Why Orthodontists Shouldn’t Settle…

[00:00:00] [SPEAKER_01]: Welcome, you're listening to the GrowOrtho Podcast, presented by HIP.

[00:00:05] [SPEAKER_01]: This podcast is dedicated to orthodontists who want to stand strong in their market and

[00:00:11] [SPEAKER_01]: be leaders in their community.

[00:00:13] [SPEAKER_01]: Now onto today's show.

[00:00:16] [SPEAKER_05]: If you're looking to do a startup and you're not able to get financing, there's usually

[00:00:21] [SPEAKER_05]: a couple of reasons.

[00:00:23] [SPEAKER_05]: One unfortunately if that doctor had say a recent bankruptcy, other pieces would

[00:00:28] [SPEAKER_05]: be liquidity.

[00:00:30] [SPEAKER_05]: Cash always has been and always will be king.

[00:00:33] [SPEAKER_05]: There's kind of an old joke that if you need money, you can't get it, but if you don't

[00:00:37] [SPEAKER_05]: need it, you can get as much of it as you want.

[00:00:40] [SPEAKER_00]: Provide is a division of Fifth Third Bank National Association.

[00:00:45] [SPEAKER_00]: All opinions expressed by the provide employee participant are solely their current opinions

[00:00:50] [SPEAKER_00]: and do not reflect the opinions of Provide, its affiliates or Fifth Third Bank.

[00:00:56] [SPEAKER_00]: The provide employee participant's opinions are based on information they consider reliable,

[00:01:02] [SPEAKER_00]: but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy

[00:01:08] [SPEAKER_00]: and should not be relied upon as such.

[00:01:11] [SPEAKER_00]: This content is for informational purposes and does not constitute the rendering of

[00:01:16] [SPEAKER_00]: legal, accounting, tax or investment advice or other professional services by Provide

[00:01:22] [SPEAKER_00]: or any of its affiliates.

[00:01:24] [SPEAKER_00]: Please consult with appropriate professionals related to your individual circumstances.

[00:01:29] [SPEAKER_00]: All lending is subject to review and approval.

[00:01:31] [SPEAKER_02]: Hey everybody and welcome to another episode of the Grow Ortho podcast.

[00:01:36] [SPEAKER_02]: We're filming this one at our headquarters here in Pensacola, Florida.

[00:01:39] [SPEAKER_02]: We got a great episode for you guys today talking all on practice loans, financing

[00:01:44] [SPEAKER_02]: and making sure you have the capital resources to set the practice up for success.

[00:01:49] [SPEAKER_02]: John, so good to have you in Pensacola.

[00:01:50] [SPEAKER_02]: Thanks for coming to the office and

[00:01:52] [SPEAKER_05]: Glad to be here.

[00:01:53] [SPEAKER_02]: Welcome to our awesome media studio and welcome to the Grow Ortho podcast.

[00:01:57] [SPEAKER_02]: So glad you could join us.

[00:01:59] [SPEAKER_05]: My pleasure.

[00:01:59] [SPEAKER_02]: Why don't we just kind of start off?

[00:02:00] [SPEAKER_02]: Tell us a little bit about yourself, who you are, where you're from, what company

[00:02:04] [SPEAKER_02]: you're with and let's just kind of dive in that way.

[00:02:07] [SPEAKER_05]: John Shaw, the company that I work with is Provide.

[00:02:10] [SPEAKER_05]: We specialize in healthcare financing.

[00:02:12] [SPEAKER_05]: A big portion of that is dental, which is our relationship with kicking off this

[00:02:17] [SPEAKER_05]: podcast.

[00:02:19] [SPEAKER_05]: I've been in the healthcare lending space, predominantly dental for well over a decade.

[00:02:24] [SPEAKER_05]: And I've been with Provide for about five years prior to that.

[00:02:28] [SPEAKER_05]: I spent 10 years with another dental lender and I live here in Florida as well.

[00:02:34] [SPEAKER_05]: Santa Rosa Beach, which is about an hour and a half away from here.

[00:02:37] [SPEAKER_05]: I cover Florida for my territory, but we're a national dental lender.

[00:02:41] [SPEAKER_05]: So we service the entire country.

[00:02:43] [SPEAKER_05]: We have people like myself in some states like Florida.

[00:02:46] [SPEAKER_05]: There's two of us.

[00:02:47] [SPEAKER_05]: I have a counterpart.

[00:02:48] [SPEAKER_05]: We do everything together because Florida is such a big market.

[00:02:51] [SPEAKER_05]: And then some other territories, there might be one rep who covers two or three states,

[00:02:57] [SPEAKER_05]: depending on the demographics lead that a lot.

[00:03:01] [SPEAKER_05]: I'm a father of a 16 year old daughter who was going into her just started her

[00:03:06] [SPEAKER_05]: junior year.

[00:03:07] [SPEAKER_05]: We were originally from Ohio.

[00:03:09] [SPEAKER_05]: We came down to Florida about four years ago.

[00:03:13] [SPEAKER_05]: And it's been, you know, you can go as deep as you want into that.

[00:03:17] [SPEAKER_05]: But having a 16 year old daughter and in a job that is fantastically demanding.

[00:03:24] [SPEAKER_05]: Yes, getting away from the weather was a big driver.

[00:03:26] [SPEAKER_05]: That was those cold winters.

[00:03:29] [SPEAKER_05]: And you know, you wake up in the morning and you see two feet of snow when you're

[00:03:35] [SPEAKER_05]: young, right?

[00:03:35] [SPEAKER_05]: And you're a kid and you get to go out and play and build snowmen and snow for

[00:03:40] [SPEAKER_05]: it's great time.

[00:03:41] [SPEAKER_05]: As you get older and you step outside and you feel your joints stiffen up a little

[00:03:45] [SPEAKER_05]: bit.

[00:03:46] [SPEAKER_05]: That's a game changer.

[00:03:48] [SPEAKER_05]: So I absolutely love it down here in Florida.

[00:03:51] [SPEAKER_02]: Yeah, I so I was born and raised in northern California.

[00:03:55] [SPEAKER_02]: Beautiful up there.

[00:03:57] [SPEAKER_02]: Somehow I ended up in Chicago for college and I was playing lacrosse there

[00:04:03] [SPEAKER_02]: and we started our practices in like December.

[00:04:05] [SPEAKER_02]: So here I am this unassuming California kid go out for my first lacrosse practice

[00:04:10] [SPEAKER_02]: in December.

[00:04:12] [SPEAKER_02]: And within 30 seconds, I said, I think I think I've made an error.

[00:04:15] [SPEAKER_02]: Yeah, it's 10 degrees below zero.

[00:04:20] [SPEAKER_02]: Yeah. So I did not finish out college.

[00:04:22] [SPEAKER_02]: I came to Florida and the rest is history.

[00:04:26] [SPEAKER_05]: Beautiful area. We were talking a little bit before the podcast how there's a

[00:04:31] [SPEAKER_05]: ton of opportunity for dentists here because just like all of Florida, we

[00:04:37] [SPEAKER_05]: keep on growing and growing and growing.

[00:04:39] [SPEAKER_05]: And I don't know how how the panhandle stays such a secret, but it's beautiful.

[00:04:46] [SPEAKER_05]: Right. We have that way. Never come to the panhandle.

[00:04:48] [SPEAKER_05]: Stay away.

[00:04:49] [SPEAKER_05]: We can't handle the traffic.

[00:04:50] [SPEAKER_05]: Yeah.

[00:04:50] [SPEAKER_05]: So but you have just beautiful scenery.

[00:04:54] [SPEAKER_05]: Right. Everything is being built out.

[00:04:56] [SPEAKER_05]: You have a lot of new places.

[00:04:57] [SPEAKER_05]: But then you go to downtown Pensacola, which the first time I went down

[00:05:02] [SPEAKER_05]: there, I remember same conversation we're having right now.

[00:05:07] [SPEAKER_05]: I'm like, how did I not know about this?

[00:05:09] [SPEAKER_05]: Like the way they've they've redeveloped downtown Florida and kept it in that

[00:05:14] [SPEAKER_05]: original or I mean, Pensacola.

[00:05:15] [SPEAKER_05]: And they've kept that original.

[00:05:17] [SPEAKER_05]: You walk in and you see the brick floors and gorgeous.

[00:05:21] [SPEAKER_02]: Yeah. Super cool.

[00:05:22] [SPEAKER_02]: Well, obviously, you know, with what we do at HIPP, helping people get

[00:05:26] [SPEAKER_02]: new patients in and marketing, obviously financing is a big deal,

[00:05:31] [SPEAKER_02]: especially for startups, especially for first time practice owners.

[00:05:36] [SPEAKER_02]: But that obviously goes into established owners and expansion.

[00:05:39] [SPEAKER_02]: But we just started hearing about provide probably a couple of years ago.

[00:05:43] [SPEAKER_02]: I didn't know anything about you guys, your counterpart out in Atlanta,

[00:05:48] [SPEAKER_02]: Jacob Fennel.

[00:05:49] [SPEAKER_02]: I think he just like clicked on one of our ads and we got on a call and

[00:05:54] [SPEAKER_02]: the light bulb went off for us.

[00:05:56] [SPEAKER_02]: Like how have we not gotten to know these people?

[00:06:00] [SPEAKER_02]: But let's let's kind of talk about like first time owners and or startups

[00:06:04] [SPEAKER_02]: for a moment. You know, it's probably one of the first things people are doing

[00:06:08] [SPEAKER_02]: is getting their financing in order along with real estate.

[00:06:11] [SPEAKER_02]: And there's there's a lot of options.

[00:06:13] [SPEAKER_02]: So why don't you talk to us a little bit like what's the big difference

[00:06:16] [SPEAKER_02]: between like working with provide and like traditional financing

[00:06:21] [SPEAKER_02]: like the big ones I hear like Bank of America and Wells Fargo?

[00:06:25] [SPEAKER_02]: Tell us about provide. How is it different?

[00:06:27] [SPEAKER_05]: Let's start a little bit on where provide came from, because I think that

[00:06:32] [SPEAKER_05]: story helps show why or why we've been able to be different than traditional

[00:06:37] [SPEAKER_05]: banking. Provide started was actually called Lendeavor.

[00:06:42] [SPEAKER_05]: It was a startup that was funded or financed by FinTech private equity.

[00:06:47] [SPEAKER_05]: OK, right. So that was about eight, nine years ago.

[00:06:51] [SPEAKER_05]: OK, it was a little baby brand new.

[00:06:53] [SPEAKER_05]: But they had developed a technology that was financial tech, FinTech.

[00:06:58] [SPEAKER_05]: And this private equity group saw that FinTech and said, well,

[00:07:02] [SPEAKER_05]: you know, in the business lending in general, there's really not FinTech

[00:07:06] [SPEAKER_05]: lending, right? It's in home lending and student loan financing and et cetera.

[00:07:12] [SPEAKER_05]: But it really hadn't been in business lending.

[00:07:14] [SPEAKER_05]: And then having a niche in dental lending made it even more appealing.

[00:07:18] [SPEAKER_05]: It didn't come from the same hands that bank financing comes from.

[00:07:23] [SPEAKER_05]: And interesting in bank financing, there's these these sort of unwritten

[00:07:27] [SPEAKER_05]: rules of, well, this is the way we do it.

[00:07:31] [SPEAKER_05]: And you may be in those positions where you say, well, why do we do it this way?

[00:07:35] [SPEAKER_05]: And basically, to summarize it, the answer would be, well, that's the way it is.

[00:07:40] [SPEAKER_05]: Not a lot of dialogue really just it's not broken in their eyes.

[00:07:45] [SPEAKER_05]: So don't fix it.

[00:07:47] [SPEAKER_05]: So with provide, because it came from private equity money, they were able to

[00:07:51] [SPEAKER_05]: start by doing different product offerings and different sets of rules, if you

[00:07:55] [SPEAKER_05]: will. Or we'll call them tool gates.

[00:07:57] [SPEAKER_05]: So some example of tool gates would be, hey, doc, if you want a million dollar

[00:08:02] [SPEAKER_05]: loan, you need to look like this.

[00:08:04] [SPEAKER_05]: You need this type of cash.

[00:08:06] [SPEAKER_05]: The practice needs to have this type of revenue, et cetera.

[00:08:11] [SPEAKER_05]: And what Lendeavor and now Provide was able to do because we came from a

[00:08:17] [SPEAKER_05]: different beginning, we were able to we always go back to our logic in

[00:08:22] [SPEAKER_05]: reason. If it's logical and it's reasonable, we should do it.

[00:08:26] [SPEAKER_05]: Right. So to throw out a caveat, we're very responsible, right?

[00:08:31] [SPEAKER_05]: We're not just, oh, doc, you want two million dollars to buy a million dollar

[00:08:36] [SPEAKER_05]: office? Here you go.

[00:08:38] [SPEAKER_05]: Doc, you want two million dollars?

[00:08:39] [SPEAKER_05]: And we're not going to put a doctor in a position to fail.

[00:08:43] [SPEAKER_05]: Right. So we're still very diligent.

[00:08:45] [SPEAKER_05]: And so with that growth, we went very quickly.

[00:08:50] [SPEAKER_05]: I joined the company five years ago and in our in my first year at the

[00:08:56] [SPEAKER_05]: company, I think we did slightly under a million dollars in in dental

[00:09:01] [SPEAKER_05]: financing. Fast forward to today, five years later, and technically my

[00:09:06] [SPEAKER_05]: third year at the company, we were doing over a billion dollars.

[00:09:10] [SPEAKER_05]: Whoa. And dental financing, that type of growth in the banking

[00:09:14] [SPEAKER_05]: industry is very rare to just come into.

[00:09:19] [SPEAKER_05]: Yes. Right. So you have to be doing something different.

[00:09:22] [SPEAKER_05]: Right. And what we did is we listened to what the market was asking for,

[00:09:27] [SPEAKER_05]: what doctors needed and we delivered time and time again.

[00:09:31] [SPEAKER_05]: And we've had an incredibly strong portfolio all along the way because

[00:09:35] [SPEAKER_05]: we do our financial analysis at a very high level.

[00:09:40] [SPEAKER_05]: So with if you look into to go into your in-depth question, if you're

[00:09:43] [SPEAKER_05]: looking to do a startup, what we do differently in that world is we've

[00:09:48] [SPEAKER_05]: kept we've continued to raise the bar.

[00:09:50] [SPEAKER_05]: So what happened a few years ago is banks had a cap on how much money

[00:09:55] [SPEAKER_05]: you could get for a startup.

[00:09:57] [SPEAKER_05]: And that cap, you know, at one point years ago, that cap was four

[00:10:01] [SPEAKER_05]: hundred and fifty thousand.

[00:10:02] [SPEAKER_05]: Fast forward to today.

[00:10:05] [SPEAKER_05]: And you can't even doing a startup for four hundred and fifty

[00:10:09] [SPEAKER_05]: thousand dollars is near impossible unless you were able to get lucky

[00:10:13] [SPEAKER_05]: and find that that needle in a haystack where there's a dental office

[00:10:17] [SPEAKER_05]: that used to be a dental or that that is no longer operating and you don't

[00:10:21] [SPEAKER_05]: really need to do any construction work.

[00:10:23] [SPEAKER_05]: You just maybe need to do some some minor upgrades and equipment.

[00:10:27] [SPEAKER_05]: But that's not the half percent startup.

[00:10:30] [SPEAKER_05]: Right. It was at four fifty back then.

[00:10:32] [SPEAKER_05]: Nowadays, it is very common to go to eight hundred thousand.

[00:10:35] [SPEAKER_05]: Right. Nearly doubled in a short period of time.

[00:10:37] [SPEAKER_05]: Just a few years ago, that cap was six fifty.

[00:10:41] [SPEAKER_05]: Now what would end up happening is a doctor would say, hey, I have

[00:10:45] [SPEAKER_05]: an incredible background as a doctor.

[00:10:47] [SPEAKER_05]: I'm producing a million, one point five million a year in production.

[00:10:51] [SPEAKER_05]: I'm earning three, four or five hundred thousand a year.

[00:10:54] [SPEAKER_05]: I have hundreds of thousands of dollars in cash.

[00:10:57] [SPEAKER_05]: I need an eight hundred thousand dollar loan in order to properly

[00:11:00] [SPEAKER_05]: build out my space, get all the equipment I need and have enough

[00:11:04] [SPEAKER_05]: operatories ready to go, have my working capital so I can market

[00:11:07] [SPEAKER_05]: and advertising and get consulting.

[00:11:11] [SPEAKER_05]: And banks would lose just a flat.

[00:11:13] [SPEAKER_05]: No. Right.

[00:11:13] [SPEAKER_05]: But the problem is contracting costs have gone up big time since

[00:11:18] [SPEAKER_05]: covid. Right. Equipment costs have increased.

[00:11:20] [SPEAKER_05]: Everything's gone up.

[00:11:21] [SPEAKER_05]: And so you we needed to raise the bar at Provide and we took it

[00:11:27] [SPEAKER_05]: from six fifty to seven hundred to seven fifty to eight hundred.

[00:11:32] [SPEAKER_05]: Now we have four select doctors a million dollars for a first time

[00:11:37] [SPEAKER_05]: startup. Wow. Right.

[00:11:39] [SPEAKER_05]: Which is just again completely unprecedented.

[00:11:41] [SPEAKER_05]: So we've led the way.

[00:11:43] [SPEAKER_05]: And the positive part about that for the doctors is the other banks,

[00:11:47] [SPEAKER_05]: like any good business would do.

[00:11:49] [SPEAKER_05]: The other banks have also made adjustments.

[00:11:52] [SPEAKER_05]: Right. So it's been a benefit to the marketplace as a whole.

[00:11:54] [SPEAKER_05]: So now other banks are also saying, well, we can either do no

[00:11:58] [SPEAKER_05]: startup loans or we need to do what doctors need, which is

[00:12:02] [SPEAKER_05]: increase how much money we'll give them.

[00:12:04] [SPEAKER_05]: So now you do have more banks that are going to that seven,

[00:12:08] [SPEAKER_05]: that seven fifty, that eight hundred.

[00:12:09] [SPEAKER_05]: So that's been a win for the community as a whole.

[00:12:12] [SPEAKER_02]: It's awesome. What are those flaws that you see most times

[00:12:15] [SPEAKER_02]: start? Most startups or first time practice owners run into

[00:12:19] [SPEAKER_02]: when they're looking for their financing, when they're

[00:12:22] [SPEAKER_05]: looking for the financing or when they get it.

[00:12:25] [SPEAKER_05]: OK, so either or let's go both both ends of the coin.

[00:12:29] [SPEAKER_05]: If you're looking to do a startup and you're not able to

[00:12:32] [SPEAKER_05]: get financing, there's usually a couple of reasons.

[00:12:35] [SPEAKER_05]: One, unfortunately, if that doctor had, say, a recent

[00:12:39] [SPEAKER_05]: bankruptcy and in context is everything.

[00:12:43] [SPEAKER_05]: So we have doctors who have gone through bankruptcies.

[00:12:47] [SPEAKER_05]: They've reestablished their credit and their personal

[00:12:50] [SPEAKER_05]: financial statement.

[00:12:51] [SPEAKER_05]: So that's not an automatic no.

