Dentaltown Article

I recently read an article in Dentaltown from September 2019 about how to fund a new business – a Dental Practice.

The author discussed the pros and cons of ways to traditionally fund a new practice. It discussed using Credit Cards, cash, Equipment Loans, Bank Loans and leasing. These are the logical options but not the most efficient.

In my Practice, I try to help Dentist’s to not only understand today’s debts but keep an eye on the future. Most Dentists never think about the Real Cost of debt. It isn’t the amount they borrow but the total of principal; interest and the extra income you need to make before tax to make the monthly payments. All of these payments are gone forever- principal, interest and tax payments.

There are times when you will need to use other people’s money i.e. banks and equipment companies. I help our Dentists have a multi-facet plan that is handling debt while at the same time accumulating capital. This is to payoff current debts sooner and having money accumulating; so they have choices for their major purchases. We discuss what the best use for the money is now or if another project will give them a higher and better use of the money in the future.

One of the major issues is to be in control of both cash and cash flow- for any business. Most Practices never have plans for the future needs. Since Dentists are great risks for the Banks- they don’t have difficulty in borrowing. As a result they don’t think of the real cost and their loss in potential wealth.

If you could spend the same money (be more efficient) pay less to the banks, have more wealth (money to use) and develop money that can be used income tax free for retirement- is there any logical reason why you shouldn’t at least see if it can work for you?

I provide the study of your situation to see how much you can turn money gone forever into money you can keep. There is no cost to you- don’t you hope I am right and can improve your situation with no additional out of pocket cost?

All you need to do is reach out by emailing me or calling to get started.