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Buy a Dental Practice in Atlanta Georgia: Getting Financing

Buy a Dental Practice in Atlanta Georgia: Getting Financing

Getting Financing to Buy a Dental Practice in Atlanta, GA

One of your biggest questions, as you consider your decision to buy a dental practice in Atlanta, GA or anywhere else in the U.S., is likely about financing. Will you get the funding you need? How will a bank consider your business decision? Do you make an attractive candidate for financial backing?

Instead of stressing yourself over the questions, start considering the financing process thoughtfully. Also remember that banks seek to support viable businesses. Dental care is an attractive proposition, when you choose the right practice to buy.

With a little forethought and planning, you can worry less and feel more prepared, when it comes to approaching your lending sources. Consider the important points most banks make, when it comes to backing your decision to buy a dental practice.

You Need A Consulting Team To Buy A Dental Practice

Never try to find a practice to buy, nor negotiate a sale, in Atlanta on your own. You need a qualified team of professionals behind you. This team must include:

Experienced dental practice brokers
Dental CPA
Dental practice attorney
Dentistry-focused lender
Dental practice transition consultant

When you work with Encompass IHC, you open doors to an easier dental practice buying process and transition. Encompass IHC is a team of experienced dental practice brokers who consult with you every step of the way, from first decision to buy your new practice, to transitioning into active business in your new location.

Banks Prefer Existing Practices Over Startups

Banks prefer you buy a dental practice in Atlanta, over starting a new one. Why? The existing patient base assures cash flow. This means you do not suffer a heavy imbalance between your debt load and incoming revenue.

When you start a new dental practice, you start with zero income. But you must pay for facilities, marketing, technologies and other aspects of dental service provision, from the start. This means you start a new practice with heavy financial burdens and little to no financial support. Obviously, having patients already coming in your doors makes your decision to buy an attractive one to commercial lenders.

Consider The Term Of Financing For Your New Practice

The average dental practice financing term is from five to 15 years. Your best decisions in this aspect of financing is for a minimum of five years for your debt. So if you only need a small loan, ask about prepayment options. Look for flexible terms, should you decide to pay off the amount early. Seek longer term even for minor financing, as income is uncertain for your first few years in your new practice.

Also consider the loan structure, such as seeking one with interest-only payments for the first six to 12 months. Ask about the interest rate, specifically whether you will receive a fixed or adjustable rate with prime. Consider an often safer fixed rate, despite adjustable rates looking more attractive at the start, such as through lower payments.

Remember That A Dental Practice Presents Some Risk

No matter how great the location, facilities, technologies and patient load, any dental practice presents some risk. Really, any business does. As part of your decision to buy a dental practice in Atlanta, you take on someone else’s practice philosophy, treatment plans, staff, systems and flow. You also inherit their problems in these areas.

No matter how professional, kind and marketable you are as a dentist, you will lose some patients during your transition. Many people feel loyal to a particular dentist, but see the change as a good opportunity to try a new practice, location or treatment philosophy elsewhere.

You possibly inherit overpaid staff, too. Maybe these employees want a change of location or benefits that the transition cannot possibly satisfy. Perhaps the staff do not have the skills you seek or make a poor fit for your practice philosophy. This means you may lose staff from the outset.

You may also need new technologies or buy into poorly functioning equipment. These things require additional financing or cash investment. Ensure you prepare for hiccups like these, when seeking a loan. Arrange for working capital or a line of credit to meet immediate and short-term financial needs.

Work with Experienced Practice Transition Consultants and Brokers

The above issues only provide a glimpse into those affecting your dental practice financing options. Other potential considerations include:

Type of practice acquisition, such as a full buyout, buyin or as an associate with an option to buy
Actual dental practice value
Transition period hurdles and needs
Effective due diligence before the sale
Finding a dental practice in your chosen market

Having an experienced dental practice broker and transition team helps you meet all of these needs for financing. The experts at Encompass IHC help dentists just like you find their ultimate practice in the right location and at the right time. Led by dentists, Encompass IHC understands your business and personal needs when you seek to buy a dental practice in Atlanta, GA or anywhere in the United States. Call Encompass IHC now at 919-395-0444 for a free consultation.

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