Getting funded for your startup practice goes far beyond the typical lending topics of “rate and term”. After successfully helping close to 600 startup’s secure their funding, we realized getting properly funded is one of the biggest obstacles Dentists who dream of practice ownership face.
Wouldn’t it be nice to have banks competing with each other to fund your startup?
Unfortunately, that’s not usually the case.
Stephen was an incredible addition to our team, and as expected, the number of dentists we were able to serve increased as well. There was, however, one area where we couldn’t seem to iron out all the wrinkles and it was driving us crazy!
Sure we’d helped plenty of our Doctors secure financing for their new offices, but we didn’t have a process for it yet, and were feeling frustrated and overwhelmed. This had to change.
We needed pre-planned budgets. Reverse engineered cashflow plans. Real, powerful business plans created for our clients.
I wanted to make sure our client’s projects were irresistible to the banks, I wanted to make sure every “i” was dotted and every “t” was crossed before we submitted anything. I wanted to present the project to the bank on a silver platter, and for that I would need to find an Inside Man.
Stephen and I put our heads, as well as our respective rolodexes, together looking for someone who had the experience and expertise we were looking for. Dozens of candidates and interviews later, Mike surfaced as our man.
Mike became our Lead Practice Start Up Consultant with a special emphasis on financing. In a past life Mike worked for the Big Dental Banks, he’s since put that life behind him, but he still knows every prerequisite, eligibility requirement, and piece of information the bank is going to want to see from you. He knows the exact process your project will go through from start to finish, and how to decipher the banks cryptic communication throughout the process. He will skillfully guide you, as he’s guided hundreds of others, through this high dollar, high risk portion of your startup project.
One of the things we first learned from Mike was that not every bank is right for every doctor. When looking for funding, you must consider your debt, loan value, and personal finances. Knowing which banks are best suited to help finance your practice and fit your personal financial situation is a game changer.
We’ll help you create a comprehensive business plan, and a detailed financial road map. Mike will than take these assets and help you identify which of the Big Dental Banks is right for you. He’ll showcase the project in a way that aligns with the banks internal selection criteria, down to the verbiage used on the application. This is the equivalent of serving your project up to the bank on a silver platter, instead of begging banks for money, they’ll be begging you to take it.
Thanks to our Inside Man, Ideal Practices knows exactly which banks to approach and what each of them wants to hear in order to fund your project, and that’s exactly what we’re going to tell them.
With integrity, a rock solid business plan, a financial road map, and our practice ownership dream team to guide you… you’ll completely turn the tables on the banking industry - in your favor.
Next week I will introduce you to Cliff, we affectionately refer to him as our Wise White Wolf. Strong, fiercely protective, and one of the only animals known to share the choicest cuts of meat from his hunt with the pack, Cliff’s focus is on equipment and construction negotiations… You won’t want to miss this. As a doctor looking to open a start up practice equipment and construction are two places where the bulk of your budget will go, we’ll show you how you can have a seasoned Wise White Wolf protecting and caring for the funds you've worked so hard to get.
Until next time,
He’s the Chief Advocate for Practice Ownership
Bestselling Author, Practice Location
Host, Ideal Practices Podcast