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This Dental Specific Podcast is dedicated to the Dental "Entrepreneur" Michael Dinsio, Founder of Next Level Consultants, delivers #TRUTH when starting up a dental practice. From the very first step to getting the keys of a dental practice, Michael shares his raw & unscripted playbook with you. Not only does this podcast provide you with "What To Do" but more importantly "What Not To Do". With over over 15 years of experience & over 150 past clients, Michael delivers an educational and informative program in a real and genuine way. Start w/ Episode 01 - as we go through a STEP by STEP process.
00:08
Start up unscripted, the questions you have with the truths you need to hear. And now your host, Michael Dinsio.
00:23
All right. All right. All right. We are in studio here. High five. Nice to see you, buddy. Mike Dinsio here with Next Level Consultants. But as you all know, you are tuning into Dental Unscripted, the startup series, so startup Unscripted. And we're excited today. Well, I'm excited today because I've done two live interviews. You're local. And
00:49
This is is number two. This is number two. I didn't get the number one spot. No, we were the first ones to talk about it doing live in studio, but you decided to test it out with somebody else to make sure it worked. Yeah. We're coming in and stubby, know, trying it for the first time. You know, so exactly. Exactly. Right. Guys, I'm honored to be in the top five of live top five live, top five live. Well, good. I'll introduce you in a second.
01:18
folks, thanks for tuning in. So this is of course the startup series and what we're doing if you've been following along. kind of season one, right? We ran from the top of a startup, the beginning process and worked all the way through. And that was all, I think 2020 when COVID started and it was just kind of a crazy time for all of us. And we've been dripping episodes out, but I decided to start it back.
01:48
to the top. and so we're going back today we're we're talking lending and lending is one of those first pieces that you need when you're starting this journey. And I have a special guest because Matt with Bank of America is here in studio. And he represents the bank today and we're going to get into some fun dental lending stuff. And you guys know that I have an ex banker
02:15
Uh, sat in the seat before my, haven't ever been interviewed, never had never been in this. This hadn't been invented when you had no, probably was. just, yeah. No, 20, 20, this year, 2012, when I was with the bank and I'm sure there were podcasts happening, but I wasn't invited. Right. I wasn't as important as you. Thank you. Yeah. I don't know about that.
02:39
So with that being said, let's in true startup unscripted style, let's just get right into it. Today, again, getting into lending that give us a little bit about you and the bank and just like that info, Matt try not to bore too many people because I found that you guys fall asleep inside the first two minutes if we're not super exciting and fun, especially if I get into into the weeds on this to talk about interest rates. No, oh my gosh.
03:09
which way they're going. Well, first, thank you for having me here, Mike. It's an honor. I remember talking to you after the first one, just impressed with your skills and ability. Well, my background, way, way many years ago being in radio and how hard it is to host and do something like this. So I'm happy to be here. Here we are. Yeah, here we are. We're doing it. You have a beautiful radio voice. Oh my God. Yeah. Thank you again.
03:33
just going to be lobbying compliments at each other the whole time and people are turning out turning out. Yes. No. Yeah. So the banking world where we're at today is, you know, end of September 2023. You know, one of the most important things I'd like to get across to people and something I'm trying to communicate every single day when I'm talking to talking to doctors who are looking to do this is how attainable it really is. Right? Still, I think there's a lot of thought.
04:02
Um, emotion around the world today. you know, you read the news, watch the news, wherever you get your information, or there's a TV, radio phone or whatnot that, you know, maybe it's not a good time to do something business related, starting a business from scratch for the first time even. Um, and if you, if you believe everything you read and here it can, it can sound really scary. Yeah. Um, and I would never try to mislead anybody that.
04:30
starting your own practice, your own business of any kind isn't gonna be hard, right? It's gonna be difficult, there's gonna be challenges, you're gonna feel every emotion under the sun that you probably can, but- Still makes sense. It's unbelievably attainable to do. rates, default rates, however you wanna quantify it have not really changed from pre-COVID, right? So when the doctor puts together the right team, builds a structure, has communication with those involved,
04:58
at the end of the day, the universal thing I hear from doctors is, my goodness, was unbelievably attainable. Why didn't I do it earlier? Yeah, that's good stuff, man. Let's deep dive into some of that stuff today on the episode. just big picture, Bank of America seems to be lending money to dentists. Tell us a little bit about the bank and what you guys are all about.
