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    9 Replies Latest reply on Jul 13, 2008 1:27 AM by dtominus

    Restructuring debt in a new business

    strongheart Newbie
      I'm in a bind. I purchased a small solo veterinary practice 20 months ago. Should have known better the owner was decitful and the books were cooked...was in serious decline....anyway...I have turned the practice around and now making close to 1/2 mil a year gross not great but better than the 200,000 the previous owner was doing...

      At the time of the purchase I was pretty flush for cash but 2 kids in college and the declining housing prices have conspired to dry up my funds and shoot my credit rating in the foot.
      It has taken a lot more capital for me to get this practice turned around. There is still much for me to do but I need to re do my debt structure. Move to some more long term notes from short term and get much of the debt off my credit cards.....So far I have had no luck from traditional banks any ideas? I ahve been practicing veterinary medicine for 22 years and had a previous practice.