Subscribe
Share
Share
Embed
This podcast covers from START to FINISH How to Acquire a Dental Practice. Michael Dinsio, founder of Next Level Consultants has literally seen hundreds of deals as a banker in the industry & he has personally consulted hundreds of dentists as a Buyers Representative. Michael talks with GUEST SPEAKERS about Due Diligence, Legal, Demographics, and more... He invites experts to the show to help you avoid those headaches and heartbreaks. So start at the TOP w/ Episode 01 and work your way through the transition process. We break it down step by step in a true #UNSCRIPTED and genuine way.
00:00
Oh yeah! Here we go! Practice acquisition! There are pitfalls throughout the entire process.
00:25
Hey, hey, guys, another episode of Shark Week, acquisition uncensored. We are rolling through this week and we are in the middle of the country in Arizona with Menlo Dental Transitions. introduce our next guest here in a minute, but we talked about some really, really good stuff to hang in there because there's some nuggets. Some things we talked about was kind of the pricing strategies.
00:52
around how brokers price practices. think that's really, really good stuff for you guys to hear because oftentimes you're wondering where is the broker coming from on the price. so David Haynes with Menlo does a great job of kind of laying out the challenges that they have when representing a seller. One of the cool things that I thought he brought up was for buyers to be ready, be prepared when you call.
01:20
the practice broker. talked a lot about like if you are relocating to a different market trying to buy a practice. So for example, you live in California and you're relocating to, I don't know, Arizona. What that looks like, how that feels with the practice broker. We outline those challenges. And one of the other great thing that we talked about was, you know, just in general, think about how you approach a practice broker.
01:48
and the mindset that you need to be in when you approach a seller or a practice broker. Just be prepared for it. So lot of great things. Again, my name is Mike Dinsio, founder of Next Level Consultants. I'm a buyer's rep. I do this for fun and I'm having fun. And Shark Week has been awesome. We do it every year. I wonder if you're watching Discovery Channel Shark Week. We're doing it at the same time. We do have t-shirts to give you. If you write us a review,
02:16
You get a free Shark Week Dental Shark Week t-shirt. Check it out. Review the podcast. I'll send you a t-shirt. They're fun and we're having fun with the program. Here we go. Let's get another one going.
02:31
The Truth when buying and selling a dental practice. And now your host, Michael D'Incio. All right, guys, welcome. Welcome to another episode of Shark Week Dental Acquisition Uncensored. We are going through a lineup of practice brokers. We're midway through the country and practice brokers here have represented super well. You guys have
03:01
Probably got a ton of golden nuggets in all these episodes. I would challenge you to listen to each and every one of them. Even if you're not in the particular broker's market, they all have really great insight. And it's really important to just pick up little nuggets as you take and in each one of these episodes, you you're going to learn so much about how to approach a broker, how to approach a market, how to approach a deal. But today we have a special guest. His name's David Haynes.
03:30
and he is a practice broker with Menlo Dental Transitions. I'm super excited to be partnering with Menlo on this program because they are the dominant force in AZ, Arizona, and they are represented today by an awesome dude, David Haynes. Welcome to the show, my friend. Michael, thanks for having me. That's some exciting intro music. I don't think I've had good intro music like that before, so that's good. Well, we try. We do our absolute best to get people pumped.
04:00
I mean, sometimes people are driving to work or the a boring associate position and we got we got to wake them up. We got to get them. We got to get them motivated to get into ownership. mean, that's what that's what the music's all about. But let's let's let's get right into it. I found that if we dilly dally too much, we lose them and they go to someone else's podcast. I don't want that to happen. But David, tell us a little bit about Menlo. Don't get too in the weeds. But
04:29
What are you guys all about? What makes you guys special? Just a little bit about Menlo and David Haynes. Yeah, Menlo started commercial real estate firm, started doing practice transitions about eight years ago. Right now we have over 40 listings in various parts of the country. Started in Arizona, so naturally we have a big presence here. We've expanded into California and other markets kind of in the Southwest. We've brokered across the country. We have associate placement.
04:57
that takes place across the country. do nationwide appraisals. have a separate, we have a certified, we have three certified appraisers on our staff that handle appraisals nationwide for a variety of uses. And that's kind of us in a nutshell. usually, you know, we're usually representing sellers, bringing practices to market. And that's kind of where our experience is. Well, that's why I'm interviewing you today, oddly enough. you guys have so much experience representing sellers.
