During this episode of the Practice Accelerator Podcast, we speak with Mike Mackay, principal and partner in Ripple Projects. Mike Mackay discusses what is involved in building a practice, factors that impact the cost of your construction budget, and the key team members that are needed to build your dental office.
Episode Highlights:
- What is the background of Ripple Projects?
- What are his thoughts on dentists going for a free-standing building versus being located in a plaza?
- How do you choose a contractor when you are building?
- What is the difference between a general contractor versus a project manager?
- What is a dentist actually paying for with project managers?
- What other team members are needed for construction projects?
- What are the factors that impact cost?
- Mike Mackay discusses the timing of a project.
- You ideally want construction happening during your free-rent period.
- Ripple Projects has been able to build out dental practices lately in 8-10 weeks in the construction phase.
- Have your team in place early on.
- Mike talks about what construction contracts typically look like.
- Give the bad news first because bad news requires action. Good news does not.
- How does a dentist pay for the creation of their practice?
- What advice does Mike Mackay have for those building during COVID-19?
- Let the professionals do their job.
3 Key Points:
- General contractors may self-perform a lot of their own work with their own class. Project managers mostly coordinate the project and put teams together for the required work.
- You are going to need a mechanical engineer, electrical engineer, and a design done that meets code.
- The drivers that effect consultant cost: architecture fees, engineering fees, builder, project manager, general contractors, square footage, and the existing building condition.
Tweetable Quotes:
- “We are a small boutique firm that specializes in commercial and residential work. Our passion is driven by design and is influenced by a lot of great architecture throughout the world, and a lot of the work we do, whether it is on the commercial side or the residential side is driven by space and use of space.” -Mike Mackay
- “The name (Ripple) starts with an idea and then ripples out from there, and I think that is like anything. That is how things start and they move, and things are fluid.” -Mike Mackay
- “A free-standing building may give you more exposure for marketing purposes and it may have more presence to the public. You’re typically going to have more overhead costs involved.” -Mike Mackay
- “Getting a critical path early on, right from the beginning of your project is key, from zoning, planning, design, and having all the consultants planning timeframes that they have to work to.” -Mike Mackay
Resources Mentioned:
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