08th Apr 2008
Overcoming banker objections through “chiropractic education”
I talked to a recent grad who said he had met with 4 banks. All told him, “Your student loan debt is too high.” That’s interesting. I’d like to know if these banks would say the same thing to a medical school or dental school grad. I am sure they wouldn’t. Banks recognize that a health care provider is a low risk because they have spent the time learning their practice. But… here is the difference:
THEY DON’T KNOW CHIROPRACTIC. They don’t know these important figures about chiropractor income and compensation:
- Mean collections for chiropractic offices: $294,909
- Mean net practice annual income: $134,832
- Mean DC annual salary: $94,116
- Total annual DC compensation: $118,709
These are very respectable figures, and they probably would surprise a skeptical banker.
***ALWAYS REMEMBER WHAT A BANKER IS CONCERNED ABOUT - GETTING THE LOAN PAID BACK. ***
Your job is to convince the banker that you can pay back the loan. Use these figures and others from the Chiropractic Economics Salary and Expense Survey to make your case. Print out a copy and take it along when you make a presentation to a bank.
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