05:23
as you know, and folks out there, what the first product that practice solutions had long before her part of Bank of America was a dental startup loan. That's really the DNA and the basis foundation, the foundation of what we do. And what we'll get into this over the next 30 or 40 minutes or so. And there's there's a lot of details that that have evolved over that time that that make it such a compelling product. And the success rate is what it is.
05:50
It all goes back to the experience in doing it, understanding the unique differences of a dentist as a business owner, what they need to be successful and what their businesses can support. And that's really the secret sauce, right? Over the last 12 months, we've had numerous enhancements to our startup product. And back to my point earlier about how attainable it is, the bank would not be enhancing the dental startup product.
06:16
If the success rate of the doctors doing it did not support it, right? We've increased amounts. We've increased working capital, increased rent caps, all of the things that a doctor's gonna need right now. We've continued to enhance. And it's because of the success that doctors are having. Well, guys, I think that kind of leads the whole episode so we can get into some of this stuff. The truth is, like...
06:44
doing a startup and starting your own business is challenging. And Matt said that it's very attainable and it is. In my opinion, when I when I see a practice start, and they go through the project, and they're looking at their budgets, and they're looking at their projections, and then they finally open up and that first payroll goes out.
07:04
there there is a bit of an oh shit moment. Okay. And that's because oh my gosh, this is actually real. It's really I've got bills to pay money's money's going out, not too much money's coming in. And so I wanted to talk a little bit about structure because I think one of the things that B of A and and and you said the foundational history of your bank and and how they started startup doing startups a long time ago gave
07:33
the bank a lot of confidence to give doctors startup money. There's some really big banks that do a lot of dental lending that are scared of dental startup loans. And so to me, I feel like your flexibility in the terms that you offer give these guys and audience, if you're thinking about it, would give you the ability to take off. Can you explain some of the structural things on a
08:02
on a Mike Denzio level, like a dummy level here. Start here and work it. Yeah. Well, as, as you said, it's a, it's about the beginning and as they build their business, right. And, as simply put, as I can make it, the goal in the design is to give the business the longest runway it possibly can have to build up to where it's going to be. Right. It's not, it's not going to be.
08:30
where it is in year five on day one, even end of year one into year two, right? So having that runway, having that ramp up period, having that ability to be flexible to get to where it's going to be from a business perspective is critical. And in having that detail to it is what's allowed the bank to have the confidence to do it, or maybe others haven't. So it starts with post-approval, post-lease negotiation engagement,
08:59
When the project really starts, as you all know, and all the folks listening, watching, will find out, yes, they're going to find out is that it's a long project too, right? From the time you get approved to the time you finalize your lease and actually get started, it could be four to six months, right? And then another six months plus to build the practice, right? Sometimes longer. Sometimes longer. you're in California, longer. So,
09:29
Sorry, I lost my turn. So that amount of time to get there is important and not something people expect all the time, So the first part of the loan, think is really key. What Matt's talking about is that project phase and the bank's ability to give you a chance to build this practice out, get all the pieces in play. And we're going to interview a bunch more people that will talk about all these pieces to come and some past interviews.
09:59
but how the bank lends the money during that. Yeah, the project, that's where you touch on it. So the first step is the project period. And we give a doctor to start 10 months to build out their project during that time. We're making payments to your vendors, you're paying your bills. The process is starting, but we're not going to require a doctor to go into repayment.
10:18
And that's the first piece of the circuit. During the project, there's no payments. There's no payments, right? How can you, should you make a payment on something for a business that hasn't opened yet and started generating revenue? And that's a really key factor. 10 months, know, in this day and age, do you always need all of it? Hopefully not, but sometimes even then some. And there is flexibility to extend beyond that too.
