As you begin the search for your ideal practice, there are many things that you can begin looking into as you start the process. From practice financing to beginning your insurance applications, get the ball rolling early so that you don’t miss out on any opportunities that would be a great fit for you.
Practice financing is one of the first and most important steps to get started with. It is important to get pre-approved prior to getting too deep in the practice search process. Just like buying a home, it’s important to know what you qualify for before looking at opportunities that may not be affordable. We have fantastic resources for your practice financing needs and would love to share them with you. Feel free to call or contact us for details!
As you continue your search for practice acquisition, you should consider beginning the process of applying for insurances that will be required by lenders. For most acquisitions that exceed $500,000, lenders typically require Collateral Assignment of a life insurance policy. In addition, other policies that will be needed include General Business and Contents Insurance, Disability Insurance and Professional Liability Insurance. Additional important considerations from an insurance standpoint include Business Overhead Expense Coverage and Loan Protection. At Venture, we are your trusted guide to help you through the practice acquisition process and look forward to working with you. Please call or contact us to discuss your individual needs!