Episode 3 Practice Financing With Bank Of America
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Thomas Angeloni is a National Sales Executive for Bank of America Practice Solutions. He has been in the banking industry for 20 years and has served the dental community in TX for the past 12 years. During this time he has assisted hundreds of dentists in starting and growing their practices. While his job description is to provide industry specific financing options, his primary focus is to educate dentists on the business of dentistry in an effort to prepare them for practice ownership and provide the tools necessary for success.
Key topics in todays podcast include:
What is the current state of the dental economy right now?
Is it as easy to qualify for a practice loan as all the people who come talk to us during dental school make it seem?
How much money do you need to save in order to buy a scratch start?
How much money do you need to save in order to buy an existing practice?
Can I buy an existing practice straight out of dental school?
Should i delay in paying down my student debt if I want to buy or start a practice?
How does buying a home/having a mortgage affect qualifying for a practice loan?
How many months/years do I need to work in order to purchase a practice and does a W2 status vs 1099 have any influence?
Is it better to buy an existing practice or do a scratch start?
What are some red flags you see when looking at practice acquisitions?
How much production does a doc need to show to buy an existing $1 million practice vs a scratch start?
How do you get the best interest rate? Can excellent credit lower you're interest rate? What credit rating do you need to secure a loan?
What are some of the most successful stories you have?
What does the process look like for someone that wants to own multiple practices?
Where do you see the dental economy in 5 years? 10 years?
Thomas Angeloni can be reached at firstname.lastname@example.org
In addition, if you want to reach out to Dr. Zachary Kingsberg you can email him at email@example.com. We appreciate all feedback and if you have any ideas for some future podcasts please send us an email and we would love to hear what our podcast followers are interested in. Thanks for listening!