[00:12:53] [SPEAKER_05]: You're right. There's still light at the end of the

[00:12:55] [SPEAKER_05]: tunnel. Unfortunately, we're talking about borrowing money,

[00:12:58] [SPEAKER_05]: though, and a big piece of borrowing money is banks look

[00:13:02] [SPEAKER_05]: at, hey, how have you managed money in the past?

[00:13:05] [SPEAKER_05]: So we can get through a startup but or through a

[00:13:09] [SPEAKER_05]: bankruptcy. But if someone is filed for a bankruptcy,

[00:13:12] [SPEAKER_05]: say, a year ago, it's going to be very difficult

[00:13:16] [SPEAKER_05]: to get financing.

[00:13:17] [SPEAKER_05]: Other pieces would be liquidity.

[00:13:19] [SPEAKER_05]: Cash always has been and always will be king.

[00:13:23] [SPEAKER_05]: Right. There's kind of an old joke that if you need

[00:13:26] [SPEAKER_05]: money, you can't get it.

[00:13:27] [SPEAKER_05]: But if you don't need it, you can get as much of it as

[00:13:29] [SPEAKER_05]: you want. Right.

[00:13:31] [SPEAKER_05]: And so cash is king.

[00:13:33] [SPEAKER_05]: Now, you don't have to have a ton of it, but you do

[00:13:35] [SPEAKER_05]: need to have some of it.

[00:13:36] [SPEAKER_05]: And there's logic and reason behind that.

[00:13:39] [SPEAKER_05]: Right. If you don't get off to as quick of a start

[00:13:41] [SPEAKER_05]: as you had hoped and you kind of burn through

[00:13:45] [SPEAKER_05]: your working capital while growing your practice

[00:13:47] [SPEAKER_05]: or you open your doors and there's a natural

[00:13:51] [SPEAKER_05]: disaster and you have to close your doors for a

[00:13:54] [SPEAKER_05]: month or two right after you open your doors.

[00:13:57] [SPEAKER_05]: There's things that are outside of our control.

[00:14:00] [SPEAKER_05]: And so that extra cash that you have, that's a

[00:14:03] [SPEAKER_05]: safety net. And it also goes to show a little

[00:14:06] [SPEAKER_05]: bit of a track record on how a person manages

[00:14:09] [SPEAKER_05]: their money. Right.

[00:14:10] [SPEAKER_05]: If you're making as an associate, if you're

[00:14:13] [SPEAKER_05]: making a few hundred thousand dollars a year

[00:14:16] [SPEAKER_05]: and you haven't been able to put any money

[00:14:18] [SPEAKER_05]: into savings yet.

[00:14:20] [SPEAKER_05]: Unfortunately, a credit analyst is going to look

[00:14:22] [SPEAKER_05]: at that and say, well,

[00:14:25] [SPEAKER_05]: what are the spending habits and are they going

[00:14:28] [SPEAKER_05]: to continue to not put money away even if

[00:14:31] [SPEAKER_05]: they're making money?

[00:14:33] [SPEAKER_05]: And it's not knocking.

[00:14:35] [SPEAKER_05]: Everybody is different, right?

[00:14:36] [SPEAKER_05]: It's not judging people.

[00:14:39] [SPEAKER_05]: It's simply that the credit analyst job is

[00:14:43] [SPEAKER_05]: to look at a deal and say, hey, what type

[00:14:46] [SPEAKER_05]: of risk are we taking on?

[00:14:48] [SPEAKER_05]: And so if you have a successful practice

[00:14:52] [SPEAKER_05]: that you've built, maybe you financed it yourself.

[00:14:55] [SPEAKER_05]: Maybe you were able to get a loan from family

[00:14:58] [SPEAKER_05]: or friends and you can have a very successful

[00:15:01] [SPEAKER_05]: office that you did build from scratch.

[00:15:03] [SPEAKER_05]: But if you're not putting money away and

[00:15:06] [SPEAKER_05]: something happens that can topple that

[00:15:09] [SPEAKER_05]: business overnight.

[00:15:10] [SPEAKER_05]: Again, natural disaster or many things that

[00:15:13] [SPEAKER_05]: can happen in life.

[00:15:15] [SPEAKER_05]: If you end up, if you have a million dollar

[00:15:19] [SPEAKER_05]: practice but you don't have any cash in the

[00:15:20] [SPEAKER_05]: bank and you have to close your door for a

[00:15:22] [SPEAKER_05]: couple of months, you don't have that reserves

[00:15:25] [SPEAKER_05]: in place to take care of all your bills and

[00:15:28] [SPEAKER_05]: float through and get through the whatever

[00:15:30] [SPEAKER_05]: that difficult time may be.

[00:15:32] [SPEAKER_05]: So cash would be a reason where people are

[00:15:35] [SPEAKER_05]: not able to get financing as well.

[00:15:37] [SPEAKER_02]: What does that look like for me?

[00:15:38] [SPEAKER_02]: Let's say I'm right out of residency, not

[00:15:41] [SPEAKER_02]: working as an associate ship and I want to

[00:15:44] [SPEAKER_02]: do my own business right off the jump.

[00:15:46] [SPEAKER_05]: Are you saying right out of residency,

[00:15:49] [SPEAKER_05]: not associating yet?

[00:15:51] [SPEAKER_02]: I'm right out of residency.

[00:15:52] [SPEAKER_02]: I'm not associating yet.

[00:15:53] [SPEAKER_02]: Do you have cash or you don't have any cash?

[00:15:54] [SPEAKER_02]: I'm a broke college student.

[00:15:56] [SPEAKER_02]: I'm coming out with five to 700K of school

[00:16:00] [SPEAKER_02]: debt.

[00:16:01] [SPEAKER_02]: That's very true.

[00:16:02] [SPEAKER_02]: You know, I talked to somebody who came out

[00:16:03] [SPEAKER_02]: almost a million dollars in debt but it's

[00:16:08] [SPEAKER_02]: rare that I see somebody that's coming right

[00:16:10] [SPEAKER_02]: out of residency not taking an associate

[00:16:13] [SPEAKER_02]: ship and jumping right in.

[00:16:15] [SPEAKER_02]: But I took a call with somebody.

[00:16:17] [SPEAKER_02]: I actually referred him to you guys and he's

[00:16:21] [SPEAKER_02]: looking to do a de novo right out of school,

[00:16:23] [SPEAKER_02]: not take an associate ship.

[00:16:25] [SPEAKER_02]: How does that work?

[00:16:27] [SPEAKER_02]: Is it even possible for me to get financed?

[00:16:29] [SPEAKER_05]: That is a conversation that I have almost

[00:16:31] [SPEAKER_05]: every day with a doctor when I'm talking

[00:16:34] [SPEAKER_05]: to them for the first time.

[00:16:37] [SPEAKER_05]: There's plenty of doctors who are getting

[00:16:39] [SPEAKER_05]: out of residency and they're like, I want

[00:16:42] [SPEAKER_05]: to start a business.

[00:16:44] [SPEAKER_05]: And I have to be whether the bad guy or

[00:16:47] [SPEAKER_05]: the honest guy or whatever you want to call

[00:16:48] [SPEAKER_05]: it.

[00:16:49] [SPEAKER_05]: I have to explain to them, here's what we

[00:16:51] [SPEAKER_05]: need to do to get there.

[00:16:52] [SPEAKER_05]: It's not that the answer is no.

[00:16:54] [SPEAKER_05]: We just need to do what we need to do

[00:16:56] [SPEAKER_05]: to get there and here's what we need to

[00:16:57] [SPEAKER_05]: do.

[00:16:58] [SPEAKER_05]: So if you're just coming out of residency

[00:17:01] [SPEAKER_05]: you have five thousand in the bank and

[00:17:04] [SPEAKER_05]: you're not going to take an associate

[00:17:06] [SPEAKER_05]: position.

[00:17:07] [SPEAKER_05]: It is I don't want to say impossible

[00:17:10] [SPEAKER_05]: because you never know when somebody may pull

[00:17:12] [SPEAKER_05]: a rabbit out of a hat.

[00:17:13] [SPEAKER_05]: Right?

[00:17:13] [SPEAKER_05]: A local bank, a small local bank sometimes

[00:17:15] [SPEAKER_05]: can be great at looking at just looking

[00:17:19] [SPEAKER_05]: at an application and saying, all right,

[00:17:22] [SPEAKER_05]: let's do it.

[00:17:23] [SPEAKER_05]: Right?

[00:17:24] [SPEAKER_05]: Small local banks.

[00:17:25] [SPEAKER_05]: You have your middle market banks or

[00:17:26] [SPEAKER_05]: mid-sized banks and then you have your

[00:17:29] [SPEAKER_05]: extra large banks like your Wells Fargo

[00:17:30] [SPEAKER_05]: is your Bank of America is your Chase.

[00:17:34] [SPEAKER_05]: They have different appetites and they

[00:17:36] [SPEAKER_05]: also have different regulations.

[00:17:38] [SPEAKER_05]: Your big banks have many, many more

[00:17:41] [SPEAKER_05]: regulations whereas the local banks

[00:17:42] [SPEAKER_05]: they're able to kind of lend off of

[00:17:44] [SPEAKER_05]: their portfolio.

[00:17:44] [SPEAKER_05]: And if they have somebody that they believe

[00:17:47] [SPEAKER_05]: in and they say, hey, let's go ahead and

[00:17:49] [SPEAKER_05]: do this practice.

[00:17:50] [SPEAKER_05]: You're you're you're an ortho.

[00:17:53] [SPEAKER_05]: We know and believe you're going to kill

[00:17:54] [SPEAKER_05]: it.

[00:17:55] [SPEAKER_05]: Yes.

[00:17:56] [SPEAKER_05]: Here's eight hundred thousand dollars or

[00:17:57] [SPEAKER_05]: whatever that number may be in general

[00:18:00] [SPEAKER_05]: though.

[00:18:01] [SPEAKER_05]: And maybe let's step back here and talk

[00:18:02] [SPEAKER_05]: about financing across the board on a

[00:18:05] [SPEAKER_05]: broader level.

[00:18:05] [SPEAKER_05]: Let's do it.

[00:18:07] [SPEAKER_05]: What I would say is you have a you

[00:18:10] [SPEAKER_05]: have a handful of dental specific lenders.

[00:18:13] [SPEAKER_05]: Right?

[00:18:13] [SPEAKER_05]: You have Bank of America.

[00:18:16] [SPEAKER_05]: You have Wells Fargo.

[00:18:17] [SPEAKER_05]: You have Huntington.

[00:18:18] [SPEAKER_05]: You have PNC.

[00:18:20] [SPEAKER_05]: You have provide my company.

[00:18:23] [SPEAKER_05]: And I would always make sure you're

[00:18:26] [SPEAKER_05]: at least speaking to a dental lender.

[00:18:30] [SPEAKER_05]: Okay.

[00:18:30] [SPEAKER_05]: If you want to compare them to another

[00:18:33] [SPEAKER_05]: local bank by all means do what you

[00:18:35] [SPEAKER_05]: feel comfortable with doing.

[00:18:37] [SPEAKER_05]: But what dental lenders are able to do

[00:18:40] [SPEAKER_05]: is they're able to tailor the loan to

[00:18:43] [SPEAKER_05]: help set you up for success.

[00:18:45] [SPEAKER_05]: You're also going to be working with

[00:18:47] [SPEAKER_05]: people like myself and the credit

[00:18:49] [SPEAKER_05]: analyst who only look at dental loans.

[00:18:54] [SPEAKER_05]: So you're going to have a streamlined

[00:18:55] [SPEAKER_05]: process getting through.

[00:18:58] [SPEAKER_05]: Now we can continue and we will

[00:19:00] [SPEAKER_05]: continue to talk about what sets

[00:19:02] [SPEAKER_05]: provide apart from the other dental

[00:19:05] [SPEAKER_05]: lenders.

[00:19:06] [SPEAKER_05]: But the interesting part of this

[00:19:09] [SPEAKER_05]: conversation is you have this dental

[00:19:12] [SPEAKER_05]: niche of lending and there's those

[00:19:15] [SPEAKER_05]: anomalies that can happen outside of

[00:19:18] [SPEAKER_05]: the dental niches where you might

[00:19:19] [SPEAKER_05]: find a small local bank who will say

[00:19:23] [SPEAKER_05]: well I know nobody else is doing this

[00:19:25] [SPEAKER_05]: deal but we like this deal.

[00:19:26] [SPEAKER_05]: And they have that luxury of not

[00:19:29] [SPEAKER_05]: being bound in the same way as

[00:19:31] [SPEAKER_05]: banking regulations with the bigger

[00:19:33] [SPEAKER_05]: banks like us.

[00:19:35] [SPEAKER_05]: So they're keen.

[00:19:36] [SPEAKER_05]: That's why whenever a question

[00:19:39] [SPEAKER_05]: that you asked about you know first

[00:19:41] [SPEAKER_05]: just getting out of residency don't

[00:19:43] [SPEAKER_05]: have any cash don't want to get an

[00:19:45] [SPEAKER_05]: associate ship.

[00:19:46] [SPEAKER_05]: I can tell you 99 percent probability

[00:19:48] [SPEAKER_05]: what's going to happen.

[00:19:49] [SPEAKER_05]: But then there's those anomalies

[00:19:51] [SPEAKER_05]: out there that can also happen.

[00:19:54] [SPEAKER_02]: So if I'm coming out of school I

[00:19:57] [SPEAKER_02]: know I want to start my own

[00:19:59] [SPEAKER_02]: practice start my own business very

[00:20:01] [SPEAKER_02]: quickly whether it's right out of

[00:20:03] [SPEAKER_02]: school or in a year two three

[00:20:04] [SPEAKER_02]: years there is a lot of advantage to

[00:20:07] [SPEAKER_02]: take and even one or two days of

[00:20:09] [SPEAKER_02]: an associate gig in terms of getting

[00:20:11] [SPEAKER_02]: financed.

[00:20:12] [SPEAKER_02]: And also it sounds like how I go

[00:20:14] [SPEAKER_02]: about my spending habits once I

[00:20:17] [SPEAKER_02]: actually get a salary are going

[00:20:19] [SPEAKER_02]: to have long term dividends or

[00:20:21] [SPEAKER_02]: effects on my financing because I

[00:20:24] [SPEAKER_02]: see this happen too you know.

[00:20:26] [SPEAKER_02]: Been in school for 10 years I

[00:20:27] [SPEAKER_02]: haven't made any money.

[00:20:29] [SPEAKER_02]: I get a sweet associate gig

[00:20:31] [SPEAKER_02]: and I've seen some DSOs offering

[00:20:33] [SPEAKER_02]: people four to five hundred K right

[00:20:35] [SPEAKER_02]: out of school.

[00:20:36] [SPEAKER_02]: Let's say I come right out of

[00:20:37] [SPEAKER_02]: school.

[00:20:38] [SPEAKER_02]: I think Grant Cardone said like

[00:20:39] [SPEAKER_02]: three hundred thousand dollars

[00:20:41] [SPEAKER_02]: salary is the most dangerous

[00:20:42] [SPEAKER_02]: salary that you can be in

[00:20:44] [SPEAKER_02]: because you can pretty much buy

[00:20:45] [SPEAKER_02]: what you want to buy.

[00:20:48] [SPEAKER_02]: But you're also not making seven

[00:20:50] [SPEAKER_02]: figures where you're putting away

[00:20:51] [SPEAKER_02]: as much as your as your earnings.

[00:20:53] [SPEAKER_02]: So two young doctors

[00:20:55] [SPEAKER_02]: that are listening don't go

[00:20:57] [SPEAKER_02]: by the Mercedes Benz as soon as

[00:20:59] [SPEAKER_02]: you get your three hundred

[00:21:00] [SPEAKER_02]: thousand dollars salary which

[00:21:01] [SPEAKER_02]: can be difficult.

[00:21:03] [SPEAKER_02]: I'm used to living on nothing.

[00:21:05] [SPEAKER_02]: Now I'm making twenty thirty

[00:21:07] [SPEAKER_02]: forty fifty K a month.

[00:21:08] [SPEAKER_02]: World seems endless.

[00:21:10] [SPEAKER_02]: But if you want to do your own

[00:21:11] [SPEAKER_02]: business it sounds like spending

[00:21:12] [SPEAKER_02]: habits and saving habits are

[00:21:13] [SPEAKER_02]: going to have effects on my

[00:21:16] [SPEAKER_02]: on my lending.

[00:21:17] [SPEAKER_05]: That that is one hundred

[00:21:19] [SPEAKER_05]: percent accurate.

[00:21:20] [SPEAKER_05]: That's I didn't know that

[00:21:21] [SPEAKER_05]: that's huge.

[00:21:21] [SPEAKER_05]: One hundred percent accurate.

[00:21:23] [SPEAKER_05]: So this is why podcasts

[00:21:25] [SPEAKER_05]: like this.

[00:21:27] [SPEAKER_05]: This is why I go to

[00:21:29] [SPEAKER_05]: dental schools around Florida

[00:21:30] [SPEAKER_05]: and talk to the D4s.

[00:21:32] [SPEAKER_05]: This is why we do

[00:21:34] [SPEAKER_05]: we do seminars and so

[00:21:36] [SPEAKER_05]: on.

[00:21:37] [SPEAKER_05]: And

[00:21:39] [SPEAKER_05]: but many doctors

[00:21:40] [SPEAKER_05]: will slip through the cracks

[00:21:41] [SPEAKER_05]: and not get this message.

[00:21:44] [SPEAKER_05]: When I go to a dental school

[00:21:45] [SPEAKER_05]: one of the first questions that

[00:21:47] [SPEAKER_05]: I ask them is who wants to get

[00:21:48] [SPEAKER_05]: into ownership.

[00:21:50] [SPEAKER_05]: And if you have a good amount

[00:21:52] [SPEAKER_05]: who want to get into ownership

[00:21:54] [SPEAKER_05]: one of the very next things I

[00:21:55] [SPEAKER_05]: tell them is you have to

[00:21:56] [SPEAKER_05]: decide how important is

[00:21:58] [SPEAKER_05]: ownership to you.

[00:22:00] [SPEAKER_05]: If you say I don't want to be

[00:22:01] [SPEAKER_05]: an owner I'm never going to be

[00:22:03] [SPEAKER_05]: an owner.

[00:22:04] [SPEAKER_05]: Your financial adviser will

[00:22:06] [SPEAKER_05]: probably tell you don't do

[00:22:07] [SPEAKER_05]: this anyways.

[00:22:09] [SPEAKER_05]: But if you don't want to be an

[00:22:10] [SPEAKER_05]: owner

[00:22:11] [SPEAKER_05]: then if you want to go buy a

[00:22:13] [SPEAKER_05]: house that's going to have a

[00:22:15] [SPEAKER_05]: big impact to your monthly

[00:22:16] [SPEAKER_05]: cash flow if you want to go

[00:22:17] [SPEAKER_05]: buy a car that's also going

[00:22:18] [SPEAKER_05]: to have a big impact to your

[00:22:20] [SPEAKER_05]: monthly cash flow.

[00:22:21] [SPEAKER_05]: Well you don't have future

[00:22:23] [SPEAKER_05]: plans for that cash.

[00:22:25] So

[00:22:25] [SPEAKER_05]: feel free to do what you

[00:22:26] [SPEAKER_05]: want.

