Don’t feel bad. Most dentists do not have a clue how to finance a practice expansion to maximize their wealth. You should only feel bad if you don’t fix the problem.

In my 59 minute tele-seminar I will provide you with specific information on how to properly structure your debt to create the maximum amount of return for your personal situation.

Failure to craft a financial plan before you start can kill your wealth. Look at what this dentist did, let’s call him Dr. Smith to protect his identity. He came to me after he signed a new office lease (never sign a lease without a plan). His office lease expense went from $3,200 per month to $9,600 per month. That’s a 150% increase. He needs to produce $1.9 million annually to justify that lease payment.

Dr. Smith did this without having financing in place to complete the improvements and buy the equipment needed to complete the project. No problem. He can get plenty of money. He had a local broker bring him to a bank that offered $500,000. Not bad. Except the $500,000 was for equipment only. He is not buying that much equipment. Now he has a 10 year lease and no bank loan.  If he planned before he signed his lease this would not have happened.

Have You Ever Asked Your Banker How Much You Can Borrow?  If You Answered YES, You Need To Attend My FREE Tele-Seminar.

Banks don't create financial plans, they sell tools!  In fact that's how loan officers make their money, selling you their tools.  A tool is a loan.

When you go to them, they don't try to find the right tool to fit your financial situation.  They try and sell you on the premise their tool fits your situation (and the next guys situation and the next guys and so on).  When all you have is a hammer all of your problems look like nails.

Get the wrong tool and you will end up with serious financial problems.

Do you know what your lifestyle expenses are?  Do you know if you have to change them as a result of this project?  If you think this project is the ticket to greater cash flow and greater wealth you may be right.  Unless you fail to plan and fail to contemplate your goals.  Many dentists complete offices and end up with less money than before.  Don’t be one of them.

You will likely only complete one major office move in your career.  Don’t go into this major life event without a financial plan that contemplates all of your goals.  A nice building and an unfulfilled life is no fun.

At the FREE Tele-Seminar I'll explain the "Just because they will lend you" rule of finance, one of my several Rules Of Finance, designed to prepare and protect you from making this financial mistake and negatively affecting your lifestyle.

Considering a commercial condo purchase?  How about a land purchase?  These types of projects have unique challenges that require planning.   If You Answered YES, You Need To Attend My FREE Tele-Seminar.

Most dentists buy land or a condo without any clue as to how much it will cost to improve it.  You have to understand your costs and have a financial plan that details how you are going to fund your project and your goals outside of the project before you commit to the purchase.  In my experience the buildout allowance from the condo developer is not even close to being enough to complete a dental office.  And most of the dentists that get an estimate of the cost to complete the buildout obtain them from contractors.  These are just not accurate. The “back of an envelope” is not where you analyze your potentially largest financial and business move.

If you buy land or a Condo that you cannot complete you are setting yourself up for a huge financial drain in taxes, insurance, loan interest and design and development costs.  If you have to sell it, you will incur the commissions from a broker.

At my FREE Tele-Seminar I'll explain to you how developing a financial plan before buying land or a condo will eliminate financial surprises and prepare you for this huge investment.   You may even change your decision after hearing what I have to say.

Have You Made A Large Purchase Prior To Starting A Project?  If You Answered YES, You Need To Attend My FREE Tele-Seminar.

Here's another example of how failing to craft a financial plan can kill your wealth.  This particular dentist violated the "never fight a 2-front war" rule.

He called because he was trying to buy a $1.2 million dental office condo.  This takes considerable time and effort, even with a team helping you.  When he called me he had just closed on an $800,000 piece of land which he would eventually build his residence on.

His thinking was he can just sit on the land while building his office.  Then once the office was completed, build his dream home.  The land had covenants that required him to build a home within 24 months of the purchase.

Now he has two significant financial commitments that will require time spent away from his practice where he generates $4,000 per day.  And he doesn't know the cost of his dream home.  He will be forced to build in 24 months or sell the property.  If he sells the land he will incur transaction costs (commission, legal, etc).  Plus he has paid interest and taxes during his holding period.  Consider the cost of building a home that is commensurate with an $800,000 land value?  The lesson: never consider two large projects at once without a financial plan in place.

At my FREE Tele-Seminar I'll explain to you how developing a financial plan helps you determine your ideal capital structure.  You will also learn the process for determining how much you can afford and how much you can borrow (two different numbers).  I'll explain why that capital structure is critical to achieving your goals and why you must contemplate your lifestyle goals & expenses, including your project, prior to borrowing any money.