Whether you are buying/building a medical practice, planning for physician retirement, relocating your practice, or renewing your office lease agreement, it’s important to have your office lease properly analyzed to ensure that the terms and clauses within it are set up to help protect your investment and practice well into the future.
Critical Dates and Risk Assessment: Lease Review Services
Cirrus Consulting Group offers physicians the Critical Dates and Risk Assessment (CDRA), or Medical Office Lease Review. In this review process, our leasing experts analyze your lease, flagging critical action dates, and identifying expensive hidden risks.
Based on the issues revealed in your lease review, our professional Leasing Consultants will create a tactical plan based on how your ideal lease should be structured. A Consultant will then set up a call with you to discuss the nuances of your practice, future career plans and your specific leasing requirements. We’ll take you through our detailed findings, arming you with the knowledge and expertise necessary to protect yourself in upcoming lease negotiations with your landlord. This review is guaranteed to save you hundreds of thousands of dollars over the life of your lease.
85% of physicians across North America have a medical lease that may inhibit them from ever selling their medical practice.
20% of physicians in North America lose their ability to sell their family practice each year.
75% of physicians have a lease that prevents them from getting to the end of their career in their current location, being forced by the landlord to relocate!
The Next Steps: Medical Office Lease Negotiations
In addition to our office lease review services for physicians, Cirrus offers the complete lease negotiation package. After a thorough lease review, our negotiators create an action plan based on your goals, future career plans, and the finer details of your practice. Equipped with this knowledge, our team will work with you to devise an expert negotiation strategy that will increase your chances of getting what you need from your upcoming lease negotiation.
From start to finish, our negotiators act as the liaison between you and your landlord, managing the entire process so you don’t have to. You’ll feel at ease knowing you have the support and expertise of our skilled in-house Lease Negotiators, legal team, commercial real estate market analysts, practice brokers, and ex-landlords. Learn more about our medical office lease negotiations, now.
Common Risks Found in the Office Lease
Unexpected Relocations: Does your office lease give your landlord the right to relocate you? If so, is the move at your expense, or theirs?
Lease Termination: Does your landlord have the right to terminate your lease, forcing you to relocate and leave the premises?
Protection and Security: Is there a “death and disability” clause in place that will protect you and your family should something unexpected happen and you are unable to work?
Renovations and Improvements: Does your lease permit you to renovate your clinic? Will you be forced to remove the improvements yourself down the road, and absorb the cost of demo/construction?
Assignment Provisions: Is there anything in your lease that will affect your ability to sell or transfer your practice when you are ready to retire? Can your landlord demand rights to your practice sale proceeds?
Term and Options: Does your office lease provide sufficient term and “options to renew”? Are these transferable to a future buyer?