[00:22:27] [SPEAKER_05]: If you're telling me you want

[00:22:28] [SPEAKER_05]: to own a practice

[00:22:31] [SPEAKER_05]: patience

[00:22:32] [SPEAKER_05]: one step back

[00:22:34] [SPEAKER_05]: so that you can go two steps

[00:22:35] [SPEAKER_05]: forward.

[00:22:36] [SPEAKER_05]: Don't go and buy the nice

[00:22:38] [SPEAKER_05]: house.

[00:22:38] [SPEAKER_05]: Don't go buy the nice car.

[00:22:40] [SPEAKER_05]: And like you just mentioned

[00:22:40] [SPEAKER_05]: the temptation is there.

[00:22:42] [SPEAKER_05]: You just you spent all these

[00:22:44] [SPEAKER_05]: years

[00:22:45] [SPEAKER_05]: eating noodles

[00:22:47] [SPEAKER_05]: you know everybody else all

[00:22:49] [SPEAKER_05]: your friends from high school

[00:22:50] [SPEAKER_05]: they've been out of college

[00:22:51] [SPEAKER_05]: for several years and you

[00:22:53] [SPEAKER_05]: see they bought a house

[00:22:54] [SPEAKER_05]: they bought the car

[00:22:55] [SPEAKER_05]: and you may want to show

[00:22:56] [SPEAKER_05]: them well this is the

[00:22:58] [SPEAKER_05]: fruits of my labor.

[00:23:00] [SPEAKER_05]: Be patient right because the

[00:23:02] [SPEAKER_05]: fruits of your labor are going

[00:23:03] [SPEAKER_05]: to magnify and jump

[00:23:05] [SPEAKER_05]: 5x 10x if you get into

[00:23:07] [SPEAKER_05]: ownership.

[00:23:08] [SPEAKER_05]: You're going to have that

[00:23:09] [SPEAKER_05]: ceiling

[00:23:11] [SPEAKER_05]: whether like you said

[00:23:12] [SPEAKER_05]: three four hundred five

[00:23:13] [SPEAKER_05]: hundred thousand.

[00:23:15] [SPEAKER_05]: Well that ceiling is going

[00:23:16] [SPEAKER_05]: to be there right.

[00:23:17] [SPEAKER_05]: There's only so many

[00:23:18] [SPEAKER_05]: patients you can see in a

[00:23:19] [SPEAKER_05]: day in a month and a year

[00:23:21] [SPEAKER_05]: right.

[00:23:22] [SPEAKER_05]: And you're being paid off

[00:23:23] [SPEAKER_05]: of your collections.

[00:23:24] [SPEAKER_05]: Well if you get into

[00:23:26] [SPEAKER_05]: ownership and you have

[00:23:27] [SPEAKER_05]: a dental office or two

[00:23:29] [SPEAKER_05]: dental offices or three

[00:23:30] [SPEAKER_05]: or four or five

[00:23:32] [SPEAKER_05]: that amount of wealth

[00:23:34] [SPEAKER_05]: that you're now accruing

[00:23:35] [SPEAKER_05]: is substantially larger

[00:23:37] [SPEAKER_05]: than you're ever going to be

[00:23:38] [SPEAKER_05]: able to do in an associate

[00:23:39] [SPEAKER_05]: position.

[00:23:40] [SPEAKER_05]: So if you take your time

[00:23:43] [SPEAKER_05]: and you can

[00:23:44] [SPEAKER_05]: you can buy a house right.

[00:23:46] [SPEAKER_05]: Quick side note as a dentist

[00:23:47] [SPEAKER_05]: you get dental home loans

[00:23:49] [SPEAKER_05]: you can get 100 percent

[00:23:51] [SPEAKER_05]: financing without any PMI

[00:23:53] [SPEAKER_05]: insurance so you can still

[00:23:54] [SPEAKER_05]: go buy a home

[00:23:55] [SPEAKER_05]: right.

[00:23:56] [SPEAKER_05]: I didn't know that.

[00:23:56] [SPEAKER_05]: Yeah you can and we can

[00:23:58] [SPEAKER_05]: talk about that a little bit

[00:23:59] [SPEAKER_05]: more but

[00:24:00] [SPEAKER_05]: you can go buy that house

[00:24:02] [SPEAKER_05]: right.

[00:24:03] [SPEAKER_05]: Buy something nice

[00:24:04] [SPEAKER_05]: don't drain your cash

[00:24:05] [SPEAKER_05]: but make that payment to

[00:24:07] [SPEAKER_05]: where

[00:24:09] [SPEAKER_05]: when you go to get a

[00:24:11] [SPEAKER_05]: practice loan

[00:24:11] [SPEAKER_05]: that payment is not

[00:24:13] [SPEAKER_05]: going to be siphoning

[00:24:15] [SPEAKER_05]: out the cash flow that

[00:24:17] [SPEAKER_05]: you're buying or going to

[00:24:18] [SPEAKER_05]: get when you start an

[00:24:19] [SPEAKER_05]: office.

[00:24:21] [SPEAKER_05]: And also very important

[00:24:23] [SPEAKER_05]: side note that payment

[00:24:24] [SPEAKER_05]: that monthly payment on a

[00:24:25] [SPEAKER_05]: home loan is even

[00:24:27] [SPEAKER_05]: more drastic in a

[00:24:28] [SPEAKER_05]: negative way when you're

[00:24:29] [SPEAKER_05]: doing a startup

[00:24:31] [SPEAKER_05]: because on a startup it's

[00:24:33] [SPEAKER_05]: all based off of projections

[00:24:35] [SPEAKER_05]: and in year one

[00:24:37] [SPEAKER_05]: banks aren't projecting

[00:24:38] [SPEAKER_05]: that you're going to make a

[00:24:39] [SPEAKER_05]: million and a half dollars

[00:24:39] [SPEAKER_05]: in collections right.

[00:24:41] [SPEAKER_05]: They're going to say hey

[00:24:42] [SPEAKER_05]: we think you're going to

[00:24:42] [SPEAKER_05]: make 300 400 500

[00:24:44] [SPEAKER_05]: thousand they're going to

[00:24:45] [SPEAKER_05]: be conservative right.

[00:24:46] [SPEAKER_05]: I know with hip you have

[00:24:48] [SPEAKER_05]: people blowing those

[00:24:48] [SPEAKER_05]: numbers out of the water

[00:24:50] [SPEAKER_05]: like the three or 500

[00:24:51] [SPEAKER_05]: is you're blowing that

[00:24:53] [SPEAKER_05]: out of the water

[00:24:54] [SPEAKER_05]: but the banks aren't going

[00:24:55] [SPEAKER_05]: to assume that right.

[00:24:57] [SPEAKER_02]: We're going to assume

[00:24:57] [SPEAKER_02]: conservative.

[00:24:58] [SPEAKER_05]: So if you keep those

[00:24:59] [SPEAKER_05]: those monthly expenses low

[00:25:02] [SPEAKER_05]: get the practice grow

[00:25:04] [SPEAKER_05]: the practice

[00:25:05] [SPEAKER_05]: get the cash flow

[00:25:07] [SPEAKER_05]: to where you're you're

[00:25:09] [SPEAKER_05]: able to easily take on

[00:25:10] [SPEAKER_05]: that home.

[00:25:11] [SPEAKER_05]: Right. And if you were to

[00:25:12] [SPEAKER_05]: tell me if a doctor is

[00:25:13] [SPEAKER_05]: to tell me hey I want to

[00:25:14] [SPEAKER_05]: have I know I want to

[00:25:16] [SPEAKER_05]: have three four or five

[00:25:17] [SPEAKER_05]: locations.

[00:25:18] [SPEAKER_05]: My conversation with that

[00:25:19] [SPEAKER_05]: doctor is OK well we're

[00:25:21] [SPEAKER_05]: going to get this first

[00:25:21] [SPEAKER_05]: location and when you

[00:25:23] [SPEAKER_05]: hit a home run there

[00:25:25] [SPEAKER_05]: it's too early to buy that

[00:25:26] [SPEAKER_05]: dream house.

[00:25:27] [SPEAKER_05]: It's too early to buy that

[00:25:28] [SPEAKER_05]: dream car right.

[00:25:29] [SPEAKER_05]: Keep your eye on the prize

[00:25:30] [SPEAKER_05]: long term planning

[00:25:32] [SPEAKER_05]: and that is going to

[00:25:33] [SPEAKER_05]: catapult you so much

[00:25:35] [SPEAKER_05]: further ahead than if

[00:25:36] [SPEAKER_05]: you go by that house

[00:25:38] [SPEAKER_05]: you're basically stagnating

[00:25:40] [SPEAKER_05]: your growth potential.

[00:25:41] [SPEAKER_05]: That's huge.

[00:25:43] [SPEAKER_05]: Absolutely.

[00:25:45] [SPEAKER_05]: So going from

[00:25:46] [SPEAKER_05]: the startup right when

[00:25:47] [SPEAKER_05]: you when you get the

[00:25:48] [SPEAKER_05]: financing in place

[00:25:50] [SPEAKER_05]: we're going to need to

[00:25:52] [SPEAKER_05]: have basically

[00:25:54] [SPEAKER_05]: we're going to need to

[00:25:55] [SPEAKER_05]: take into consideration

[00:25:56] [SPEAKER_05]: your home payment your

[00:25:57] [SPEAKER_05]: car payment student

[00:25:58] [SPEAKER_05]: loans on a problem.

[00:25:59] [SPEAKER_05]: If you have five six

[00:26:00] [SPEAKER_05]: seven hundred thousand

[00:26:01] [SPEAKER_05]: dollars in student loans

[00:26:02] [SPEAKER_05]: that's not a doc you

[00:26:04] [SPEAKER_05]: have too many too much

[00:26:05] [SPEAKER_05]: in student loans.

[00:26:06] [SPEAKER_05]: There's the save plan

[00:26:07] [SPEAKER_05]: out there right.

[00:26:08] [SPEAKER_05]: The student loan save

[00:26:09] [SPEAKER_05]: program which is going

[00:26:10] [SPEAKER_05]: to keep your monthly

[00:26:10] [SPEAKER_05]: payment low and

[00:26:12] [SPEAKER_05]: we're going to use

[00:26:13] [SPEAKER_05]: that minimum monthly

[00:26:14] [SPEAKER_05]: payment so that's not

[00:26:15] [SPEAKER_05]: going to kill your

[00:26:15] [SPEAKER_05]: cash flow.

[00:26:16] [SPEAKER_02]: The biggest value I got

[00:26:17] [SPEAKER_02]: that I think the

[00:26:18] [SPEAKER_02]: audience is going to

[00:26:19] [SPEAKER_02]: love here is

[00:26:21] [SPEAKER_02]: how you go about

[00:26:23] [SPEAKER_02]: bringing in money

[00:26:24] [SPEAKER_02]: and saving money

[00:26:25] [SPEAKER_02]: when you come out of

[00:26:26] [SPEAKER_02]: school if you want

[00:26:28] [SPEAKER_02]: to own your own

[00:26:29] [SPEAKER_02]: practice the decisions

[00:26:31] [SPEAKER_02]: you make in those first

[00:26:33] [SPEAKER_02]: one to three to four

[00:26:35] [SPEAKER_02]: years out of school

[00:26:36] [SPEAKER_02]: it's going to have a

[00:26:37] [SPEAKER_02]: big impact on how

[00:26:38] [SPEAKER_02]: much money you can get.

[00:26:40] [SPEAKER_05]: That's exactly right.

[00:26:41] [SPEAKER_05]: It's tremendous.

[00:26:42] [SPEAKER_05]: And so that was

[00:26:44] [SPEAKER_05]: part of what you you

[00:26:45] [SPEAKER_05]: were mentioning in your

[00:26:46] [SPEAKER_05]: question previously.

[00:26:47] [SPEAKER_05]: You mentioned

[00:26:48] [SPEAKER_05]: associating yes yes

[00:26:50] [SPEAKER_05]: one of the keys to

[00:26:52] [SPEAKER_05]: a successful startup

[00:26:54] [SPEAKER_05]: is you need to have

[00:26:55] [SPEAKER_05]: an associate position

[00:26:57] [SPEAKER_05]: while you are building

[00:26:58] [SPEAKER_05]: your office.

[00:26:59] [SPEAKER_05]: Huge right.

[00:27:00] [SPEAKER_05]: Like the movie

[00:27:01] [SPEAKER_05]: Field of Dreams.

[00:27:02] [SPEAKER_05]: Great movie.

[00:27:03] [SPEAKER_05]: Right. If you build it

[00:27:04] [SPEAKER_05]: they will come.

[00:27:05] [SPEAKER_05]: But remember he built

[00:27:06] [SPEAKER_05]: it and he struggled

[00:27:07] [SPEAKER_05]: for a while.

[00:27:08] [SPEAKER_05]: Right. He didn't just

[00:27:09] [SPEAKER_05]: build it and it was

[00:27:10] [SPEAKER_05]: full. He was.

[00:27:11] [SPEAKER_05]: If I remember correctly

[00:27:11] [SPEAKER_05]: the farm was about to

[00:27:12] [SPEAKER_05]: go bankrupt.

[00:27:14] [SPEAKER_05]: People were looking at

[00:27:15] [SPEAKER_05]: him like he was crazy.

[00:27:17] [SPEAKER_05]: When you do a startup

[00:27:19] [SPEAKER_05]: you may hit a home run

[00:27:21] [SPEAKER_05]: and that's awesome.

[00:27:23] [SPEAKER_05]: Amazing.

[00:27:24] [SPEAKER_05]: When you open your doors

[00:27:26] [SPEAKER_05]: having two to three

[00:27:28] [SPEAKER_05]: days of an associate

[00:27:29] [SPEAKER_05]: income

[00:27:30] [SPEAKER_05]: it's going to make your

[00:27:31] [SPEAKER_05]: life less stressful.

[00:27:33] [SPEAKER_05]: Yeah right.

[00:27:34] [SPEAKER_05]: You're not going to have

[00:27:34] [SPEAKER_05]: to change your lifestyle

[00:27:35] [SPEAKER_05]: if you are married

[00:27:37] [SPEAKER_05]: if you have children

[00:27:38] [SPEAKER_05]: that's going to make

[00:27:40] [SPEAKER_05]: the household less

[00:27:40] [SPEAKER_05]: stressful because you're

[00:27:41] [SPEAKER_05]: not going to be looking

[00:27:42] [SPEAKER_05]: around saying I was

[00:27:43] [SPEAKER_05]: at the office four

[00:27:44] [SPEAKER_05]: days this week

[00:27:45] [SPEAKER_05]: and we're not even

[00:27:46] [SPEAKER_05]: breaking even.

[00:27:47] [SPEAKER_02]: Yeah.

[00:27:49] [SPEAKER_05]: Don't put yourself in

[00:27:50] [SPEAKER_05]: that position

[00:27:50] [SPEAKER_05]: and the banks

[00:27:51] [SPEAKER_05]: aren't going to let

[00:27:53] [SPEAKER_05]: you put yourself in

[00:27:54] [SPEAKER_05]: that position.

[00:27:55] [SPEAKER_05]: The banks are going to

[00:27:55] [SPEAKER_05]: say hey you need to

[00:27:56] [SPEAKER_05]: have this associate

[00:27:57] [SPEAKER_05]: ship.

[00:27:58] [SPEAKER_05]: Now the bank is

[00:27:59] [SPEAKER_05]: not going to say

[00:28:00] [SPEAKER_05]: hey you need to

[00:28:01] [SPEAKER_05]: have this for two

[00:28:01] [SPEAKER_05]: years.

[00:28:03] [SPEAKER_05]: The bank is going to

[00:28:04] [SPEAKER_05]: trust you

[00:28:05] [SPEAKER_05]: and give you the

[00:28:06] [SPEAKER_05]: autonomy to know

[00:28:07] [SPEAKER_05]: that hey Doc

[00:28:08] [SPEAKER_05]: when you get to

[00:28:09] [SPEAKER_05]: the point where

[00:28:10] [SPEAKER_05]: you only need to

[00:28:11] [SPEAKER_05]: associate one day

[00:28:12] [SPEAKER_05]: a week

[00:28:12] [SPEAKER_05]: that's fantastic.

[00:28:14] [SPEAKER_05]: Go down to one

[00:28:14] [SPEAKER_05]: day a week.

[00:28:15] [SPEAKER_05]: Cool.

[00:28:15] [SPEAKER_05]: Right.

[00:28:16] [SPEAKER_05]: Because you're going

[00:28:16] [SPEAKER_05]: to be making more

[00:28:16] [SPEAKER_05]: money in your

[00:28:17] [SPEAKER_05]: own office.

[00:28:18] [SPEAKER_05]: And when you get

[00:28:18] [SPEAKER_05]: to the point

[00:28:19] [SPEAKER_05]: where you have

[00:28:19] [SPEAKER_05]: your patient base

[00:28:21] [SPEAKER_05]: and your appointments

[00:28:21] [SPEAKER_05]: booked out

[00:28:22] [SPEAKER_05]: six weeks

[00:28:23] [SPEAKER_05]: and you say

[00:28:24] [SPEAKER_05]: it makes no sense

[00:28:26] [SPEAKER_05]: for me to associate

[00:28:26] [SPEAKER_05]: anymore.

[00:28:27] [SPEAKER_05]: Stop that.

[00:28:28] [SPEAKER_05]: We want you in

[00:28:29] [SPEAKER_05]: that office.

[00:28:30] [SPEAKER_05]: We just want to be

[00:28:31] [SPEAKER_05]: pragmatic about it.

[00:28:32] [SPEAKER_05]: So whether that

[00:28:34] [SPEAKER_05]: if you hit a home run

[00:28:35] [SPEAKER_05]: right and HIPP gets

[00:28:36] [SPEAKER_05]: you up to that point

[00:28:37] [SPEAKER_05]: where two months

[00:28:39] [SPEAKER_05]: in you don't need

[00:28:40] [SPEAKER_05]: to associate anymore.

[00:28:41] [SPEAKER_05]: Great.

[00:28:42] [SPEAKER_05]: But there's startups

[00:28:44] [SPEAKER_05]: you know you may

[00:28:45] [SPEAKER_05]: need to associate

[00:28:46] [SPEAKER_05]: for a year

[00:28:47] [SPEAKER_05]: or a year and a half.

[00:28:48] [SPEAKER_05]: Part of that is

[00:28:49] [SPEAKER_05]: demographics part of

[00:28:50] [SPEAKER_05]: that is your location.

[00:28:52] [SPEAKER_05]: What state are you

[00:28:53] [SPEAKER_05]: in what part of that

[00:28:53] [SPEAKER_05]: state are you in.

[00:28:54] [SPEAKER_05]: And there's no

[00:28:56] [SPEAKER_05]: it's not a failure

[00:28:57] [SPEAKER_05]: because you had to

[00:28:58] [SPEAKER_05]: associate longer

[00:28:59] [SPEAKER_05]: than somebody else.

[00:29:00] [SPEAKER_05]: Right.

[00:29:00] [SPEAKER_05]: It's it's there's

[00:29:02] [SPEAKER_05]: no guarantee

[00:29:03] [SPEAKER_05]: on how long

[00:29:04] [SPEAKER_05]: it's going to take.

[00:29:05] [SPEAKER_05]: So let's be

[00:29:06] [SPEAKER_05]: let's be pragmatic.