05:27
The reason why we are interviewing so many practice brokers is because each and every one of you kind of run your business slightly different. And I think that the buyers need to understand what they're getting into when they approach practice brokers. That's ultimately what this is about. So David, when a buyer approaches you, tell me, like, what do you want from them?
05:51
Give us like the pitfalls or maybe even best practices, however you wanna take that, like, how do you want a buyer to represent themselves? Because ultimately this is a very competitive market across the country. I'm assuming it is an AZ just like it is everywhere else. So maybe speak to that too, but like, how do you want them to approach you? How can they get into first position? How do they show well?
06:20
We do get this question a lot. And I think sometimes people get either frustrated with the process, you know, or, you know, and they're like, Hey, how do we, how do make it happen? You know, either they've been outbid or something is taken off the market before they even really had a chance to look at it. And it's, there's really no secret sauce. It's just about relationships and awareness. You know, we, we are, I'm just one guy going out and finding listings and
06:49
and working with sellers on their retirement plans. We have in-depth conversations with them. Sometimes these are like years long relationships that we are finally getting to the point of listening and practice. And then when we take a good practice to the market, have, and there's a lot of buyers, naturally, some we're gonna know more about. It's just about relationships and knowing some of these buyers, what they want.
07:17
what their personality is like, what their team is like. There's a few people that consistently show up on my radar and they just do silly things. Don't show up for showings. They'll schedule something and then there's a no show and it's like, oh, well, I had to... And so it's really just relationships and common sense. There's a lot more to it in terms of the team and being ready, but in terms of like...
07:44
how do you want buyers to approach us? We just want to get to know you. And we're looking for a good transition. We don't want to put somebody in a situation that's not going to be good for them ultimately because that doesn't look good on us. Even though we might represent the seller and they might be happy, we want to know what the buyers are looking for so that we can truly see if what we're doing is a good fit. Ultimately, that's a win. Something that I'm going to hang on to is this is a relationship business. You just said it.
08:13
The truth is it is, you're, don't know folks, if you ever heard the saying, always be selling. Well, always be selling yourself, your brand, your personal image, your reputation, your integrity. It's so, it so matters, as I see it from a buyer's rep perspective, folks just not really representing well. And so,
08:42
Unlike real estate in the buying a house, most of my clients only have the buying of the house example. And so they relate it to that. Unlike that, you don't have like this database of all the listings in the entire area that you can tap into. David is your personal listing guy and Menlo has their listings and the next broker has their listings.
09:12
You have you have to connect with David. You have to build a relationship with David because you want him thinking about you if there's a practice that makes sense for you. So is that what I'm hearing ultimately? Yeah, that's it. mean, you know, I don't necessarily need to be your best friend, but at least at a minimum, communicate what you're really looking for so that so that we know what that is, you know. And, you know, if you're if your box is fairly wide, that's OK. But just just.
09:41
Awareness is probably like number one. And then preparation, right? If somebody comes to us and you know, we have some people occasionally that just aren't fully ready to make the leap, but they're spending a lot of time, you know, digging into stuff. And it's obvious that there's either either there's an agreement in place with their current employer that prevents them from making a move immediately. Or maybe there's a move that needs to take place. You know, maybe they have to, you know, maybe we talked to a lot of people that are trying to relocate into different markets.
10:10
And so, know, kind of getting your ducks in a row helps a lot. mean, you know, it's just it's just awareness and clear communication on what you're looking for timeframes, you know, and if we understand that, if we have a good idea, it just makes our job so much easier. There's no there's less guessing about it. Well, I I'm going to key in on timelines because I get the timeline question literally every single time my clients hire me. Like, what's the process and
10:39
And how does this work? I don't think that most buyers really appreciate how fast this process is. Once they're fully engaged, you literally could be an owner in 45 days if everything worked out perfectly. Like, it's crazy. You could be an owner of a $1 million plus practice in 45 days if everything goes through perfectly. So I think you said something that I want to key in on and that is like,
11:08
You know, you've got a lot of people calling you that aren't necessarily ready. How's that go over? Like you're a busy guy. You're trying to sell practices for a living. I'm leading the witness here. How's that go over for you if someone just calls and says, hey, I think I want to buy next year. What do you got? Yeah, I mean, it almost goes nowhere. It is still good to have some awareness of that person.
