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Finance Perspectives on Your Practice Purchase, Start-up, or Expansion

By: Gavin Shea

Now may be a terrific time to improve your dental office or create a practice of your dreams. Many financing options for a practice purchase, start-up or remodel are available thru traditional lenders as well as specialty lenders. Most practice lenders are going the extra mile to guide you through the process. Following are questions and answers to help guide your decisions.

Q. What is the economic climate like today for dentists who are interested in purchasing equipment, remodeling or starting a practice?

A. The dental industry tends to be a barometer for the general market, and the business climate appears to be shifting in the right direction*. Now is a great time for dentists to upgrade their equipment or think about remodeling their practice due to generous tax incentives**. There continue to be many opportunities to buy a sound practice or a well-positioned commercial property for starting a practice.

Q. What are some of the concerns of dentists who are considering practice ownership

A. Graduates leave dental school with a dream of owning their own practice and being in charge of their future. However, with the amount of debt they have after graduation, they often believe they can't qualify for a loan and wonder if they have too much of a financial burden to own a practice. Wells Fargo Practice Finance will loan against future earnings. We help dentists understand what their financial picture looks like and create a road map for their future. Many dentists can make the transition to ownership sooner than they think.

Q. How does Wells Fargo Practice Finance help dentists through the purchase process and what makes you different from other banks?

A. We have an exceptional team with deep knowledge of the dental industry and we often get involved two years before dentists purchase a practice to help them develop their business plan. So we're not just lending money, we're educating and helping them prepare for their future. Also, we have the financial stability of Wells Fargo behind us. If the dentist needs a mortgage, we're there for him or her. We want to help build strong foundations and work with dentists throughout their careers. We're not just lending dollars. We're a business and financial resource throughout the doctor's career.

Q. Do you have any best practices for dentists who are seeking to purchase or acquire a practice?

A. It's all about location. It's really important to find the right place to practice – right for you personally and right for your business. It's also critical to have support such as an accountant who understands dentistry and an attorney you trust. The ADA also helps dentists in so many ways and is one of the key centers of influence for successful dentists.

*DENTISTRYIQ.COM

**Consult your tax preparer or CPA

About the Author

Gavin Shea is the National Director, Healthcare for Wells Fargo Practice Finance. With more than 17 years of banking experience with an emphasis in practice lending, he leads sales and marketing strategy development and implementation throughout the national footprint. His industry background offers practitioners a unique perspective as they approach some of the most important decisions in their professional lives. With more than 30 years of practice lending experience, Wells Fargo Practice Finance specializes in helping healthcare professionals acquire, start and expand their practices with various financing options and a signature Practice Success Program. Contact: gavin.m.shea@wellsfargo.com or 844-626-4317

View all articles by Gavin Shea


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The articles and materials on the Wells Fargo Practice Finance website 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.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

ADA® is a registered trademark of the American Dental Association. ADA Member Advantage is a service mark of the American Dental Association. ADA Member Advantage is a program brought to you by ADA Business Enterprises, Inc., a wholly owned subsidiary of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

All financing is subject to credit approval.

Wells Fargo Practice Finance is the only practice and commercial real estate lender recommended for members of the American Dental Association.

ADA® is a registered trademark of the American Dental Association. ADA Member Advantage is a service mark of the American Dental Association. ADA Member Advantage is a program brought to you by ADA Business Enterprises, Inc., a wholly owned subsidiary of the American Dental Association.

All financing is subject to credit approval.

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