[00:29:07] [SPEAKER_05]: Let's be financially

[00:29:08] [SPEAKER_05]: responsible

[00:29:09] [SPEAKER_05]: and and and

[00:29:11] [SPEAKER_05]: know that yes

[00:29:11] [SPEAKER_05]: I am going to

[00:29:12] [SPEAKER_05]: have to associate

[00:29:13] [SPEAKER_05]: for an unknown

[00:29:15] [SPEAKER_05]: period of time

[00:29:16] [SPEAKER_05]: and that's OK.

[00:29:17] [SPEAKER_02]: Yeah I say most

[00:29:19] [SPEAKER_02]: of our successful

[00:29:19] [SPEAKER_02]: startups have have

[00:29:21] [SPEAKER_02]: associate gigs

[00:29:21] [SPEAKER_02]: when they get open.

[00:29:23] [SPEAKER_02]: I do know one startup

[00:29:25] [SPEAKER_02]: and that was actually

[00:29:26] [SPEAKER_02]: part of their loan deal

[00:29:27] [SPEAKER_02]: as they required him

[00:29:28] [SPEAKER_02]: to work one or two

[00:29:29] [SPEAKER_02]: days a week

[00:29:30] [SPEAKER_02]: as an associate

[00:29:31] [SPEAKER_02]: until collections

[00:29:32] [SPEAKER_02]: got to a certain point

[00:29:33] [SPEAKER_02]: or something like that.

[00:29:35] [SPEAKER_02]: But you know what are

[00:29:37] [SPEAKER_02]: to shift gears a moment

[00:29:39] [SPEAKER_02]: outside of just startups

[00:29:41] [SPEAKER_02]: you know what are

[00:29:42] [SPEAKER_02]: the big variables

[00:29:43] [SPEAKER_02]: to look at from

[00:29:44] [SPEAKER_02]: lender to lender.

[00:29:45] [SPEAKER_02]: I think the big ones

[00:29:46] [SPEAKER_02]: are you know

[00:29:47] [SPEAKER_02]: my interest rate

[00:29:48] [SPEAKER_02]: and how much money

[00:29:50] [SPEAKER_02]: can I get approved for.

[00:29:51] [SPEAKER_02]: Is there a

[00:29:52] [SPEAKER_02]: big spectrum of sway

[00:29:54] [SPEAKER_02]: from lender to lender

[00:29:55] [SPEAKER_02]: and interest rates.

[00:29:57] [SPEAKER_02]: Is there a big sway

[00:29:58] [SPEAKER_02]: and how much money

[00:29:59] [SPEAKER_02]: I get approved for.

[00:30:00] [SPEAKER_02]: So let's talk on that

[00:30:01] [SPEAKER_02]: and also what are

[00:30:03] [SPEAKER_02]: the other variables

[00:30:04] [SPEAKER_02]: that maybe the

[00:30:05] [SPEAKER_02]: uneducated consumer

[00:30:06] [SPEAKER_02]: or new to this

[00:30:08] [SPEAKER_02]: maybe aren't looking for.

[00:30:09] [SPEAKER_05]: So let's stick with

[00:30:10] [SPEAKER_05]: let's simplify it

[00:30:12] [SPEAKER_05]: for our audience.

[00:30:13] [SPEAKER_05]: You have let's assume

[00:30:15] [SPEAKER_05]: we're talking to

[00:30:16] [SPEAKER_05]: the main dental lenders.

[00:30:18] [SPEAKER_05]: So within the main

[00:30:19] [SPEAKER_05]: dental lenders

[00:30:19] [SPEAKER_05]: for the most part

[00:30:20] [SPEAKER_05]: interest rates

[00:30:21] [SPEAKER_05]: are going to be

[00:30:23] [SPEAKER_05]: in the same ballpark.

[00:30:25] [SPEAKER_05]: Now you can

[00:30:26] [SPEAKER_05]: you can magnify

[00:30:27] [SPEAKER_05]: a moment in time

[00:30:29] [SPEAKER_05]: where there could be

[00:30:30] [SPEAKER_05]: a lot of variance.

[00:30:31] [SPEAKER_05]: We've been in

[00:30:33] [SPEAKER_05]: an interesting economy

[00:30:34] [SPEAKER_05]: and we've been in

[00:30:36] [SPEAKER_05]: an interesting

[00:30:38] [SPEAKER_05]: rate environment for

[00:30:39] [SPEAKER_05]: like you know

[00:30:40] [SPEAKER_05]: kind of since Covid.

[00:30:41] [SPEAKER_05]: Yeah right.

[00:30:42] [SPEAKER_05]: So if you were to

[00:30:44] [SPEAKER_05]: if you were to take

[00:30:45] [SPEAKER_05]: these last couple of years

[00:30:46] [SPEAKER_05]: you'd see rates go up

[00:30:47] [SPEAKER_05]: see them come back down

[00:30:49] [SPEAKER_05]: and see them go up

[00:30:50] [SPEAKER_05]: they're actually

[00:30:50] [SPEAKER_05]: on the way back down

[00:30:51] [SPEAKER_05]: right now and hopefully

[00:30:52] [SPEAKER_05]: they continue to

[00:30:53] [SPEAKER_05]: to head that direction.

[00:30:55] [SPEAKER_05]: But in general

[00:30:57] [SPEAKER_05]: rates are going to be

[00:30:58] [SPEAKER_05]: in the same ballpark.

[00:31:00] [SPEAKER_05]: Then there's factors

[00:31:01] [SPEAKER_05]: where every deal is different.

[00:31:03] [SPEAKER_05]: Right.

[00:31:04] [SPEAKER_05]: Some banks use

[00:31:05] [SPEAKER_05]: just a flat

[00:31:07] [SPEAKER_05]: interest rate

[00:31:08] [SPEAKER_05]: like if you're

[00:31:08] [SPEAKER_05]: if you're approved

[00:31:09] [SPEAKER_05]: this is what you're going to get

[00:31:10] [SPEAKER_05]: and then some banks

[00:31:12] [SPEAKER_05]: use what's called

[00:31:13] [SPEAKER_05]: risk rating

[00:31:14] [SPEAKER_05]: which is based on

[00:31:15] [SPEAKER_05]: how much risk

[00:31:16] [SPEAKER_05]: is involved in the deal.

[00:31:17] [SPEAKER_05]: The interest rate will be

[00:31:19] [SPEAKER_05]: you know

[00:31:20] [SPEAKER_05]: corresponding.

[00:31:21] [SPEAKER_05]: Appropriate.

[00:31:21] [SPEAKER_05]: Correct.

[00:31:22] [SPEAKER_05]: And

[00:31:24] [SPEAKER_05]: I think some of those

[00:31:25] [SPEAKER_05]: factors that are going to

[00:31:26] [SPEAKER_05]: influence that is

[00:31:27] [SPEAKER_05]: doctors personal

[00:31:28] [SPEAKER_05]: financial statement

[00:31:29] [SPEAKER_05]: right.

[00:31:30] [SPEAKER_05]: Stronger their personal

[00:31:31] [SPEAKER_05]: financial statement

[00:31:32] [SPEAKER_05]: the less risk they are

[00:31:33] [SPEAKER_05]: individually.

[00:31:35] [SPEAKER_05]: Second would be

[00:31:36] [SPEAKER_05]: the startup.

[00:31:37] [SPEAKER_05]: If you need

[00:31:39] [SPEAKER_05]: if you have grandiose plans

[00:31:41] [SPEAKER_05]: to do a million dollar

[00:31:42] [SPEAKER_05]: startup

[00:31:43] [SPEAKER_05]: you're going to pay

[00:31:44] [SPEAKER_05]: a higher interest rate

[00:31:44] [SPEAKER_05]: for that because

[00:31:45] [SPEAKER_05]: that bank is

[00:31:46] [SPEAKER_05]: they're going way outside of

[00:31:49] [SPEAKER_05]: they're going way outside

[00:31:50] [SPEAKER_05]: of the norm

[00:31:52] [SPEAKER_05]: and outside of the norm

[00:31:53] [SPEAKER_05]: means there's

[00:31:54] [SPEAKER_05]: there's more unknown

[00:31:55] [SPEAKER_05]: variables.

[00:31:55] [SPEAKER_05]: So you're going to pay a

[00:31:56] [SPEAKER_05]: higher interest rate for that

[00:31:57] [SPEAKER_05]: but you're going to

[00:31:59] [SPEAKER_05]: also

[00:32:00] [SPEAKER_05]: you're going to

[00:32:01] [SPEAKER_05]: to basically have a reward

[00:32:02] [SPEAKER_05]: from that right.

[00:32:03] [SPEAKER_05]: If you're doing a million

[00:32:04] [SPEAKER_05]: dollar startup

[00:32:05] [SPEAKER_05]: you're probably

[00:32:06] [SPEAKER_05]: equipping eight

[00:32:07] [SPEAKER_05]: operatories

[00:32:08] [SPEAKER_05]: right.

[00:32:09] [SPEAKER_05]: Eight operatories

[00:32:10] [SPEAKER_05]: if you're collecting

[00:32:10] [SPEAKER_05]: two hundred and fifty

[00:32:11] [SPEAKER_05]: thousand a year out of

[00:32:12] [SPEAKER_05]: eight operatories

[00:32:13] [SPEAKER_05]: that's two million dollars

[00:32:14] [SPEAKER_05]: a year in revenue.

[00:32:15] [SPEAKER_05]: If you're doing

[00:32:17] [SPEAKER_05]: what the typical doctor

[00:32:18] [SPEAKER_05]: is doing today

[00:32:18] [SPEAKER_05]: where they maybe have

[00:32:19] [SPEAKER_05]: three operatories

[00:32:20] [SPEAKER_05]: equipped

[00:32:21] [SPEAKER_05]: you're capping yourself

[00:32:22] [SPEAKER_05]: somewhere around

[00:32:23] [SPEAKER_05]: seven hundred and fifty

[00:32:24] [SPEAKER_05]: thousand in collections.

[00:32:26] [SPEAKER_05]: So your ceiling

[00:32:27] [SPEAKER_05]: over here

[00:32:28] [SPEAKER_05]: is way different than

[00:32:30] [SPEAKER_05]: if you're doing a million

[00:32:31] [SPEAKER_05]: dollar loan.

[00:32:32] [SPEAKER_01]: Right.

[00:32:33] [SPEAKER_05]: So the

[00:32:34] [SPEAKER_05]: everything comes at a cost

[00:32:36] [SPEAKER_05]: right.

[00:32:36] [SPEAKER_05]: If I make two million

[00:32:37] [SPEAKER_05]: dollars a year

[00:32:38] [SPEAKER_05]: and I paid

[00:32:40] [SPEAKER_05]: a half a percent more

[00:32:41] [SPEAKER_05]: in interest

[00:32:42] [SPEAKER_05]: the amount of money

[00:32:44] [SPEAKER_05]: I made at the end of the day

[00:32:46] [SPEAKER_05]: paid for that half a percent

[00:32:47] [SPEAKER_05]: interest rate

[00:32:48] [SPEAKER_05]: over and over

[00:32:49] [SPEAKER_05]: and over again.

[00:32:50] [SPEAKER_05]: So there's

[00:32:53] [SPEAKER_05]: there's

[00:32:53] [SPEAKER_05]: there's a lot of variables

[00:32:54] [SPEAKER_05]: on what will impact

[00:32:55] [SPEAKER_05]: the interest rate.

[00:32:57] [SPEAKER_05]: Loan sizes

[00:32:58] [SPEAKER_05]: we've talked about that

[00:32:59] [SPEAKER_05]: a little bit right.

[00:33:02] [SPEAKER_05]: If we're talking

[00:33:03] [SPEAKER_05]: about the startup world

[00:33:04] [SPEAKER_05]: again the average right now

[00:33:06] [SPEAKER_05]: is seven hundred and fifty

[00:33:07] [SPEAKER_05]: to eight hundred thousand.

[00:33:08] [SPEAKER_05]: If we're looking at acquisitions

[00:33:10] [SPEAKER_05]: typically the banks

[00:33:11] [SPEAKER_05]: are going to say hey

[00:33:13] [SPEAKER_05]: whatever the practice

[00:33:14] [SPEAKER_05]: collected

[00:33:15] [SPEAKER_05]: that is the most

[00:33:16] [SPEAKER_05]: we will lend.

[00:33:17] [SPEAKER_05]: Right.

[00:33:17] [SPEAKER_05]: So if the office collected

[00:33:19] [SPEAKER_05]: a million

[00:33:19] [SPEAKER_05]: the maximum loan size

[00:33:21] [SPEAKER_05]: you're going to get is a million.

[00:33:23] [SPEAKER_05]: You know some lenders

[00:33:24] [SPEAKER_05]: will cap that at 90 percent

[00:33:26] [SPEAKER_05]: maybe 85 percent.

[00:33:29] [SPEAKER_05]: One thing that

[00:33:30] [SPEAKER_05]: provide does that's unique

[00:33:33] is

[00:33:33] [SPEAKER_05]: DSOs right.

[00:33:35] [SPEAKER_05]: DSOs have come into

[00:33:36] [SPEAKER_05]: the market for the last

[00:33:37] [SPEAKER_05]: several years

[00:33:38] [SPEAKER_05]: and they're known to pay

[00:33:39] [SPEAKER_05]: three four five times

[00:33:41] [SPEAKER_05]: EBITDA.

[00:33:42] [SPEAKER_05]: Which sometimes can be

[00:33:43] [SPEAKER_05]: two hundred percent of collections.

[00:33:45] [SPEAKER_02]: Yeah.

[00:33:46] [SPEAKER_05]: And

[00:33:47] [SPEAKER_05]: what we've tried to do

[00:33:49] [SPEAKER_05]: is continue like we always have

[00:33:51] [SPEAKER_05]: to be there for the dentist.

[00:33:53] [SPEAKER_05]: How can we help these individual dentists

[00:33:56] [SPEAKER_05]: achieve their goals.

[00:33:58] [SPEAKER_05]: So to try to give them an opportunity

[00:33:59] [SPEAKER_05]: to compete with the DSOs

[00:34:01] [SPEAKER_05]: we can go to one hundred and

[00:34:03] [SPEAKER_05]: twenty percent of collections.

[00:34:04] [SPEAKER_05]: Oh wow.

[00:34:05] [SPEAKER_05]: Right. So to give them a fighting

[00:34:06] [SPEAKER_05]: chance to be able to

[00:34:08] [SPEAKER_05]: acquire that office.

[00:34:09] [SPEAKER_02]: And hopefully that has an impact

[00:34:11] [SPEAKER_02]: on the whole market and industry

[00:34:13] [SPEAKER_02]: like how you guys

[00:34:14] [SPEAKER_02]: started giving people more money

[00:34:16] [SPEAKER_02]: and everybody else followed suit.

[00:34:17] [SPEAKER_02]: Hopefully it follows

[00:34:19] [SPEAKER_02]: that way in the acquisition market as

[00:34:20] [SPEAKER_02]: well.

[00:34:21] [SPEAKER_05]: That's right.

[00:34:21] [SPEAKER_05]: Right. So going back to a topic

[00:34:23] [SPEAKER_05]: we we took we spoke about earlier

[00:34:26] [SPEAKER_05]: that 100 percent of collections

[00:34:27] [SPEAKER_05]: that's one of those things that

[00:34:29] [SPEAKER_05]: were put in place

[00:34:31] [SPEAKER_05]: and left in place.

[00:34:33] [SPEAKER_05]: Right. Why is it 100 percent of

[00:34:35] [SPEAKER_05]: collections.

[00:34:36] [SPEAKER_05]: Well that's just the way it is.

[00:34:38] [SPEAKER_05]: Right.

[00:34:39] [SPEAKER_05]: From strictly a financial

[00:34:41] [SPEAKER_05]: standpoint the argument is

[00:34:43] [SPEAKER_05]: well OK.

[00:34:44] [SPEAKER_05]: We have an office that

[00:34:46] [SPEAKER_05]: is collecting a million dollars

[00:34:48] [SPEAKER_05]: but it has a profit margin

[00:34:50] [SPEAKER_05]: of 60 percent

[00:34:52] [SPEAKER_05]: which is fantastic.

[00:34:55] [SPEAKER_05]: Well and then a bank

[00:34:57] [SPEAKER_05]: says well we're only going to give

[00:34:58] [SPEAKER_05]: you a million dollars because it's

[00:35:00] [SPEAKER_05]: collecting a million.

[00:35:01] [SPEAKER_05]: If that same office were

[00:35:02] [SPEAKER_05]: collecting two million

[00:35:03] [SPEAKER_05]: and had that same six hundred

[00:35:05] [SPEAKER_05]: thousand dollars in

[00:35:07] [SPEAKER_05]: profit margin the bank

[00:35:09] [SPEAKER_05]: would say oh it's collecting two

[00:35:11] [SPEAKER_05]: million so we can look to lend

[00:35:12] [SPEAKER_05]: you up to two million.

[00:35:14] [SPEAKER_05]: Right. So that's where

[00:35:16] [SPEAKER_05]: we've tried to use the logic

[00:35:17] [SPEAKER_05]: and reason to stretch

[00:35:19] [SPEAKER_05]: those borders and be able

[00:35:21] [SPEAKER_05]: to give these doctors a chance to

[00:35:23] [SPEAKER_05]: to pay what is really

[00:35:25] [SPEAKER_05]: you know arguably fair market

[00:35:27] [SPEAKER_05]: value based on how profitable

[00:35:29] [SPEAKER_05]: business is.

[00:35:30] [SPEAKER_05]: Yes that's what

[00:35:31] [SPEAKER_05]: that's what is the profit of a

[00:35:33] [SPEAKER_05]: business is really the most

[00:35:35] [SPEAKER_05]: valuable part of it.

[00:35:36] [SPEAKER_02]: Yeah totally.

[00:35:39] [SPEAKER_02]: So the other part of the question

[00:35:41] [SPEAKER_02]: is not just variables

[00:35:43] [SPEAKER_02]: in the loan but like

[00:35:45] [SPEAKER_02]: you could call them variables.

[00:35:47] [SPEAKER_02]: What makes you unique your USP

[00:35:50] [SPEAKER_02]: is

[00:35:52] [SPEAKER_02]: compared to the traditional

[00:35:53] [SPEAKER_02]: banking.

[00:35:54] [SPEAKER_02]: If I was sitting in front of

[00:35:56] [SPEAKER_02]: your table right now I'm not

[00:35:57] [SPEAKER_02]: Harrison at hip on a podcast.

[00:36:00] [SPEAKER_02]: I'm shopping around lenders.

[00:36:02] [SPEAKER_02]: What what's the pitch.

[00:36:04] [SPEAKER_02]: Why why am I coming to provide.

[00:36:05] [SPEAKER_02]: I think we've all seen

[00:36:07] [SPEAKER_02]: the benefits of working with

[00:36:09] [SPEAKER_02]: like a fintech company over

[00:36:10] [SPEAKER_02]: traditional banking that you

[00:36:12] [SPEAKER_02]: guys are not in

[00:36:13] [SPEAKER_02]: to the same box but maybe

[00:36:15] [SPEAKER_02]: pencil to paper.

[00:36:17] [SPEAKER_02]: What are the big differentiators

[00:36:19] [SPEAKER_02]: that really sell the sell the

[00:36:20] [SPEAKER_02]: product.

