North Texas Dentistry Special Issue 2020 NTD SP ISSUE 2020 DE | Page 21

transitions SEEING A NEW FUTURE Interest rates slashed for dentists by Frank J. Brown “Federal Reserve slashes interest rates to zero as part of wide-ranging emergency intervention.” The Washington Post March 15, 2020 Although a dental practice transition may not be foremost in your mind, the recent developments by the Federal Reserve have dramatically changed our financial environment. We have worked closely with several dental specific lenders to launch a refinance program for dentist with existing dental practice loans. In light of the Fed’s recent interest rate cut to support the economy during this coronavirus pandemic, dental practice owners now have a rare opportunity to lower their current interest rate. Interest rates at 3% for refinanced dental loans with no closing costs now available. Dental practice owners with existing loans can now refinance their debt at an interest rate at 3% with no closing costs. We have never seen rates this low in our history. A qualified professional can guide you toward understanding, qualifying and obtaining a lower interest rate for refinancing of your dental practice debt. Our economy will likely feel the financial impact of COVID-19 for some time after the coronavirus is contained. For this reason, the Fed will most likely continue to support the economy with the unprecedented low interest rates for months after containment of COVID-19, allowing for the continued economic recovery in the United States. Although many of us are unsure of the future, the goal for many dentists is to own their own dental practice, and ironically, this current unfortunate COVID-19 situation offers a rarely-seen low interest rate opportunity for such ownership. It can take months to find the right practice, and up to six weeks or longer to close on the transaction. A buyer’s investment of time now in searching for a dental practice could be richly rewarded with interest rates at 3%, and professional guidance can help you establish a timeline that makes sense for all the parties involved in the transaction. Buyers who identify the right practice for them could be richly rewarded with interest rates at 3%. We recognize that these are unsettling times. Whether you own a practice or have considered practice ownership for the future, your first priority is you and your family’s safety and well-being, as well as that of your associates and patients. We believe in spite of current significant adversity, tremendous opportunities await those who are prepared. This is an important window of opportunity for practice refinance or transition. Frank J. Brown is the current owner of Watson Brown. He began his practice transition expertise in 1989 when he began providing Texas dentists and their families’ professional guidance on selling or buying a dental office. Frank earned his law degree from the University of Arkansas and earned his Master of Laws in taxation from Southern Methodist University School of Law. As a broker and tax attorney, Frank provides council to buyers and sellers before, during, and after their transitions while also drafting documents and valuing dental practices. For more information, call [phone] or email [email protected]. www.northtexasdentistry.com | NORTH TEXAS DENTISTRY 21