Page 42 - The Dental Entrepreneur

The Dental Entrepreneur

To succeed in business, to reach the

top, an individual must know all it is
possible to know about that business”

J. Paul Getty

CHAPTER 6

Financing Your Dental Practice

Financing a dental practice today has remained fairly consistent. As a group, dentists are
good credit risks and as long as the statistics support that, you will continue to get a seat at the
lending table. The decision to use a local bank or a national lender is a personal one and I will
touch on both. Be certain that in all considerations of indebtedness, a complete and thorough
analysis of all personal debts be included. Starting your own business will require a
considerable amount of personal discipline and delayed gratification so be forewarned of the
stressors that will be experienced if you exceed carefully outlined projections.

Credit Score

I can not tell you have many people have spoken to my class in the last few years and
emphasized the need to secure and maintain good credit worthiness. A low credit score, even
though you may not have an extensive history can have a significant impact on you qualifying
for a loan, the amount of money you may qualify for and the interest rate you receive.

Dental Specific Lenders

The question to use a national lender versus a local bank is probably made on a case by case
basis. Several Large lenders, Well Fargo Practice Finance, Bank of America and US bank all
have programs especially for dentists. The good news here is that they have specific programs
and they know all the ins and outs of running a dental business and they have the experience
of serving a lot of customers in this space. Even though ,I like the idea of doing business with
the local bank, they may not have the knowledge, experience and flexibility that the large
lenders do. I think you shop both and see which one seems to be a fit.

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