[00:36:22] [SPEAKER_05]: Starts with the technology

[00:36:23] [SPEAKER_05]: right that techno technology

[00:36:25] [SPEAKER_05]: is speed how quickly we can

[00:36:26] [SPEAKER_05]: move time is money period

[00:36:28] [SPEAKER_05]: if you are looking to

[00:36:31] [SPEAKER_05]: start a business or acquire a

[00:36:33] [SPEAKER_05]: business every day that

[00:36:34] [SPEAKER_05]: goes by is

[00:36:36] [SPEAKER_05]: money lost that you'll never

[00:36:38] [SPEAKER_05]: be able to recoup opportunity

[00:36:39] [SPEAKER_05]: costs is the economic term.

[00:36:41] [SPEAKER_05]: Right.

[00:36:42] [SPEAKER_05]: So if it takes you an extra

[00:36:44] [SPEAKER_05]: 30 or 60 or 90 days

[00:36:46] [SPEAKER_05]: to start to open your doors

[00:36:47] [SPEAKER_05]: or to acquire that practice

[00:36:50] [SPEAKER_05]: well that that that

[00:36:52] [SPEAKER_05]: startup world that's growth

[00:36:54] [SPEAKER_05]: time.

[00:36:54] [SPEAKER_05]: Right. Right.

[00:36:55] [SPEAKER_05]: You're now 30 60 90

[00:36:57] [SPEAKER_05]: days behind growth and you

[00:36:58] [SPEAKER_05]: can never go back in time

[00:36:59] [SPEAKER_05]: and recoup that acquisition

[00:37:01] [SPEAKER_05]: world.

[00:37:02] [SPEAKER_05]: You're now you missed out on

[00:37:04] [SPEAKER_05]: 30 60 90 days of owner

[00:37:06] [SPEAKER_05]: comp.

[00:37:06] [SPEAKER_05]: Right.

[00:37:06] [SPEAKER_05]: And if we're buying a healthy

[00:37:07] [SPEAKER_05]: practice that could be one

[00:37:09] [SPEAKER_05]: hundred thousand dollars of

[00:37:10] [SPEAKER_05]: loss.

[00:37:10] [SPEAKER_05]: I mean it's all relative to the

[00:37:12] [SPEAKER_05]: size of the practice you're

[00:37:13] [SPEAKER_05]: buying but it literally could

[00:37:14] [SPEAKER_05]: be hundreds of thousands of

[00:37:15] [SPEAKER_05]: dollars of lost income

[00:37:17] [SPEAKER_05]: that you can't go back in

[00:37:18] [SPEAKER_05]: time and get.

[00:37:20] [SPEAKER_05]: So the technology allows

[00:37:22] [SPEAKER_05]: us to.

[00:37:24] [SPEAKER_05]: It's all electronic right.

[00:37:25] [SPEAKER_05]: There's no there's no

[00:37:26] [SPEAKER_05]: documents you print off you

[00:37:28] [SPEAKER_05]: sign and scan them in

[00:37:30] [SPEAKER_05]: you know that headache right.

[00:37:32] [SPEAKER_05]: Old school.

[00:37:33] [SPEAKER_05]: And so you can literally

[00:37:34] [SPEAKER_05]: go in you can complete your

[00:37:36] [SPEAKER_05]: application from your phone.

[00:37:37] [SPEAKER_02]: Wow.

[00:37:38] [SPEAKER_05]: Right.

[00:37:39] [SPEAKER_05]: Or you obviously your

[00:37:40] [SPEAKER_05]: computer or iPad but you can

[00:37:41] [SPEAKER_05]: literally do it from your

[00:37:42] [SPEAKER_05]: phone.

[00:37:42] [SPEAKER_05]: You can complete your

[00:37:43] [SPEAKER_05]: application and you know 30

[00:37:45] [SPEAKER_05]: to 45 minutes

[00:37:47] [SPEAKER_05]: and then the underwriting

[00:37:48] [SPEAKER_05]: time frame because of our

[00:37:49] [SPEAKER_05]: technology

[00:37:50] [SPEAKER_05]: and our people which are

[00:37:52] [SPEAKER_05]: people is kind of our

[00:37:53] [SPEAKER_05]: second piece to add to this

[00:37:55] [SPEAKER_05]: equation where our

[00:37:56] [SPEAKER_05]: underwriting time frame

[00:37:58] [SPEAKER_05]: today is four to five

[00:38:00] [SPEAKER_05]: business days where we can

[00:38:01] [SPEAKER_05]: have an approval.

[00:38:01] [SPEAKER_05]: Wow.

[00:38:02] [SPEAKER_05]: Super fast weeks ahead of

[00:38:04] [SPEAKER_02]: average super fast

[00:38:05] [SPEAKER_05]: and then closing time frame

[00:38:07] [SPEAKER_05]: again start up different

[00:38:09] [SPEAKER_05]: beast and an acquisition.

[00:38:10] [SPEAKER_05]: We can close on an acquisition

[00:38:12] [SPEAKER_05]: in three to four weeks.

[00:38:13] [SPEAKER_05]: Wow.

[00:38:14] [SPEAKER_05]: Super fast.

[00:38:15] [SPEAKER_05]: Where you can't even a lot of

[00:38:16] [SPEAKER_05]: times close on homes this

[00:38:17] [SPEAKER_05]: quick.

[00:38:18] [SPEAKER_05]: Kidding.

[00:38:19] [SPEAKER_05]: Startup world.

[00:38:20] [SPEAKER_05]: You're of course building a

[00:38:21] [SPEAKER_05]: business.

[00:38:22] [SPEAKER_05]: You're right.

[00:38:23] [SPEAKER_05]: You're knocking you might be

[00:38:24] [SPEAKER_05]: gutting a space

[00:38:26] [SPEAKER_05]: doing the tenant improvements

[00:38:27] [SPEAKER_05]: and bringing the equipment

[00:38:28] [SPEAKER_05]: in

[00:38:30] [SPEAKER_05]: and you're subject to

[00:38:32] [SPEAKER_05]: the contractors getting their

[00:38:33] [SPEAKER_05]: piece done the

[00:38:35] [SPEAKER_05]: county with their permitting.

[00:38:38] [SPEAKER_05]: So there's variables at play

[00:38:39] [SPEAKER_05]: there that we cannot control

[00:38:41] [SPEAKER_05]: but that time frame

[00:38:43] [SPEAKER_05]: from our standpoint

[00:38:45] [SPEAKER_05]: were able to move light

[00:38:47] [SPEAKER_05]: years quicker than anybody

[00:38:48] [SPEAKER_05]: else because of our

[00:38:48] [SPEAKER_05]: technology.

[00:38:49] [SPEAKER_05]: Second piece I tell doctors

[00:38:51] [SPEAKER_05]: about is our people

[00:38:53] [SPEAKER_05]: even though we're a

[00:38:55] [SPEAKER_05]: relatively newer company

[00:38:57] [SPEAKER_05]: a bulk of our the people

[00:38:59] [SPEAKER_05]: that provide have brought

[00:39:00] [SPEAKER_05]: has brought on to the

[00:39:01] [SPEAKER_05]: team have over a decade of

[00:39:03] [SPEAKER_05]: lending experience.

[00:39:04] [SPEAKER_05]: So that's people like myself

[00:39:06] [SPEAKER_05]: who are out here talking

[00:39:07] [SPEAKER_05]: with the doctors who are out

[00:39:08] [SPEAKER_05]: here talking with people like

[00:39:09] [SPEAKER_05]: you and then our credit

[00:39:11] [SPEAKER_05]: analyst who are the ones who

[00:39:12] [SPEAKER_05]: are underwriting the deal.

[00:39:14] [SPEAKER_05]: Right.

[00:39:14] [SPEAKER_05]: So when the analyst picks up

[00:39:16] [SPEAKER_05]: Harrison's deal

[00:39:17] [SPEAKER_05]: and says OK Harrison is

[00:39:19] [SPEAKER_05]: asking to start an office.

[00:39:21] [SPEAKER_05]: Here's Harrison's personal

[00:39:23] [SPEAKER_05]: financial statement.

[00:39:24] [SPEAKER_05]: Here's the space.

[00:39:25] [SPEAKER_05]: Here's the rent.

[00:39:26] [SPEAKER_05]: Here's how much they need for

[00:39:27] [SPEAKER_05]: equipment.

[00:39:28] [SPEAKER_05]: Here's how much they need for

[00:39:29] [SPEAKER_05]: tenant improvements.

[00:39:31] [SPEAKER_05]: They've looked at a deal

[00:39:32] [SPEAKER_05]: like that thousands

[00:39:34] [SPEAKER_05]: and thousands of times.

[00:39:36] [SPEAKER_05]: So and it's dental specific

[00:39:38] [SPEAKER_05]: dental specific.

[00:39:39] [SPEAKER_05]: Correct.

[00:39:40] [SPEAKER_05]: So that analyst is looking at

[00:39:41] [SPEAKER_05]: it whereas what can happen

[00:39:43] [SPEAKER_05]: outside of the dental world

[00:39:45] [SPEAKER_05]: is an analyst looks at

[00:39:47] [SPEAKER_05]: it and they just got done

[00:39:48] [SPEAKER_05]: looking at somebody who's asking

[00:39:50] [SPEAKER_05]: to start a landscaping

[00:39:51] [SPEAKER_05]: business.

[00:39:52] [SPEAKER_05]: Right.

[00:39:52] [SPEAKER_05]: And the person before that

[00:39:54] [SPEAKER_05]: wanted to start a gym.

[00:39:55] [SPEAKER_03]: Hmm.

[00:39:56] [SPEAKER_05]: All right. So they're kind of

[00:39:57] [SPEAKER_05]: putting puzzle pieces

[00:39:58] [SPEAKER_05]: together for the first

[00:40:00] [SPEAKER_05]: time.

[00:40:01] [SPEAKER_05]: So our credit analyst

[00:40:02] [SPEAKER_05]: the majority of them have an

[00:40:04] [SPEAKER_05]: extensive background.

[00:40:05] [SPEAKER_05]: Great people.

[00:40:06] [SPEAKER_05]: They want to get deals

[00:40:08] [SPEAKER_05]: done.

[00:40:09] [SPEAKER_05]: They're going to be reasonable.

[00:40:10] [SPEAKER_05]: They're going to also

[00:40:11] [SPEAKER_05]: mitigate risk.

[00:40:12] [SPEAKER_05]: But they're looking at deals

[00:40:14] [SPEAKER_05]: knowing that the dental

[00:40:15] [SPEAKER_05]: world right the dental

[00:40:17] [SPEAKER_05]: industry only in practice

[00:40:18] [SPEAKER_05]: wildly successful default

[00:40:21] [SPEAKER_05]: rates and dental loans

[00:40:23] [SPEAKER_05]: the second or third lowest

[00:40:25] [SPEAKER_05]: industry in the entire

[00:40:27] [SPEAKER_05]: country.

[00:40:28] [SPEAKER_02]: Dell was saying something about

[00:40:29] [SPEAKER_02]: that actually when he was

[00:40:30] [SPEAKER_02]: here too.

[00:40:30] [SPEAKER_05]: So like the number one is

[00:40:32] [SPEAKER_05]: funeral homes right.

[00:40:33] [SPEAKER_05]: Funeral homes seem to

[00:40:35] [SPEAKER_05]: never go out of business

[00:40:35] [SPEAKER_05]: because we have longevity.

[00:40:40] [SPEAKER_05]: But the the

[00:40:41] [SPEAKER_05]: the dental world's very

[00:40:44] [SPEAKER_05]: owning a practice is one

[00:40:45] [SPEAKER_05]: of the safest investments

[00:40:47] [SPEAKER_05]: you can make.

[00:40:48] [SPEAKER_05]: So then from our people

[00:40:50] [SPEAKER_05]: we go to our product

[00:40:52] [SPEAKER_05]: offering right.

[00:40:52] [SPEAKER_05]: And we've touched about

[00:40:53] [SPEAKER_05]: we touched on our products

[00:40:55] [SPEAKER_05]: on a few different levels

[00:40:57] [SPEAKER_05]: but the type of loans

[00:40:59] [SPEAKER_05]: that we're able to put

[00:40:59] [SPEAKER_05]: together the things

[00:41:01] [SPEAKER_05]: we're able to say yes to

[00:41:02] [SPEAKER_05]: for doctors

[00:41:05] [SPEAKER_05]: we're we're second to

[00:41:06] [SPEAKER_05]: none right.

[00:41:07] [SPEAKER_05]: We're continually stretching

[00:41:08] [SPEAKER_05]: that space

[00:41:09] [SPEAKER_05]: and we've talked about

[00:41:11] [SPEAKER_05]: acquisitions we talked about

[00:41:12] [SPEAKER_05]: startups what we haven't

[00:41:14] [SPEAKER_05]: gotten into yet

[00:41:15] [SPEAKER_05]: and I know we're going to

[00:41:16] [SPEAKER_05]: is those doctors who do

[00:41:18] [SPEAKER_05]: want to grow right.

[00:41:19] [SPEAKER_05]: Additional locations

[00:41:20] [SPEAKER_05]: whether you're starting an

[00:41:21] [SPEAKER_05]: additional location from

[00:41:22] [SPEAKER_05]: scratch or you're buying

[00:41:24] [SPEAKER_05]: a dish on a location

[00:41:25] [SPEAKER_05]: from a doctor who's ready

[00:41:26] [SPEAKER_05]: to sell

[00:41:28] [SPEAKER_05]: ground up construction where

[00:41:29] [SPEAKER_05]: you need to buy land

[00:41:30] [SPEAKER_05]: you need to build

[00:41:31] [SPEAKER_05]: and then you need to equip

[00:41:33] [SPEAKER_05]: that space

[00:41:35] [SPEAKER_05]: the type of loan offerings

[00:41:37] [SPEAKER_05]: that products that we're

[00:41:38] [SPEAKER_05]: able to put together.

[00:41:39] [SPEAKER_05]: We've continued to lead

[00:41:40] [SPEAKER_05]: the way.

[00:41:41] [SPEAKER_05]: Yeah right.

[00:41:42] [SPEAKER_05]: So on a very

[00:41:44] [SPEAKER_05]: simple level

[00:41:45] [SPEAKER_05]: and we can go into

[00:41:46] [SPEAKER_05]: whatever questions you have

[00:41:47] [SPEAKER_05]: on this.

[00:41:47] [SPEAKER_02]: Let's get into establish

[00:41:49] [SPEAKER_02]: doctors that will grow

[00:41:50] [SPEAKER_02]: because I think we have

[00:41:51] [SPEAKER_02]: a lot of those people

[00:41:52] [SPEAKER_02]: in our audience.

[00:41:54] [SPEAKER_02]: I'll let you take it

[00:41:55] [SPEAKER_02]: but some of the things

[00:41:56] [SPEAKER_02]: that you and your friend

[00:41:58] [SPEAKER_02]: Jacob who works the

[00:41:59] [SPEAKER_02]: Atlanta area Georgia area

[00:42:01] [SPEAKER_02]: that were telling me with

[00:42:03] [SPEAKER_02]: you know hey

[00:42:05] [SPEAKER_02]: there's no buildings available.

[00:42:06] [SPEAKER_02]: I want to buy some dirt.

[00:42:07] [SPEAKER_02]: Some of the things that

[00:42:08] [SPEAKER_02]: you guys have told me

[00:42:08] [SPEAKER_02]: you've been able to do

[00:42:09] [SPEAKER_02]: or I mean incredible.

[00:42:11] [SPEAKER_02]: So I don't want to steal

[00:42:11] [SPEAKER_02]: the thunder on that

[00:42:12] [SPEAKER_02]: but let's talk about

[00:42:13] [SPEAKER_02]: existing doctor

[00:42:15] [SPEAKER_02]: or already an owner.

[00:42:17] [SPEAKER_02]: I want to expand.

[00:42:18] [SPEAKER_02]: I want to grow more

[00:42:19] [SPEAKER_02]: locations.

[00:42:20] [SPEAKER_02]: Let's talk acquisition.

[00:42:22] [SPEAKER_02]: Let's talk expansion.

[00:42:23] [SPEAKER_02]: Let's talk renovation.

[00:42:25] [SPEAKER_02]: Let's talk buying dirt.

[00:42:27] [SPEAKER_05]: OK this is where the

[00:42:29] [SPEAKER_05]: conversations get fun for me

[00:42:30] [SPEAKER_05]: doing this for well over a

[00:42:32] [SPEAKER_05]: decade and

[00:42:33] [SPEAKER_05]: I love helping that doctor

[00:42:35] [SPEAKER_05]: for the first time.

[00:42:37] [SPEAKER_05]: Even more exciting is

[00:42:39] [SPEAKER_05]: watching a doctor go

[00:42:40] [SPEAKER_05]: from one location to two

[00:42:42] [SPEAKER_05]: to three to four to five

[00:42:43] [SPEAKER_05]: so on because those

[00:42:45] [SPEAKER_05]: happen on such a small level.

[00:42:49] Right.

[00:42:49] [SPEAKER_05]: And you may have a lot

[00:42:50] [SPEAKER_05]: of doctors who say

[00:42:51] [SPEAKER_05]: yeah I do want to be

[00:42:52] [SPEAKER_05]: a multi-practice owner

[00:42:53] [SPEAKER_05]: and then they'll get

[00:42:54] [SPEAKER_05]: their first office

[00:42:55] [SPEAKER_05]: and they say you know what

[00:42:56] [SPEAKER_05]: I kind of like

[00:42:57] [SPEAKER_05]: my one office

[00:42:58] [SPEAKER_05]: my work life balance

[00:43:00] [SPEAKER_05]: is where I want it to be

[00:43:01] [SPEAKER_05]: and I want to

[00:43:02] [SPEAKER_05]: I just want to keep this

[00:43:03] [SPEAKER_05]: office and that's

[00:43:04] [SPEAKER_05]: to each their own right.

[00:43:07] [SPEAKER_05]: Those doctors who are ready

[00:43:08] [SPEAKER_05]: to to to move to

[00:43:10] [SPEAKER_05]: two locations and three

[00:43:11] [SPEAKER_05]: and four and five

[00:43:12] [SPEAKER_05]: that becomes exciting

[00:43:13] [SPEAKER_05]: because you don't get

[00:43:15] [SPEAKER_05]: to work with those

[00:43:15] [SPEAKER_05]: doctors a lot right.

[00:43:16] [SPEAKER_05]: So it's new it's different.

[00:43:20] [SPEAKER_05]: When we look at

[00:43:21] [SPEAKER_05]: ground up construction

[00:43:23] [SPEAKER_05]: you have the

[00:43:24] [SPEAKER_05]: the land that you need to

[00:43:26] [SPEAKER_05]: buy which lands not

[00:43:27] [SPEAKER_05]: cheap right now.

[00:43:29] [SPEAKER_05]: You need

[00:43:29] [SPEAKER_05]: ground up construction

[00:43:31] [SPEAKER_05]: the exterior walls

[00:43:32] [SPEAKER_05]: and the interior walls

[00:43:33] [SPEAKER_05]: and then you need your

[00:43:34] [SPEAKER_05]: equipment

[00:43:36] [SPEAKER_05]: and you may want to

[00:43:38] [SPEAKER_05]: add additional square footage

[00:43:40] [SPEAKER_05]: so that you can rent out

[00:43:42] [SPEAKER_05]: some space right.