11:38
And it's good to maybe have them, we use software to kind of keep track of, we have CRM software. So if somebody calls me and they want to do something in a year, that's fine. But we probably shouldn't be looking at a practice today and sharing all the personal details of a seller today. I have, like I said, sometimes the selling process is kind of an emotional thing for some sellers. I had,
12:06
I have a seller this week that we're working with that wants to meet all of our buyers. If somebody's not very serious, need to know that that person's super serious before I put them in front of a buyer because it's a process that can wear you out in terms of a seller after you've met multiple people. It's just a matter of efficiency and the cream tends to rise to the top. When there's a good listing and...
12:33
There's usually several people competing for it. At least that's the way it's been historically. You just get flushed out if you're not ready to make the move fairly quickly. There's just a lot of people going for it. And that's not me. It's just the way the market is right now. That might change in the future. There's always uncertainty in the future markets. But for the most part, it's been because of the industry trends, owner-user-buyers.
13:00
when they're ready to go and they find a good practice, they need to be ready to roll. AZ is one of the hottest markets, no pun intended. I think it's like 100 degrees there today. It's hot. Yeah. It's hot. so, but from an acquisition perspective, it's a very hot market because the cost of living is much less in Arizona, but the weather's amazing minus the summertime when it's 120 degrees.
13:28
Some people like that, but nonetheless, Arizona is an attractive market. And so let's talk about that because I don't think that's been covered on Shark Week yet. And that is how to handle someone that's relocating and looking to buy in another market. We could talk about how great Arizona is and why you might want to move there and buy a practice here. It speaks for itself. How I've got some points in this, but lead the charge, David.
13:56
How do we handle buyers? You said be prepared, be ready earlier on in the show here, but I'm thinking that's like on another level of someone's relocating from Ohio or California, because how does a broker think? I mean, you can't take that natural thought out of your brain. What do you think when someone says, hey, I'm moving, I haven't moved yet, I don't have the license and AZ yet, but I'm interested in buying a practice. Where's your head go? I know where it would go.
14:26
Yeah, you know, we deal with this a lot. I work in California, Fairmount, and there's just there's a lot of crossover between the two markets. It's a good question. And the honest first thought is, it's more complicated if we have three, you know, let's just suppose there are three buyers to choose from. And some guys here local, he's been in the area for a long time and he's ready to go pre qualified. And then somebody else is coming from out of market.
14:52
with all the same features except for the fact that they have to relocate here, right? Assuming everything else equal except, the re it's just the relocation just makes it more complicated, right? And so timing is usually tougher. There's just a lot of uncertainty. The deal is more likely to either take longer to close or to have complications in the process. And then the longer the longer the deal processes, the more likely you are to introduce, you know, some sort of issue, right? And every time the longer time, you know, goes on the worst.
15:21
that is so it can be done. There's a guy in particular I know, he was interested in buying a practice, he was in California, sold his office there and wanted to come here to Arizona. He made offers, he flew here, made offers several times on practices from California, kept losing and then finally moved here and made a huge difference. He still I think turned through a couple of offices but ultimately he got it done and
15:50
being here makes a big difference. Or being in whatever market. And being in the market, yeah, I think that's the key right there is, and even that guy had a leg up because he probably had some pretty serious cash to bring into a deal if you just sold a practice. Just in general, a buyer that's more serious, has more cash is gonna be looked at. Folks, just want you to understand that David is being super polite, I feel like. This is an uncensored show.
16:19
I'm going to call it out right now. The brokers are thinking to themselves, I have to represent my seller to the best of my ability. If I put two people in front of my seller and they have to put everybody in front of their seller. But if they are advising their client, one gal is ready, like he said, and one has to relocate and there's all of the efforts that go into moving, buying a house, selling a house.
16:49
relocating, finding, whatever, getting your license, getting your kids in school. Like that is more complicated period. And your timeline now is much further out. so folks keep that in mind. If you're coming into market and you haven't moved there yet, when you approach that broker, make sure you put some confidence level into them day one. It's a drawback. It's a drawback. Fair enough, David.
17:17
Yeah, it's a drawback. I will say from the buyer's side, there's some drawbacks on their end as well, right? If they move to the market, so A, they have to leave what they're currently doing. And then and then B, they have to get here and start something new, you know, on a temporary basis if they're looking to ultimately buy. So they're going to have to take an associate job and then that may create a non-compete. And so there's definitely drawbacks or things to be aware of. And so that's when, you know, if you make the move,
17:44
you know, try and work in an area obviously not close to where you want to practice. Like get yourself, park yourself pretty far out of town, you know, if possible. And there's ways, there's plenty of associate opportunities along those lines to, you know, so you're not boxing yourself in, in a non-compete zone. I mean, there's, there are drawbacks to moving on the buyer side, but it will make you more competitive from our perspective. Great, great tip. Stay away from the areas that you actually want to buy. That's huge tip. That's great.