10:42
Then you transition from project period to repayment period. And that's and that's where that's where the scary, the scary. no. Yeah, I've got to pay. I got to pay somebody to answer the phones. I've got to pay somebody to help. Oh, my goodness. I'm I'm doing all these marketing efforts. I'm listening to everything that Mike and his team have to do to help drive business here. But, you know, I'm not generating 100 patients a month just yet to bring the revenue in a lot of money, a of money going out payroll.
11:12
marketing, you just said rent. So you've got all these payments going out. loan payment. So all this is happening. You guys give tons of working capital to cover this, but still the accounts dwindling. And so to help offset that, graduated repayment processes is really the secret sauce here. And we have a three tiered step to do that. Year one,
11:40
your minimum monthly payments are going to be interest only on it. 12 months where you're making the smallest monthly payment that you can on this. again, there was no payments during the project. That's correct. But then once you officially open, that's when payments start. So you're a year into your loan, right? Sometimes before you're even making any repayments on it. And that gives a lot of flexibility to execute on the strategies you're building for your.
12:08
Okay, so interest only in the first 12 months and then it ramps up from there. It ramps up. So year two is a 50 % principal plus interest payment, year three, 75. It's not until year four that your minimum monthly payment is a full principal and interest payment. And I'm sure you talked to your doctors by year four.
12:30
I mean, you're generating the revenue you've, know, if you plumb six equipped three, you're already having you have operatory four or five and sometimes six in there because you're operating at capacity and you're more than ready to support a payment like that. I want to talk a little bit about that, that the cash flow, like not just the ramp up, but like what are some things we can do in the budget that and you and I talk a lot about things on our on our projects about how we can
13:00
reduce the cost of the project.
13:09
Um, but because there, there are a lot of like, um, there's a thing, there's a lot of things we can do during the project phase to essentially make those payments even smaller by managing the projects. want to get into that, but, uh, I do, I do do a lot of like projections for docs cause they want to see what that first year month, first six months looks like. And what's really interesting about that is.
13:38
When you look at year two, it's usually the hardest year cashflow wise. I know you know what I'm talking about. Why don't you describe that? Because I think it's really interesting that startups are freaking out about first year. But it's really the second year that can be tighter.
14:01
Well, and there's a lot of factors that go into that, right? We talked about the graduated payment on the loan process and that's where it stepped up from interest only. So, you know, on the cashflow side of things, dollars going out has increased. You've probably hired a hygienist and assistant by then. So your costs for labor have gone up as well too. So the expense side of things has gone up and while the cash in has increased,
14:26
It's still in the growth period too, right? So it's, it's a, it's the ratio side of things gets a little bit tighter there. To your question about controlling the budgets, you know, I think there's the way I like to, to, to explain it is we want to get you as much money as you need.
14:46
to do the project. Need is the key. We don't ever want to, we don't want to slash and cut to the point that you're not building the practice that you're proud of and that you dreamed of and you want, but you know, to the, to the year two comments, you're, you're, you're explaining there. You know, we also don't want to go over budget too. So you're feeling the stress of something, you know, two years down the road. Right. Yeah. No, no. I, what's interesting is.
15:14
Matt timestamp to this episode in the beginning of it. Construction costs are wild right now. A lot crazier than when I was in your chair. having to get a little creative in certain things and is definitely needed. But you guys did increase your your limits, which is great. A lot of the banks did over the last 12, even 24 months, which was huge.
15:43
No default rates. So you raised all that, you raised your limits and you still haven't seen any. We haven't, we haven't seen a change on that front in, uh, you're, kind of leading me here to it. It's something that I think is the most important part of doing a startup. Everybody is going to talk about having a plan, being a good communicator, communicating with the team that you, you assemble. And all of that is unbelievably important. Uh, in my opinion, in the most successful startups that I see, not just having the communication,
16:12
up and down with your team, but assembling a team that communicates very well laterally beneath you, right? Your consultant, your contractor, your equipment specialist, your banker, everybody that's involved being able to communicate together for you and on your behalf is what's going to allow for the creativity that you're touching on right now. The conversation of how do we go execute for a great practice for
16:40
Dr. Bob, Dr. Sue, whoever it might be. Right. Uh, and go do it. And it's, it's something that I think is taken for granted a little bit. It may be overlooked because there's so many other things. And if you build a team that communicates that way, uh, then the other problems you're thinking about and worrying about, they start to solve themselves. I I've had clients that like, uh, they they're like, what, you know, why is Matt talking to Mike and why am I not CC'd on this stuff or.
