Dr. Emma M. is a general dentist in the later stages of her career practicing in Midlothian, VA. After being diagnosed with hand tremors, Dr. M. brought in dental associate Dr. Bill S., and has since begun treating patients for Sleep Apnea at the clinic.
Dr. M’s 28-year lease was rapidly approaching its renewal deadline. As a late career dentist, she was looking to renew her lease with terms that would support her eventual plans to transition out of dentistry. Naturally she considered Dr. S. as a potential buyer; however, she was unsure the timing was right as he was a fairly new associate.
Being cognizant of her eventual transition plans, she was looking to renew the lease agreement with terms that would spark the interest of potential buyers. She was looking for a shorter term, ideally 5 years, with options to renew to ensure the long-time viability for her successor.
After attending a dental office lease negotiation and commercial real estate seminar hosted by Cirrus Consulting Group, Dr. M. retained Cirrus for help with her upcoming lease renewal.
“I had no idea the ramifications that some of the clauses could have. I signed my old lease 28 years ago but was very young and not very bright when it came to lease agreements. Now that I am older and wiser, I felt it was necessary to hire Cirrus to re-write my lease and negotiate terms that I felt were fair and could live with.”
– Dr. Emma M., DDS, Midlothian, VA
She was looking for the following key wins in her renewed lease:
Cirrus Consulting Group guided Dr. M. through their strategic lease negotiation process and achieved the
following key wins:
Dr. M. now has peace-of-mind knowing her lease is set up for a smooth and profitable transition into retirement with terms that benefit both her and future buyers.