Steps to Practice Ownership What’s right for me?. Presented by: Jessie Kunkle Bank of America Practice Solutions. Today’s Agenda. 1 .) Practice Ownership Options 2.) Understanding Your Credit 3.) Business Plan 4 .) Approval Process 5 .) Financing Options.
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Presented by: Jessie Kunkle
Bank of America Practice Solutions
1.) Practice Ownership Options
2.) Understanding Your Credit
3.) Business Plan
4.) Approval Process
5.) Financing Options
Start Up Positives:
Buy in Negatives:
Competitors: Equifax, TransUnion, Experian
Get a copy every 6 months
Review all 3 bureau files
Your rights under the Fair Credit Reporting Act (FCRA)
Understanding Credit Scores
1.) Summary Plan
2.) Target Market
3.) Management Team
4.) Business and Personal Budget
5.) Marketing Strategies
The best way to experience success in any venture is to plan.
Need a Business Plan Template???
Email Jessie Kunkle for one at –
Pre-qualified vs. Commitment letter (Approval)
Pre-qualified means the buyer’s credit, production capabilities, and financials qualify to obtain financing. THIS IS NOT a final approval.
Banks need to review the seller’s financials to review the cash flow, office information to ensure the practice is a good fit for the buyer
So why pre-qualify?: Getting pre-qualified could move you to the front of the line in buying a practice!
Interest Rate 5.99%
Term 84 months
Fixed for 5 years
Approved for $400,000
3% Doc Fee +10% down
2% Prepayment Penalty and no principle reduction
BAD LOANA Tale of Two Loans