17:07
you know, or I need to be making decisions and don't get me wrong, like, that's a very important thing for your team to be communicating and that you're making decisions. But when it's scheduling, when it's something's not working well, it's really important that your team does have that flow that trust that the acumen of the of the industry that that helps you.
17:36
Oh, 100%. I mean, we're all in it for the same thing, right? We're all in it for our doctors, our clients, those that we work with to have a great project, to have an efficient project. And the communication does come full circle. know you do. I do. The folks we work with do communicate back to our doctors and they are the ultimate decision makers and they do. It can be an efficiency side of things as well. We can take a lot of things off the plate.
18:03
of our doctors by doing that for most of my clients are like married, have kids. How many, many, how many clients have you had that, you know, they've, they've just gotten married. You know, they're a couple of years, or are about to have their first baby and they're doing all of this. And it's, know, it's, so cool to work with folks. You can take on all of those things at one time and thrive and thrive. that's really cool. And that is a tribute to the team that they assemble.
18:33
And you're right. It's kind of funny. There's a joke at next level. I'll bring you in on it. So it's it's the strangest thing when we take on a client, they somehow miraculously get pregnant. And it's like, dude, like we are, I want to touch on that. Yeah. the why about our why. don't know. They just get excited about their career and they're just excited in general. I'm not sure. But like, but but it's true. Like
19:02
you know, family planning is a huge part of my everyday world as a consultant. And you're right, it is really, really interesting how all this still works out very well for them, even though they're they're doing all these things. it's, know, they're the majority of folks doing a startup, they're at that stage in their life, where, up until that moment, the single biggest things that could happen in their life is
19:29
starting a family and all that goes into that and starting a business. it should be treated with the same respect and due diligence and care that all of them do because it sets the path forward for the rest of their lives. You know what's interesting, Matt? the last banking interview I had, I asked the gentleman this question and I want you to answer honestly because
19:58
I feel like in general, this is the hot seat question, by the way. it be ready that way? You the fan off. That's right. I wanted everybody to hear this crystal clear. It's actually not really a hot seat question, but like, do you like when my grandfather talked about getting a loan for the business that he started and my father told me what he had to do to get his loan. What's really interesting is, um,
20:28
they had to present a plan. They had to go into the bank. They had to have a conversation with a senior vice president like yourself and just basically lay the plan out and say, Mr. Matt, this, want to do this. I want to do this. I want to do this. I need this much money. Here's how I'm going to pay you back. Here's my collateral. Here's the plan. Right. And I I'm going to call out folks that, uh, that might be listening to show
20:58
to the show is if you're not prepared to do that before someone even comes to you and asks you for money, I feel like you're missing something. So the hot seat question is, do you feel like they could come to you more prepared? The doctors?
21:14
Yes. Um, I, there's always examples of, of doctors that could come more prepared. course. You'd look me right in the eye and say, you're absolutely full of it. If I said no, every doctor comes to me and is absolutely prepared. Everybody. No, no, no, no, Um, but quite honestly, and this is the truth, um, in this day and age,
21:36
more and more every year that goes by, the doctors are more and more prepared than they were the previous year. And, know, I know I'm sitting here with, with Mike Denzio and on dental startup unscripted, right? But it's, it's a proliferation of information like this. It's readily available, right? And it's an unbelievable value to, to, the doctors and those who are out here working in this community that it leads to, to that, right. And it, and it is the truth. Um, on the other side of things, you know,
22:06
Cause I think you know this too. I don't require a business plan for a doctor to apply. And some do. I don't. I would never discourage a doctor to not do it. Never call it a waste of time. It's unbelievable. I require it from my client. Sure. And this is why the doctors by the time they get to me are so much more prepared because they watch your podcasts. They talk to you. You require them to do it. You know, you're making my job way too easy. Exactly. Let's edit that part out. My job is unbelievably difficult.
