It’s time to renew your lease. Are you ready to negotiate? If you’re like many practice owners, the answer is no. “Lease renewals are the No. 1 transaction in all of commercial real estate—for every new lease, there are 20 or 30 lease renewals happening—but it is the transaction that often receives the least amount of attention,” says Colin Carr, founder and CEO of CARR Healthcare, a nationwide commercial tenant brokerage based in Denver.
For most practices, rent is the second largest expense, behind payroll. And the common practice of adjusting staff levels to reflect a changing business environment simply won’t work with lease payments. Once you sign on the bottom line, you are stuck with those costs for the life of the lease.
“You get one crack at your lease every...
Operating a medical aesthetic practice is expensive, and profit margins can be precarious, particularly when a business is in its beginning stages. It’s no surprise, therefore, that practice owners are always on the lookout for ways to save money. Some do this by engaging in a practice known as parallel importation—importing non-counterfeit products from another country—which allows them to save money on brand name drugs. As tempting as it sounds, parallel importation is illegal, but the grounds on which these laws were passed are shifting.
In many countries—including the United Kingdom, Ger-many, France, Sweden and Canada—the government regulates the cost of pharmaceuticals. These regulations were created to prevent drug manufacturers from engaging in price...