Best Maryland Dental Brokerage | Preparing for Your Business Loan
Dental Practice Sales & Transitions
To start a brand-new dental practice, you need more than just skill with a drill; you’ll need a business plan, a reliable team, and a patient population before you can open your doors. Even before that, you’ll need the necessary funds, and that usually means securing a business loan. Whether you are purchasing a practice or starting one from scratch, here are a few steps to prepare you for the loan process:
- Evaluate your goals for the office. Dental practices come in all sizes and scopes, so make sure you know what you’re trying to build. Depending on the size of the practice, it’s important to know how much time you will need to pay off a loan, and what your practice needs to look like to afford payments. Most younger dentists are also paying off dental school loans, and that must be factored in to determine your target revenue.
- Prepare to answer a plethora of questions. Before a bank gives you a large sum, it is going to want to know all of the risks involved. Be prepared to answer questions about the anticipated number of patients, number of employees, assets, and the history of the previous ownership. It is important to answer truthfully, as these answers may influence the amount of money you’ll be granted.
- Hire a Dental CPA. The loan process requires much research and time. Do you have the hours to devote to it? Do you have the expertise? A business broker who has experience in dentistry practices will save you money in the long run. They will be able to provide you valuable information throughout the loan acquisition process and the entire acquisition experience.
Starting or buying a dental practice may be one of the most important decisions of your life; make sure you’re fully prepared to make your move with confidence. Once your new practice is up and running, a dental accounting firm can assist you with tax planning, wealth-building, and growth strategies.
When it comes to starting a brand-new dental practice, the team at Schiff Dental Brokerage, LLC, has deep experience in the dental sector. Especially in changing times, it’s the type of expertise you need to achieve your professional and personal goals. At Schiff, representing buyers is our specialty, and we look forward to sharing our knowledge and experience with you. Contact us today to get a head start on the acquisition process.