22:36
Um, this should should be, yeah, no, no, it's, an interesting question and point, but, try to becoming more and more prepared. No, I have to agree with that. Even though I was a little extreme in my example, it used to be that someone would call me at the bank 15 years ago. Um, and they would just be like, Hey Mike, I, uh, want a loan and, uh, how do I do this? And.
23:04
I'm sure you get those calls. I get those calls. Absolutely. And you will help them. Um, but I would challenge the audience to not do it that way. Go to Matt and say, here's the plan. And, and can you give me the money? And he'll be like, heck yes. Of course. Yeah. No, of course it might be too strong. Um, but you know, I don't know if you've ever, you ever used this analogy before, but I use it with doctors all the time. You know, how, how does doctor run the business of being themselves in their personal life?
23:34
Right? You know, how much are they working and earning? How are they managing debt? How are they saving the things in their personal lives? Because these are individuals who've never owned a practice before. They don't have a business tax return. They don't have a PNL to demonstrate to the bank what they are able to execute on. Right? So what are the decisions these folks are making? Well, that's what I was in a lot of let's reverse that. Let's reverse that. Let's let's ask. Let me ask something in a different way.
24:04
What are the pitfalls of, of folks coming to you where you say no, or it may be borderline. No. Are there things they can do before they approach you other than a business plan? I w I'm, I'm curious to see, cause I want you to, after I answer this, I want to get your perspective on how much this has changed or evolved if at all too. Um, and when we're all out there working and speaking at educating, you know, our future practice owners, we touch on all of these things all the time.
24:33
Um, the first one I think that happens is, is how they manage their student loan debt. Right. Now this has changed a little bit in the last 24 months because of all the programs out there post COVID that allowed doctors to, you know, take advantage that the government has offered. But, you know, having a significant amount of student loan debt can be a burden, right? And, there's an emotional response to just pay it off as fast as possible, but there's a difference between student loan debt and credit card debt.
25:03
good debt and bad debt, right? So where student loan debt is good debt in the eyes of the bank, right? So if a doctor's out there working hard, working four days a week in an associate position, corporate or private, doesn't matter. They're making a pretty good living, right? And they have an ability to pay off their student loan debt quicker if they want to, right?
25:24
And especially where Mike and I live in Western Washington, it's it's not an inexpensive place to live to. Right. So you start doing that and then you have and then you start racking up credit card bills because it's expensive to live to. Right. And that is a pitfall we try to to help avoid. OK, so so college debt and how that's managed. Credit. I heard credit cards. What else?
25:50
Um, and then the savings is a part of it because it's all, it's all full circle, right? You're bringing money in. How are you saving it? How are you managing what you pay for? Right. And if, and if you're using it to pay down your student loan debt was a very understandable thing to do, right? Your personal liquidity situation takes a hit, right? So your living situation takes a hit. So you start paying bills and racking up debt on credit cards that you're not able to pay off every single month. Right. got you. Okay. So, so you do want them to have some cash. Um,
26:20
And you don't want them to have too many credit card bills. Hopefully zero at the end of every month, like zero, pay it off in full every month. That's the ideal. Well, they're gonna hire me, so they might have some. Well, no, but we know about this. is so when we talk about the sequence of things that right, how you make decisions, why banking and not just because I work for the bank and not just because Mike used to work for the bank.
26:47
having a conversation with your potential lender and making some of those decisions at the beginning of the process can help with all of that, right? Because we can look at marketing and consulting as part of the budget and the startup program, right? So they don't have to take a hit or put fees like that onto a credit card and not have the ability to pay it off. True. Okay. So saving some money, managing through the, what about production? Like I know on the acquisition podcast, I talk a lot about like the fit. So,
27:17
someone that produces 700 grand a year or whatever it is, and then we're looking at a practice that might be producing 700 and that would be a good fit. From a startup perspective, obviously you're starting from zero and growing from there, is there a production requirement? Is that a good thing to know or present to you? Yeah, well, so we don't look at production.
