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    How to assemble the right team to open a new office

    To ensure success when opening a new office, keep these six things in mind.

     

    Lender

    Many office projects will require financing for additional build-out, equipment and furniture, and operating capital, and it is essential to bring in a practice lending specialist. Many major banks now have special departments who exclusively deal with commercial loans for healthcare providers and are able to provide rates and terms not available to other customers. The lender will be closely involved with the agent and the attorney to ensure that the requirements of the underwriters are included in the terms of the lease or sale, and will help to determine the size and quality of office that you can afford.

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    Equipment and technology providers

    If your new office will require new equipment or technologies, your providers will meet with the real estate agent and architect early in the process to ensure that the design can accommodate the new equipment and they will coordinate delivery and installation within the proper timeframe set by the architect. The terms you negotiate during the lease or purchase combined with the loan package you receive will usually determine the amount you can invest in your new office’s initial equipment, so it is very helpful for these providers to work with your lender and real estate agent early in the process as well.

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    General contractors and sub-contractors

    Your architect will be able to recommend several general contractors with a good track record for their quality of service. The contractor has the task of building what was designed—within the budget and on time. Your architect will recommend whether it makes the most sense to hire a general contractor on a negotiated basis, or to competitively bid the project to multiple contractors. In either scenario, costs, communication, and service are key determinants in choosing the right contractor.

    When you assemble your team, you want to ensure that everyone is an expert in his or her specialty and collaboratively works together with the goal of making the process go as smoothly as possible. Having the right team causes the project to be on time and on budget and of the highest quality. Equally as important, having the right team protects your time and frees you to focus on your practice and enjoy your new office. 

    Carr Healthcare Realty
    Carr Healthcare Realty is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every ...

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