[00:43:43] [SPEAKER_05]: Lower that that that cost

[00:43:44] [SPEAKER_05]: of doing business.

[00:43:46] [SPEAKER_05]: We are able to finance

[00:43:47] [SPEAKER_05]: all of that with 100 percent

[00:43:49] [SPEAKER_05]: financing and those

[00:43:50] [SPEAKER_05]: those projects aren't cheap

[00:43:52] [SPEAKER_05]: right.

[00:43:52] [SPEAKER_05]: By time you buy the land

[00:43:53] [SPEAKER_05]: and you take care of

[00:43:54] [SPEAKER_05]: the building

[00:43:56] [SPEAKER_05]: to get that all done

[00:43:57] [SPEAKER_05]: for under three million

[00:43:58] [SPEAKER_05]: you're doing pretty good.

[00:44:00] [SPEAKER_05]: Right.

[00:44:00] [SPEAKER_05]: So we're talking

[00:44:01] [SPEAKER_05]: a big project to take on.

[00:44:04] [SPEAKER_05]: We are able to do 100 percent

[00:44:06] [SPEAKER_05]: financing

[00:44:07] [SPEAKER_05]: the land included

[00:44:08] [SPEAKER_05]: to where a doctor

[00:44:09] [SPEAKER_05]: land included

[00:44:10] [SPEAKER_05]: land included.

[00:44:12] [SPEAKER_05]: So the doctor is able to

[00:44:12] [SPEAKER_05]: hang onto all their cash

[00:44:14] [SPEAKER_05]: whether they want to keep

[00:44:15] [SPEAKER_05]: it in the stock market

[00:44:16] [SPEAKER_05]: so that they can keep on

[00:44:17] [SPEAKER_05]: getting the stock market

[00:44:18] [SPEAKER_05]: gains

[00:44:19] [SPEAKER_05]: not pull money out of

[00:44:20] [SPEAKER_05]: the stock market

[00:44:21] [SPEAKER_05]: so they don't get hit

[00:44:22] [SPEAKER_05]: with the capital gains

[00:44:22] [SPEAKER_05]: taxes.

[00:44:24] [SPEAKER_05]: But to have that safety

[00:44:26] [SPEAKER_05]: net you're able to continue

[00:44:27] [SPEAKER_05]: to keep all this wealth

[00:44:29] [SPEAKER_05]: that you've accrued

[00:44:30] [SPEAKER_05]: while continuing to build

[00:44:32] [SPEAKER_05]: more wealth by

[00:44:34] [SPEAKER_05]: taking on a building

[00:44:36] [SPEAKER_05]: that historically

[00:44:37] [SPEAKER_05]: they're going to appreciate

[00:44:38] [SPEAKER_05]: over time.

[00:44:39] [SPEAKER_05]: So now you're accruing

[00:44:40] [SPEAKER_05]: another asset right.

[00:44:41] [SPEAKER_02]: I haven't seen many people

[00:44:42] [SPEAKER_02]: if any that will finance

[00:44:44] [SPEAKER_02]: that 100 percent

[00:44:46] [SPEAKER_02]: with no cash out of pocket.

[00:44:47] [SPEAKER_05]: Yeah it's pretty rare.

[00:44:48] [SPEAKER_05]: What's typical like 20

[00:44:49] [SPEAKER_05]: percent 20 percent

[00:44:51] [SPEAKER_05]: cash injection.

[00:44:52] [SPEAKER_05]: Sometimes you might have

[00:44:53] [SPEAKER_05]: to buy the land cash

[00:44:54] [SPEAKER_05]: first and then the bank

[00:44:55] [SPEAKER_05]: will say hey we'll take

[00:44:57] [SPEAKER_05]: care of the rest.

[00:44:58] [SPEAKER_02]: But even if I was buying

[00:44:59] [SPEAKER_02]: the land I'm looking at

[00:45:00] [SPEAKER_02]: six figures high

[00:45:01] [SPEAKER_02]: six figures depending on

[00:45:02] [SPEAKER_02]: the location maybe more

[00:45:04] [SPEAKER_05]: possibly seven.

[00:45:05] [SPEAKER_02]: That's what I'm saying.

[00:45:06] [SPEAKER_02]: Right locations to be

[00:45:07] [SPEAKER_02]: seven figure thing out

[00:45:08] [SPEAKER_02]: of my pocket.

[00:45:09] [SPEAKER_05]: So a lot it takes a lot

[00:45:10] [SPEAKER_05]: of people out of the game

[00:45:11] [SPEAKER_05]: because they think that's

[00:45:12] [SPEAKER_05]: the only option they have

[00:45:13] [SPEAKER_05]: and so that's kind of

[00:45:14] [SPEAKER_05]: the education process

[00:45:16] [SPEAKER_05]: right is letting

[00:45:17] [SPEAKER_05]: the market know letting

[00:45:18] [SPEAKER_05]: the dentist know hey

[00:45:19] [SPEAKER_05]: you do have options here.

[00:45:23] [SPEAKER_02]: So long term too

[00:45:25] [SPEAKER_02]: if you're been in

[00:45:26] [SPEAKER_02]: practice two years

[00:45:27] [SPEAKER_02]: or five years

[00:45:29] [SPEAKER_02]: ten years kind of like

[00:45:30] [SPEAKER_02]: we were talking on the

[00:45:31] [SPEAKER_02]: startup getting an

[00:45:32] [SPEAKER_02]: associate gig spending

[00:45:33] [SPEAKER_02]: appropriately saving

[00:45:34] [SPEAKER_02]: appropriately is going

[00:45:35] [SPEAKER_02]: to be a big impact

[00:45:36] [SPEAKER_02]: on future financing.

[00:45:38] [SPEAKER_02]: So now here we are two

[00:45:39] [SPEAKER_02]: five ten years in

[00:45:41] [SPEAKER_02]: practice those

[00:45:43] [SPEAKER_02]: same principles apply.

[00:45:44] [SPEAKER_02]: They sure do.

[00:45:45] [SPEAKER_02]: You know if you're

[00:45:46] [SPEAKER_02]: in an area where

[00:45:47] [SPEAKER_02]: there isn't a lot of

[00:45:48] [SPEAKER_02]: real estate for sale

[00:45:51] [SPEAKER_02]: and you're like man

[00:45:52] [SPEAKER_02]: there's no real

[00:45:53] [SPEAKER_02]: estate for sale

[00:45:53] [SPEAKER_02]: and I don't have 20

[00:45:54] [SPEAKER_02]: percent to go into a

[00:45:55] [SPEAKER_02]: three to four to five

[00:45:56] [SPEAKER_02]: million dollar project.

[00:45:57] [SPEAKER_02]: I guess I'll just stay

[00:45:58] [SPEAKER_02]: in my one office.

[00:46:01] [SPEAKER_02]: It sounds like you guys

[00:46:02] [SPEAKER_02]: can make a big impact

[00:46:03] [SPEAKER_02]: there.

[00:46:03] [SPEAKER_05]: That's exactly right.

[00:46:04] [SPEAKER_05]: Yeah you hit the nail

[00:46:05] [SPEAKER_05]: on the head.

[00:46:06] [SPEAKER_05]: Add those principles

[00:46:07] [SPEAKER_05]: are they're always

[00:46:09] [SPEAKER_05]: going to be there

[00:46:09] [SPEAKER_05]: and you know you

[00:46:11] [SPEAKER_05]: can plan right.

[00:46:13] [SPEAKER_05]: You can have a vision

[00:46:14] [SPEAKER_05]: and that vision can

[00:46:15] [SPEAKER_05]: change and sometimes

[00:46:16] [SPEAKER_05]: something may come into

[00:46:18] [SPEAKER_05]: to play that you never

[00:46:19] [SPEAKER_05]: even considered right.

[00:46:20] [SPEAKER_05]: So you could be a doctor

[00:46:21] [SPEAKER_05]: who's owned an office

[00:46:22] [SPEAKER_05]: for five eight ten years

[00:46:24] [SPEAKER_05]: and you never even thought

[00:46:25] [SPEAKER_05]: about ground up

[00:46:26] [SPEAKER_05]: construction.

[00:46:27] [SPEAKER_05]: Right.

[00:46:28] [SPEAKER_05]: But now you're in a place

[00:46:30] [SPEAKER_05]: where you're you've been

[00:46:31] [SPEAKER_05]: looking for a building

[00:46:33] [SPEAKER_05]: and the only option

[00:46:35] [SPEAKER_05]: is to buy land

[00:46:36] [SPEAKER_05]: and do ground up

[00:46:37] [SPEAKER_05]: construction.

[00:46:38] [SPEAKER_05]: So that's another area

[00:46:40] [SPEAKER_05]: where Provide has

[00:46:41] [SPEAKER_05]: really looked at

[00:46:42] [SPEAKER_05]: the marketplace

[00:46:43] [SPEAKER_05]: and said we see

[00:46:44] [SPEAKER_05]: a problem out there.

[00:46:45] [SPEAKER_05]: We see a lack of

[00:46:47] [SPEAKER_05]: inventory for people

[00:46:47] [SPEAKER_05]: to buy commercial

[00:46:48] [SPEAKER_05]: real estate buildings

[00:46:49] [SPEAKER_05]: to be able to take

[00:46:51] [SPEAKER_05]: that next step of

[00:46:51] [SPEAKER_05]: ownership.

[00:46:52] [SPEAKER_05]: How can we be there

[00:46:53] [SPEAKER_05]: to answer.

[00:46:54] [SPEAKER_05]: And that's where

[00:46:55] [SPEAKER_05]: we we rolled out

[00:46:57] [SPEAKER_05]: this fantastic product

[00:46:58] [SPEAKER_05]: where we're able to do

[00:46:59] [SPEAKER_05]: 100 percent financing

[00:47:01] [SPEAKER_05]: for ground up construction

[00:47:02] [SPEAKER_05]: including the purchase

[00:47:03] [SPEAKER_05]: of the land.

[00:47:05] [SPEAKER_05]: And it's incredible.

[00:47:06] [SPEAKER_05]: It is it is

[00:47:07] [SPEAKER_05]: absolutely incredible.

[00:47:08] [SPEAKER_02]: Game changer.

[00:47:09] [SPEAKER_02]: I can't do the math

[00:47:10] [SPEAKER_02]: in my head.

[00:47:11] [SPEAKER_02]: Let's say it's a

[00:47:12] [SPEAKER_02]: three and a half

[00:47:12] [SPEAKER_02]: million dollar project.

[00:47:14] [SPEAKER_02]: I'm would be expecting

[00:47:15] [SPEAKER_02]: to put 20 percent down.

[00:47:17] [SPEAKER_02]: I'm looking at 700 grand

[00:47:19] [SPEAKER_02]: 700 K out of my pocket.

[00:47:24] [SPEAKER_02]: Incredible.

[00:47:25] [SPEAKER_05]: And if you had that

[00:47:26] [SPEAKER_05]: 700 grand to put down

[00:47:28] [SPEAKER_05]: you made that might be

[00:47:30] [SPEAKER_05]: so much of your net cash

[00:47:33] [SPEAKER_05]: that then the bank says

[00:47:35] [SPEAKER_05]: well that's great

[00:47:35] [SPEAKER_05]: that you can put that in.

[00:47:37] [SPEAKER_02]: I was just about to ask.

[00:47:38] [SPEAKER_05]: But now you don't have

[00:47:39] [SPEAKER_05]: enough cash left over

[00:47:40] [SPEAKER_05]: for us to be comfortable

[00:47:41] [SPEAKER_05]: giving you a million

[00:47:43] [SPEAKER_05]: dollar loan.

[00:47:43] [SPEAKER_05]: I was just about to say

[00:47:43] [SPEAKER_02]: so I've got the cash

[00:47:45] [SPEAKER_02]: to put into it

[00:47:46] [SPEAKER_02]: but then I can't get

[00:47:46] [SPEAKER_02]: the rest of the loan

[00:47:47] [SPEAKER_02]: because the rest of my

[00:47:48] [SPEAKER_02]: personal financial statement

[00:47:49] [SPEAKER_02]: doesn't look good enough.

[00:47:50] [SPEAKER_05]: Yeah.

[00:47:51] [SPEAKER_05]: Can really be a

[00:47:52] [SPEAKER_05]: double sided sword.

[00:47:53] [SPEAKER_02]: Huge door opener.

[00:47:55] [SPEAKER_05]: Yeah.

[00:47:55] [SPEAKER_05]: Yeah.

[00:47:56] [SPEAKER_05]: It's been a

[00:47:57] [SPEAKER_05]: fantastic product to have

[00:47:58] [SPEAKER_05]: and it's not for everyone.

[00:48:03] [SPEAKER_05]: Again these are the

[00:48:04] [SPEAKER_05]: conversations that we have.

[00:48:05] [SPEAKER_05]: We have to have some

[00:48:06] [SPEAKER_05]: tough conversations about

[00:48:07] [SPEAKER_05]: what makes sense.

[00:48:08] [SPEAKER_05]: We're never going to put

[00:48:09] [SPEAKER_05]: a doctor in a position

[00:48:10] [SPEAKER_05]: where hey great

[00:48:12] [SPEAKER_05]: you know we just

[00:48:13] [SPEAKER_05]: financed a three

[00:48:14] [SPEAKER_05]: million dollar building

[00:48:14] [SPEAKER_05]: for you.

[00:48:15] [SPEAKER_05]: You didn't put any

[00:48:16] [SPEAKER_05]: money into it

[00:48:17] [SPEAKER_05]: but you're going to

[00:48:17] [SPEAKER_05]: have trouble paying

[00:48:18] [SPEAKER_05]: it back.

[00:48:19] [SPEAKER_05]: Right.

[00:48:19] [SPEAKER_05]: We're always going to be

[00:48:20] [SPEAKER_05]: running a financial

[00:48:21] [SPEAKER_05]: analysis to make sure

[00:48:23] [SPEAKER_05]: that your what we call

[00:48:24] [SPEAKER_05]: debt service coverage

[00:48:25] [SPEAKER_05]: ratio which is a fancy

[00:48:26] [SPEAKER_05]: way of saying after

[00:48:28] [SPEAKER_05]: you pay all your bills

[00:48:29] [SPEAKER_05]: how much money do

[00:48:30] [SPEAKER_05]: you have left over.

[00:48:31] [SPEAKER_05]: Yeah.

[00:48:31] [SPEAKER_05]: Right.

[00:48:32] [SPEAKER_05]: There is a built in

[00:48:34] [SPEAKER_05]: margin that

[00:48:35] [SPEAKER_05]: is a pretty

[00:48:36] [SPEAKER_05]: conservative margin

[00:48:37] [SPEAKER_05]: to make sure that

[00:48:39] [SPEAKER_05]: we're not stretching

[00:48:39] [SPEAKER_05]: you too thin.

[00:48:40] [SPEAKER_02]: Cool.

[00:48:42] [SPEAKER_02]: So we've hit one end

[00:48:43] [SPEAKER_02]: of the spectrum

[00:48:43] [SPEAKER_02]: startups first time

[00:48:45] [SPEAKER_02]: practice owner.

[00:48:46] [SPEAKER_02]: We just shot to

[00:48:47] [SPEAKER_02]: the other end of

[00:48:47] [SPEAKER_02]: the spectrum

[00:48:48] [SPEAKER_02]: established doctor

[00:48:49] [SPEAKER_02]: established owner

[00:48:50] [SPEAKER_02]: doing well wants

[00:48:51] [SPEAKER_02]: to do even better.

[00:48:53] [SPEAKER_05]: Yeah.

[00:48:53] [SPEAKER_02]: Let's talk about in the

[00:48:54] [SPEAKER_02]: middle.

[00:48:55] [SPEAKER_02]: You know I'm an owner.

[00:48:57] [SPEAKER_02]: I have one or two

[00:48:58] [SPEAKER_02]: locations.

[00:49:00] [SPEAKER_02]: I don't really want to

[00:49:01] [SPEAKER_02]: expand more

[00:49:03] [SPEAKER_02]: but I feel like there's

[00:49:04] [SPEAKER_02]: something you might

[00:49:05] [SPEAKER_02]: still be able to do

[00:49:06] [SPEAKER_02]: for these people.

[00:49:07] [SPEAKER_02]: Maybe I started my

[00:49:08] [SPEAKER_02]: practice five ten

[00:49:10] [SPEAKER_02]: years ago and I have

[00:49:11] [SPEAKER_02]: a traditional SBA loan.

[00:49:13] [SPEAKER_02]: Is that something

[00:49:16] [SPEAKER_02]: renovation

[00:49:18] [SPEAKER_02]: equipment upgrades.

[00:49:20] [SPEAKER_02]: I got surface level

[00:49:21] [SPEAKER_02]: understanding of this

[00:49:22] [SPEAKER_02]: so I'm sure that

[00:49:23] [SPEAKER_02]: middle guy who's

[00:49:25] [SPEAKER_02]: doesn't want to

[00:49:25] [SPEAKER_02]: expand not a

[00:49:26] [SPEAKER_02]: startup but could

[00:49:27] [SPEAKER_02]: use improvements here.

[00:49:28] [SPEAKER_02]: What other types of

[00:49:29] [SPEAKER_02]: product solutions

[00:49:30] [SPEAKER_02]: are these people

[00:49:31] [SPEAKER_02]: a good fit to

[00:49:32] [SPEAKER_02]: reach out to you.

[00:49:33] [SPEAKER_02]: Let's let's talk

[00:49:34] [SPEAKER_02]: on that guy just

[00:49:34] [SPEAKER_02]: improving what I've

[00:49:36] [SPEAKER_02]: got kind of guy

[00:49:37] [SPEAKER_05]: 100 percent.

[00:49:38] [SPEAKER_05]: There's a

[00:49:39] [SPEAKER_05]: what we would call

[00:49:43] [SPEAKER_05]: jumpstart offices

[00:49:44] [SPEAKER_05]: is what we call them

[00:49:45] [SPEAKER_05]: and people will buy

[00:49:46] [SPEAKER_05]: these as well.

[00:49:47] [SPEAKER_05]: So this is also great

[00:49:48] [SPEAKER_05]: for that doctor

[00:49:49] [SPEAKER_05]: out there who

[00:49:50] [SPEAKER_05]: may have went

[00:49:51] [SPEAKER_05]: and looked at these

[00:49:52] [SPEAKER_05]: office in an

[00:49:53] [SPEAKER_05]: office that's

[00:49:54] [SPEAKER_05]: been in business for

[00:49:55] [SPEAKER_05]: 50 60 years

[00:49:58] [SPEAKER_05]: hasn't been updated

[00:49:59] [SPEAKER_05]: for 40 years.

[00:50:00] [SPEAKER_05]: Right.

[00:50:01] [SPEAKER_05]: And so you walk

[00:50:02] [SPEAKER_05]: into it and feel

[00:50:03] [SPEAKER_05]: like you step

[00:50:04] [SPEAKER_05]: back in 1980.

[00:50:06] [SPEAKER_05]: Little bit of the

[00:50:08] [SPEAKER_05]: remember the yellow

[00:50:09] [SPEAKER_05]: and the pink

[00:50:09] [SPEAKER_05]: and the baby

[00:50:10] [SPEAKER_05]: blue tiles

[00:50:11] [SPEAKER_05]: in bathrooms.