27:41
Duction per se, it's more about earnings, which is a direct corollary to what they able to produce in a clinical setting, right? Okay. And the difference between a startup and the purchasing of a practice scenario and how it relates to the relationship the doctor has with their employer can be very different too. Right. So, you know, if you're an associate working for a doctor to start up.
28:03
You know, you might want to keep your plans close to your chest a little bit, right? So getting and collecting production reports might not always be an option. Yeah. So we, so we look at the salary as a direct corollary to what they're able to do in a clinical setting. That's cool. Yeah, I gotcha. Okay. So, uh, we have covered team. We've, uh, building the right team. We've covered the structure of a loan. Then we just talked about how to qualify. Um,
28:31
Tell me a little bit about like, let's talk about some of the stuff that not only how to qualify and what are the pitfalls and challenges with qualifying. We covered that, but what do you see on the back end? Of course you have folks that, what can people learn from best practices versus folks that are struggling right out the gate as a startup? You do a ton of startups.
28:56
We actually just went to a grand opening the other day and and that would have a practice to beautiful practice and actually we We interviewed Chloe on the program. We mentioned it. She was number one. We talked about she was number two I guess it's further than a client to go first. Yeah, that's only fair First that day. Absolutely. So the first live interview was with Chloe. This will actually get
29:19
published first. Actually, that's not true. Chloe's will get well, I think now we have to publish clothes first because we've disclosed it. that's the awkward if we went the other way. That's true. But Chloe actually did everything good. Everything right. She just absolutely nailed it. Of course, there were some challenges along the way like every practice and she's off to a fast fast start. Matt, you you talk to a lot of doctors, you you do more startups than I do. So
29:49
What are some things that you see folks do that put them in, in tougher situations to pay the bank back? And I hope this doesn't sound too oversimplified, it really, really, really is. Um, when I talked about, you know, building the team that communicates well together on your behalf, the other side of that is trust your team too. Right. Um, you know, so give me an example of someone not trusting a team and things didn't go so hot. Yeah.
30:19
you know, if, as you're building out your office, right, the, the, progression from three ops to start to, to op four, op five, op six, what type of equipment you put in there. When we get to an approval for a doctor, the cashflow modeling in the first five years have been done, right? We, we understand what, what to expect the practice to do, what the repayment's going to be both for the loan and on rent and all those numbers that work. Now, when a doctor,
30:47
maybe takes a step outside of the advice that you would give them as your consultant or the structure that goes into the approval of the loan and, you know, purchases a piece of equipment or technology, maybe a little bit premature and takes out some other type of financing to do that. And all of a sudden now has another significant payment into their monthly cashflow that wasn't part of the original cashflow modeling. It starts to put stress on the cashflow that you're solving for.
31:16
In no way am I against technology in a dental office. It's, it's couldn't be further from the truth. Um, but the how and the when and where you get it and building up the, the, the base of, of your patients in your business to support it is important too. I'm glad you said that Matt, because like a lot of the startups that I have helped, they, they come, they come to me ready to, to swing. They want to it all on day one, right? Grand slam. practice on day one.
31:45
They want to go for 10 ops. Well, this is an exaggeration, of course, but I guess I'll exaggerate a little bit just to drive your point home. And they're just literally gripping down and trying to hit a grand slam when really all they need is an RBI, right? And I'm not a baseball guy, by the way. But I'm going to go with this. But they literally are going for a grand slam. And baby steps.
32:13
Uh, are, really important. so hell yes, we want technology. Hell yes. We want scanners and 3d printers and Sarah and all the things. Absolutely. want you to own the building where your practices gonna, know, all the things, all the things, but like, let's just take the Sarah for example, or, or a cat camp, forget Sarah, but that's a brand. Let's just say cat cam in general. Um,
32:40
I always talk, I get in this conversation to like standard of care, like the standard of care is a 3d image. And I'm like, okay. So, so the reality is that you might get lucky to get 30 new patients your first month. You're used to today working for a corporate office, seeing 30 in a week, right? Or in two days, if you're really busy. And so.