18:13
Something that David and I share is we're both ex-bankers, so we could talk about banking all day long. The feds just increased the rates. That's like yesterday news. I know that's a timestamp. How has banking changed in the last six months in your mind, David? mean, give us that unsolicited neutral ground, like how hard, how easy is it to get lending? We talked about it already this season, but just because we share that background, let's have a.
18:42
conversation about. Well, it's funny. I had a I had some showings last night and a buyer said, hey, I saw the Fed raise rates today. You know, what does that what does that mean for me? And essentially the short answer is really nothing. You know, the Fed's they're raising short term rates and we're talking about 10 year loans usually. And so, yes, there is an impact. Yes, there's a relationship between the two to some extent. But long term rates float with the market, right? The long term rates really aren't.
19:11
dictated by the Fed per se. And so you can watch the 10-year treasury to kind of get a hint as to where things have been. But when I started in dental lending, it wasn't uncommon to have rates in like four and five and sometimes 6%. And when you're talking about a 10-year loan, a difference between a three rate and a four and half or even 5%, it's not as big as you would think.
19:36
You know, when you have a 30 year residential mortgage, know, kind of going back to the example most of us have experienced, the rate starts to make a bigger difference because we have a much longer repayment period, 30 years versus 10 years. So, a 10 year loan, you know, if it moves by a couple basis points, know, rates in the fives are, you could argue, maybe still subsidized by federal stimulus on some level, right? And so, rates.
20:03
rates in that territory are all still very good rates. And it doesn't, you know, from my perspective, you know, a couple of bits here and there shouldn't really make any difference to a buyer. You know, especially over the long term, you know, over the course of their career, it makes no difference. If you find the right practice and you have a reasonable rate, you should, you know, you should do it. I, I get into conversations all the time, like my clients about, know, this bank at this rate and this bank it's, it's every day and
20:32
when you break it down to brass tacks, it's usually like a three to $5,000 difference over 10 years. It's like, I don't know, is that really somewhere that we need to focus? To me, it's about relationship and it's about so many other things than just four or $5,000 divided by 120 months. it's tiny. Which brings me to another point and that is cashflow.
21:02
So you're probably a heavy cashflow guy because you're an ex-banker, now practice broker. So like walk us through cashflow. What are you seeing? The average practice throwing off cashflow wise. Like I have to sometimes unwind unicorn versus good deal. Let's not talk about fixer uppers that has a conversation of its own. Let's not talk about unicorns. Unicorns throw off more than
21:32
four or Let's talk about like the average practice. What should these folks be looking for as an average solid nuts and bolts practice that you're seeing in Arizona anyways? Yeah. You know, I like, I go to a couple of metrics pretty quickly. I look at hygiene percentage, you know, what's their percentage of hygiene as a percent of, and actually calculating that's a little tricky. Like you have to go to the production report.
22:00
and figure out what the hygiene percentage is from a production report and then kind of apply that to collection. it's not that it takes, it takes a couple of steps to really dial that in, but I'm looking for hygiene. That's going to be, you know, in that 30 % plus territory. Sometimes it's a little bit less, sometimes more, but I like to see hygiene there. And then I go straight down to owner discretionary cash flow. we'll take, we'll take the net income. We're going to add back all the owner discretionary items. We'll add back interest, appreciation, all the maybe non-cash items.
22:28
or things that go away when the practice sales, you we're trying to figure out what's the owner discretionary. And I'm looking for, again, 30 % plus owner discretionary cashflow as a percent of collections. Now, when I look, the only flaw I'm looking at percentages like that is, is the fact that, you know, if you get into too small of a practice, then that number starts to get really compressed. So this is assuming we're looking at practices that are doing 800,000 to 1.2, you know, somewhere right in that kind of sweet spot.
22:58
And you know, it really does depend on the sub market, right? California is a little different, Arizona is different, rural Arizona. We have some insane cash flowing offices in rural markets. And if you're, I'll tell you this right now, this is my plug for rural markets. The more I do this, the more I'm a fan of like going a little outside of town. You get better reimbursement rates. In some instances you have more patient demand. So some rural offices, we see it just blow those numbers out of the water. And so it's,
23:27
In those markets, it's less unicorn like to see that, let's say over 40 % cash flow, that's pretty unicorn in a suburban area. You got to be doing something special, but in a rural market, it's not uncommon. So if I was to go to quick metrics that a buyer can look at, that's it. No, I love that, those answers. I've asked that question and we've gotten an array of different things. So that's one thing you could take away from Shark Week is
23:53
how the practice brokers view the practices that they're selling. It's a little insight to piggyback off that rural one. Gosh, I couldn't agree with you more. Where you go to a market that everybody wants to be in, it's gonna be more competitive. It's gonna sell probably for higher than what it might actually be worth. I say that because, excuse me, but brokers infamous line is a practice is worth.
