Like any business, a dental practice has capital needs throughout the life of the practitioner. At the beginning of their career a dentist will likely borrow money to either purchase or start a practice. At some point the dentist may want to purchase their facility and the practice will certainly have equipment needs throughout the lifetime of the Dentist. The equipment needs can range from minor investment in upgrades to significant investment in the latest technology. In the previous Thriving Dentist Show you heard Dr. Chris Haag talk about the benefits of his CAD-CAM technology and this requires a six-figure investment. Today we are very fortunate to have Bob Affleck as our special guest on the Thriving Dentist Show. Bob is the Vice President of the Southwest Division of Wells Fargo Practice Finance and has served the dental profession for over 25 years.
1. The banking business has changed quite a bit over the past few years. Are banks lending to dentists?
2. For our young dentists listening to the show today what are some specific things they can do to prepare for purchasing a practice?
3. Many of our listeners may be mid-career and looking to invest in equipment upgrades or significant equipment purchases such as a Cerec machine. Tell us about the lending products that meet these needs.
4. Many Dentists today are equity rich, but cash poor. Tell us about some newer lending products that can help a Dentist use the equity they have in their practice.
As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.
More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!