Is Now the Time to GROW Your Practice (Financing)?

In this conversation, Peter, Craig, and Chandler discuss various topics related to interest rates, investing, and borrowing money. They touch on the Federal Reserve’s recent meeting, the impact of interest rate changes on borrowing costs, and the current state of the labor market. The conversation highlights the importance of data-driven decision-making and the potential benefits of owning commercial real estate as a dentist. Chandler from Live Oak Bank joins the conversation and shares statistics on the success rate of dental practice loans. They also discuss the average growth rate of practices after expanding or building a new facility. The conversation highlights the importance of education, self-awareness, and finding a supportive network in overcoming the fear of taking on financial risks. They also emphasize the value of building a strong relationship with a lender who understands the dental industry.

• Lower interest rates can make it a good time to invest in oneself, such as buying a practice or expanding a dental office.
• Data-driven decision-making is crucial when considering investments and taking on debt.
• Owning commercial real estate can be advantageous for dentists, as it allows for potential appreciation and tax benefits.
• Taking calculated risks and betting on oneself can lead to long-term success. Align gut instincts with financial analysis when considering practice growth opportunities.
• Live Oak Bank has a high success rate for dental practice loans, with only a small percentage of loans going bad.
• Expanding or building a new facility can lead to an average growth rate of 25% in the first year.
• Overcoming the fear of taking on financial risks requires education, self-awareness, and finding a supportive network.
• Building a strong relationship with a lender who understands the dental industry is crucial for successful financing.

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