On today's episode, join Steve Steinbrunner, from Provide Financial, at the recent presentation at the TPL event in San Diego with his presentation titled "Navigating Dental Lending".
Steve delves into how technological advancements have revolutionized the traditional processes of borrowing money, highlighting the positive disruptions in the banking industry. He provides insights into calculating one's liquidity number and the impact of credit card balances on this figure. The discussion also covers the practicality of engaging in associateships for those launching startups. Steve further elucidates the formal loan approval process, including the nuances of locking in interest rates and the distinctions between lending for startup ventures versus established practices. An essential part of his presentation addresses how banks and underwriters perceive practice expansions and the significance of holding the first position in banking. Notably, he explores the strategy of leveraging equity in one’s practice as a down payment for new loans. A critical point of discussion is the use of personal assets, such as one’s home, as collateral in conventional business lending. This episode is especially valuable for dental professionals looking to expand, acquire, or start their practices, providing them with a deeper understanding of the financial landscape and strategies for successful borrowing.
To gain more wisdom on launching your practice successfully, check out The Practice Launchpad at https://www.thepracticelaunchpad.com
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