24:22
what someone's willing to pay for. And it's so true. You go to an area that everybody wants to be in, you're going to have five people backed up trying to buy that practice or more. The last broker we talked to had 30 dentists per practice and that was in Dallas. So, you know, if you're going after that area, naturally you're to pay more. Duh. I mean, that's basics. That's basic. You go to
24:51
Uh, and outside, uh, you know, Lubbock, Texas, I just talked to a doctor, like that's different than Dallas, Fort Worth, you know? And so, yeah, the, the pool is going to be smaller. Like you said, there's, there's so many, the demand for dentistry is so much higher. So you're, I'm, I'm right there with you. I wish people would live in the city and then commute out to get better practices, to have a better business. Heck, you might actually like being in the outskirts. Go there, live there. At least, at least consider it.
25:22
I was, this does spark some fresh thoughts. mean, after I have a couple nights of showings, I have a lot of stuff that's like at the front of my mind, you know, for like, so one of the guys I talked to last night was he's like, think this price pretty aggressively. And in this particular practice, it's going to get multiple offers, you know, just exactly what you're saying. It's in a prime spot. It's going to get a lot of attention. And I'm like, I don't control the market.
25:50
You know, we do our best to present the practice as well as we can. We want to uncover, we want to be able to explain cash flow and show what's going on in the office. But the market is what drives pricing. it's as, you know, you know, I can't swindle, you know, we've done, we've sold over 300 offices. We can't swindle people 300 times, right? It's not me. It's like,
26:17
Like our pricing is just is a product of what's taking place in the market. And so, you know, when I as I was talking to, you know, this particular buyer, we discussed that everything that you do in terms of making yourself competitive falls onto a spectrum. You know, we were dissecting things like, oh, should you do an earnest deposit? Do you need to, you know, what about the what about the lease and all these different things and everything that you do as you're going to make an offer on a practice?
26:46
is kind of puts you somewhere on the spectrum of competitiveness, right? How well does your transition align with the seller, all those things. And so, yes, you can choose to make an offer that's below, you know, I'm not going to stop you. You can make an offer that's below asking. That's fine if that's where we're at. Like, don't, there's no offense taken there. If I'm wrong, that's fine. But, but just, you just have to be aware of kind of where you stand in it. And what I find is that most younger buyers,
27:12
Unfortunately, they usually end up making two or three offers before they kind of go, okay, I get it. These are the areas where I need to compete a little bit more because there's a lot of dials you can turn. it takes a few runs at it usually to kind of figure out where you need to be. Folks, listen up. That is experience talking. I have been in a few situations with my clients where they find a practice and it is kind of a unicorn.
27:41
and it's the first practice that they looked at. And I'm like, you know, and they're, they're trusting me 100%, but not really, maybe 80 % because they just hired me. So I'm like, okay, this is a great practice. Get your LOI in now. And you're going to need to go, you know, a little bit above asking and, know, do all these things. And they're like, eh, I don't know. It's cause they're, it's their first one. And it's, it's part of the process. It's okay.
28:11
It's okay. You're not going to win. And I know that and the practice brokers know that. so, choose the right team. That's been an overwhelming theme of Shark Week is pick the right people and then trust your people once you pick them. David, lots of things here. 100%, you don't control the markets. I think it's super ironic as we sit time stamp.
28:40
you know, 2022 and we're in June, we're having this crazy inflation moment. And why is gas more expensive and why is bread more expensive? And it's because there's less of it supply and demand type situations. and, and a lot of other things, of course, make something really complicated, simple, but big picture, we can't get our hands on oil. And so therefore gases is high. And you know, everybody can be mad at the gas company, but
29:09
The truth is, is people still need it. And so therefore people are willing to buy it at $5 a gallon. It's the same thing. This is basic stuff. So if there's a lot of people looking at one practice, the same practice, David and all the practice brokers are naturally going to be able to sell it for more. I mean, it's common sense. has nothing to do with. We wouldn't be doing our job if we didn't. Right. I mean, that's, know, we have a duty to, to present the practice in the best, in the best way possible.
