When it comes to purchasing decisions, dentists can be very savvy. Conversely, when it comes to deciding how to pay for those new purchases, dentists are often uninformed consumers. Today's financing options can be very complicated when building a new office, acquiring a mortgage, or even borrowing funds for technology and equipment updates.
Consider cash upfront. When making a purchase for your practice, it is best not to borrow money at all, if possible. Although it is often necessary in order to invest in and build a practice, any time you can simply pay for the purchase outright -- do so.
Don't go in blind. Levin Group's attorney, who handles extensive contract negotiations and transitions, frequently finds parts of dental contracts that are completely unacceptable, such as inflated interest rates, unacceptably long payment periods, and an inordinate payback amount that was far beyond the initial investment. The buyer should have a dental-knowledgeable attorney carefully review every contract.
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