Roadmap to Practice Ownership: Expert Tips with Matt Kroeker from Bank of America

"If owning a practice is a priority, we need to prepare."
 
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Summary
 
In this conversation, Jill and Matt Kroeker discuss the essential aspects of starting and managing a dental practice, focusing on financial preparations, the importance of a supportive banking partner, and navigating the complexities of loan disbursements and construction costs. Matt shares insights from his extensive experience at Bank of America, emphasizing the significance of planning and networking for aspiring practice owners.


Connect With Our Guest
 
Bank of America - https://www.bankofamerica.com/smallbusiness/business-financing/practice-solutions/dentist-loans/


Takeaways

• Matt Kroeker has been with Bank of America for almost 15 years, focusing on helping small business owners.
• Young doctors should prepare early for practice ownership to avoid future financial pitfalls.
• Understanding loan rates is important, but the structure of payments is crucial for success.
• A long-term banking partner can provide support beyond just financing.
• The loan disbursement process involves multiple stages and requires timely payments to avoid delays.
• Construction costs have significantly increased, impacting startup budgets.
• Networking is essential for building a supportive team in the dental field.
• Having a clear vision for your practice helps in achieving long-term goals.
• Emotional intelligence is vital for managing business challenges effectively.
• Planning ahead and asking questions can prevent financial stress during startup.

Chapters
 
00:00 Introduction to Matt Kroeker
01:58 Preparing for Practice Ownership
06:06 Understanding Loan Rates and Terms
09:59 The Importance of a Long-Term Banking Partner
15:04 Loan Disbursement Process Explained
22:04 Navigating Construction Costs
26:51 Final Advice for Aspiring Practice Owners 

Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com.    
 
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Episode Credits:
 
Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero