in general if anyone has experiences in this they'd be willing to share or concerns about it if they had the option.
 
doug

doug

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#2
I think it's a great idea. You may be treated like a private technician since you'll be right there, but that conversation needs to happen before you go any further. That's how I started and it has been a great experience. I get to see patients on a regular basis and work as part of the team. I have work from other offices so there's that income as well. I expect that how I work now may become a functional business model for small labs in the future. We are next door to a 4 doc, private, fee for service practice, and also work with others. It's worked well for 32 years, so I guess it's been good so far.
 
JMN

JMN

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#3
I think it's a great idea. You may be treated like a private technician since you'll be right there, but that conversation needs to happen before you go any further. That's how I started and it has been a great experience. I get to see patients on a regular basis and work as part of the team. I have work from other offices so there's that income as well. I expect that how I work now may become a functional business model for small labs in the future. We are next door to a 4 doc, private, fee for service practice, and also work with others. It's worked well for 32 years, so I guess it's been good so far.
Thanks Doug.
He's a good egg as far as I have seen and in our conversations it's always felt that equals were discussing whatever the topic may have been.

Just scared of what I didn't look for before my weight lands on that foot. No reward without risk.
 
CatamountRob

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#4
Wouldn’t be for me, I don’t want to be that accessible. I don’t want to be moving if my business relationship goes South. What is it about this that’s appealing to you?
 
Jason D

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#5
Agreed, Doug.

For those who don’t know, Doug has an ideal situation for a lab of his size. While others might risk being driven out, his position is very secure (I know, because my folks have met with his clients before and their loyalty is considerable ;) )
He builds a synergistic relationship that makes his position very strong. Could probably write a playbook for the standalone small lab to follow.

It really is a great model for a small lab to cultivate. Others in our city have been driven out of business, and more will close this year, but he remains stable and strong.

Now, this is NOT the same as being an in house tech - you must establish your boundaries early and stick to them, and grow your business your way.
 
JMN

JMN

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#6
Wouldn’t be for me, I don’t want to be that accessible. I don’t want to be moving if my business relationship goes South. What is it about this that’s appealing to you?
The 'need to move' is a question I'm looking at too if doc, associate, or staff member gets wound up about something.
But that's what a lease is for, right?

Finding something here between 200 sq ft and 2000 is a joke unless it's in a strip mall.
I'm not paying strip mall prices for rent. I need 0 visibility and that's what they are charging for.
Building I'm renting from now is for sale and needs upgrades. Lots of unknowns there.

It's not so much that this particular situation on offer is any better than another place. Just looking at an opportunity and getting feedback on it.
 
TheLabGuy

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#7
Depending on how that lunch goes your buying for your Doc tomorrow goes...I'd say heck yeah, go for it!!!
 
G

grantoz

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#8
Jmn you have been around the block a few times, it wouldnt be for me to be that close as from my experience and others that i have dealt with over the years its usually the staff that are the problem when they over step the line. but you know your client and the situation better than anyone if you think its a good fit i would trust your judgement anytime.
 
Tayebdental

Tayebdental

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#9
Do it, but be careful and discuss all scenarios before getting in, I have known a lab that functioned at lower level /basement in building the dentist owns, the relationship went sour after some years and the dentist stopped sending work downstairs.
This dentist was the biggest (prosthodontic) account for the which made the situation very tough for the owner and had to move afterward and downsize which took him a while to recover.

I am not discouraging you at all but what if scenarios?, good luck and don’t put your eggs in one basket.

A dentist client of mine offered me to move to a Lower level in his building with a nice walk out but i didn’t take it knowing what if?. A year later he bought one of those systems in-house and he dose everything in his office.
 
Last edited:
lcmlabforum

lcmlabforum

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#10
Personally, I am wary of any basements just because things can leak and get flooded.
Also, not sure which part of the country you work in, would there be code issues
you need to look at if it now becomes a lab like where you vent gases, etc.
I would say be open to looking at the space, the MEP and gas before making decision,
of course rent/triple net and other arrangements like after hour access, etc.
LCM
 
JMN

JMN

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#11
Personally, I am wary of any basements just because things can leak and get flooded.
Also, not sure which part of the country you work in, would there be code issues
you need to look at if it now becomes a lab like where you vent gases, etc.
I would say be open to looking at the space, the MEP and gas before making decision,
of course rent/triple net and other arrangements like after hour access, etc.
LCM
tripple net?
 
PDC

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#16
I think LCM is referring to a triple net lease. A triple net lease (triple-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets").
 
C

charles007

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#17
I have an option opening to rent space from a good-natured dentist that does send me his work.

He has a finished basement on his building that was once used/rented out as a separate office by the prior owners.

It is totally separate. Entrances, parking, everything as far as I know.

What issues would concern you if you had this opportunity? Would you run? Which way

There would be a proper lease and the rest. Just wondering if this is too good to be true or a bad idea.

Haven't seen it, know about as much as I've put here. Just wondering in general if anyone has experiences in this they'd be willing to share or concerns about it if they had the option.
Go for it and I will share what I experienced working in 3 inhouse labs. First job worked in the same office and last 2 inhouse jobs worked literally steps away from the doctors office. What you will gain working with a doctor in the same building is priceless in the knowledge you can gain. Working with a doctor that is good-natured is a must have to work long term.
As far as a lease, I would prefer to not sign one at first, its in this doctors advantage to have you in the same building. Either way will work, or don't bring up the subject anytime soon. ;)
Working so closely with a doctor you able to see new materials your using, testing out, new techniques etc, opportunities not allowed daily in average labs.
What you may experience in the first few years in the building is being asked to look at patients a lot with little to no advance notice, and planning cases which is a learning experience. The longer you work there the easier it becomes to know exactly what this account is looking for. I see this move as a Plus in your career whether it be short term or long term. It would bother me to work in a basement with no windows long term. Another advantage I see renting space there is if you asked new prospective dentist to come over to this office there much more likely to show up. You could start a study club, whatever, inviting a small group of doctors quarterly to discuss new materials, difficult cases and ordering in pizza , make it very informal and relaxed.
I'm sure you already know if this relationship will work, but do you like the building for your lab, is this basement larger should you need extra space ?
 
rkm rdt

rkm rdt

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#18
It is your call JMN.
It may be a great move and then again it may not.
Only time will tell.

But I can guarantee that you will encounter the inevitable.
That is the one day you walk upstairs to find a box from another lab.

You better ask yourself ,how will you handle it?
It will drive you nuts wondering what is inside that box.
 
PDC

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#20
Wouldn’t be for me, I don’t want to be that accessible. I don’t want to be moving if my business relationship goes South. What is it about this that’s appealing to you?
Me neither. Out-of-town or state accounts are much more profitable IMO. The fewer interruptions I have means more productivity and fewer headaches. Being that close to an account has its advantages but I don’t think it outweighs the disadvantages when you account for lost productivity and overtime as a result.
 
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