Unpacking Dental Practice Transitions

Transcript performed by A.I. Please excuse the typos.
00:00
practices typically trade for, like I said, one and a half to two and a half times net cashflow with two times net cashflow kind of being the average. So a practice with a million dollars in top line revenue, right? It’s got 60 % overhead. So the net cashflow after accounting for all those personal discretionary and non-recurring items is 400,000.

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This is Dental All-Stars, where we bring you the best in dentistry on marketing, management and training.

00:33
Welcome to Dental All-Stars. I’m Alex Nottingham, founder and CEO of All-Star Dental Academy. And with me is Brannon Moncrief, and he’s the CEO of McLaren and Associates. This is a practice transitions company, and we are talking about unpacking the dental practice transitions. Welcome Brannon. Hey, Alex. Good to see you. Thanks for having me. Glad to have you. So this is a great topic and it’s something we haven’t talked much about in

01:03
our podcast and it’s so needed. So tell me a little bit about you, your company, and then we have a whole bunch of great questions to kind of get into learning about the space. Cool. Well, I’ve spent my entire professional career, entire adult life really on the business side of dentistry. I was a dental lender for about eight years, lending money to dentists all across the country to acquire and start practices. And then 13 years ago, I purchased McLaren and Associates.

01:32
Uh, McLaren, Paul McLaren was a dentist. He was the founder of the company and, uh, he retired at the time I purchased the company. But the legacy business that I inherited was a traditional practice brokerage firm that focused primarily on what we call doctor to doctor transitions. So a traditional practice sale where one doctor is selling their practice to another clinician, typically when they’re ready to retire. Um, built that company, scaled that company considerably over the past, uh,

02:02
And then about six years ago, being in Texas, I’m based in Austin, and that’s where the company was founded. We were kind of on the forefront a lot of the DSO consolidation that started to occur. And we realized that Dennis needed representation if they’re going to go down that path. So we built out a team, built out a process to do sell side advisory for larger practice owners who are looking to monetize their business and the DSO or private equity world. So,

02:32
Fast forward to today, team of 15 people all over the country. HQ is in Austin. We have an office in San Diego as well as an office in Atlanta. And all day long, I look at our job as to educate doctors on the value of their business and the transition options that are available to them, whether that means selling to another clinician or affiliating with the DSO or partnering with private equity. All right, so.

03:01
Thank you for the introduction, that helps. So let’s talk about transitions. What are the key factors, getting right to it, that impact a sale of a practice, a practice value? We all wanna know that. How do we value the practice? What are the factors involved with that? Yeah, there’s a lot of factors that go into impacting the value of your business. I think one major factor is planning in advance.

03:28
If you wait until the minute that you’re ready to retire, the minute that you’re ready to sell your business, if you’re not educated on the factors that drive value ahead of time, you risk not making decisions that could have enhanced the value or marketability of your business. And a lot of times we see businesses that have matured maybe a few years prior to sale. And now we’re seeing revenue declining, we’re seeing profitability declining, and that business is therefore going to be less valuable.

03:58
and less marketable than it would have been maybe years prior. So one thing I want to point out is it’s extremely important to plan in advance so that you’re educated on what drives value and what your options are. Because if you wait till the day you’re ready to retire, your option is finite. It’s sell to another dentist in a more traditional practice sale and your business is going to be value predicated upon a percentage of revenue.

04:25
and or a multiple of net cash flow. So that goes into the next primary factor. Your revenue level in large degree dictates the value of your business. When we’re talking about traditional practice sales to private buyers, know, the old adage is the practice is gonna trade for somewhere between, let’s say 70 to 90 % of annual revenue. I don’t think that’s a great benchmark, but it’s an easy benchmark. So that’s what dentists tend to use to value businesses.

04:51
I think valuing the business at more of a multiple of net cash flow is a more appropriate way to value a business because two practices next door to each other, each with top line revenue of a million, if one business is kicking off profitability of $200,000 a year and the other’s kicking off profitability of $500,000 a year, which one would you rather buy, right? I’d rather buy the practice with half a million dollars in profitability and that practice should trade for significantly more than

05:20
It’s peer that may have the same level of revenue, but much lower profitability. So we typically see practices trade for anywhere between one and a half to two and a half times net cashflow. That private buyer perspective. Now, when we look at, let’s, let’s unpack this, the net cashflow. So how, how do we, you know, design what that means? Because the doctor, there’s a doctor payment. They might run things to the business.