[00:50:13] [SPEAKER_05]: So but

[00:50:14] [SPEAKER_05]: you may be an

[00:50:15] [SPEAKER_05]: owner who also

[00:50:16] [SPEAKER_05]: has had that

[00:50:17] [SPEAKER_05]: office and you're

[00:50:18] [SPEAKER_05]: crushing it

[00:50:18] [SPEAKER_05]: in those.

[00:50:19] [SPEAKER_05]: There's people who

[00:50:19] [SPEAKER_05]: have those offices

[00:50:20] [SPEAKER_05]: that they haven't

[00:50:21] [SPEAKER_05]: had to update

[00:50:21] [SPEAKER_05]: them.

[00:50:22] [SPEAKER_05]: They're crushing it.

[00:50:23] [SPEAKER_05]: But you may get

[00:50:23] [SPEAKER_05]: to the point where

[00:50:24] [SPEAKER_05]: you say

[00:50:25] [SPEAKER_05]: OK now it's time

[00:50:26] [SPEAKER_05]: to renovate.

[00:50:28] [SPEAKER_05]: Yes absolutely.

[00:50:29] [SPEAKER_05]: You can get a loan

[00:50:30] [SPEAKER_05]: to do a remodel

[00:50:31] [SPEAKER_05]: very simple.

[00:50:34] [SPEAKER_05]: Everything we've talked

[00:50:35] [SPEAKER_05]: about today

[00:50:35] [SPEAKER_05]: 100 percent financing

[00:50:37] [SPEAKER_02]: 100 percent

[00:50:38] [SPEAKER_02]: finance everything

[00:50:39] [SPEAKER_05]: we talked about today.

[00:50:40] [SPEAKER_05]: So that's huge.

[00:50:41] [SPEAKER_05]: Right.

[00:50:42] [SPEAKER_05]: So which is

[00:50:43] [SPEAKER_05]: renovations equipment.

[00:50:46] [SPEAKER_05]: I think that if

[00:50:47] [SPEAKER_05]: the doctor is in

[00:50:49] [SPEAKER_05]: that position where

[00:50:50] [SPEAKER_05]: all they want to do

[00:50:50] [SPEAKER_05]: is a renovation

[00:50:52] [SPEAKER_05]: that's generally

[00:50:53] [SPEAKER_05]: about as simple

[00:50:54] [SPEAKER_05]: as it gets

[00:50:56] [SPEAKER_05]: because you probably

[00:50:57] [SPEAKER_05]: have a practice

[00:50:58] [SPEAKER_05]: that's doing well today.

[00:51:00] [SPEAKER_05]: If it needs renovated

[00:51:02] [SPEAKER_05]: you probably

[00:51:03] [SPEAKER_05]: you probably don't

[00:51:04] [SPEAKER_05]: have much debt

[00:51:04] [SPEAKER_05]: if any maybe

[00:51:05] [SPEAKER_05]: an equipment loan

[00:51:06] [SPEAKER_05]: or two.

[00:51:06] [SPEAKER_05]: Sure.

[00:51:07] [SPEAKER_05]: And so your cash

[00:51:08] [SPEAKER_05]: flow and

[00:51:10] [SPEAKER_05]: your established

[00:51:11] [SPEAKER_05]: position that you're in

[00:51:13] [SPEAKER_05]: you're probably

[00:51:14] [SPEAKER_05]: in a point where

[00:51:15] [SPEAKER_05]: yeah you're

[00:51:15] [SPEAKER_05]: you might need

[00:51:16] [SPEAKER_05]: a few hundred thousand

[00:51:17] [SPEAKER_05]: dollars to do that

[00:51:18] [SPEAKER_05]: right new floor

[00:51:18] [SPEAKER_05]: new paint

[00:51:19] [SPEAKER_05]: new lighting.

[00:51:21] [SPEAKER_05]: If you're going to

[00:51:21] [SPEAKER_05]: upgrade equipment

[00:51:22] [SPEAKER_05]: then you could tackle

[00:51:23] [SPEAKER_05]: on a couple hundred

[00:51:23] [SPEAKER_05]: thousand to that.

[00:51:24] [SPEAKER_05]: But that's

[00:51:25] [SPEAKER_05]: that is a

[00:51:26] [SPEAKER_05]: that is in my world

[00:51:28] [SPEAKER_05]: that is a very

[00:51:28] [SPEAKER_05]: basic request.

[00:51:30] [SPEAKER_02]: OK.

[00:51:30] [SPEAKER_02]: What about

[00:51:32] [SPEAKER_02]: I have a practice loan

[00:51:34] [SPEAKER_02]: maybe I did like

[00:51:34] [SPEAKER_02]: a traditional SBA

[00:51:36] [SPEAKER_02]: or something like this.

[00:51:38] [SPEAKER_02]: Do you ever do

[00:51:39] [SPEAKER_02]: refinances for people.

[00:51:41] [SPEAKER_02]: What would be some

[00:51:42] [SPEAKER_02]: if I'm listening

[00:51:43] [SPEAKER_02]: to this episode

[00:51:45] [SPEAKER_02]: what would maybe

[00:51:46] [SPEAKER_02]: be some indicators

[00:51:47] [SPEAKER_02]: that like a refinance

[00:51:48] [SPEAKER_02]: might make sense

[00:51:50] [SPEAKER_02]: and candidly maybe

[00:51:51] [SPEAKER_02]: some indicators of like

[00:51:53] [SPEAKER_02]: honestly there's no sense

[00:51:54] [SPEAKER_02]: in refinancing this.

[00:51:55] [SPEAKER_02]: You got a great situation.

[00:51:57] [SPEAKER_05]: Both of those right there.

[00:51:59] [SPEAKER_05]: So SBA

[00:52:00] [SPEAKER_05]: there's a multitude

[00:52:01] [SPEAKER_05]: of reasons why you

[00:52:02] [SPEAKER_05]: would refinance them.

[00:52:03] [SPEAKER_05]: There's actually a gentleman

[00:52:04] [SPEAKER_05]: I'm talking to right now.

[00:52:05] [SPEAKER_05]: I just spoke to yesterday

[00:52:07] [SPEAKER_05]: for the first time.

[00:52:09] [SPEAKER_05]: He had has an SBA loan

[00:52:11] [SPEAKER_05]: that doesn't have

[00:52:13] [SPEAKER_05]: a variable interest rate

[00:52:14] [SPEAKER_05]: and he got it

[00:52:16] [SPEAKER_05]: at a very good

[00:52:17] [SPEAKER_05]: interest rate.

[00:52:18] [SPEAKER_05]: And that conversation

[00:52:20] [SPEAKER_05]: parlayed more into the fact

[00:52:21] [SPEAKER_05]: that he had a five year balloon

[00:52:22] [SPEAKER_05]: and that five year balloon

[00:52:24] [SPEAKER_05]: was going to be due

[00:52:25] [SPEAKER_05]: in about a year and a half.

[00:52:26] [SPEAKER_05]: So he doesn't have a choice

[00:52:28] [SPEAKER_05]: but to refinance

[00:52:30] [SPEAKER_05]: and if you were to refinance SBA

[00:52:32] [SPEAKER_05]: SBA rates have gone up

[00:52:34] [SPEAKER_05]: a very, very high amount

[00:52:35] [SPEAKER_05]: in the last few years.

[00:52:38] [SPEAKER_05]: Whereas conventional

[00:52:40] [SPEAKER_05]: financing those rates

[00:52:41] [SPEAKER_05]: have come down

[00:52:42] [SPEAKER_05]: a good amount.

[00:52:44] [SPEAKER_05]: So we're going to be looking

[00:52:45] [SPEAKER_05]: to refinance him out of SBA

[00:52:47] [SPEAKER_05]: into conventional.

[00:52:48] [SPEAKER_05]: He's going to have

[00:52:49] [SPEAKER_05]: an interest rate that's pretty similar

[00:52:51] [SPEAKER_05]: to what he has today.

[00:52:52] [SPEAKER_05]: But he has that balloon

[00:52:54] [SPEAKER_05]: and for folks who don't know

[00:52:55] [SPEAKER_05]: what a balloon is it means

[00:52:57] [SPEAKER_05]: you might have had a

[00:52:59] [SPEAKER_05]: a 25 year loan

[00:53:01] [SPEAKER_05]: but the bank says hey after five

[00:53:03] [SPEAKER_05]: years it's due.

[00:53:04] [SPEAKER_05]: So you get the monthly payment

[00:53:06] [SPEAKER_05]: of 25 years.

[00:53:07] [SPEAKER_05]: So you have a nice small

[00:53:08] [SPEAKER_05]: affordable payment

[00:53:09] [SPEAKER_05]: but you need to pay us off

[00:53:11] [SPEAKER_05]: in full after five years.

[00:53:13] [SPEAKER_05]: So on the flip side of that

[00:53:15] [SPEAKER_05]: SBA loans traditionally are

[00:53:17] [SPEAKER_05]: a lot higher than conventional

[00:53:19] [SPEAKER_05]: financing and SBA

[00:53:21] [SPEAKER_05]: loans for the most part

[00:53:23] [SPEAKER_05]: are also variable loans.

[00:53:24] [SPEAKER_05]: So you may have done an SBA loan

[00:53:26] [SPEAKER_05]: that was prime plus

[00:53:29] [SPEAKER_05]: 2 percent back when prime

[00:53:30] [SPEAKER_05]: was 3 percent.

[00:53:32] [SPEAKER_05]: Prime today is eight and a half percent.

[00:53:35] [SPEAKER_05]: So if your prime plus two

[00:53:36] [SPEAKER_05]: your rate has climbed to 10

[00:53:38] [SPEAKER_05]: and a half percent.

[00:53:40] [SPEAKER_05]: Which

[00:53:41] [SPEAKER_05]: that's a that's a that's a large

[00:53:43] [SPEAKER_05]: interest rate.

[00:53:43] [SPEAKER_02]: That's big.

[00:53:44] [SPEAKER_05]: So those doctors would want to refinance

[00:53:46] [SPEAKER_05]: with us

[00:53:47] [SPEAKER_05]: so that they can get out of paying

[00:53:49] [SPEAKER_05]: 10 and a half percent and come down

[00:53:51] [SPEAKER_05]: you know half of that maybe more

[00:53:52] [SPEAKER_05]: whatever the number shakes out to be.

[00:53:55] [SPEAKER_05]: Another reason where a doctor may say

[00:53:57] [SPEAKER_05]: hey I actually have a lower

[00:53:59] [SPEAKER_05]: interest rate today

[00:54:00] [SPEAKER_05]: but I'd rather pay a higher interest

[00:54:02] [SPEAKER_05]: rate because I want to consolidate

[00:54:04] [SPEAKER_05]: my debt.

[00:54:05] [SPEAKER_02]: Oh interesting.

[00:54:05] [SPEAKER_05]: Right. So you may have

[00:54:08] [SPEAKER_05]: debt on a short term

[00:54:09] [SPEAKER_05]: and you say hey my monthly payment

[00:54:11] [SPEAKER_05]: is huge because I'm I have to pay

[00:54:14] [SPEAKER_05]: this off in seven years

[00:54:16] [SPEAKER_05]: and

[00:54:17] [SPEAKER_05]: so we do a refinance

[00:54:19] [SPEAKER_05]: and recast that debt consolidate

[00:54:21] [SPEAKER_05]: everything

[00:54:21] [SPEAKER_05]: and you may free up

[00:54:23] [SPEAKER_05]: two three four five thousand

[00:54:26] [SPEAKER_05]: dollars a month

[00:54:27] [SPEAKER_05]: of debt service coverage that you're paying.

[00:54:29] [SPEAKER_05]: So cash flow purposes.

[00:54:32] [SPEAKER_02]: Awesome.

[00:54:34] [SPEAKER_02]: So less less thing top

[00:54:36] [SPEAKER_02]: of mine for me and hopefully you know maybe

[00:54:38] [SPEAKER_02]: we get into some other mazes but

[00:54:41] [SPEAKER_02]: probably the

[00:54:42] [SPEAKER_02]: the biggest obstacle we run into

[00:54:45] [SPEAKER_02]: with first time owners

[00:54:47] [SPEAKER_02]: they get strapped for cash way too early.

[00:54:53] [SPEAKER_02]: A lot of times they they find us

[00:54:55] [SPEAKER_02]: too late

[00:54:57] [SPEAKER_02]: and either

[00:54:59] [SPEAKER_02]: a marketing plan marketing budget

[00:55:02] [SPEAKER_02]: wasn't thought about

[00:55:03] [SPEAKER_02]: or it wasn't part of their business

[00:55:05] [SPEAKER_02]: plan when they were getting into financing

[00:55:08] [SPEAKER_02]: or when they got finance they didn't

[00:55:10] [SPEAKER_02]: get enough money for marketing

[00:55:11] [SPEAKER_02]: and so now they've spent their whole

[00:55:14] [SPEAKER_02]: loan on chairs and equipment

[00:55:15] [SPEAKER_02]: and build out etc.

[00:55:17] [SPEAKER_02]: etc. And they come to us and they go

[00:55:19] [SPEAKER_02]: you know ready to open my doors

[00:55:21] [SPEAKER_02]: and I got 10 grand to market

[00:55:23] [SPEAKER_02]: my business and we're like you're in

[00:55:25] [SPEAKER_02]: Austin Texas or you're in Los Angeles.

[00:55:27] [SPEAKER_02]: How are you taking

[00:55:29] [SPEAKER_02]: a new business to market with 10K

[00:55:31] [SPEAKER_02]: and they're like well this this is what I got

[00:55:34] [SPEAKER_02]: is what I got.

[00:55:35] [SPEAKER_02]: So again I don't want to steal the thunder here

[00:55:36] [SPEAKER_02]: but this was probably the biggest thing that

[00:55:38] [SPEAKER_02]: you and Jacob shared with us

[00:55:40] [SPEAKER_02]: about how you're able to get creative

[00:55:43] [SPEAKER_02]: and structuring their loans

[00:55:44] [SPEAKER_02]: and working capital

[00:55:46] [SPEAKER_02]: to make sure they're set up with a runway.

[00:55:49] [SPEAKER_02]: This is where I see these startups get

[00:55:52] [SPEAKER_02]: just strangled is they don't

[00:55:54] [SPEAKER_02]: have a runway let alone for

[00:55:56] [SPEAKER_02]: marketing let alone for

[00:55:58] [SPEAKER_02]: proper team let alone

[00:56:00] [SPEAKER_02]: for the other things they need to actually

[00:56:02] [SPEAKER_02]: get the business profitable.

[00:56:04] [SPEAKER_02]: They got enough money to buy

[00:56:06] [SPEAKER_02]: stuff and open doors

[00:56:08] [SPEAKER_02]: and it's done.

[00:56:10] [SPEAKER_02]: So how do you guys get creative on

[00:56:12] [SPEAKER_02]: that.

[00:56:13] [SPEAKER_02]: I'd love to hear you talk on that a little bit.

[00:56:16] [SPEAKER_05]: So you hit the nail

[00:56:18] [SPEAKER_05]: on the head

[00:56:20] [SPEAKER_05]: and it's

[00:56:21] [SPEAKER_05]: you probably see it even

[00:56:23] [SPEAKER_05]: more than I do because of the amount of doctors

[00:56:25] [SPEAKER_05]: who come to you after the fact.

[00:56:27] [SPEAKER_05]: Right.

[00:56:27] [SPEAKER_05]: Right.

[00:56:28] [SPEAKER_05]: But basically they get to a point where

[00:56:31] [SPEAKER_05]: they've spent their money

[00:56:32] [SPEAKER_05]: and now they don't have money for marketing

[00:56:34] [SPEAKER_05]: and advertising.

[00:56:35] [SPEAKER_02]: And team and consulting

[00:56:37] [SPEAKER_02]: and all the things they need to actually

[00:56:40] [SPEAKER_02]: get this business off the ground

[00:56:42] [SPEAKER_02]: and profitable not just I've got lights

[00:56:44] [SPEAKER_02]: on in my door.

[00:56:46] [SPEAKER_05]: So the very

[00:56:48] [SPEAKER_05]: short answer to that is us

[00:56:50] [SPEAKER_05]: being able to carve out money for

[00:56:52] [SPEAKER_05]: you for the consultant for the advertising

[00:56:54] [SPEAKER_05]: for the marketing.

[00:56:55] [SPEAKER_02]: So you can just carve that in right into their

[00:56:57] [SPEAKER_02]: loan.

[00:56:58] [SPEAKER_05]: Correct. And so

[00:57:00] [SPEAKER_05]: basically so giving so the doctor is

[00:57:01] [SPEAKER_05]: always going to need money for tenant

[00:57:03] [SPEAKER_05]: improvements.

[00:57:04] [SPEAKER_05]: They're always going to need money for equipment

[00:57:05] [SPEAKER_05]: and they're always going to need working capital.

[00:57:08] [SPEAKER_05]: And what gets left

[00:57:10] [SPEAKER_05]: out far too often

[00:57:11] [SPEAKER_05]: is money for consulting

[00:57:14] [SPEAKER_05]: marketing advertising

[00:57:15] [SPEAKER_05]: or as you put it

[00:57:17] [SPEAKER_05]: the money to grow the business.

[00:57:19] [SPEAKER_05]: Right.

[00:57:19] [SPEAKER_05]: Bring the patients in.

[00:57:20] [SPEAKER_05]: Right.

[00:57:20] [SPEAKER_05]: How are you going to get them there.

[00:57:22] [SPEAKER_05]: And so having that money

[00:57:24] [SPEAKER_05]: carved out there's a couple of ways we can

[00:57:26] [SPEAKER_05]: get there.

[00:57:27] [SPEAKER_05]: Right. So as we've talked about multiple

[00:57:28] [SPEAKER_05]: times

[00:57:30] [SPEAKER_05]: at the end of the day

[00:57:32] [SPEAKER_05]: the numbers need to make sense.

[00:57:34] [SPEAKER_05]: Right. There's a reason why not every

[00:57:36] [SPEAKER_05]: doctor is getting a million dollar startup

[00:57:38] [SPEAKER_05]: loan.

[00:57:39] [SPEAKER_05]: Right.

[00:57:39] [SPEAKER_05]: Right. We're not going to put a doctor in

[00:57:41] [SPEAKER_05]: position where they're going to struggle

[00:57:43] [SPEAKER_05]: to pay.

[00:57:45] [SPEAKER_05]: So some doctors will automatically

[00:57:48] [SPEAKER_05]: based on their their their past

[00:57:51] [SPEAKER_05]: experience history as a doctor their

[00:57:53] [SPEAKER_05]: personal financial statement

[00:57:54] [SPEAKER_05]: the space that they found how much is that

[00:57:57] [SPEAKER_05]: least going to be.

[00:57:58] [SPEAKER_05]: How large is the space or how much

[00:58:00] [SPEAKER_05]: square footage do we need to build out

[00:58:02] [SPEAKER_05]: if you're trying to build out

[00:58:04] [SPEAKER_05]: 3000 square foot space

[00:58:06] [SPEAKER_05]: and it's you know contractors

[00:58:08] [SPEAKER_05]: ballpark depending on the part of the country

[00:58:10] [SPEAKER_05]: it's going to vary and fluctuate

[00:58:12] [SPEAKER_05]: 200 dollars a square foot to build out of space.

[00:58:14] [SPEAKER_05]: Right. So you're going to need six hundred thousand

[00:58:16] [SPEAKER_05]: dollars just to build that space out.

