In this episode Trish and Mohamed discuss:
- The application process of getting a loan to open your dental clinic – from the evaluation of the clinic and your skills, to the appraisal and analysis, and your personal and professional goals. Trish shares that they’re looking for applicants who have two or more years of experience before jumping into the management side of things.
- The difference in applying for a loan to purchase an already operating practice versus building your own – with leases to open a brand new dental clinic being a longer process.
- What you need when it comes to applying for a loan to open your own dental clinic – beyond your basic business plan, you’ll need to show that you’re working with the right professionals to help you come up with financial projections and a solid plan.
- Who is involved in the application process? It’s not just you and the bank – your lawyers, lease negotiators, accountants and consultants are all involved in the process.
- The ins and outs of loans – Trisha shares her insights on amortization, terms, types of leases, length, fixed versus variable, and overall what you’re looking at.
- What happens when you get approved and how using a loan process works – Trisha shares that once a loan is approved it’s not just you and the cheque. You’ll have to work with the bank along the way.
- What happens if your first year is a bit challenging – Banks don’t expect you to make boatloads of cash in the first year, they want to see you succeed and Trisha shares some of the ways ATB helps to get you off your feet.
- Growing your dental empire past the first practice – If you’ve established your dental clinic and are looking to expand to another practice, Trish and Mohamed briefly discuss how what that additional process looks like.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.