05:48
Uh, there could be debt or assets that are on there. How do we determine what that is? So I like the 70, 80 % revenue. Okay. Simple number to look at, then tell me about cashflow. What does that, what’s moving into that number? This is not net income. This is something else. That’s correct. So to determine net cashflow, we essentially take revenue minus expenses. And then we take the net income that appears on your profit and loss statement.

06:16
Okay, and then we have to adjust that net income to add back any owner compensation, owner benefits, personal or discretionary items that you’re writing off to your business, any non-recurring expenses, such as if you remodeled the office last year and spent a hundred grand to redo the paint and the floorings and the finishes, that’s a non-recurring expense. So that would get added back because that expense is not going to be incurred on an ongoing basis.

06:46
And we know the name of the game is to write off as much as you can through your business to reduce your tax liability, right? So we have a CPA on staff, we have financial analysts on staff, and their job is to dig into your numbers and pull out all of those personal benefits, discretionary items, non-recurring expenses. And then when you talk about debt and interest expense, the buyer of your business is not going to inherit that debt and interest expense. So you have to add that back as well. What you’re trying to figure out is

07:14
What is the true profitability of the business before the owner is paid? And that’s what we refer to as net cashflow before owner compensation. And when we’re talking about a private buyer sale, practices typically trade for, like I said, one and a half to two and a half times net cashflow with two times net cashflow kind of being the average. let’s take, yeah, for example.

07:42
a practice with a million dollars in top line revenue. It’s got 60 % overhead. So the net cash flow after accounting for all those personal discretionary and non-recurring items is 400,000. So if we go 70 to 90 % of revenue, at that benchmark it’s trading your 700,000 to 900,000. If we go two times net cash flow, 400,000 times two is a $800,000 valuation.

08:09
So those are good benchmarks to use when we’re talking about valuation through the lens of a private buyer of another clinician. But then when we pivot to talking about valuation through the lens of a DSO, they don’t really care about revenue. It’s really about EBITDA. And EBITDA stands for earnings before interest, taxes, depreciation, and amortization. So think of EBITDA as absentee owner profit. And the way to look at that is net cash flow before owner compensation, as we talked about.

08:39
before we’re talking about private buyer valuations, take that number and then subtract out what a market wage that the owner would have to be paid to do the dentistry. So you take revenue minus the true expenses of the business minus a market wage for the owner to produce the dentistry and what’s left over is EBITDA. So when I refer to it as absentee owner profit, think of it as the profit of the business after you are paid

09:08
a fair market wage to do your chair side clinical dentistry. And we’re talking about a general dentistry practice. That’s going to be 30 % of your chair side collections. If we’re talking about specialty offices, it could be, you know, 35 to 40 % of chair side collections. And in the DSO world, you then apply a multiple to that EBITDA to arrive at valuation. Oh, wow. So let’s see that that million dollar office.

09:37
Let’s say after the owner is paid $250,000 to work chair side, the EBITDA of that business, right? $400,000 net cashflow for owner comp, 250 comp to the owner, $150,000 in EBITDA. You would apply a multiple to that EBITDA to arrive at valuation in the DSO. So it’s not going be two, it be more like seven, right? Or something.

10:05
That’s correct. Most practices trade for anywhere between six to nine times EBITDA. Oh, that’s so cool. So wow, there’s three ways that well, there’s one easy way for us to understand, which is 70 to 80 % of revenue as a just general overview. Then your actual sale will be anywhere between the, the multiple of net cashflow or multiple EBITDA either way. Wow. You made this complicated subject.

10:33
Really simple, at least for me, I love this stuff. They’re probably listening, what are you talking about? But that’s so for those that are listening, if you just want to get a general idea, uh, you can go with the revenue. If you understand what we just talked about, you can do that as well. Um, that makes a lot of sense. Uh, absolutely. Okay. So we can, I can stay on the subject for, for a while, cause I love finance and those things. That’s the MBA part of me. That’s a lot of fun. All right. So.

10:59
You kind of mentioned earlier about preparing a practice for sale. You don’t want to end kind of going down. It’s much like the stock market. You don’t want to be selling for retirement when the market’s down. So you have to be able to prepare for that period. So your assets are where they need to be. So in this case, it’s think about it. Um, what are some tips? Cause I have a bunch of more questions and I don’t want this to be, this could be three hours. Let’s get this in, try to get this in 30, 40 minutes.

