Your first priority as a dentist is the provision of care is the most professional and efficient as possible for your patients .. You have to stay up to date with the latest techniques. Almost as important is the knowledge of the economic aspects of the practice. If you want to start a new practice, buying a practice or a partner who already exists, you must have good knowledge of financial options available. YouYou must also align with the professionals who can help you in the right direction.
Due Diligence
Before buying a practice, we should thoroughly review all the documents which the seller provided. Do not hesitate to ask questions on all areas of business: marketing programs, employees, suppliers in the procurement, accounting, and a review of patient records. With the help of a CPA must, analyze the tax returns and financial practicesStatements. Perform trend analysis, not only income, but the number and the patient. Carefully check the listed equipment. The equipment will or should provide the support for new plants? And the device that you connected to the acquisition of a commitment to rent?
Financing
How do you finance your practice, if it is a start-up or an existing product, essential for the success and liquidity in the long run. You should carefully examine all optionsavailable.
A dedicated funding source of funding:
There are companies on the market, which means in practice is devoted to acquisitions and start-ups. These companies, such as the Ozarks Capital Funding, are in a position to offer up to 100% financing for the purchase of a practice. Financial institutions as well as the working capital and funds for additional equipment or cost of the restructuring. Another advantage of working with this type ofCompany has the knowledge and skills they bring that in terms of financing, the practice of dentistry.
Seller financing
If a practice sold, the owners often decide to provide funding. This can be a lot for several reasons:
1. Flexibility: The seller is probably more flexible in terms of the payment as would a bank. For example, one could agree on a structure of interest payments only during the first few years while we get theFeet.
2. Sell your Little or no down payment: the motivation of the practice, may not require the seller, an initial payment of large dimensions. You can use the capital reserve for other purposes.
3. Seller of advice and support: It is obvious that the seller has no interest in the success of the practice after the sale. For this reason, it is likely that the maximum possible support for the new owner (s) in the process of consultations and operations.
BankFinancing
The banking sector is very competitive, not only in terms of national institutions, like Bank of America, but also local banks. The banks generally believe that the loans even dentists and go to the funding they need, is available. If you choose this route, a deposit equal to 20% of the purchase price required. Also, if you buy an existing practice, a bank will probably require that the first unit will be dissolved and a new one is created. TheLoans would be the name of the new company.
The purchase of a practice is one of the most rewarding experiences of your career. You need to make efforts towards a comprehensive overview of the activities that you buy. Select the funds that are of equal importance.
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