In this episode of Beyond Bitewings, Ash welcomes Bank of America’s Adam Schenck to discuss the vital steps involved in acquiring or starting a dental practice.Ash and Adam cover a wide range of crucial topics, particularly focusing on the significance of building a knowledgeable team. This team should include industry-specific professionals like CPAs, lenders specializing in dental loans, and insurance advisors. Adam emphasizes that having this team not only makes the daunting process of starting a practice more manageable but also ensures that aspiring dental practice owners are well-prepared for their most significant investment yet.

Adam provides insight into the practicalities of obtaining a practice loan. He explains the importance of cash flow management and the role of working capital loans in covering initial operating expenses such as staff salaries and supplies. Further, the episode compares starting a new practice from scratch versus acquiring an existing one. Adam advises keeping all options open and stresses the importance of fact-checking and consulting with experts to make informed decisions.

To connect with Adam, you can email him at Adam.Schenck {at} bofa.com

Key Topics:

• Importance of building a knowledgeable team
• Steps before applying for a practice loan
• Understanding cash flow and personal finances
• Role of working capital loans
• Comparing starting a new practice vs. acquiring an existing one
• Tips for finding the perfect practice location
• Importance of fact-checking information