Where should I start or purchase my practice?
Is this a good area for me?
Do I need to go outside of a big city to be successful?
What is Multiple Location Analysis?
The days when you could approach building a practice with a 'if you build it, they will come' attitude are over. Dentists who don't do their homework can end up in suboptimal locations and struggle for the remainder of their dental careers. The Multiple Location Analysis (MLA) is the most complete, insightful, and informative analysis available to a Canadian dentist. It helps you to identify the best untapped locations to start /purchase a dental practice, and which ones to stay away from. We have over a thousand pieces of information for several thousands of locations across Canada. Whether you are interested in a city, neighbourhood, or just need to narrow down your searches, we will supply you with the information you need to make the best decision. If you already have a site that you like, you need a Single Location Analysis report.
How will Multiple Location Analysis benefit me?
Success rate – A great location will increase your financial success and the long-term value of the dental practice.
Speed – Because it will allow us to narrow the search, we will find a space or practice sooner.
Cost – The cost is minimal in comparison to the time and costs you would spend gathering and analyzing the information yourself.
Confidence – You have more confidence that you have made the right decision.
Informed Decision Making – This information will allow you to make more informed marketing and practice management decisions.
Specific to Dentists – The MLA is the only analysis on the market made specifically for dentists.
Most Complete – Demographic and competitive information based on primary and secondary research.
How does Multiple Location Analysis work?
You determine the geographic area you would like to analyze.
In the selected area, we map the potential locations for practice. In a city like Toronto, we consider several hundreds of locations.
We gather over a thousand pieces of information for each of these locations.
You complete a questionnaire where we define your goals, strengths, the type of practice you would like, and their lifestyle. This helps us determine the key success factors for a dental practice.
We develop a rating system based on the questionnaire provided and evaluate the hundreds or thousands of locations based on the unique rating system. This is where data becomes valuable information and unique for each dentist.
We rank all of the locations and map them on an interactive, easy-to-use map.
Frequently Asked Questions
Q: Would it not make sense to first look for real estate and then do a demographic analysis on that particular location?
A: It is an option. The problem is that if you are looking for practice within a 30-min drive from Toronto, there are tens of new listings coming on and being taken off the market every day. There is no one central database with all of this information. It would be a full-time detective job for someone to be out there looking for spaces or practices, that it is just not feasible.
Furthermore, prime real estate is gone quickly. When a commercial real estate becomes available you need to jump on it quickly, sometimes right away. We just don’t have enough time to conduct an analysis this quickly. In addition, if we had to conduct a demographic analysis for every location, it would get pretty expensive.
With MLA you can narrow the search and make an informed choice quickly.
Q: Would it not make sense to first look for a practice a demographic analysis?
A: It is an option. There are also hundreds of practices in that area – not available for sale - but where dentists would consider selling if the right buyer came along.
We offer a service called Find Dental Practice where we help dentists identify target practices. However, prior to looking for a practice, we recommend conducting the MLA. The reason is that having the MLA we have the most economical way of narrowing down the list so that we don’t waste time going after practices in the wrong areas.
From experience in practice management, we know how difficult it is to fix a practice in the wrong location. Therefore, if the practice is in the wrong location unless the price is low or there is something unique about the practice, it is better to keep looking further.