11:29
So give me some quick tips, like what are some guidelines to end well and sell well and prepare well? Yeah, I think that that goes into your first question as well as like what drives value. Obviously the exercise we just went through, the finances drive value more than anything, right? The reason that buyers look to acquire practices rather than start a practice is for the cashflow, for the recurring revenue that

11:58
is likely gonna be produced into perpetuity, assuming that the transition goes well and the buyer’s a good fit. So I always encourage people to get evaluation done very early on, a few years in advance of a sale, to get educated on what drives value and to get some guidance on some changes that you may wanna make to your business as you approach a sale. So first and foremost, you wanna keep your foot on the gas, right? You don’t wanna sell at a value, you wanna sell at a peak.

12:28
And not only do you wanna keep your foot on the gas up to the point where you decide to sell your business, but also keep your foot on the gas while you’re in the process of selling your practice, because it’s highly probable the buyer, the bank, the DSO is gonna roll forward the numbers and make sure the practice has performed. Oh, prior. Right before close. That’s smart. So make sure you keep your foot on the gas. A couple of things that we see from an accounting perspective is make sure that you’re reporting all your revenue.

12:57
including all your cash, at least in the year prior to a sale. Because any cash that you’re not reporting within your practice financials, that falls straight to the bottom line. That is net cash flow, that is EBITDA, it will hurt your valuation. then you may want to be- It’s revenue that did not exist. Exactly. Even if it shows up in your practice management software, if it doesn’t show up in the bank account- Charge your family. Stop the write-offs.

13:27
If it doesn’t show up on your PNL, if it doesn’t show up in your bank account, you’re not gonna credit for it. And then being a little bit more conservative regarding those discretionary write-offs. If you’re off a bunch of personal expenses through your business, at least in the year leading up to a sale, probably better to be a little bit more conservative. The mercury year financials, the harder they are to understand, the harder, the more work it takes to arrive Cause you’re have to argue an exception.

13:55
to the formula and that’s gonna go back and forth. So if it’s squeaky clean, there’s not a lot of things there, know, car payment, whatever, like, it’s easy, but you start adding these other dinners and so on, so on, okay, that’s really good stuff. And then, you know, a lot of the buyer hot buttons are obviously cashflow, but also location, right? Is your practice tucked away in a professional building or does it have great visibility?

14:22
Now, obviously, if you’re going to move your business that comes at a massive cost, you want to do that well in advance of a sale to get the ROI from that investment. But there’s definitely been a move towards retail visibility and dentistry, primarily driven by DSOs over the past decade. Quality of equipment, technology and facility is a big hot button. So making sure that you’re updating your practice, updating your facility.

14:51
Uh, so let me ask you about that. You’re talking about facility and, uh, so that is not EBITDA at all, but is it, mean, those are assets, would that be a separate? So if there’s the location with all the equipment, is that a separate compensation for that? No, it’s included in the valuation that’s predicated upon the benchmarks that we went through before. So if I have, um, so obviously if it’s okay, if it’s leased,

15:19
Um, they would just acquire the lease or move. Uh, if it, now, if it is a, if it they own the property, they’ll even ask to buy it that they would buy the property or just rent from you. Correct. That’s not included, but the capital improvements are improved are in the equipment and software. That’s all part of the game. And so I would assume that you either get a plus or minus, um, for that. So if you’re completely head of the game, they’re.

15:47
they might give you a little bit more on the multiple or they might deduct the multiple if it’s crappy. Yeah, that’s correct. So the facility, the real estate is a separate asset that’s going to be valued independently and if it’s owned by you and being sold with the practice, we would expect that the buyer would come in and buy both assets. When it comes to equipment and technology and curb appeal, it does move the needle on valuation because if a buyer is one location thing, look, this practice is in digital.

16:16
or it’s not paperless or everything’s 25 years old, I’m gonna have to invest likely a couple hundred thousand dollars over the next few years to bring it up to speed. Therefore, I can’t afford to pay a premium to acquire the practice when I know I have those upcoming capital expenditures, as opposed to walking into a practice where the prices were fully updated three years ago with the latest and greatest technology. It’s digital, it’s paperless, it’s got good curb appeal.

