In my Clinic Accelerator Program where I coach clinic owners to run more efficient, effective businesses, I constantly get asked about negotiating a lease versus buying a clinic building.
This really is an awesome topic to cover. Think about it.
If you own your clinic for 20 years, you really could pay off your mortgage for your clinic - especially if you are in your mid-40s or below. By doing so you’d be building two assets: the business and the commercial property associated with it.
Let’s take McDonald’s as an example. It’s not just their food and fast service that has made the company a massive worldwide success. It’s actually due to their acquisition of real estate as a main component of their business model that has led to their rapid growth and ongoing success over the years.
So, if your lease is coming up and you have an opportunity to buy a commercial space, is it really worth considering?
It could be.
And I’ve got the perfect expert to help go over some of the important aspects to consider - meet Jennifer Hollis.
Jennifer is a partner at Collins Barrow that provides accounting, audit, taxation and general business consultant services. She works with companies both large and small and specializes in the health and fitness and real estate industries, so she can share some powerful insights about exactly what the benefits of leasing vs buying really are.
I got introduced to Jennifer Hollis by Wendy Coombs from Momentum Health in Calgary. Wendy thought Jennifer could really help contribute some awesome tips that could help clinic owners make better financial decisions.
So let’s turn to Jennifer for some words of wisdom and advice on this popular topic.