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Posted by: The Probe 4th August 2022
For many dentists, the chance to purchase a dental practice is an important career step. To make this move confidently, it is essential to review and optimise your financial situation. With so much fluctuation in the economy of late, combined with complex financial regulations and sometimes difficult-to-detect pitfalls, the help of an expert in the field is crucial for success.
Bill Carr has been working in finance for the dental profession for more than 32 years and has accrued an extensive knowledge base of the sector. He started out at the original Natwest unit in St James’ Square, where he progressed from Assistant Manager for Lending to a Business Development Manager for London, Surrey, Sussex and Kent, curating deals in the dental, medical and pharmaceutical sectors. He later took on senior dental management roles and was a Director for Business Development in the sector. Bill left Natwest after 35 years to learn asset finance and spent time brokering deals for individuals looking to buy their own surgeries. He remained heavily connected to the dental profession throughout, attending shows and supporting various organisations with finance guidance for their clients.
Dentistry has changed a lot in this time, but the sector has stayed strong and banks have remained keen to lend to dentists. There are now many different ways in which an individual can organise their finances to purchase a new practice, the key is to utilise opportunities and minimise the risks wherever you can. Support from experts is more important than ever.
“Dentistry is a great market – the people are so friendly and I have always enjoyed working in the sector. Especially in the current climate, I would advise dentists to see a broker whenever considering the purchase of a new practice. They will research the market for you and they will know exactly what the banks are looking for to help you optimise your position. Unless you have a few days to do your own research, working with a broker is going to be much quicker and easier, and it’s not going to cost you anything to get advice.
“In addition, anyone looking to build a group of practices will need to contend with different lending criteria to clinicians intending to purchase a single practice. Understanding the best ways to finance multiple acquisitions going forward without stretching the business is crucial, so support from an expert will be invaluable in these circumstances.”
Bill has now joined the Dental Elite team as a Finance Consultant, where he will be sharing his unrivalled experience with dentists who wish to make the most of exciting business ownership opportunities. About new services on the horizon for Dental Elite clients, Bill comments:
“I will be looking to develop relationships within the insurance broking business, providing additional services to all clients. Most individuals will require life cover or permanent health insurance when they buy a practice, so gaining information about and access to all this from us will be beneficial. We are also developing new partnerships with asset finance providers and looking to introduce opportunities for Worldpay card payments for our clients. Essentially, we’re hoping to offer some very useful add-on services for dentists who are setting up or buying a practice.”
Reflecting on why Dental Elite was his next destination, Bill continues:
“I have known Luke and Paul from Dental Elite since they started the company. I also encountered and collaborated with them during my time at the bank, so I am familiar with what they’re like and how they operate. They had approached me in the past to support their brokering services, but it was not the right time and I was committed elsewhere. Approximately 8 years later, here we are – I am still more than happy to work with them. The company has grown a lot in the past few years and is definitely somewhere I see as a good fit for me. I am already very involved throughout the company and I look forward to helping them continue to grow this side of the business.”
Whether you are looking to secure funding for a new practice, you wish to review an existing deal or you simply want advice on how to get started, Bill and the DE Finance team are here to help. Contact them today for a free, no-obligation chat and see what options might be available to you.