Buying a Practice? What You NEED to Know About SBA Loans | Blessing Wilhelmsen

Thinking about buying a healthcare practice but intimidated by the SBA loan process? It may not be as complicated—or as slow—as you think. On this episode of Practice to Profit, Dr. Randi Ross sits down with Blessing Wilhelmsen, Senior Vice President at United Midwest Savings Bank, to break down SBA lending and what healthcare practice buyers and sellers should understand before getting into a deal. Blessing explains that while many people expect an SBA loan to take six months, an experienced lender may be able to fund a well-organized transaction in roughly 30–45 days, depending on the deal. They get into what lenders are actually looking at when financing a practice, why you can't approach an SBA loan like a mortgage pre-approval, how underwriting evaluates cash flow, and why the financial health of the practice you're buying can matter just as much as the buyer. They also discuss practice valuations, legitimate add-backs, tax returns and financial statements, down payments, interest rates, liens and EIDL loans, working capital, credentialing, and the differences between asset sales and stock sales. For sellers, there's an important lesson too: the way you run your books in the years before selling can have a major impact on what a lender believes your practice can support—and ultimately what a buyer may be able to finance. Whether you're planning to buy a chiropractic practice, sell your practice, or simply want to understand SBA financing, this episode gives you a much clearer picture of what happens between application and closing. Practice to Profit with Dr. Randi Ross — helping healthcare professionals better understand the business behind their practice. #PracticeToProfit #SBALoans #PracticeAcquisition #ChiropracticBusiness #HealthcareBusiness #BusinessFinancing #PracticeSale #SmallBusinessLoan #SBA7a #PracticeManagement Premier Practice Consultants 7428 W Mercada Way Delray Beach Florida 33446 Call (770) 748-6084 PremierPracticeConsultants.com DrRandi@PremierPracticeConsultants.com Premier Practice Consultants 7428 W Mercada Way Delray Beach Florida 33446 Call (770) 748-6084 PremierPracticeConsultants.com DrRandi@PremierPracticeConsultants.com