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If you intend to buy an existing dental practice, there is no reason to think that you cannot do so. Looking at acquiring an existing practice would help you steer clear of an assortment of pitfalls associated with starting a practice from scratch, and this would thereby allow you to channel your efforts in what you do best, which is to provide your patients with exemplary dental care. However, looking for a dental practice acquisition loan comes with its own roadblocks, and this makes it important that you know what to expect.
Finding Dental Practice Financing
Before you go ahead and look for dental financing needs, you would need to address aspects such as what kind of dental office you’re after, the location, the consultants/advisors that you would need, etc. Once you find the right practice, you need to establish the costs involved. For instance, while a practice might have a high gross income, it could also come with substantial overhead costs. On the other hand, a small practice could be a good option due to considerably lower overhead costs.
The Costs Involved:
There is more to buying a practice than just the price. Other costs that you need to consider before you look for a dental office loan includes:
· The fees you would have to pay for the services provided by the financing company, lawyers, consultants, business evaluators, and accountants.
· All applicable taxes.
· Overhead costs such as costs for new signage, letterheads, new furniture, new equipment, etc.
· Salaries for employees.
· Dental supply costs.
Once you know how much money you will need, you get to looking for the right dental office loan.
Dental Practice Financing:
When you start looking at your dental office financing options, do bear in mind that dentists are generally looked upon as ‘safe’ credits by most banks. Therefore, you can expect to invest lower down payment, and this could be lower than ten percent of the required amount. Also, when you choose to buy an existing dental practice, the former entity would be dissolved and the financing would be in the name of the new one (which would be under your name).
How you choose to go ahead with your dental practice funding is also something that needs your complete attention. Understand that there are finance institutions such as City Capital Finance which specialize in dental practice acquisition loans. The options, that you as an applicant have, include conventional and unconventional dental office loans and you can also think about getting a loan for dental office. You also have the option to choose between mobile care & real estate dental office loans as well as loans for standalone dental offices & dental office buildings. Besides, you can also opt in between full documentation financing and stated income.
Since you do have an assortment of options to choose from when it comes to finding the right dental practice acquisition loan, seeking professional help that can help you figure out what your best option is something you should think about. And this is certainly something that City Capital Finance can help you with.Article Source: http://EzineArticles.com/?expert=Shawn_Shayestehfar http://www.citycapitalfinance.com
This article is by city capital finance describing mostly about the financing the dental practice from American system . But the Indian dentists can take a clue from here that its always better to keep all the financing and money involved in the set up of clinic in proper order . This will not only help in proper planning but also aid in the beginning of a successful practice.