The Financial Health Assessment

... or How To Avoid $100,000 Mistakes When Buying, Moving or Expanding Your Dental Office

Doctor...how many of these thoughts race through your head while you're delivering dentistry to your patients?

• My current facility does not mirror my clinical abilities.

• I’m not sure how much I can afford for a new facility.

• My current facility feels old and tired.

• My office is not big enough to accommodate patient demand.

• I’m being forced to move my office.

One or more?  Whatever your motivation is, BEFORE you start shopping for new space, a different location or even expanding, you HAVE to answer some very specific questions.

WHY?  Expanding your office without knowing the answers to these questions is a sure way to set yourself up for financial ruin. 

Can you answer the following questions?

• How much should I spend for my office lease? 

• How much should I pay for land or a condo shell purchase? 

• How much can I afford for the interior build-out? 

• How much should I spend for my equipment and technology?

• What is the best way to shrink the cost of my project without compromising the outcome?

• What is the ideal debt structure for my situation?

• How much money do I spend annually to maintain my lifestyle?

• What other projects in my life are going to require cash flow?

• What is the first step I must take to avoid $100,000 mistakes when expanding my office? 

Failure to answer any of these questions means that you are at risk for making a $100,000 mistake.  What's a $100,000 mistake?  I'll show you some below.

But first a little about us.  We have helped over 100 dentists answer every one of these questions about their specific situation thus helping them eliminate $100,000 mistakes before they occur.

These dentists were just like you.  Confident in their business abilities but unaware of what they would run into as they started their office project.

Let me introduce you to two of these dentists.

Their failure is your lesson.

Drs. Smith and Jones (actual names withheld) came to me after they had signed a new lease for their office.  They were moving because their practice was too big for their space.  They signed a lease for about $9,000 per month for 10 years.  Their current lease was $2,500 per month.  That’s a 260% increase in their monthly rent. 

They did this before they knew the cost of improving the new space.  They did this before they designed the space or picked their dental equipment, new technology or interior finishes or furniture.  They signed a lease before they knew the cost of anything, let alone everything.

Wait, it gets even better.

They had no idea of what they could borrow, except that a local banker said they could have $500,000 for their new project.  They thought they had enough money and heck they said, "you can put a man on the moon for $500,000 you should be able to put a ten operatory office together for less." 

What they did not realize was that the lender was willing to give them $500,000 for new equipment, not for the project. Guess what?  Just the finish-out costs for the new space was $500,000 which means they did not have any lender willing to loan them money. 

Now they have a lease for 10 years for space that costs more than they can afford, with no financing in place and rent was about to start.

Drs. Smith and Jones’ situation is just starting to get interesting because they did not understand each others personal financial situation.  This can cause major problems when it comes to borrowing money.   

Each person had personal issues that prevented their partnership from getting the ideal debt for their project.  One lender used Dr. Smith’s personal problem as a reason for declining the loan and the other lender used Dr. Jones’ personal problem as a reason for declining the loan.

The clock is ticking.

Back to Drs. Smith and Jones: Double rent payments are on the way.  Desperation is taking over.  This is the perfect storm for a second $100,000 mistake (the first was signing the lease without knowing anything).

Financial pressures have a wonderful way of squeezing people until their true character pops out.  And it sure popped.

After making double rent payments and compromising on everything, they finally obtained less than ideal financing which will cost them for many years. 

They had a good loan offer, from a picky lender that made them angry during their probing process (they really dug into Dr. Smith’s personal issue).

So what, right?  You deal with the credit approval process of several months while you enjoy the benefits of a great loan for many years.  Well, Dr. Smith allowed his ego to get in front of his wallet and declined the banks offer after receiving a commitment. 

They ended up using a different lender that offered a less than ideal debt structure that will compromise their cash flow for years to come.  They did this because of Dr. Smith’s ego, the financial pressure of making double rent payments (combined with existing debt), and a cramped office.

It’s gone forever.

You cannot get your $100,000 back after giving it away.  Those double rent payments are gone forever.  The extra interest and taxes will be paid and lost forever?  The compromised space and less than ideal equipment and technology must be endured until replaced.

This happens all of the time.

Why do you think that 95% of dentists fail to maintain their standard of living during retirement?

Do you think it has anything to do with handling large capital outlays poorly and then not having the free cash flow (profit after taxes and lifestyle expenses), or the time to over-come huge mistakes?

Your $100,000 mistake must be paid back with after-tax dollars.

Do you know how much profit you are going to have to earn, and pay taxes on, so you can use after-tax dollars to pay for your mistake?

Your wealth is driven by how much cash flow you generate in your practice and what you do with that cash flow.  Make the cash flow huge and then deploy it properly.  This sounds simple but eludes most.

Success is available with The Financial Health Assessment

The Financial Health Assessment is a unique process (that we guide you through) that will help you understand what you are currently financially capable of based on your practice cash flow, your lifestyle and your goals or what has to happen in your life to feel really good about your progress. 

This information, combined with the potential "GAP" (the difference between the cost of your project and the amount the bank will loan you), the assets that you have, and the potential loans that may be available to you, will allow you to size your project appropriately.

