Dentists Who Invest Podcast Practice Finance In 2023 with Kevin Saunders DWI-EP152
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How do interest rates impact dental practice finance, and what strategies do lenders use in the market? To answer these questions, we invited Kevin Saunders, who has spent 30 years in the banking industry and is a specialist dental financier for RBSnetwest, to join our discussion. Together, we explore the history of base rates from the 1980s to today and how this has shaped our current financial landscape. Kevin also shares his expert insights on considering both today's rates and adding a margin for error to prevent borrowers from financial trouble.
In this episode, we also delve into the banks' stance on the dental sector and how they've become more stringent with their lending policies. We discuss the shift away from NHS dentistry and the current boom in private dentistry, as well as the need for squat finance and the process of obtaining established practice finance. Kevin breaks down the calculation of loan servicing costs and repayment periods, giving you a clearer understanding of what to expect when financing a dental practice.
Lastly, we highlight the importance of business acumen over clinical skill when it comes to running a successful dental practice. We talk about the advantages of buying a practice from a dentist looking to become an associate, the power of compounding when starting early, and how to assess a practice's growth potential. Additionally, we emphasize the significance of researching a practice before making the purchase. Don't miss Kevin's priceless insights and practical advice on navigating the world of practice finance amid today's fluctuating interest rate environment.
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