"Cash is king."
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Summary
In this episode of Hey Docs!, Jill Allen and Steve Steinbrunner discuss the evolving landscape of practice financing for orthodontists and healthcare professionals. They explore the increasing interest in commercial real estate, the nuances of startup loans, and the innovative Jumpstart Loan for acquiring declining practices. The discussion emphasizes the importance of financial preparation, common pitfalls in establishing credit worthiness, and leveraging equity for real estate purchases. They also touch on ground-up construction financing and the need for creative solutions in lending.
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Takeaways
- The trend of orthodontists investing in commercial real estate is on the rise.
- Startup loans are evolving with more options like SBA loans.
- Understanding the financial landscape is crucial for new practitioners.
- The Jumpstart Loan can help acquire declining practices effectively.
- Cash flow management is essential for practice sustainability.
- Building a strong financial team is key to successful financing.
- Credit scores play a significant role in loan approvals.
- Avoid aggressive debt repayment that affects liquidity.
- Leverage practice equity for real estate purchases.
- Ground-up construction financing is viable for new practices.
Chapters 00:00 Introduction
04:15 Why Own Real Estate
08:10 SBA Path for Startups
11:43 Lease vs Buy Math
14:07 Buying Declining Practices
16:22 Jumpstart Loan Explained
20:01 Getting Loan Ready
23:09 Liquidity and Guarantors
27:10 Credit Score Hurdles
28:20 Liquidity vs Debt Mistakes
31:59 Ground Up Construction Loans
35:14 Using Practice Equity
37:15 Contact Info & Closing Thoughts
Episode Credits: Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero
Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice?
Reach out to me-
www.practiceresults.com.
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