Spending WAY too much MONEY! | DrCliffAuD Vlog 220

Spending WAY too much MONEY! | DrCliffAuD Vlog 220. Dr. Cliff Olson, Audiologist and founder of Applied Hearing Solutions in Phoenix Arizona, discusses expanding the clinic into the North Scottsdale area, by investing over $1,000,000 into a new commercial office space.
hearingup.com
appliedhearingaz.com
drcliffolson.com

[@gbkworf]

I'm going to give you my opinion with a story: My son used to go to Karate. It was the perfect location and they had been there for years. It was a large building with about 8 spaces, and the Karate school had 2 spaces. A few years later the landlord decided to sell the building to new owners and they decided public storage would would bring in more money forcing them and everyone else to move. They found another location that lasted a year and then another move to another location. Two years later the same thing happened and they had to move again. They found another space and then covid hit, and management made them continue to pay rent even though the school was closed by government order. Each time they moved they lost students and rent went up. Rent always goes up! They never really recovered. Had they owned that first building none of this would have happened. If you can make it work financially, do it, its a NO BRAINER. It allows YOU to control your own destiny. Good Luck....

[@i-see-desertbaldo2369]

I still suggest that y'all look at Surprise, AZ for your expansion. Costs are lower and community is growing. We need excellent care here without having too travel 70 miles.

[@richardgriffard5415]

If you truly want to expand, the best time to purchase is when there is less competition for office space even though interest rates are currently high. You are young enough and ambitious enough to make it all work. When it comes to owning property, it is all about “Location…Location…Location”.

[@jeremylunbeck2220]

I think depending on the amount of money you are personally going to put into it makes a big difference. All of your worries are valid ones. Rent is high, but if there is a downturn in the economy, then a lot safer as far as scaling down if you need to in the future. The interest rate alone on 1.5 million from 5 to 8 percent is an extra 3000 a month in overhead, and with overrun on building cost it could be even more. Now you seem to be an amazing at what you do, and the amount of people you guys are turning away,may easily offset that cost. Also taking into account that US credit card debt is at a all time high, if the economy stays down, the first thing people are going to do is cut big spending, like getting a new car, having big surgeries, or even fixing a hearing loss, they will just live with it until they can afford it. Now if you are putting a lot down, then one good thing with this down economy, is that commercial property is really down right now and would be good opportunity to snatch up a property for a good price. Also with the new place that will mean more time will have to be spent between both places to keep them all running at the standard that you have set for yourself and business, meaning less time for speaking opportunities to make the whole industry a better one. I am sure you have thought about all these things and ultimately which ever way you go, you will do your best to make it work. Wish we had someone in our area that could trust to fix my hearing loss, without having to spend thousands of dollars to take a chance.

[@SandwichLady]

Good idea to invest in your future. Go for it, Dr Cliff!

[@terriannolson8923]

It's really functional-looking, Cliff. I like it. 👍

[@1985Denise]

Go for it. You'll never look back!

[@jemairmckay6862]

Hi Dr. Cliff, you should look for a less expensive location to expand and also explore more options and ask questions and save $1.4 million to invest in something else like new technology or equipment for your business/company.

[@willchristie2650]

Scottsdale is a very wealthy city. With a location there, he would pick up a lot of people who would never be caught dead in his current location. It isnt a bad area but not at all an upscale area.

[@willchristie2650]

No. Scottsdale is where you want to be instead of a nondescript business park next to a gas station

[@willchristie2650]

You need to move the current clinic to the location and sell the current clinic. Raintree is right off 101 so current clients would have further to go but if you reinstate free coffee it would be worth it.

[@DrCliffAuD]

LOL, no, we'll keep the current clinic too! & we still have free coffee!!!!

[@debruddy5754]

Yay you follow your gut and your heart YOU KNOW 💜 👂👂👂

[@terriannolson8923]

Good morning, Cliff. 😁👋

[@jameslogan6127]

Hmm 🤔 I’m about halfway through and I’m persuaded. In many areas you’d pay more than that for a decent house of 4200 square foot …probably I’m guessing right in the area you’re considering. It’s an excellent idea from my perspective

[@northwales1000]

Off topic question, how soon are you notified of new Phonak aids. Like if they announce or release a new platform in September.

[@547doug]

Handicap parking good? Distance to parking? Condo fees? Condo rules?

[@marymaryquitecontrary]

I hope there's a well-placed elevator in that building.

[@lauramaeda7214]

Very nice looking location. While i think if anyone can handle the stress of setting up a second location, it would be you. My concern is the structure itself. The setup is very different from any other audiology practice i have seen. While being on the second floor means it’s a little less likely to suffer from water damage except for rain leakage, there might be an accessibility issue if your clientele has accessibility problems. Also having natural light is wonderful, how is having so many windows acoustically? I have only been in five different audiology offices and very few have windows. I don’t know if that’s by design or the nature of the office that was purchased. I do not know how much you plan on cost to renovate the space into the perfect space for you. I am sure you have calculated and crunched all the numbers. Maybe office space in Oregon is inherently different than Arizona. You will do well with whatever you choose to do.

[@kenm.6230]

How many audiologists are you anticipating having? Whatever that number is are there that many in the Phoenix/Scotsdale area looking for a job? That to me would be a major factor. Also, what will that do to your fees? Would you be pricing yourself out of the market?

[@taylorbaldwin1776]

You need 2 sound booths in that new place

[@gbkworf]

And by the way, I liked the brick!

[@jackmoerman7245]

Is it now or will it be ADA compliant?

[@Doreenfreundt]

How do most of you guys still make profit? Even with the downturn of the economy and ever increasing life standards

[@RONALDO_7729]

Well, I picked the challenge to put my finances in order. Then, I invested in cryptocurrency and stocks through the assistance of my discretionary fund manager

[@RONALDO_7729]

Hattie Glover.

[@Doreenfreundt]

Interesting, please how can i get more information? i don't want to remain out of ignorance.

[@RONALDO_7729]

She's on face book, look up her name 👇

[@RONALDO_7729]

Hattie Glover

[@WeekendWisdom]

This idea is shakey, at best. For starters, I hate second floor anything. The space itself looks more like a financial services venue. IF you need to expand, consider a second location, stay where you are and keep $1.4 of debt off the books.

[@lindaolson4782]

Is there an elevator? If not, you may loose some patients.