16:45
Well, the buyer is going to say, I don’t really have to invest anything for this practice to be turnkey. I can walk right in, start working and be comfortable long-term here. That practice is typically going to trade for a premium. But again, the importance of planning in advance, you don’t want to spend $300,000 to overhaul your office right before you pull the trigger on a sale because you’re not going to get a one-to-one return on that investment. If you’re going to make that type of investment, you would want to do in years in advance.

17:14
That makes sense. get some ROI while you own the business and then it will enhance the value of your practice when you go to monetize it. And this is something that we spend a lot with our dentists, part of the All-Star Dental Academy way or is, you know, to add business sense to what we’re doing. It’s, this is a business, a dental business. And so we’ve got to treat it as a, as a, asset as a, could be a liability, depends on your situation.

17:41
but we got to be very mindful with it. And so I love that we’re talking about this. We want to keep the end in mind. And really it sounds like you might have, um, and I’m not going to get into this, but there are other discussions and questions we can go on about like, how do you protect that something happens to you, whatever, maybe that will be part two, but assuming everything goes to plan and you want to retire in five years from now, um, maybe there’s kind of like a, uh, I talked to one doctor for example, that said he didn’t want to like sell right.

18:11
that time, but he was in the market and he was, could have went a few more years and had no problem, would have loved it. But the opportunity came, you know, and they were having discussions with buyers and it happened. you, you, it sounds to me, you want to be on, you want to be not on, you want to be doing great business as usual, loving what you’re doing. And you get sold at that point, the apex, not when you’re like, you know, I’m exhausted. I don’t want to do this anymore. I hate it. You know, um, type situation.

18:39
So you wanna go with that. So I think it’s important to keep in mind. Let me ask you question. And don’t forget, if our listeners want to get a valuation, do you do that? Can you do that for them? Or however that works? We do about 400 valuations every year, all across the country, all different size practices to educate practice owners on what their business is worth and then start planning for a future transition. And oftentimes,

19:06
That’s done with the goal of figuring out, you know, where your strengths and weaknesses are and how to reverse engineer the financial goal that you ultimately want to achieve when you monetize your business. So, uh, the cost is $2,500 and that they’re only upfront fee and any like special to say that they came from all star. tell you what, if they come from all star, we’ll cut it to $1,500. How about that? Wow. All right. So that’s, that’s generous. I didn’t think I was going to say 500 or 200. Okay. Well, that’s fine.

19:34
So those are listening, I the CEO here, CEO to CEO, he said it. So you’re getting like a thousand dollars off and I didn’t plan this. just, you know, put them on a spot. I could always edit it out, but you let me know. you know, so instead of 2,500, you can get a $1,500 evaluation. Let them know you heard from us from the podcast or from All Star Dental Academy, whether you’re a member or not, just say All Star, the magic words, and you can get a valuation less expensive. It’s dentaltransitions.com is your website. Yep. That’s a good.

20:04
That’s a good URL. You could sell that. That itself is probably worth like 250 grand. I paid a pretty penny for it about 10 You paid for it. Good. That was worth a lot of money. again, evaluation. We’ll mention at the end if we remember, but I didn’t want to forget. So just wanted to say, Hey, that would be something nice to have. I would love to have that. Hey, you can evaluate my business. like to know, but it’s good to have that. Yep. Absolutely. And,

20:33
You know, we do a full blown report. I mean, we pull all the KPIs from your practice management software. We’ll allow three years of financial trends. It’s about a 40 page packet that we return to you. And then we have a Zoom call to go over it and talk about strengths, weaknesses, the different options available to you, if and when you go to monetize the business. And you’ll never feel any pressure from my team to go to market tomorrow. It’s really just about educating you, planning in advance. And hopefully if you feel that was valuable and we know what we’re doing.

21:02
When it is time to, if it’s not your practice, you’ll call us. And that’s why I like that there’s a fee to it. Like if it was free, it’d be like, what are you trying to do? Because this is, I’ve seen these before, they’re quality products. And this is, would, I would recommend, I would recommend anybody listening, especially our dentists, all dentists, get a valuation and I would do it periodically to see where you’re at. That’s nothing money to do. Even if you’re 10, 15 years out.

21:29
And then you have a relationship with the company and you, have an idea and then you know, with your coach, how to improve and where to go. I’m a planner. Like I was looking for schools for my son before he was born. Like I didn’t even know I was an avataria. So I think it’s important to prepare and do that. So wholeheartedly go. I also want to mention that, um, your company, we just, they are platinum, um, platinum plus I think, uh,

21:56
partners of all start an old academy. what that means is they’ve been vetted high quality. They’re going to be at our, our event in Austin, all star live. So you can go to all start dental academy.com and you can look at our events and, uh, the dates, think they’re the 16th, 17th. I got it. should, everybody asked me. I’m like, I should know. Right. So yeah, it’s going to be the 16th and 17th of may.

