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

The Bulletproof Dental Podcast Episode 366

HOSTS: Dr. Peter Boulden & Dr. Craig Spodak

GUEST:  Chandler Wrightenberry

DESCRIPTION

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.

TAKEAWAYS

  • 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.

CHAPTERS

02:01 – The Wilmington Confusion

04:11 – The Fed’s Goal and Real Rates

06:15 – Investing in Acquisitions and Real Estate

09:09 – The Relationship Between Interest Rates and Valuations

11:20 – Investing in Yourself and Taking Calculated Risks

15:49 – The Tax Efficiency of Loans and Investments

19:04 – The Benefits of Owning Commercial Real Estate

21:12 – Balancing Gut Instincts and Financial Analysis

23:14 – The Growth Potential of Expanding or Building a New Facility

26:34 – Overcoming the Fear of Financial Risks in Dentistry

30:43 – The Importance of a Strong Relationship with a Dental Lender

REFERENCES

Bulletproof Mastermind

Bulletproof Summit

Live Oak Bank

Blog

State of Dentistry

, May 2, 2024

Who’s Got the Monkey

, April 17, 2024

Enrolling More Dentistry

, April 17, 2024

Freedom of Direction

, March 8, 2023

ALWAYS BE RECRUITING

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, May 18, 2022

Mastermind Announcement

, May 14, 2022

Reduce the Friction

, March 30, 2022

Heroin and a Salary

, December 22, 2021

How it Started, How it’s Going

, December 10, 2021

All things Real Estate – Part 2

, November 24, 2021

All Things Real Estate – Part 1

, November 17, 2021

How To Talk To Your Team

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Summit Wrap Up 2021

, July 28, 2021

Debt Repayment Methods

, June 16, 2021

Bottlenecks to Revenue

, June 9, 2021

The Bulletproof Pathway

, March 17, 2021

Comfort Zone & Lifestyle Creep

, February 17, 2021

1 VS. 5 Locations

, February 10, 2021

Team Alignment is EVERYTHING

, February 3, 2021

Work As Hard As You Can

, December 9, 2020

Becoming a Thoroughbred

, November 27, 2020

Dealing with Upset Patients

, October 22, 2020

Team Compensation Negotiations

, September 17, 2020

The Risk of Burnout

, September 9, 2020

When to Expand

, August 27, 2020

Don’t Blow Your Ask

, July 16, 2020

Your Last Dance

, June 2, 2020

Looking for Silver Linings

, April 7, 2020

HR Answers in a Corona World

, March 19, 2020

The Summit Recap

, March 3, 2020

Dr. Baird is BAAACK!

, February 20, 2020

The Insurance Conundrum

, January 9, 2020

2020: Your BEST Decade Yet

, January 2, 2020

Leadership with Dr. Jenny Perna

, December 19, 2019

Smartest in the Room

, September 19, 2019