33:07
Like out of 30, maybe three need an implant. Maybe. Okay. Actually not even probably one. Right. And so I guess the point is, or like, to have all this great technology, you're at bats. You're not sticking with baseball. You don't have enough at bats to ROI that particular
33:30
just technology, you'll get there. Yeah, it's the it's the crawl before you walk, walk before you run, run before you sprint. And I'm sure you ask this question of your clients all the time. And it's something I try to bring up in my conversations and early as possible to is let's talk about the process here. Let's talk about where you want to go. Let's talk about what your goals are, and understand that they can change, they can evolve. But if we're talking about wanting to build a
33:56
practice that is highly limited on technology and can provide a certain type of patient care. Let's put that into the plans we have now so we can get there at the appropriate time and try to get there as quickly as possible. Same goes with purchasing commercial real estate. mean, how many doctors come to you? I want to do a startup, but gosh, I can't lease. Why would I want to pay somebody else for something like this when I could just buy? Great.
34:22
We do have options where we can do that. If I do 40 startups in a year, I probably do somewhere between 40 and 45 or so a year. I would say one out of every five asks about it and talks about it and wants to do it. But of that 45 to 50, it's probably two, maybe three a year that actually do it.
34:44
Um, but my answer to that is I'm so glad we're having the conversation now because the things we're going to do and the plans we're going to place put in place now are going to help you get there. And whether it's on your first lease renewal or your second lease renewal, we're talking about it now so we can do the things to help make it a reality as quickly as possible. I love about bankers and it's, of course I'm biased cause this is the world I came from, but what I love about bankers is they force you guys to think and
35:14
talk and prepare for the business. Not everybody can hire a consultant or not a great fit for everybody, but you guys do help them on that initial prep and keeping them out of trouble when it comes to all this stuff. And so that's kind of where I want to pivot here. And that is, you know, it still makes sense to start up. We've talked about this. Can we talk about the relationship
35:43
that someone might want to have an open heart to. That sounds like a weird thing. We're not in church. But like, I guess what I'm going for there is that like a lot of clients are just like, Matt, give me a loan and then I'm never going to talk to you again. It's not like your college loan or your car payment or even your mortgage, quite frankly. You know, most of us go get loans. We service that debt. We never talk to that person again.
36:12
This is a business relationship and you want it to be a business relationship? A thousand percent. This very likely could, and for some should be the first step in a 25 or 30 year relationship.
36:29
Um, we all have clients that are more transactional and I have a conversation or two with them, get their information and get them approved on the loan and never talk to them again. And that's, and that's fine as well. That'd be unfortunate. So, but it happens in everybody needs something a little bit different. Um, but, but, the, banking products, the solutions, the way, the way it's designed is, you know, I, I look at this in five to 10 year increments over a 30 year timeframe, because what you need is
36:56
the associate, you know, five years out of school working compared to, you know, 15 years into practice ownership compared to the fast, the last five years of your practices, you're getting ready to transition out is all very different. And your partners that you choose, whether it's a consultant, a coach, a lender, attorneys, accounts, whoever it might be.
37:15
should have that perspective of evolving with you and the products and the services, the way they support your business change, because you need very different things at different times. And you're exactly right for those that want that type of relationship with the bank, that's exactly what we're looking for. And in fact, actually helps us support the business even more efficiently. was actually thinking like the banks,
37:44
In the history of me doing this, I find that the banks that are able to give some of the most competitive rates, and I would put you guys in that category, like just from a basic business perspective, from a banking perspective, because I was an ex banker, is like, you're not making all your money off of interest, you're making your money off of this relationship. And so
38:12
I find that folks that don't have the most competitive rates, sometimes they're not selling the relationship as a whole because it has value to you having this checking account, even the payroll stuff, the merchant services, like the portfolio of you giving a lot of your business to one bank can offer you some.