29:39
And so, you know, and, and, and like I said, if we're wrong in how we price or something like that, that will, that will eventually manifest itself, right? Like, you know, so the market, the market will ultimately kind of settle the score on those things. It does go the other way. You're going to take it in the shorts. If you'd price something too high and, or your seller demands that you list a price too high that I'm going to guarantee you that happens.
30:09
And the market is going to fight against that high value. And just like it can not favor you when there's a lot of competition, it can also hurt you when you list your practice too high and the market comes in 200 grand less because you just listed highs. So it works both ways, folks. It works both ways. Have you ever been in a situation or yet where a seller's like, no, I don't agree with your valuation. We need to go at, you know, whatever, a hundred grand higher.
30:38
It's pretty common for a seller to want to kind push back on or to say, okay, if that's where we're at, let's see if we can't list for a little higher to either give ourselves a little buffer or maybe some negotiating room if we need it, you know, that kind of thing. And I personally, I don't like that approach. I think if we've got a fair price, let's go to market, it's much more likely to be a smooth process. You know, we know where the banks need to be roughly. know
31:06
you know, there's a reason why we get to arrive at our recommended prices and occasionally the seller will be pretty adamant about, I've either, purchased a new cone beam recently or I did this. And so occasionally there's some factors where it's like, okay, we should give, you know, we can give some credit to that. can, you know, I try and listen and see where they're coming from and, and, and, and just explain maybe some of the risk with, you know, with being aggressive, you know, on the pricing front. Occasionally we get, you know, surprised like, like I said,
31:34
You know, with the market driving a lot of this, you know, sometimes we get upside surprises and sometimes we get downside surprises. You know, occasionally we'll list a practice and we'll pick that upper range of where we think, you know, the practice is appraised at. And then occasionally we'll get an offer above that asking. And so it's a, you know, I like to be close. If I have a seller that says, hey, you know, you're recommending a million and I want 1.3, then we're done. Like I have to be within a reasonable range.
32:03
plus or minus a little bit. We can't be too far off the mark. Folks, we've hit our time. I try to hit these things at 30 minutes. This has been jam packed. Great, great, great things from David and Menlo Dental Transitions. I think the insight on pricing was really a good one that the brokers are trying to sell practice, but at the end of the day, they have to be reasonable.
32:32
You just heard it from David. he's, you know, they're not trying to shark people. There's a pun with shark, shark week that you guys are, are sharks, but the folks that I'm interviewing on my program are not there. They're solid practice brokers that they're not sharks. There are a lot of practice brokers that are, and, and that doesn't help David and his profession, but at the same time, you heard it firsthand.
32:59
that they go through these challenges with their clients too. And it is hard to unwind a practice that you've been working for 20 years, it's your baby. It's a lot more emotional. just in general, mean, David's got to fight that every single day. So last tips, David, on anything else that you could bring to the table for the audience that just to help them in general and how do they get ahold of you too? Throw that out. Yeah, email is probably the easiest or just david at minlowtransitions.com.
33:29
We, you know, if I was to kind of leave with a final tip, I think don't sweat the small stuff. I go to, I don't have any dental offices I've been in and they all have some common threads, right? Like there's always, and you buy a practice, yes, you're buying cashflow. Yes, it's important to do due diligence. Yes, you you need to be comfortable with what you're purchasing, but I think it's important not to sweat the small stuff. Look at the big picture as you're making a purchase and
33:58
And if something's not perfect, you know, that's okay because as an owner, once you get the keys on day one, you're gonna have the opportunity to mold the practice into whatever you want it to be. You can screw it up on day one or you can kind of turn it into, or you can turn it into something even better. And so yes, looking back at historicals is great. That's important. That's a lot of we spend our time doing. But don't sweat the small stuff. If there's something that doesn't...
34:25
you know, line up perfectly. If it's a good opportunity and checks a lot of those boxes and you're ready to make the purchase, then you know, I, I'm more of a risk on like let's, let's do it. And, and, and you're going to be fine. And in most, in most instances, let's risk on with that being said, hashtag let's risk on, um, signing off here, dental acquisition on sensor shark week. Thanks so much, David, for your insight and your investment into the community. Uh, appreciate you being on the show, brother.
34:56
Thank you.
35:07
Tune in next time for another truth-filled episode of Acquisition Uncensored. We want to hear from you. Interact with your host Michael Dinsio. Follow us on Facebook and YouTube. Comment and subscribe!