Wicklow Buyer Series: Choosing Your Bank
When you're buying a dental, veterinary, or medical practice, you’re not just choosing a business — you’re laying the foundation for years of ownership. One of the most critical decisions you’ll make during that process is choosing your bank.
This isn’t just about getting a loan approved. Your banking relationship can shape your experience during the acquisition and impact your long-term success as an owner. Yet too often, buyers simply chase the lowest rate or go with whatever bank a friend used.
Instead, we recommend evaluating lenders across three essential pillars: Product, Cost, & Platform
1. Product: Does the Bank Understand What You’re Buying?
Not every bank is equipped to finance a healthcare practice — and even fewer specialize in the unique financial nuances of the industry. You want a lender who:
Specializes in healthcare practice financing
Has distinct products for practice acquisition, real estate, and working capital
Understands the cash flow patterns and operational model of your specific profession
Whether you’re a veterinarian or a dentist, the bank you choose should speak your language. A general lender might be unfamiliar with practice-specific overhead, production metrics, or how to assess goodwill. That knowledge gap can slow down underwriting, create confusion, or even derail a deal.
Choose a lender whose products and expertise are built for your goals.
2. Cost: Look Beyond Just the Interest Rate
Yes, interest rate matters. But it’s only part of the picture.
Banks make money in different ways, and a competitive rate might come with hidden costs. To make a truly informed decision, consider:
Origination and closing costs: What are the fees just to get to the table?
Prepayment penalties: Will it cost you to refinance or pay off early if the business performs well?
Term flexibility: Are you getting a 7-, 10-, or 15-year loan? How does that affect monthly cash flow?
Transition support: Will there be interest-only periods or flexible payments during the ownership handoff?
The right structure is one that supports your business, not just your lender.
3. Platform: What Happens After the Deal Closes?
Most buyers are laser-focused on getting to closing. But what about after?
Once you own the practice, you’ll be managing payroll, collections, expenses, and growth. The banking platform you choose will shape how you manage all of that. Ask:
Do they offer integrated services — like credit cards, lines of credit, checking/savings, merchant services?
What’s the post-close support experience like? Is there a dedicated relationship manager or just an 800-number?
Do they have online tools, local branches, or chat features that align with how you prefer to work?
A robust banking platform isn’t just nice to have it. It’s a tool that can make you more efficient and help scale your practice faster.
The Bottom Line: A Strategic Partner, Not Just a Lender
Choosing your lender is more than just chasing the lowest rate — it’s about building a long-term relationship that will support you throughout your ownership journey.
By focusing on:
Product (Are they aligned with your specific type of practice?)
Cost (Are you clear on the full financial impact of the loan?)
Platform (Will they support your day-to-day operations after closing?)
…you’ll be positioned to make a smart, strategic decision — and set yourself up for long-term success.
Thank you for your interest in Wicklow!
Our team understands how to help you find the right opportunity that fits your specific needs, and we’re committed to helping you succeed. Should you have any questions, fill out the form below with your details, and we'll get back to you as soon as possible. Your information is secure and will only be used to assist you.
