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Can You Afford Purchasing a $700,000 Practice?By Thomas L. Snyder, DMD, MBA, Director Henry Schein Professional Practice Transitions
As dental education debts continue to rise, more recent graduates are concerned that it will be a challenge to purchase a dental practice. With the average dental school debt as of 2013 at $215,000, it is no small wonder why many of today’s graduates feel that way!
However, the good news is all of the major dental lenders understand your plight and are ready to loan money for a practice acquisition as soon as two years after your graduation. These lenders are in the business of providing funds for dental practice acquisitions because you are their market.The ability for recent grads to obtain sizable loans is a reality. Bank underwriters consider several factors; your credit, your amount of debt, your clinical production history and most importantly, the financial condition of the practice you are purchasing.
Every entrepreneur has heard the adage “you’ve got to spend money to make money.” The enormous benefits of acquiring a successful, profitable dental practice certainly can place you on track to retire your student debt comfortably as well as meet your financial obligations of purchasing a practice. Furthermore, if you have the clinical experience to produce in excess of $35,000 to $40,000 a month, start thinking outside the box and consider purchasing a $600,000 or $700,000 practice. In fact, you can purchase an even higher grossing practice, especially if the seller remains after...
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