Hi,
I live in North Carolina, and am considering going out on my own in private practice. Ms. McKenzie had said it was possible to roll over the fee from the Start Up Program into the loan for the practice. Another thing I’m considering doing, before actually opening the doors, is going to a Spanish language school in Latin America for about four months or so. There are a lot of Hispanic people in my area and I think this would be a great practice builder. Could I roll the expenses for this into the loan as well?
Thanks,
Dr. J. T.
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Hi Dr. John,
Sally was correct about the fee for the Start Up Program being able to be included in the financing that we can help you with. This is a great way to start and to build your team. When everyone is on the same page about how to run the practice and following your goals you are assured practice success. I find it admirable that you want to learn the language, but still want to encourage you to hire bilingual staff. This becomes clearly important in the collections part of your business, explaining insurance benefits, etc. and in their phone skills with new patients.
With respect to the financing of the trip to language school, I would position it this way. Before you go, create your new practice entity i.e., LLC, S-Corp etc. and register it with the Secretary of State of North Carolina and also get your Tax ID number from the IRS. You can actually do both yourself online to minimize costs. You can then LOAN the corporation the money for this and carry it as a debt on your balance sheet. We can then make this part of the working capital request. I would encourage you to contact a CPA to add to your team and review this thought with him/her as then the practice would be paying you back. The SBA would not lend money directly to go outside the United States for the training. However,the lender can give you working capital that can be used as part of your project. Your CPA can tell you how to expense it on your taxes as a business expense at the least.
Let me know if I can be of any further help in getting you the money.
Regards,
Joseph Flumian, Financial Consultant
McKenzie Management
(877) 777-6151 x 527
joe@mckenziemgmt.com