[00:58:18] [SPEAKER_05]: Now the landlord

[00:58:21] [SPEAKER_05]: if you work with somebody like Dell from

[00:58:24] [SPEAKER_05]: car who you did the podcast with previously

[00:58:26] [SPEAKER_05]: they're going to work to negotiate

[00:58:28] [SPEAKER_05]: with the landlord to get tenant improvement

[00:58:30] [SPEAKER_05]: allowance which is the tenant

[00:58:32] [SPEAKER_05]: or the landlord giving you the tenant money

[00:58:34] [SPEAKER_05]: to help build that space out.

[00:58:36] [SPEAKER_05]: So that's going to that's going to reduce

[00:58:38] [SPEAKER_05]: the amount of money you need from the bank.

[00:58:40] [SPEAKER_05]: But we're still eating up

[00:58:43] [SPEAKER_05]: cash and the more cash we use

[00:58:45] [SPEAKER_05]: to hire your monthly loan payments going to be with us.

[00:58:48] [SPEAKER_05]: So in those instances

[00:58:50] [SPEAKER_05]: where it starts to get tough

[00:58:51] [SPEAKER_05]: and this is another area where provide has

[00:58:54] [SPEAKER_05]: been absolutely phenomenal

[00:58:56] [SPEAKER_05]: with helping practices grow.

[00:58:59] [SPEAKER_05]: Yes would it be amazing to have

[00:59:01] [SPEAKER_05]: four chairs the day you open your doors.

[00:59:03] [SPEAKER_05]: Of course then you don't need to buy

[00:59:05] [SPEAKER_05]: them in six months or 12 months or 18 months.

[00:59:07] [SPEAKER_05]: Right. But if we peel

[00:59:09] [SPEAKER_05]: back we've done this

[00:59:11] [SPEAKER_05]: and we wear a doctor

[00:59:14] [SPEAKER_05]: does fewer chairs today

[00:59:17] [SPEAKER_05]: and provide will look at

[00:59:19] [SPEAKER_05]: it and say hey Doc

[00:59:21] [SPEAKER_05]: in six months you filled out your three chairs.

[00:59:23] [SPEAKER_05]: You're you're on pace to collect

[00:59:25] [SPEAKER_05]: a million dollars in your first year.

[00:59:26] [SPEAKER_05]: That's phenomenal.

[00:59:27] [SPEAKER_05]: Right. You're doing everything we could ever ask

[00:59:29] [SPEAKER_05]: of you. Yeah. And you're building

[00:59:31] [SPEAKER_05]: cash right. So you're doing those financially

[00:59:33] [SPEAKER_05]: responsible things that we've talked about previously.

[00:59:36] [SPEAKER_05]: Doc you need another seventy five

[00:59:38] [SPEAKER_05]: thousand to put in two more chairs.

[00:59:39] [SPEAKER_05]: You need another hundred thousand

[00:59:41] [SPEAKER_05]: have a very successful doctor in Tallahassee

[00:59:44] [SPEAKER_05]: who we did this with recently.

[00:59:46] [SPEAKER_05]: We gave him another two hundred and fifty

[00:59:48] [SPEAKER_05]: thousand within nine months

[00:59:50] [SPEAKER_05]: so that he could fill out the rest of his office.

[00:59:52] [SPEAKER_05]: That is not normal.

[00:59:54] [SPEAKER_05]: Typically what a bank is going to do is say

[00:59:56] [SPEAKER_05]: we just gave you money.

[00:59:59] [SPEAKER_05]: You need two years of a track record before

[01:00:01] [SPEAKER_05]: we even consider giving you more.

[01:00:03] [SPEAKER_02]: Oh I see.

[01:00:04] [SPEAKER_05]: So we can we can

[01:00:06] [SPEAKER_05]: we can put this puzzle together in multiple

[01:00:08] [SPEAKER_05]: ways.

[01:00:09] [SPEAKER_05]: I would love to give the doctor the four chairs

[01:00:11] [SPEAKER_05]: up front and give money for the consulting.

[01:00:15] [SPEAKER_05]: But if that number is tight

[01:00:17] [SPEAKER_05]: we can still figure out more ways to get

[01:00:19] [SPEAKER_05]: this done for the doctor.

[01:00:21] [SPEAKER_05]: Right. So it's not a well if this works great

[01:00:23] [SPEAKER_05]: doc but if you don't

[01:00:25] [SPEAKER_05]: if plan A doesn't work then we're

[01:00:27] [SPEAKER_05]: not going to be able to do it.

[01:00:29] [SPEAKER_05]: We have other avenues we can go to

[01:00:31] [SPEAKER_05]: and go down.

[01:00:33] [SPEAKER_05]: So again we this

[01:00:34] [SPEAKER_05]: is a big reason why I joined Provide

[01:00:37] [SPEAKER_05]: is our ability to think outside

[01:00:39] [SPEAKER_05]: of the box deliver and give the doctors

[01:00:42] [SPEAKER_05]: what they need and provide more solutions.

[01:00:45] [SPEAKER_05]: Sometimes there's not a solution today.

[01:00:47] [SPEAKER_05]: Right. But to be able to offer as many

[01:00:48] [SPEAKER_05]: solutions as possible.

[01:00:50] [SPEAKER_05]: So in an ideal scenario to answer your

[01:00:52] [SPEAKER_05]: question Harrison directly we would

[01:00:54] [SPEAKER_05]: prefer to give them that

[01:00:57] [SPEAKER_05]: that full ask

[01:00:58] [SPEAKER_05]: up front.

[01:01:00] [SPEAKER_05]: Right. The money for the tenant improvements

[01:01:02] [SPEAKER_05]: the equipment the working capital and the

[01:01:04] [SPEAKER_05]: consultant if we need to peel

[01:01:06] [SPEAKER_05]: back on something so that we still make sure

[01:01:07] [SPEAKER_05]: we have money there for the consultant

[01:01:09] [SPEAKER_05]: because doesn't do you any good to have

[01:01:11] [SPEAKER_05]: four chairs if you don't have any patients.

[01:01:14] [SPEAKER_05]: So there's multiple solutions.

[01:01:17] [SPEAKER_02]: That's awesome.

[01:01:18] [SPEAKER_02]: I actually hadn't heard of that that if

[01:01:20] [SPEAKER_02]: they're doing great you'll come back

[01:01:23] [SPEAKER_02]: to them and offer more money.

[01:01:24] [SPEAKER_05]: That is not normal.

[01:01:26] [SPEAKER_02]: Yeah it is not totally new

[01:01:28] [SPEAKER_02]: to me. That's awesome.

[01:01:29] [SPEAKER_05]: I'm glad we have more to share.

[01:01:32] Yeah.

[01:01:32] [SPEAKER_02]: Well those are kind of my like hot

[01:01:34] [SPEAKER_02]: button talking points.

[01:01:36] [SPEAKER_02]: I have a feeling you and I could probably talk

[01:01:37] [SPEAKER_02]: in here for hours on end.

[01:01:39] [SPEAKER_02]: Of course.

[01:01:41] [SPEAKER_02]: But I think there's a tremendous

[01:01:43] [SPEAKER_02]: amount of valuable or tremendous amount

[01:01:45] [SPEAKER_02]: of value to the audience.

[01:01:47] [SPEAKER_02]: So I want to make sure we cross all the

[01:01:49] [SPEAKER_02]: T's dot all the I's

[01:01:51] [SPEAKER_02]: any any other big topics

[01:01:55] [SPEAKER_02]: subjects things to

[01:01:57] [SPEAKER_02]: think about flaws to look out

[01:01:58] [SPEAKER_02]: for any anything as broad

[01:02:01] [SPEAKER_02]: or specific as you'd see fit

[01:02:03] [SPEAKER_02]: that you think might be valuable to the

[01:02:04] [SPEAKER_02]: audience for today.

[01:02:05] [SPEAKER_05]: Great great great way to end it.

[01:02:07] [SPEAKER_05]: I think that having the

[01:02:09] [SPEAKER_05]: proper people around you

[01:02:11] [SPEAKER_05]: is key.

[01:02:12] [SPEAKER_05]: Right. If you're looking to do a startup

[01:02:14] [SPEAKER_05]: you need to make sure that you have

[01:02:17] [SPEAKER_05]: the people in place right.

[01:02:18] [SPEAKER_05]: So you're going to need a space finder

[01:02:19] [SPEAKER_05]: to help find the right space.

[01:02:21] [SPEAKER_05]: You're going to need that space found

[01:02:22] [SPEAKER_05]: finder to help negotiate the lease.

[01:02:24] [SPEAKER_05]: You're going to need an equipment rep

[01:02:26] [SPEAKER_05]: supply rep.

[01:02:28] [SPEAKER_05]: You're going to need a CPA.

[01:02:30] [SPEAKER_05]: You're going to need an attorney.

[01:02:31] [SPEAKER_05]: You're going to need a lender.

[01:02:32] [SPEAKER_05]: You're going to need the consultant

[01:02:34] [SPEAKER_05]: the marketing the advertising.

[01:02:37] [SPEAKER_05]: You're going to need the IT

[01:02:39] [SPEAKER_05]: guy.

[01:02:40] [SPEAKER_05]: Right.

[01:02:41] [SPEAKER_05]: You don't need to try to figure this all out on your own.

[01:02:44] [SPEAKER_05]: This is a don't reinvent

[01:02:45] [SPEAKER_05]: the wheel right.

[01:02:47] [SPEAKER_05]: This is something that has been done over

[01:02:49] [SPEAKER_05]: and over and over again all day every

[01:02:51] [SPEAKER_05]: day across the country

[01:02:54] [SPEAKER_05]: for decades

[01:02:55] [SPEAKER_05]: now.

[01:02:56] [SPEAKER_05]: And that's why you have

[01:02:58] [SPEAKER_05]: that's what the dental world has this

[01:03:00] [SPEAKER_05]: community built around it.

[01:03:03] [SPEAKER_05]: Because of how successful it

[01:03:05] [SPEAKER_05]: is right.

[01:03:06] [SPEAKER_05]: Hip is doing what hip is doing

[01:03:08] [SPEAKER_05]: because how successful the dental

[01:03:10] [SPEAKER_05]: world is right.

[01:03:11] [SPEAKER_05]: Right. So if you're if you're a dentist

[01:03:14] [SPEAKER_05]: whether you are just now

[01:03:15] [SPEAKER_05]: for the first time thinking of starting

[01:03:17] [SPEAKER_05]: an office

[01:03:18] [SPEAKER_05]: or buying an office

[01:03:20] [SPEAKER_05]: the first thing to do is start to get plugged

[01:03:22] [SPEAKER_05]: into or plugged plugging

[01:03:24] [SPEAKER_05]: in with people who do this

[01:03:26] [SPEAKER_05]: all day every day so that you're getting

[01:03:28] [SPEAKER_05]: that valuable feedback that valuable

[01:03:30] [SPEAKER_05]: advice that guidance

[01:03:34] [SPEAKER_05]: being consultative working with

[01:03:35] [SPEAKER_05]: people who are consultative

[01:03:37] [SPEAKER_05]: people who are going to give

[01:03:39] [SPEAKER_05]: you information that you need opposed

[01:03:41] [SPEAKER_05]: to someone saying you know let me

[01:03:43] [SPEAKER_05]: know when you in my world

[01:03:45] [SPEAKER_05]: it'd be when you're ready.

[01:03:47] [SPEAKER_05]: Give me an application we'll take it we'll submit

[01:03:49] [SPEAKER_05]: it to credit and

[01:03:50] [SPEAKER_05]: if we get an approval we'll talk about

[01:03:52] [SPEAKER_05]: the next steps then.

[01:03:53] [SPEAKER_02]: Yeah I mean Dell said the same things

[01:03:55] [SPEAKER_02]: on our on our episode with car

[01:03:57] [SPEAKER_02]: we say the same things you

[01:03:59] [SPEAKER_02]: guys say the same things I think it's

[01:04:01] [SPEAKER_02]: more than a coincidence that we've all become

[01:04:03] [SPEAKER_02]: friendly together.

[01:04:05] [SPEAKER_02]: But you make a good point like

[01:04:08] [SPEAKER_02]: I've been at hip now

[01:04:09] [SPEAKER_02]: over five years companies been

[01:04:12] [SPEAKER_02]: around for a decade

[01:04:13] [SPEAKER_02]: to my knowledge we've never really

[01:04:15] [SPEAKER_02]: made a relationship with with a lending

[01:04:17] [SPEAKER_02]: team you know and

[01:04:19] [SPEAKER_02]: and I think part of it is

[01:04:21] [SPEAKER_02]: you guys take a similar philosophy

[01:04:23] [SPEAKER_02]: to us it's not just

[01:04:26] [SPEAKER_02]: when can I get my contract to you

[01:04:27] [SPEAKER_02]: it's how can I be a guide

[01:04:29] [SPEAKER_02]: how can I be a resource

[01:04:32] [SPEAKER_02]: how can I be somebody

[01:04:33] [SPEAKER_02]: or something that you can lean on

[01:04:36] [SPEAKER_02]: between the knowledge that we have

[01:04:37] [SPEAKER_02]: the people that we have the Rolodex

[01:04:39] [SPEAKER_02]: that we have

[01:04:40] [SPEAKER_02]: and I've felt that commonality

[01:04:42] [SPEAKER_02]: from you and Jacob

[01:04:44] [SPEAKER_02]: and from Dell

[01:04:45] [SPEAKER_02]: and Keith and obviously that's how we

[01:04:47] [SPEAKER_02]: operate.

[01:04:48] [SPEAKER_02]: But you said that you're like you know most lenders

[01:04:50] [SPEAKER_02]: it's like all right let me know when you want an app.

[01:04:53] [SPEAKER_02]: You know I think most marketing

[01:04:54] [SPEAKER_02]: and consulting agencies probably say the same

[01:04:56] [SPEAKER_02]: thing let me know when you're ready to get started.

[01:04:59] [SPEAKER_02]: And if you told me five

[01:05:00] [SPEAKER_02]: years ago that we'd be building relationships

[01:05:02] [SPEAKER_02]: with the with the lending guys I would have said

[01:05:04] [SPEAKER_02]: in a way.

[01:05:06] [SPEAKER_02]: But I think it's a great

[01:05:07] [SPEAKER_02]: partnership.

[01:05:08] [SPEAKER_05]: Yeah the synchronicity of it.

[01:05:10] [SPEAKER_05]: It's just naturally there.

[01:05:12] [SPEAKER_05]: Totally. And we are all

[01:05:14] [SPEAKER_05]: working towards the same goal.

[01:05:16] [SPEAKER_05]: Doctor wants to be successful.

[01:05:18] [SPEAKER_05]: We want to help them get there.

[01:05:19] [SPEAKER_02]: Bingo.

[01:05:20] [SPEAKER_02]: Yeah.

[01:05:20] [SPEAKER_02]: Anything else you want to share.

[01:05:22] [SPEAKER_05]: Great great time before we break

[01:05:25] [SPEAKER_02]: if anybody watching wants to

[01:05:28] [SPEAKER_02]: get in contact with provide obviously

[01:05:30] [SPEAKER_02]: I'm sure they could go to the website

[01:05:32] [SPEAKER_02]: but you know people like

[01:05:34] [SPEAKER_02]: people.

[01:05:35] [SPEAKER_02]: There's the old saying people don't buy products

[01:05:36] [SPEAKER_02]: they buy people.

[01:05:38] [SPEAKER_02]: And I think you've given a lot of insight

[01:05:40] [SPEAKER_02]: and value today if somebody wanted to reach

[01:05:42] [SPEAKER_02]: out to you directly.

[01:05:43] [SPEAKER_02]: What's what's the best way.

[01:05:45] [SPEAKER_05]: My email is

[01:05:46] [SPEAKER_05]: nice and simple.

[01:05:48] [SPEAKER_05]: John J.L.N.

[01:05:49] [SPEAKER_05]: at get provide

[01:05:51] [SPEAKER_05]: dot com.

[01:05:52] [SPEAKER_05]: My business cell phone number is area

[01:05:54] [SPEAKER_05]: code 6 1 4 7

[01:05:56] [SPEAKER_05]: 8 7 5 8 7

[01:05:58] [SPEAKER_05]: 7 always open to talk.

[01:05:59] [SPEAKER_05]: There's doctors I've worked with for five years

[01:06:02] [SPEAKER_05]: before they bought a practice

[01:06:03] [SPEAKER_05]: or did anything

[01:06:05] [SPEAKER_05]: and hundreds of conversations.

[01:06:06] [SPEAKER_05]: So I'm an open book that consultative

[01:06:09] [SPEAKER_05]: part.

[01:06:09] [SPEAKER_05]: That's probably one of my biggest pleasures of

[01:06:11] [SPEAKER_05]: the job.

[01:06:12] [SPEAKER_05]: Also being able to talk to a doctor

[01:06:14] [SPEAKER_05]: and having that doctor say

[01:06:16] [SPEAKER_05]: wow I've

[01:06:17] [SPEAKER_05]: learned so much from this phone call

[01:06:19] [SPEAKER_05]: right like I have such a more clear

[01:06:21] [SPEAKER_05]: picture of what I need to do

[01:06:23] [SPEAKER_05]: and where I go from here.

[01:06:25] [SPEAKER_05]: That's to me that's the biggest compliment

[01:06:27] [SPEAKER_05]: you can get.

[01:06:28] [SPEAKER_02]: Yeah.

[01:06:28] [SPEAKER_02]: I feel the same way.

[01:06:30] [SPEAKER_02]: But since you're local

[01:06:31] [SPEAKER_02]: here in Florida though obviously we've got listeners

[01:06:33] [SPEAKER_02]: all over the country.

[01:06:34] [SPEAKER_02]: They can reach out to you directly

[01:06:36] [SPEAKER_02]: and you could point them to the person

[01:06:38] [SPEAKER_02]: in their area.

[01:06:39] [SPEAKER_05]: Exactly right.

[01:06:39] [SPEAKER_05]: OK.

[01:06:40] [SPEAKER_05]: So yes if you're in another part of the

[01:06:42] [SPEAKER_05]: country reach out to me

[01:06:44] [SPEAKER_05]: I will plug you in with your local rep

[01:06:47] [SPEAKER_05]: and you'll get that same

[01:06:48] [SPEAKER_05]: level of experience

[01:06:50] [SPEAKER_05]: and expertise

[01:06:51] [SPEAKER_05]: with anybody on my team.

[01:06:53] [SPEAKER_02]: Rock on.

[01:06:54] [SPEAKER_02]: Well it's really good having you on the show man.

[01:06:56] [SPEAKER_05]: It was great being here.

[01:06:57] [SPEAKER_01]: Thanks for listening.

[01:06:57] [SPEAKER_01]: If you'd like to learn more about

[01:07:00] [SPEAKER_01]: HIP

[01:07:00] [SPEAKER_01]: or any of the topics in this episode

[01:07:03] [SPEAKER_01]: send an email to hello

[01:07:05] [SPEAKER_01]: at HIPCreativeInc.com

[01:07:07] [SPEAKER_01]: that's hello at HIP

[01:07:10] [SPEAKER_01]: creative INC.com

[01:07:12] [SPEAKER_01]: or jump over to our website

[01:07:14] [SPEAKER_01]: at HIP.agency.