So you have just graduated from residency and have no jobs due to the Coronavirus or COVID 19. This is an extreme worry since the job market for Podiatry has completely dried up. There are no jobs in Podiatry currently. However, what there is are practices for sale for Podiatrists. There are a lot of older Podiatrists that are looking to get whatever they can out of their Podiatry practice now and they want to retire. COVID was the last straw for them. Now they want to sell their Podiatry practice, the obvious problem being how does one finance the purchase of a Podiatry Practice in these uncertain times.
Three Ways to Finance the Purchase of a Podiatry Practice:
1. Go the traditional route with a local bank or a national bank such as Chase for a loan to buy the practice. This is the ideal scenario, but for most Podiatrists this is not possible due to the fact a lot of banks do not want to deal and work with Podiatrists. If you find a bank or have a relationship with the bank then perhaps you can find a bank willing to work with you to purchase a Podiatry practice, but failing that it is very difficult for a Podiatrist to get a loan this way.
2. Owner Financed– This is actually the best way in my opinion for Podiatry practices to be sold to young residents. In this situation you purchase the Podiatry practice and just make regular payments to the previous owner for the practice over a term of five years or so. This works because the owner is also invested in having you succeed. In all the other previous situations I described the owner gets the check and then can walk away. This way the owner is going to set you up, help you out with patients and so on. This is by far the best deal out there.
3. The other is financing through the company Cyogate. Cyogate is a well known company in the medical practice world dealing with thousands of Medical practices as well as Podiatry practice sales every year. The best part about them is they know what you need to succeed. They do not screw you over with absurd interest rates either. So if you want to use a bank and want someone with experience that knows what they are doing, Cyogate is the company to go with.