Don’t let lack of funds stop you from buying your dream practice

Buying a clinic is a huge life change, which means it is an inherently stressful process. And getting a loan for your acquisition isn’t as simple as getting a mortgage for a home. There are many more levels of complexity that leave a practice buyer frustrated and empty-handed:

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- Shopping for your own loan can significantly impact your credit score, resulting in higher interest rates or even getting declined for the loan entirely

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- The banker will often guide buyers into the loan product that best benefits the banker which may not be the best option for you in terms of interest rate or other loan terms

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- The loan process is very complex, with over 100 steps to complete before funding. And the bank is evaluating your competency and business savvy every step of the way to see

if you really qualify for the loan. In other words, talking to the banker is not a ‘there’s no stupid questions’ situation.

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- Unfortunately, the chiropractic industry has a higher risk factor than many banks are willing to work with. This means that most local banks will not be able to lend for a chiropractic acquisition, or if they do offer lending, the terms are often prohibitively

expensive.

- Further, most local bankers (who are salespeople) don’t know this, leading buyers to complete the exhaustive paperwork only to find out 4-6 months later that there is

nothing the bank can do to help them

- Buyers must be careful, as business loan brokerage is completely unregulated, meaning there are many unscrupulous loan brokers out there who take advantage of buyers, taking upfront fees and never doing the work needed to obtain the client’s loan

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Let us be your guide

At Progressive Practice Sales our goal is to make the acquisition process much easier from start to finish! We work exclusively with chiropractic and holistic clinics, so we know exactly what is needed to successfully fund these acquisitions. Our services result in a 50% faster funding timeline, meaning you are in your clinic, and enjoying that net profit, an average of 3 months faster than working with other brokers or doing it alone. That’s a benefit that more than pays for this program!

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SBA lending is the primary source of funding for chiropractic acquisitions because the financial and experience requirements are significantly lower than what is required for conventional loans. But SBA lending is also incredibly challenging to navigate with many rules, layers of bureaucracy + tons of paperwork. Trying to navigate this process alone can be an incredibly daunting process, especially while taking care of an office full of patients. Few doctors have the time, energy + knowledge to do what it takes to get the best loan + bring it to fruition. That’s where we come in.

As your lifeline in this process, the Progressive Practice Sales Finance Team will:

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- Shop your loan with our network of preferred lending partners (in a way that won’t damage your credit) to make sure you get the best terms

- Provide guidance, examples + corrections for everything needed for your application to be approved the first time

- Coach you on what to say – and more importantly what NOT to say – to keep you from accidentally killing your loan

- Help you prepare for the all-important interview with the underwriters who are deciding your financial future

- Correspond directly with the bank to make sure that all follow-up needs + details are taken care of

- Monitor the progress of the loan to make sure that it closes – and you are in your clinic – as quickly as possible

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The rates for this service vary by loan size and type but are generally between 1.5 to 3% of the total loan amount and are only due upon successful funding.

Want to learn more? Schedule a free, no-obligation consultation today.