Financing & Financial Planning Articles
While today’s economic environment is certainly challenging, there are still a number of financing options available to dentists transitioning to ownership through a practice purchase.
Financial institutions allow us to achieve our dreams like never before. If you’re like most practitioners, you probably took out your first loan to finance dental school. Years later you may have borrowed again to realize your dream of owning your own practice. And as your business and professional goals grew, you may have decided to finance the expansion of your practice.
While there are many reasons to improve your current facility or purchase a new building for your dental practice, there is one you may not have considered.
You’re ready to purchase a practice – but where to go for practice financing? Acquiring a healthcare practice is one of the most significant investments you’ll make in your entire career, so choosing the right lender to help you finesse this complex transaction is a critical first step in the process.
Strategies for Early, Mid & Late Career Doctors
Many dental practitioners think of practice transitioning as an event that occurs at the end of their career. But the truth is, with careful planning and positioning of your practice, you can find many opportunities throughout your career to enhance your profits and practice value through various transition strategies.
When called upon to appraise a dental practice, appraisers must approach each assignment with the same principles.
- Today’s tax laws allow accelerated deductions for equipment and technology purchases.
- For many dentists these deductions are critical to their yearly financial planning.
- Investing in your practice for the right reasons is important regardless of tax laws.
- If the purchase does not allow you to offer better care, the investment may not truly advance your practice.
The three most important things a buyer can do are learn the business side of the industry, understand their clinical skills, and minimize personal debt.
Emerging trends in practice transitions are changing the way dentists approach a practice purchase or sale. Yet, with the proper preparation and guidance, dentists can emerge from their transition better equipped to achieve success. How prepared are you?
Now is a terrific time to improve your dental office or create a practice of your dreams. Financial conditions are still favorable for a practice purchase, start-up or remodel, and some practice lenders go the extra mile to guide you through the process. Following are questions and answers to help guide your decisions.
All practice financing is subject to credit approval. Business Refinance Program is for business term debt only. Revolving credit and existing Wells Fargo Practice Finance debt are not eligible for consolidation.
The articles and materials on the Wells Fargo Practice Finance Web site are provided for general information only and do not constitute, nor are they intended as, a substitute for consultation with accounting, tax, legal or other professional advisors. Wells Fargo makes no representation regarding the articles available in the Strategies for Success Library or the completeness or accuracy of the information contained therein. The articles and the information contained therein may be incomplete, may contain errors or may have become out of date. Wells Fargo makes no commitment, and disclaims any duty, to update any of the articles or materials in the Strategies for Success Library. The views expressed in the articles are those of the authors alone. They may or may not reflect the views or opinions of Wells Fargo.
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