38:35
bigger discounts is kind of where I'm getting at. Yeah. And the word, the word relationships is, the key word. Right. And, and, and frankly, it, it goes said with, with any business relationship, right? The more relationship grows, the more you can get out of it, right? The more of a two way street it is. And it's the same with, with your financial, your banking partner. Right. And, and
39:00
Not just, not just the actual nuts and bolts benefits that you touched on there too. Um, but the ability to have a relationship with somebody and pick up the phone and have a conversation is important as well. And for me personally, in the way I run my business, you know, I, I don't do every single thing from soup to nuts from the beginning of the project to the end. And there's a team that has expertise in certain areas and I let them execute. Uh, but.
39:27
but I'm a resource for all of my clients, right? Post project into the life cycle of it. And I think more often than not, they'll say if they need something, just a question, just to get pointed in the right direction, they can call and ask. Well, kind of back to what I was saying is that you went back to that trust conversation that we just had.
39:54
You do have to trust your team and that relationship does matter because I have clients that are kind of aggressive towards their own team. Forget banking. We're talking about contractor equipment, IT, bank marketing, architect, consultant.
40:17
Uh, they, get very aggressive and there's a lack of trust there. And I find that like Chloe, example, it's confrontational little bit. can be, can be. And, the interesting thing is, is like Chloe, who, who you, you guys just met, uh, in the series, she of course had the hard conversations to get her price and budgets in place, but she, everybody loved working for, with Chloe and for Chloe.
40:45
And what's really interesting, and I got a lot of clients like that, what's really interesting is, is everybody will bend over backwards for someone that they love working for. You'll get the best deals when the client is appreciative and you like working with them, you'll get the best deals. But the person that is aggressive and confrontational and just, it's all about the nickels and dimes. You're not going to get the best service. Yeah. And I would say it's even
41:14
more about the service service than the, the, the nickels and dimes even, right? Because some point it's just, it is what it is. Right. But, but, but you're absolutely right about Dr. Chloe and she was, uh, she's a phenomenal person. She built a beautiful practice. Her family is fantastic. That was the open house we were just at. And then we both go to a lot of open houses and that was right. Um, she would be an excellent case study and all of the things right to do with the startup.
41:43
Yeah. Yeah. Well, I guess on that note, we are at our, um, are we at the end already? Dude, it flew by. This in studio stuff is, is I gotta get used to it. I'm used to talking to people on the screen up here. Yeah. Yeah. But we, we, we are live and people are, uh, able to watch us live and act, actually ask questions in the program. And, and so
42:09
This will get posted like all of our other episodes, but we will continue to give you guys the schedule so that you could potentially be part of the program. Nobody asked you any questions, Matt, but we just started doing this. That's fine. Yeah, we I think we covered just about everything. We covered it right. Well, any last comments, moments? You know, I just I want to circle back to what we started off and say that when we're if you're a doctor out there thinking about considering a startup.
42:38
there's gonna be a lot of questions, thoughts, things that you're gonna go through, but the attainability of doing this has not diminished the success rate and what we're seeing with our doctors has not changed. And for those that are willing to jump in with both feet, build a team, work collaboratively with them, it can be an unbelievably rewarding experience. 100%, 100%. And thank you. I mean, this was, we've been talking about this for a long time.
43:06
It's here. We happen. It's here. We're done. And Matt, Matt had a background in radio, so I was a little intimidated that he was going to big time me today. no, no. Radio, but not TV. And this is the blend between the two. it's so kind of like I knew what to expect coming in, but then it kind of pushed me a little bit outside of the chair. So, no. Well, many, years ago. Thanks again, man. Thanks, man. And what we're going to do is we're going to put any information down below to get a hold of Matt. I would highly recommend.
43:35
if you have any questions about anything when it comes to business, if you're not hiring me, you need a guy like a Matt on your team that can kind of put the guardrails up and help you prepare for what you're about to take on. That's what a banker really does provide. And so Matt's contact information is below. so again, thanks guys for being a part of the program. Follow us on Facebook, Instagram, YouTube. We've even got LinkedIn accounts like
44:03
The show's really been taking off and I just want to say thank you all for being a part of the program and again, Matt, for attributing to it, man. My pleasure, buddy. My man. Yeah. All right, buddy. See you. See you.