Our clients do not have to deal with any banks, cash flow models, projections or questions from bankers that don’t know dentists. 

Our clients don’t have to leave their patients to take phone calls from lender sales people (called private bankers) that have a list of really basic questions.  We handle it for them.

You can avoid the harsh reality of losing big money by hiring us to help you.  We take a leadership role in the financial side of your project and help you eliminate these huge mistakes while you focus on dentistry. 

This fact alone pays for our fee.  If you are making $4,000 per day in your practice and you have to take time away from that to put the financial side of your project together, you are costing yourself far more than what you would pay us to do it for you.  This cost does not even consider any mistakes you might make from lack of experience, capabilities or resources.

But I don’t need help with this stuff.

Maybe your banker is telling you that he will give you all of the money you need for your project.  Maybe you have plenty of cash sitting in the bank and feel that hiring a Finance Geek is not necessary.  Maybe you even complete your own tax returns and are comfortable with numbers.

The evidence I have to combat these statements comes from our existing clients.  The wealthiest dentists hire us the fastest.  They all have banks drooling over them, they all have tons of cash and they all realize that they don’t know what they don’t know. 

I suspect these wealthy dentists are just doing things the way they always have - hiring experts to handle the items that they neither have the time nor the expertise to complete.  They delegate to an expert at a lower cost than what they make in their office while avoiding mistakes created by the do-it-yourselfer.

I'm not ready to look for money,

when I am I’ll call you.

Great, I can then use you as a case study of what not to do.  The very first step in the process of expanding your office is to determine what you are currently financially capable of based on your practice cash flow, your lifestyle and your goals or what has to happen for you to feel really good about your results. 

Never, ever, sign a lease or spend time exploring space before you know what you can afford.  The two rules of grocery shopping apply to dental office expansion projects.

Never go to the grocery store when you are hungry.

Never shop for groceries without a list.

This means that you must plan long before you are forced to move and never go looking for any space, equipment or land without first determining how much you can afford.  The Financial Health Assessment completes this for you. 

Our clients do not have to wonder if they can afford their project because we do the math for them.  And we include everything they tell us about.  And we ask a lot of questions. 

They don’t finish their beautiful new office and then wonder if they will have enough money to send their kids to college or to buy the new car they need.  If these goals are not going to be met, our clients know it up front and are prepared to deal with it.

If you violate this critical rule you may suffer from one of the following problems.

• Negative cash flow

• Bigger debt payments than you can make

• The wrong debt structure

• A bad lease structure

• Space that is too small or too big

• A GAP that you cannot finance

• Huge tax bills with no cash to pay them

• Destroyed personal confidence

• No money for vacations or retirement funding

You are not going to hear these horror stories from your colleagues because their egos are protecting them.  Think about the bad, yet minor mistakes that you have made that you don’t even tell your spouse about.

But we see these mistakes all of the time.  Dentists call US to see if we can pull them out of the financial quicksand.

100% Money Back Guarantee

We offer a complete, no questions asked money back guarantee for The Financial Health Assessment.  This is the process that helps you understand what you are financially capable of based on your current practice cash flow, your lifestyle and your goals or the things that have to happen in your life to feel good about your results.

Is $2,000 Worth It To Make Sure You Avoid A $100,000 Financial Mistake?

Our Financial Health Assessment dentist client list is over 200 nationwide and growing every week.  We have clients all across the country paying for this service and thanking us for it.  Where else can you get this information, quickly, from experts that have 20 years experience working with dentists from all over the country?  If you're interested you need to apply now.  Get on the right path today by reserving your spot in our calendar. 

Since we customize all of our work for you, it takes time.  We can only do exceptional work for a limited few.  That is how we can 100% guarantee our work.  We put the time and energy in for you!

Warning:  Don’t wait!

Click on this link or the link below, download and complete the application form and return it to our offices.  Do not - I REPEAT DO NOT meet with anyone about your project without knowing what you are financially capable of.  If you do, you are setting yourself up for a $100,000 mistake.

Financial Experts Are Everywhere.

You Should Have One On YOUR Side

Of The Table Working FOR You

Instead of Across The Table

Working Against You

It takes 10,000 hours to become an expert at something.  Everyone you deal with as you expand, buy or move your office is likely going to be an expert.  The list of people is long.  The banker, architect, building owner, leasing agent, engineering firm, dental equipment sales person, etc.  How will you handle these people?  You don’t even know their jargon.  What edge do you have that will allow you to win?

We are your edge in the process.  Since we invented the process, no one has our level of experience.  We take a front line position and can help you understand what you need to get through this process.  We can also recommend other experts that may be able to help, like professional lease negotiators, dental design architects and construction managers that won’t lead you down the wrong path.

If you have NEVER BEEN at one of our physical seminars across the country or on the internet on one of our invitation only Webinars, or on the telephone on one of our private Tele-Seminars, I encourage you to do so.

At the same time, if you have a question about our program AND you're getting ready or starting to THINK about buying, moving or expanding your dental practice, then give me a call, Tony Patrick at 317-581-1300 x21.