Everything you need to know before you sign on a ground up build

"You would think that because you've done this before it should be easier. But once you know what you know, there's a lot more questions. And yeah, it's a lot."

That's Dr. Rich Constantine. A man who has built from scratch, sold to a DSO, and is doing it all over again with Evelina Smiles in South Carolina.

And somehow he's still smiling.

This week Ashley sat down with Rich for episode two of The Making Of Evelina Smiles and they went deep. Location strategy, demographic research, two separate loans with no SBA, parking nightmares, HOA horror stories, and signage restrictions that will make you want to scream.

If you are thinking about a ground up build, this one is required listening.

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What you'll learn in this episode:

You don't need a fancy demographics report. Rich looks for Starbucks, new grocery stores, hospital expansions, and high school additions. Where big companies put money, growth follows. That's his formula.

Two loans, not one. A real estate loan for the land and building and a separate FFE loan for furniture, fixtures, and equipment. First 24 months interest only. Less than 10% down on the real estate. Nothing down on the build out. And no SBA either time.

Work backwards from parking. Rich figured out his building size by starting with parking. Two and a half spots per operatory is the number worth writing down. Ashley learned this lesson the hard way when a not so friendly neighbor split her parking lot in half with a row of trees.

The hidden costs that blindside everyone. HOA fees that jumped from $75 to $1,100 a month. Historic district signage restrictions. City rules about bike racks and landscaping. The things you don't know until you know and by then it's too late.

Your bank relationship is everything. Rich has banked with the same local bank for 15 years. They visit the construction site. They know his builder. They release funds on time so subcontractors get paid. That kind of relationship is not something you build overnight.

The Making Of Moment

Ashley shared something in this episode that every startup doc needs to hear.

She bought her first building next to a vacant lot with a giant shared parking lot. Seemed like plenty of space. Then the neighbor converted his space into a senior care facility, hired a construction crew, and put a row of trees down the middle of the parking lot.

Five spots. For a six op practice.

The lesson? It is not just the size of the building you are looking at. It is everything around it, next to it, and connected to it. Your realtor should be asking those questions before you sign a single thing.

P.S. Next episode Rich and Ashley are diving into the part they are both most excited about. Branding, interior design, and the full story behind the Evelina Smiles aesthetic. And Rich is sending renderings. You do not want to miss it. Make sure you are subscribed so you don't miss a thing.

LISTEN TO THE FULL EPISODE ON

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Connect with our guests: Dr. Rich Constantine: @dr.c_smiles

Until next week,

💛 Dr. Ashley Joves

Find me @ashleyjovesdds / @themaking.of / www.themakingofpodcast.com

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