22:21
And we have some events the day before as well, but just check out the website and that would be great to come It’s all focused on systems. So we’ll be learning about also transition systems. We’re gonna have a panel I believe talking about that’s a lot of good information if you want to get more Discussion about this topic definitely come to the event in Austin. You’ll be there and your team. So that’s a lot of fun I like to mention these things when I remember because otherwise I don’t get to it So that’s just a little ADD here with our podcast and so it’s fun that way

22:50
Okay. Moving on to some more, some more topics here. So, um, so in the questionnaire, you mentioned about like, uh, strategies. What do you mean by strategies of a transition? What does that mean and what, what options are there? Yeah. So there’s multiple ways you can transition your practice when you’re ready. And the most common way we transition to practice is in the doctor to doctor world, a short-term transition.

23:20
where you’re looking to exit the practice in short order, we’re gonna go out and look for a buyer that’s gonna come in and it’s gonna be their baby and you may stick around for four to six weeks post-close, but it’s gonna be a relatively quick transition sale followed by a very short-term transition. So that is by default the most common doctor-to-doctor transition strategy that’s utilized because a lot of our clients call us the day they’re ready to be done.

23:50
they wanna exit the business in relatively short order. But if you plan in advance, there’s some other options that are available to you that may be to sell and then work back. So if your practice is a multi-doctor practice or is growing and can accommodate two doctors, you can potentially sell the practice and then stay on as an associate, either part-time or full-time, post-close. And then we have a more phased transition where

24:17
You know, maybe the owner is not ready to sell today, but they want to lock in their succession plan. They want to monetize the business in two or three years. We want to go out and find a buyer slash associate to join the practice and eventually become the successor of the owner. In that regard, what I think is key is making sure that you set all the rules of the game upfront, establish the price when the practice is going to be sold. And when you go to market, you’re not just looking for an associate, you’re looking for a buyer.

24:46
who is willing to be an associate and be patient and evolve into owning that practice over a one to three year period of time. And then the partnership option is always a tool in the toolbox, but certainly not the first tool that we reach for, where you would sell equity to another dentist and become partners with them.

25:11
I typically only like the partnership option if the doctors are going to practice together for at least 10 years and are not remarkably distant in regards to their age, right? Because there is a generational gap between a 65 year old dentist and a 30 year old dentist. They look at the world through a different lens and they also have different ideas about where they want to take the business because one person is on the tail end of their career. One person is on the beginning.

25:41
And if you’re not on the same page, it’s gonna make for a difficult partnership and likely a separation at some point in the future that may not be amicable. So a partnership is a tool, the toolbox definitely not the first one that we reach for. And then go in the DSO route. So if you have a larger practice, typically a multi-doc, multi-million dollar revenue practice with EBITDA of 500,000 or more and at least six ops or more in a major metro area,

26:10
going the DSO route might be compelling if you’re open at staying on for some period of time post-sale and you want to obtain a much higher valuation than a private buyer would pay for that larger practice. You know I wanna do? I’m gonna ask you one final question and I wanna do a part two because there’s a lot of questions here that I have for you about DSO in particular and so that’s a whole nother can of worms and I wanna delve more deeply into that.

26:38
Uh, in terms of how they look at it, we, we, you touch a little bit EBITDA and so on. So in the questions I’d like to ask, um, just in general for the private buyers, what types of offices are private private buyers looking for? And then we’ll do, we’ll do a follow-up, uh, you and I, and we’ll this way people will be excited and we’ll release the part two, which we’ll talk more, we’ll do some review, but then we’ll talk more about the DSO route. There are whole different.

