Know Your Commercial Finance Broker
Lenders tend to want a dentist to have a minimum of 3 years’ experience before they are willing to lend to them for a practice purchase. Why? Because they want you to have the experience of working in a practice and know how a dental practice functions.
So, when you contact a commercial finance broker and you seek their advice, do you make sure that the adviser has the knowledge and experience needed for your transaction?
Does the broker have the experience and the contacts (particularly in the dental market) to help you arrange the finance?
How do you check them out in any way to see if they really do have the knowledge and experience that you seek?
If you were looking for a builder, a carpenter or equipment supplier, you would research them and perhaps ask around for a recommendation. You really should do the same with a finance broker!
Have a look at LinkedIn, how long have they been a broker?
Are they a specialist in the area you want?
Do they have enough experience?
If you are seeking to use their knowledge of the market, you need them to be experienced, not only in brokering, but also in banking and finance – have they worked for a financial institution of note? Ask them for a CV to see what their experience is!
You want someone working for you to have the experience and knowledge gained from working in the finance industry and specialising in your field of work over a number of years.
Before someone tells you that you don’t need this or you don’t need that, make sure they have the knowledge and experience to provide that information and advice. It’s better to know the truth at the outset than discover it later in the day when it may have cost you money!
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More on Commercial Finance Brokers for Dentists
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