What you don’t know can cost you – here’s how to get it right from day one
Buying your first dental practice is an exciting milestone, but it’s also a steep learning curve. With so much focus on finding the right practice, it’s easy to overlook some of the most important financial and strategic details.
At FTA Finance, we’ve worked with hundreds of first-time buyers and we’ve seen what separates the smooth journeys from the stressful ones.
Here are the five most common mistakes first-time buyers make and how to avoid them:
- Underestimating total costs
Too often, buyers focus on the purchase price and forget about everything else – legal fees, valuation costs, refurbishment, equipment upgrades, working capital, insurance, and more.
Top Tip: Build a full financial picture from the start. A good broker will help you calculate the true cost of purchase- not just what’s on the sales memo.
- Not getting finance pre-approved
Many buyers wait until they’ve found a practice to start the funding conversation. By then, it’s often a scramble – or worse, they miss out on a great opportunity because they’re not finance-ready.
Top Tip: Speak to an independent commercial finance broker early. Pre-approval shows sellers and agents you’re serious and allows you to move quickly when the right practice appears.
- Relying on the wrong advisors
It’s tempting to use your personal accountant or local solicitor, but if they don’t understand the dental sector, it can cause unnecessary delays or costly oversights.
Top Tip: Choose advisors who specialise in dentistry – especially your broker, solicitor, and accountant. Sector knowledge is invaluable.
- Choosing a lender without comparing the market
Going straight to your bank might seem the easy route but it rarely is and will almost certainly mean missing out on much more competitive and flexible options available from other lenders.
Top Tip: Work with an independent broker like FTA Finance. We have access to the whole market and know which lenders are offering the best terms to healthcare professionals.
- Thinking like a clinician, not a business owner
Your clinical background is important, but success in ownership comes from understanding business fundamentals – cashflow, staffing, marketing, and long-term planning.
Top Tip: Shift your mindset early. Surround yourself with people who can help you think commercially, not just clinically.
At FTA Finance, we specialise in helping first-time dental buyers navigate the funding process with confidence. From understanding your borrowing capacity to presenting your case to lenders, we’re here to guide every step.
Thinking about buying your first practice? Let’s talk finance and make sure you get it right from the start.
We are able to source a wide range of innovative and competitive Healthcare Finance packages specifically tailored to, and for, Healthcare Professionals such as:
Remember!
You are in a specialist market so use a specialist broker who understands your sector. With access to major banks and specialist niche healthcare lenders, we know the types of proposals that are synonymous with this sector.
