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    5 tips to prepare for practice purchase

    So you want to be a practice owner. Do these things first

     

    4. Get your finances in order

    Despite having significant student loan debt, practice buyers are typically suitable for financing, sometimes for 100 percent of the sale price, for purchasing a private practice. Banks want to see good credit scores, minimal credit card debt, and personal tax returns showing high levels of income in recent years. If the prospective buyer has a spouse who works, that is very appealing to banks who finance private practices.

    More practice management: 5 tips for planning a successful event at your practice

    One variable banks examine is your debt-to income ratio. If you are serious about buying a practice soon, I recommend saving your money and limiting your debt. Hold off on buying that new car or home until after you’ve settled into your new practice. After all, the car expenses can be paid by your future practice!

    Protect your investment

    Dirk Massie, OD
    Dr. Dirk Massie has two practice locations in the St. Louis metro area. He is the primary consultant at Premier Doctor Consultants.

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