Probe July 17 Dental Elite Article Becki Barnett – Click to Download
Acquiring a dental practice is a highpoint in any practitioner’s career. However securing the finances to fund your aspirations needs to be considered carefully. Of course, you need to create a sound business plan to present to possible lenders but also you need to sell yourself and show evidence of your personal expertise and stability with an impressive CV. Remember, the more robust your ‘pitch’ the better your chances are of negotiating the most competitive interest rates and financial flexibility for your new venture.
First and foremost, lenders want to know that you can make the practice a success and repay your loan. Your business plan will detail your future strategies and objectives for the practice but your CV needs to reflect your commitment and personal abilities to show that you are the right person to take this business on. You need to demonstrate how much you believe in the practice, show that you are in it for the long haul and how enthusiastic you are about its future prospects. Lenders do not want to see that you have jumped around from practice to practice in your early career, so it is important that you get your career on track before you even consider putting together a CV for the bank.
Lenders also want hard evidence that you know your business and have the skills and experience to match. Unlike a job application CV, simply listing your qualifications is not enough. You need to demonstrate what you have achieved since gaining those qualifications and highlight any aspects that emphasise your skills, reliability and ambition. By all means supply a list of the positions you have held in the past with details of your roles and responsibilities, but also include what experience you have gained during that time and how it helped to shape your career.
The banks will be particularly interested in the types of practices that you have previously worked in. If you are trying to purchase a private practice but only have experience in NHS dentistry, for instance, lenders will be extremely hesitant about offering you a loan. Thus if you have a specific contract type in mind, be sure to highlight your suitability in your CV.
For obvious reasons, positions that confirm your leadership, management and communication skills are sure to be regarded positively by lenders. It is also a good idea to include any roles where you have taken on the teaching, mentoring or coaching of other dental professionals. This underlines your abilities to empower others, share your knowledge and gain their respect.
Don’t forget to shout about any additional credentials that you have. If you have a special interest in orthodontics or aesthetic dentistry, for example, and have gained deep sector knowledge or qualifications in that area, include this with enthusiasm. Explain the career progression you have gained as a result, any special awards you have attained as well as the impact that these abilities can have on the success of a modern dental practice. This demonstrates not only your interest and passion for dentistry but also how you intend to remain abreast of advancements, strive for success and offer a comprehensive portfolio of treatments that will enable your business to compete with others in the marketplace.
You may wish to include some additional interest in your résumé but be careful not to include irrelevant information. It can be seen as a great attribute of endurance that you run marathons or have the tenacity to have gained semi-professional skills at sailing or golf, for instance, but mentioning that you go swimming or attend a cookery class each week is not applicable and will detract from your goal in this instance. It is a good idea, however, to include community projects related to your career and any incentives or campaigns that you have organised to exhibit your values and personal development objectives. Also include any affiliations or memberships that you hold with large governing bodies or dental industry associations that endorse your integrity or authority within the sector.
You could approach a bank yourself to gain funding but again, a team of professionals that have experience in dealing regularly with banks is likely to be more successful. DE Finance has the expert knowledge of the dental practice acquisition process and can represent you when searching for the most suitable lenders. DE Finance works with the banks regularly and although it does not promise to gain preferential rates, it has excellent relationships with all the major banks. DE Finance can approach and present your application to a wide circle of trusted and reliable healthcare specialist lenders so that you can be assured that you have the best chance of securing a tailored finance option, at the best possible rates.