27:08
It’s a different mechanism, a different mindset, and then we can kind of delve into that for those that are interested. So tell me about the private buyers. Yeah, so this is a great question. What are private buyers looking for? I would say up until about five years ago, we could sell almost any practice of any size located anywhere that came across our desk. But that has definitely changed in more recent years. Fueled by several things. One, younger doctors tend to want to be

27:36
relatively close to a major metro area. So most doctors are looking to buy a practice in an urban or suburban market somewhere within, let’s say, 60 miles of a major metro. So geography, in some regard, really drives private buyer demand. That just means that if you’re located in a tertiary market or rural environment, it may take longer. It could take a year or two to sell your practice versus everything else equal in an urban or suburban market

28:05
we might have three offers in two weeks. Buyers were looking for larger practices. So they are looking for practices typically with revenue of 700,000 to two million. And there’s a couple of reasons for that. The reason they need to buy a larger practice is because larger practices have more cash flow. And student loan debt is at an all-time high. A lot of the kids that are buying practices today have

28:33
$300, $400,000 in student loan debt. They’re also on social media and they want to live a certain lifestyle to show their friends and their family that they’ve made it. So they’re likely gonna wanna buy a nice house, a nice car. They have high lifestyle expectations. They’ve gotta make more money to fund those lifestyle expectations and fund the repayment of that student loan debt. So for that reason,

29:03
Most buyers that call our office are looking for a practice with revenue of 700,000 plus in an urban or suburban environment, five plus operatories because they aspire to have a multi-doc practice at some point in time, PPO fee for service, patient base, and updated technology and equipment. If you check all of those boxes. That’s a lot of boxes. That’s a lot of boxes. And now with that being in an urban area or near,

29:32
That’s going to come with a premium, even if EBITDA or again, the private buyer case is going to be net cash flow. That’s going to add to it because it’s prime. Over has to be higher in an urban market. But you think the price also be more expensive. But the price will also be higher because basically, supply and demand. Demands through the roof and the supply is relatively finite.

29:59
it’s gonna push the valuation up even though all things equal, that practice is likely to be more profitable if located in a more rural environment. But we see, at any given time in a major metro area, there’s 50 to 75 qualified private buyer candidates looking for offices. In a rural market, there might be one kid that grew up in that town that

30:28
that graduated from dental school a couple years ago and that’s your buyer. Or you have to attract somebody that wants to, maybe they live in a urban market and they decided they want to raise a family in a more rural environment in a smaller town. So you’ve got to work really hard to sell a practice located in a tertiary market. But yeah, that’s what buyers are looking for. if you don’t check several of those boxes, in other words, if you have less than five operatories,

30:56
or less than $700,000 in revenue, or you have a heavy Medicaid component in your practice, no doubt it is going to impact demand and it’s gonna impact the evaluation at the end of the day. That’s awesome. Wow. Brandon, this was a very awesome, awesome interview. I’m so excited and we’re gonna do the part two as well to go into DSO route.

31:25
And then there’s so much to unpack with us. And also for those that are listening, if you have questions, reach out to us at All-Star. We have Brandon back. And I said it, I did say well, Fidi, and, because it’s Brandon. And if you have other questions you want to kind of, you need to delve into, but also just reach out to your company. You have a very robust company.

31:49
You will also be at our All-Star Live event in May 16th, 17th in Austin, Texas, which is your headquarters. And I also have here DentalTransitions.com, great URL, and you have resources, have articles, podcasts, a lot of information to build on for this journey. So, you can start here, kind of whet your appetite and continue to read and learn more. But I think what I took away is it’s…

32:18
Very important to, we talked about also that practice transition, um, or the, evaluation and reach out, give the all star code and you guys get a discount on evaluation, which I think is as a business person, I will be getting that every five to 10 years to see where you’re at. And then you and your coach can work on improving it so that everything is kind of set it up. This is, you know, you got money invested in real estate or stocks or whatever. You keep an eye on that. You have a plan.

32:48
you don’t, or you have an advisor, you don’t just let that go. This is probably one of your biggest investments to make sure you take off. So you’ve got a partner. And I mentioned as well that Brandon, you and your company, Platinum Plus partners here with All-Star Dental Academy. And so the vision of this is that we put together some of the best in the country of people that dentists need to be talking to and have a relationship. It doesn’t mean that they’re going to work with

33:15
you or other companies right now, but at least you have a resource available, the best people. That’s how you build a great business. You have the best people around you, a great board of directors, a great board of advisors. So thank you so much for being on the program. really appreciate it. Absolutely. Thanks for having us. Yep. All right. Well, remember to follow us, Apple podcast, Spotify, and YouTube, get the episodes as they are released, share with your friends, and until next time, go out there and be.

33:44
and All-Star.

33:49
We hope you enjoyed this episode of Dental All-Stars. Visit us online at AllStarDentalAcademy.com.